Networking Is Not Working

1. Traditional Networking Is Ineffective and Time-Consuming

"Networking events are like nightclubs, because most people there are just looking for a professional one-night stand."

Time-wasting rituals. Traditional networking events often lead to superficial connections and wasted time. Attendees typically focus on their personal agendas, whether it's signing up new clients or creating awareness for their business. This "every person for themselves" mentality results in shallow interactions and rarely leads to meaningful professional relationships.

Misaligned expectations. Many professionals attend these events with unrealistic expectations of instant gratification, using poor metrics like the number of business cards collected or potential leads engaged. This approach overlooks the importance of building long-term, mutually beneficial relationships. Moreover, the most successful and desirable connections are often absent from these events, as they are too busy managing their thriving businesses.

Inefficient use of resources. Attending numerous networking events can consume a significant amount of time and energy that could be better spent on servicing existing clients or developing more strategic relationships. The return on investment for traditional networking is often poor, with countless hours spent for minimal meaningful results.

2. Shift Focus from Collecting Contacts to Creating Value

"Networking: any activity that increases the value of your network and/or the value you contribute to it."

Redefine networking. Instead of focusing on accumulating contacts, shift your perspective to creating and providing value within your professional network. This approach involves identifying ways to help others succeed and solve their problems, rather than solely seeking personal gain.

Adopt a long-term mindset. Building meaningful relationships takes time and patience. Focus on developing connections that can lead to mutually beneficial partnerships over the long term, rather than seeking immediate results or transactions.

Become a connector. Strive to become a valuable resource by connecting people within your network who can benefit from each other's expertise or services. This approach positions you as a trusted advisor and increases your value to others in your professional circle.

3. Become the Ultimate Tiebreaker and Resource for Clients

"If I was already adding this kind of value to my clients' portfolios and their businesses, how much more could I create if I actually made it a priority by weaving it into my suite of services and bolstering my value proposition?"

Differentiate yourself. In today's competitive business landscape, it's crucial to set yourself apart from competitors. One powerful way to do this is by becoming an invaluable resource for your clients beyond your core services.

Expand your value proposition. Actively seek ways to add value to your clients' businesses by:

• Referring potential clients or opportunities to them
• Connecting them with other high-quality professionals in your network
• Providing resources and solutions outside your primary area of expertise

Build loyalty and retention. By consistently going above and beyond for your clients, you create a strong incentive for them to remain loyal to your services. This approach can effectively eliminate competition and position you as an indispensable partner in their success.

4. Identify and Nurture High-Quality Professional Relationships

"The success that comes out of any professional group correlates directly with how similar the quality and intentions are of the professionals within that group."

Selective networking. Focus on developing relationships with professionals who share your values, work ethic, and approach to business. Look for individuals who are genuinely interested in mutual growth and collaboration rather than those solely focused on personal gain.

Vetting process. Develop a system for evaluating potential connections based on:

• The quality of their business and reputation
• Their ability and willingness to help others
• Alignment with your ideal client profile
• Shared values and business philosophy

Nurture key relationships. Invest time and effort in deepening connections with the most valuable members of your network. Regularly engage with them, offer support, and seek ways to collaborate or add value to their businesses.

5. Host Strategic, Curated Networking Events

"Used effectively, events—the ones you host, and the ones you attend—can become a major factor in your success."

Create exclusive gatherings. Organize small, curated events that bring together high-quality professionals from your network. These events should focus on fostering meaningful connections and providing value to attendees.

Design purposeful interactions. Structure your events to facilitate:

• Introductions between complementary professionals
• Sharing of expertise and insights
• Opportunities for collaboration and mutual support

Follow-up and facilitation. Take an active role in following up after events to ensure valuable connections are maintained and potential collaborations are realized. This approach solidifies your position as a valuable connector and resource.

6. Leverage Technology to Maintain Meaningful Connections

"Even if you're good at staying in touch with all of your important clients and contacts, it's unlikely your fellow networkers are as organized."

Utilize relationship management tools. Implement systems and technologies to help you stay organized and maintain regular contact with your network. Some useful tools include:

• SaneBox for email management and follow-ups
• Contactually for scheduling regular check-ins
• Newsle for tracking news and updates about your contacts

Create online communities. Establish dedicated online spaces for your network to interact, share information, and stay connected between in-person events. This can include private groups on platforms like LinkedIn, Facebook, or a custom-built community site.

Automate strategically. Use automation to streamline routine tasks, such as scheduling follow-ups or sharing relevant content, while maintaining a personal touch in your interactions.

7. Create Opportunities for Reciprocity and Business Growth

"If you spend all of your time focused on helping everyone else, what's in it for you? Well, to be blunt: A hell of a lot!"

Facilitate easy reciprocation. Make it simple for your network to help you by:

• Clearly communicating your ideal client profile and business goals
• Providing email templates for introductions
• Sharing "triggering events" that indicate potential opportunities

Demonstrate expertise. Create and share valuable content through blogs, newsletters, or speaking engagements to establish credibility and keep your network informed about your expertise.

Host client appreciation events. Organize events that add value for existing clients while also creating opportunities to meet potential new clients. These events should:

• Provide enjoyable experiences for attendees
• Offer valuable insights or information related to your field
• Allow for natural relationship-building without overt sales pitches

By focusing on creating value for others and strategically positioning yourself as a valuable resource and connector, you can build a powerful network that naturally generates opportunities for business growth and success.

Last updated: August 9, 2024