Business development through networking

By Linda Julian

Assuming that you've decided to take the plunge and improve your marketing effectiveness, networking is one good starting point, well within the comfort zone.  Whatever your level  -  senior partner, or early-career professional  -  you can make a positive contribution to business development through network contacts.

We've all heard other professional successes explained in terms of their connections:  "so and so is well-connected".  And that may be true.  But you can take charge and build your connections into worthwhile networks, too.

Business development through networking is low risk, low cost, and offers opportunities for high yields.

Networking success depends in large part, on being discriminating about where you choose to expend your energy:  it isn't just how much you do that matters, it's where you apply scarce time.

Possibly you already spend time networking  -  perhaps it's already effective for you.  But if your networking efforts haven't been fruitful, maybe you're confusing networking with socialising and recreation.

Spend as much time as you want mixing with people you like and with whom you get on well.  But don't deceive yourself by calling it networking.  Spend your networking time with people and organisations who are both willing and able to introduce you to profitable business opportunities. Find a niche which you can dominate. Better still, create a unique niche.

A quick quiz to help you assess the value of a network contact.

First, think of contact.  Now, grade the capability of the contact to introduce you to useful business opportunities.

• Does your contact have a disparate network of relevance ?  Does s/he have diverse contacts within appropriate industries or professional circles ?  -  score out of 20
• How prominent is s/he within his/her own network ?  Eminent and seen as a leader within the circle ?  Or, insignificant and largely unknown ?  -  again, score out of 20
• How large is his/her network ?  Just a few contacts, or does this person always know someone of relevance or value in just about any area you mention ?  -  score out of 10

Now, assess the propensity of your contact to graft you onto his/her connections.

• Is s/he always willing to share news, ideas, industry gossip, knowledge about what's going on, and business opportunities with you ?  -  score out of 20
• To what extent does s/he feel an "indebtedness" to you to help you make the right connections ?  Is there a sense of "owing it to you" for any reason ?  -  score out of 20
• Does s/he actively introduce you to useful contacts?  And, do others seek him/her out for advice, ideas or opinions ?  -  score out of 10

Now, add the scores to arrive at a percentage grading or ranking:

• 75% and above:  this connection has a high probability of yielding valuable opportunities
• 65% plus:  this contact may be worth working with
• Below 65%:  possibly a great social connection, but don't label it strategic networking !

If you've decided on networking as a technique to develop business for your practice, start with the networks your best clients are already connected into  -  clients are usually pleased to introduce you to their business associates.

Don't fall into the trap of just networking at your own level:  cultivate connections which will lead you upwards in the business decision making tree.

And, don't expect instant results.  Be patient, and be prepared to add value to the network as well as to extract advantage or opportunities from it.

Carefully analyse what you can do for a network contact.

• What ideas, information, introductions, opportunities, can you offer ?
• Is this a way of creating or increasing any sense of personal indebtedness to you ?
• How can you bring about the situation where your contact believes he or she "owes you one" ?

The best networking relationships are two-way streets:  think about what you can get out of it, by all means, but also look for opportunities to contribute.

Long-lasting, high-yield relationships are the product of network contacts where the value you bring to the association is perceived to be of least equal worth to the benefit you derive from the connection.