What To Expect When You Do Networking Right (Tool To Use For Profit)

How do you make your networking profitable?

Keep your conversations at the 6 -10 minutes. This is a networking event, not a marathon. You speak with someone less than 6 minutes, and they will not remember you nor the conversation when you follow up with them, you speak with them more than 10 minutes and you will miss an opportunity to meet with someone else. More than 10 minutes turns your conversation into a social situation instead of business-generating event.

If you really have a lot to talk about with someone at a networking event because you have so much in common, handle it in either of two ways:

1. Make an appointment to follow up

2. Decide, not default, that this one person is worth more to you than all the unknown others you may meet here. Make sure you are that valuable to them too.
Your goal is to obtain 6 to 10 cards in one hour. This is an easy score to keep – if you are at a 2 hour networking event, you should leave with 12 – 20 business cards with your notes on them in your pocket.
Here is a break down of what kind of results you can expect from an event. When you speak with 6 to 10 people in an hour, 50% of them will be prospects for you, or will know someone they could refer to you. Wouldn’t you rather have 20 conversations to make it 10 prospects? Of the 10 prospects, 50% will be in the immediate market for your product (or service, in my case).

That does not make 5 new clients in two hours however, because your sales skills come into play. If you have excellent sales skills, 50% of the prospects will choose you. That is 2 or 3 new clients from one networking event and then follow up. That is an excellent return on investment. You can get good at this. You will make money. You will have a business.

P.S. Remember, I told you that I had 2 events to go to last week and planned to practice what I am learning from Wendy Kinney? I had 3 demo appointments scheduled from one event, did two so far, have one customer. I had three demo appointments scheduled from the second event, did two so far, have two customers.

I do not have team members from these events yet, but they just might come out of previous demos, because I am going to use the best follow up method – that is right, the product my service provides! I will keep you posted.

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How to Say Your Name (Tool to Use For Profit)

Yes, you read it right – saying your name is a tool to use for your profit. When done properly that is. Everything should work together to ensure that people you meet get to know and like you. When they do, they become open to doing business with you.

Say Your Name.

You can talk while shaking hands with people. The thing to say is your name. Even if you think they know you, say your name. Even if you are wearing a name badge with your first name big, say your name. Most people aren’t good at remembering names, so give them a break. Say your name.

We all have tendency to say our name too quickly. Hearing a name for the first time in a noisy room, one has to make an effort to actually hear it. Make it a memorable introduction. Wendy Kinney in her book Networking Aerobics, talks about a popular way to say a name in the movies – I absolutely loved it – yes, she is referring to James Bond!

I can see myself saying ‘Nichols. Larissa Nichols’. I like that a lot. That is helpful and memorable. Actually, I have been called by my last name before in e-mail follow-ups after networking events. Makes sense now – people simply do not expect to hear a name right away, so when they see my mouth moving, they are a little behind, and hear Nichols only. Not Larissa Nichols. Well, not any more!

Offer words that rhyme with your last name, shortly explain how to spell your name properly. In the choice who should feel uncomfortable, always choose yourself. Make the other person comfortable. People do want to say your name correctly. It’s arrogant to make them think that they should know how without any instruction.

You are at a networking event to meet people who will do business with you, and refer business to you; it’s important for them to know your name. If you hear an unusual name, ask them to tell you the story behind it. It will help you remember that name. The more you know about someone, the easier it is for you to remember their name.

If someone you met before obviously recognizes you but does not remember your name, say it, and remind them where you met. Sales people have to make prospects comfortable, not embarrassed.

Don’t ever walk up to people, hand them your business card and walk away. Walk up to a person, extend your hand, say ‘Hi’ and say your name. The reason you have been hesitant in the past to just walk up and say hi is because you did not know what to do after the hi. Now you do. Say your name, they will feel comfortable around you.

Networking Aerobics: 3. Things Not to Bring and Not to Do

The fortune is in the follow up. I am pretty sure you have heard that. May times.

Here is one really smart way Wendy Kinney uses (I will too, now that I see the brilliant logic of it) to create a follow up sequence.

Yes, this is about what to do and what not to do at a networking event.

Do not bring any stuff. Like brochures about your business and other expensive marketing materials.

You don’t want to see them in trash cans later, do you?

Unless people at the event have an easy way to carry your stuff around, that is exactly where your stuff is going to end up.

Or left on a table, or folded in a pocket.

Here is the catch – listen carefully – not bringing stuff gives you a reason to follow up. Instead of asking people to take flyers off your hands, offer to mail a flyer to them. The ones who are really interested will say yes.

When I saw this in ‘Networking Aerobics’ by Wendy Kinney (look for it in Books on the right, if you are curious), I remembered – that is exactly what happened to me last week at East Andrews MeetUp! I did not bring samples of my greeting cards with me, so I kept offering to mail a card to those I had conversations with – I got about 10 mailing addresses and I mailed them personalized ‘Nice to Meet You’ cards.

Now I can call and offer them to see how I did that. And that is exactly my goal in meeting those people – so I can get together with them and show them what I’ve got. Mission accomplished.

Another thing that you do not bring is your phone. When it rings you answer. The other person thinks about something else. You are busy talking on the phone. When you are done there is no time/topic to continue talking about, it was lost because of the call. Why exactly you are at a networking event? To meet new people and get them to know you and like you, right? Can you accomplish that if you are busy talking on the phone? Well, leave it in the vehicle.

The most important thing to understand and remember about attracting new business by referrals through networking is this: no one is going to buy anything from you at this networking event.

The reason for that is – for every 10 people you meet, 8 will need a minimum of five (5) contacts with you before they decide to buy from you or refer to you. When you meet people for the first time, it is just like cold calling – it works 1% of the time. 80% of the time people will need five or more contacts before they make a decision to buy from you.

The good news is that 48% of your competition will never make a second contact. 25% of your competitors will reach out for a second touch. So if you reach out three times you’ve reduced your competition by 73%. Seventeen percent of people in your industry will follow up three times and then quit because they don’t want to seem too pushy. 80% of all sales happen after the  5th contact.

48+25+17=90

When you contact them a 4th time you leave 90% of your competitors behind. If 80% of your prospects buy after five contacts, 90% of your competitors stop at three, the fortune is definitely in the follow up. All you have to do is stay in touch and you’ll get the business. Do you get now why you should leave your phone in the car?

Because networking event is just the first contact. You are there to meet people; they are not going to buy from you anyway. You want to get their card (with mailing address in my case – they’ve got to see my greeting cards in their mailboxes!) and follow up.

You want them to remember you and know that you like them.