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BforB Presentation - Cannock Show 10 Networking Myths (January 2014)

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Ever been to a networking event & come away disappointed at lack of business you did?

Fact = Networking produces most profitable business, best referrals, & most loyal clients.

If that is true, you’re probably wondering what went wrong for you???

Answer is that you probably have fallen for one of the following 10 networking myths.

Knowing 10 myths help you open your mind to networking as a powerful marketing tool.

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BforB Presentation - Cannock Show 10 Networking Myths (January 2014)

  1. 1. BforB UK The 10 Myths of Networking Been to a networking event & come away sad at lack of biz you did? If this is true, you’re probably wondering what went wrong for you!
  2. 2. Who am I • Managing Director - BforB • Past President -SCC • Chartered Accountant • 25 Years experience • Social Media Addict
  3. 3. Introduction •Ever been to a networking • event? Come away disappointed at the lack of business you did? 3
  4. 4. Introduction • • If that's true Probably wondering what went wrong for you!!! 4
  5. 5. Introduction • • Answer? You've probably fallen for one of the10 networking myths 5
  6. 6. Introduction • Knowing the 10 myths helps you understand networking is powerful • Because Fact • Networking produces most profitable business, best referrals & best clients. 6
  7. 7. Introduction • But - is networking right for you? • Use same approach to all marketing: Test it! • Testing takes more than one meeting • We'll be astonished if you don’t make at least 1 useful contact each time. 7
  8. 8. MYTH # 01 Everyone’s Just Out To Sell Everyone’s Just Out To Sell THE TRUTH? • It’s true some people attend networking events with a ‘Sell Sell Sell’ mindset. • They don't do very well at NETWORKING & give up. • Good news - Understanding 5 basic rules of good networking = massive leverage • And if you don’t do this: • just think of the deals you miss out on • the best ever customer you will never meet. 8
  9. 9. THE TRUTH? MYTH # 02 No Effort Required No Effort Required • Networking groups are not a secret society where once you’re in, you’re quids in. • Like any method, networking is a tool – nothing more or less. • You can't blame them for failure! • So what sort of effort should you expect to be putting into your networking activities? 9
  10. 10. THE TRUTH? MYTH # 03 You Get Business At Your First Meeting Your First Meeting Your First Meeting • Chances of this happening - SLIM! • Networking = building LT relationships not immediate sales. • How long do you wait before you get clients? Who knows. • The Law Of Recency • For people to Know Like & Trust - TAKES TIME • Accept this of networking from the start • But - networking = higher quality prospects who trust you 10
  11. 11. • THE TRUTH? MYTH # 04 It’s Hard Work It’s Hard Work • Is it nothing but a slog? Truth depends on you. • Of course there is effort involved – in the end this is a marketing activity, not a hobby. • However, once you take a long term view you can relax and give it time to work. • You’ll find yourself enjoying having helped out a contact, knowing you have a valuable resource for yourself in the future.
  12. 12. MYTH # 05 You Only See The Same People Networking You Only See The Same People THE TRUTH? Networking • Its not all about the people in the room its about who they can connect you too. Seeing the same people builds confidence. • You will get a unique insight in to their habits. • Flipside of this is that people also get to see how you perform • Regular attendance gives people confidence in referring you • Successful networkers will always value indirect benefits 12
  13. 13. MYTH # 06 Won’t Work For My Business Won’t Work For My Business • THE TRUTH? • Common misconception among people who sell online, or have a very nuts and bolts product that markets to a narrow sector. • In cases like these, how can you turn contacts into contracts? • You can see how 2 principles of indirect marketing are very real: • A. Even if the other networkers are not potential customers, they will know people who are. • B. Networking is about so much more than selling – developing your business skills, finding good suppliers, and getting objective feedback on your projects and marketing. 13
  14. 14. MYTH # 07 It’s Too Expensive It’s Too Expensive • THE TRUTH? • Not what you spend on networking that you should focus on, but cost of acquiring customers. • Once you get this, transforms how you see networking & marketing in general. • Far easier to see the value of your networking in terms of acquiring customers over LT, and their lifetime value. 14
  15. 15. MYTH # 08 I Haven’t Got The Time I Haven’t Got The Time • THE TRUTH? • No business can afford to say this. • 2 reasons why some people give this as a reason • There will be various solutions to the problems you're experiencing in your business. • How about more contacts that lead to better quality referrals, joint ventures and unbiased advice? These are what you get with networking.
  16. 16. MYTH # 09 All Networking Events Are The Same All Networking Events Are The Same • THE TRUTH? • Networking events can be divided into 4 types: •Mixer Networking •Regular Open Networking •General Networking One offs •Referral Networking
  17. 17. MYTH # 10 It All Comes Down To Luck It All Comes Down To Luck • THE TRUTH? • Luck doesn’t exist – only opportunities. • Networking is all about creating and spotting those opportunities. • You can see how your attitude can help tap the huge potential of networking. • You too can take control of your business by acting on the opportunities that networking presents to you in a planned, focused & systematic manner.
  18. 18. Final Thoughts • So there you have it - 10 misconceptions about networking. We hope that by now you can see how these really do affect your business. • If you never go networking: • you'll never know how much business you will lose • never meet that loyal client who also brings you 2 referrals a year • never know those people who could turn into good suppliers and give you timely advice just when you need it. • Networking really is the best way to get high quality referrals - but only if you use the tools correctly.
  19. 19. Conclusion • At BforB we come across the following 10 myths consistently with people we meet. • These myths are costing businesses across the country lost revenue and opportunities. • This presentation sets the record straight and we hope it proves useful to you and your business.
  20. 20. Thank-You (Linda's Logo) (Linda's Logo)
  21. 21. Get In Touch Schott House, Drummond Road, Stafford 0845 199 0364 www.bforb.co.uk www.bforbfranchise.co.uk centralservices@bforb.co.uk http://bit.ly/BforBnewsletter
  22. 22. Join In The BforB Fun twitter.com/TedTheBforBBear twitter.com/BforBuk Business For Breakfast – Staffordshire http://uk.linkedin.com/in/stuartwalton www.flickr.com/groups/bforbstaffs/ www.youtube.com/user/BforBuk www.facebook.com/Business For Breakfast stuart.walton@bforbstaffordshire.co.uk

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