How networking can help your business grow
Growth and development are always in the forefront of the mind of those responsible for business success. Here at GeoBiz we believe that networking is an invaluable tool to help with growing a business and introduce you to new markets – but have you stopped to think why this is true?
These are our favourite tried and tested reasons why networking is the tool to ensure your business success…
Reach new potential customers
Networking involves meeting people with the same interests, goals and values as you and your business. It gives you the opportunity to connect directly with these people and talk about what you do. It’s not so much a sales opportunity, as a sharing of information; and you never know who may be listening. You could be talking to your next big client without realising it – you could be meeting all of their business needs without them having to make any effort to find you.
In these particular situations, it often eliminates the competition as you are presenting the solution there and then, the potential customer hasn’t got to look elsewhere and stumble upon a competitor instead.
Making connections is a two-fold benefit – connections to turn into customers, and connections who turn into ambassadors.
The aim of networking is to generate new business; and networking greatly increases the chances of this as on average 40%* of prospects from face-to-face connections turn into customers. The connection can be added to any marketing initiatives and further contact opportunities. Of course you have to do this smartly – only do this for those who have shown interest in your products or services, and make sure you get their contact details.[*source- coherecommunity.com]
Connections that aren’t likely to be customers can still be valuable, as these people can become your business ambassadors. This can work many ways; they can share you with their own connections and therefore grow your reach, or they can actively refer you. 84%* of B2B decision makers start the buying process with a referral*, so this is a very productive way of using networking.[*source – www.referralsaasquatch.com]
Chance to learn
There isn’t a businessperson in the world who knows everything about everything; and a huge part of business growth is learning new skills and experiences. Networking is a great way to expand your knowledge and gain valuable advice from those in the industry.
Networking is all about meeting people and talking about business – this is a great exercise for boosting confidence in yourself and your ability to promote your business. Practice makes perfect; so networking is a great chance to practice how to talk about your business. You can also see how others talk about their business, and use this to develop your skills. Networking can be a daunting task, so the more you do it, the more comfortable it will be.
Friendship & support
A further benefit to making connections is a personal one. Friendship and importantly the support that brings is valuable for everyone – including businesspeople. Networking gives you the opportunity to make new friends and meet new people who can enrich your personal life as well as your business life.
As you can see, the benefits for networking are great, and it’s our most high recommended method for growing your business connections. For further advice, get in touch.