You cannot successfully build your business with passion alone. It takes a team of other professionals to help you with different aspects of your business. Consider accountants, insurance agents, real estate agents, bankers, and other business professionals to help guide you on this entrepreneurial journey. This is true for your customer base too. But how do you meet professionals to help you manage your business and customers to support your business?
Ben Trehey, VP Business Banking Officer at Coulee Bank in Rochester says, “Networking creates referrals. With most businesses (especially start-ups), people don’t simply walk through your door. You must do the work to help support and market your business.”
What Are the Benefits of Networking?
Networking builds lasting relationships, helps advance your career, builds confidence, and helps develop patience and listening skills. Trehey enjoys networking because of his genuine interest in helping people. He believes networking at its core is about synergy – about collaborating and connecting.
Because Trehey has been networking for many years, he continues to build and foster relationships with people he met when he first started attending networking events; many of them he now considers friends or referral partners. As an entrepreneur, surrounding yourself with people who support and believe in your entrepreneurial journey is key to success. The more people you have in your corner, the more confident you become ultimately alleviating some of the anxiety you may have attending networking events.
These individuals can also introduce you to others who need your products or services. Once you build an effective business network, it can feel like you have built your own sales team. Let your referral partners know the keywords to listen for in conversations to prompt new introductions and contacts.
What is the Most Effective Way to Network?
When you are a business owner, you must be proactive. Before you start networking, perfect your elevator pitch, or as some people call it, elevator speech. According to Indeed, an elevator pitch is a quick professional summary usually around 75 words (roughly 30 to 60 seconds to deliver). Trehey recommends writing it down and role-playing the speech with colleagues or friends. Practice until you are comfortable giving the speech without sounding scripted. While reciting your resume and past accomplishments may sound impressive, focus on what you are currently striving to achieve. In your pitch, mention the clients you serve, your business approach, and your values.
When you attend an event, find someone who is standing away from a large group, possibly on their own. Introduce yourself. Don’t talk about yourself first unless they ask you. Engage in a conversation about their business and follow the 70/30 rule. This rule simply means allowing the person to talk about their business 70% of the time while you talk 30% – mostly asking questions. After a while, they will naturally start asking you questions. Make sure you are ready to let them know specifically who you are trying to connect with. In some cases, it might be a particular person that they already know. A warm introduction is always best.
Set goals when you attend events. Put yourself in uncomfortable situations to help build your confidence. Remember everyone is at the networking event to make connections and meet new people. This mindset should help you alleviate some of your anxiety.
One of your goals should be to try to meet three new people at each event. In time, you will know a significant number of people in the room. Continue to connect with people you know, but make sure you don’t spend the entire time talking with them.
Trehey says, “If you make a meaningful connection, get their business card and follow up with an email or a handwritten card. Invite them for coffee.” During another conversation, you can dig into the details to determine if this is someone you want as a referral partner.
Cultivating Your Centers of Influence
You know you have succeeded when you find a Center of Influence (COI). This is a professional in your community who regularly interacts with your ideal client type or target audience. A COI can connect you to new prospects or introduce your brand within their circles.
“A COI is usually a person who plays a vital role in the community,” says Trehey. They are business leaders, passionate advocates, or dedicated volunteers. Their leadership forges new paths within every community. Don’t be intimidated by them.
If it’s still too difficult to talk with people at networking events, find a mentor. Find someone in your community who regularly attends networking events and model their behavior. Schedule a time to chat with Ben Trehey by clicking here. Find a Coulee Bank Business Banker in your community and schedule a meeting with them. Click here to meet the team.