Becoming more efficient at business networking
Most of us go to networking events with an end goal in mind, which is to expand our network and look for referrals for our businesses. As my businesses grow, I’ve found unique challenges that commonly arise at networking events and here are some helpful tips so that you can learn to be more efficient and effective with networking and referrals.
1. Have a business card on you at all times.
You never know when a business opportunity may arise. There was a time where I was attending a conference called SIGGRAPH in San Diego, CA and I found myself sitting next to the President of a World Wide Organization on a Charter bus. Opportunities happen all the time, not just at networking conferences. Make sure you have a business card on you.
We aren’t at the digital age yet where exchanging contact info through our phones is common place, so make sure to bring some way to capture their contact information quickly as well as a way for you to give a potential contact your info or else you may never see that contact again.
2. Develop a plan of what you want to accomplish the day before an event.
Develop a short mission statement for yourself containing details about what you want to accomplish at your networking event. Also figure out why do you want to accomplish this and what you can do to accomplish this goal. Then write down three things you want to accomplish at your event that will make it a successful event for you.
When you go to an event, focus on completing one objective at a time starting out with the highest priority networking goal. For example, if you are looking for funding, when you arrive, you will need find out where Venture Captialists are networking and stay in that area until you’ve met all of them that you can. After that, you can move to your other objectives for the evening.
3. Research all aspects of the event you’re attending beforehand.
Research where the networking event is if you haven’t been there before. Knowing where the venue is can help you arrive on time and plan for traffic and parking ahead of time. Often times, there are public RSVP lists to these events where you can see who is attending and what their backgrounds are.
Make sure to seek out these lists if they are available and make a list of people you must talk to before attending the event. Researching the networking event’s history can also make you appear knowledgeable and it can even make you the ‘go to’ person or experienced networker in certain situations.
4. Bring your marketing and presentation materials with you.
Always bring at very least, a pen, a permanent marker, and something to write on. One thing that happens to me quite often when I’m networking is I will hand someone my glossy double-sided business card, I will say something meaningful to my new networking contact, and they are unable to write a note to themselves on my business card. If you bring extra pens and the right kind of pens, your new contact will be impressed by your thoughtfulness and will be able to write down valuable information immediately about you.
If you have a manufacturing based business, bring a prototype. If your prototype is too large, then keep an image with you on your smart phone. Remember to keep your phone charged and bring backup batteries if needed. Put videos of your product or service on your phone so you can show people what you do quickly. All of your presentation materials assist people to understand what you do and what you need from them quickly. Remember that not everyone learns primarily by hearing what you have to say, you have people that learn by visual or tactile queues or a combination. So it’s best to prepare a quick pitch about what you do, tell them about it, show them what it is, then leave them with something tactile behind so that you’re catering to all of their senses.
5. Dress for the people you want to attract.
Austin, for example, can be pretty laid back so sometimes it’s usual to wear a t-shirt, shorts, and flip flops when you’re at a business networking event. Just remember that if your goal is to network with and hang around people in suits all evening, you should be wearing similar clothing as those people you want to attract. Doing this will make them feel more comfortable around you.
6. Know how to speed network like a pro.
When networking, I usually come into a group of people, say hi, and let the group finish their discussion before I start leading the conversation to ‘So what do you do? Why are you here?’ After I’ve spoken with the person for some time to discover how I can help them or add value to their business, I ask them based on what they know about me so far, how they feel they could add value to my business. It’s a tricky art, because although it is reasonable to offer solutions to their problems, it cannot feel contrived – legitimately find ways to connect them with others or solve their pain points, and explore whether or not they have a value to offer in return (they may or may not).
If I figure out that there is no synergy, I will excuse myself from the conversation and leave the group. You should learn to politely excuse yourself from conversations quickly so that you can maximize the limited time you have to network.
I usually have a sorting system at any networking event that gives me an ability to quickly file contacts according to how relevant they are to my business. If I get a great and useful contact, I put my new networking contact’s business card in my front left pocket. If I have no immediately apparent use for a new contact’s business card, their card goes in my back pocket. When I get home, I have all my high priority contacts already sorted.
If you find someone that you have synergy with, get their contact info and schedule a future based physical meet up with them. Setting a date in the future to meet up shows to your new contact that they are important to you. In-person meetings usually have a higher sales closing rate and can create a greater sense of connection between yourself and your new contact than just connecting over LinkedIn or email after an event.
7. Follow up.
So by the end of the night, I usually come home with more business cards than I can count. From my experience, you have about 48 hours to reach out to these contacts you just met or else they may forget that they ever met you. So make sure to sort through all of your most important connections and leads for your business and contact those first. I recommend connecting with all of your new connections on LinkedIn.
If you don’t have the time to follow up with all of these people yourself, outsource it to your assistant, family members, intern, or anyone else you feel you trust with this task.
8. File your contacts properly.
A lot of people I know don’t keep an archive of all of their contacts. You never know the day that one of your previously less useful contacts may become exactly what you need in the future. I usually assign a keyword or phrase to all my “useless” contacts and put all of that data into one master spreadsheet (or you can do so in your CRM). That way in the future, I can search for resources if I ever need something in the future. Having this system ensures you will almost never have a crisis when you are looking for resources on demand.
Supreme Court okays trademarking for ‘generic’ name URLs
(BUSINESS NEWS) Generic name trademarks have helped to stave off monopolies of broad products and services, but the Supreme Court just ruled that generic company names like Booking.com, can now be trademarked.
For years, The United States Patent and Trademark Office has denied rights to names termed as “generic.” This was previously used to prevent generic terms from monopolizing a section of the market. It has prevented many companies from doing that as well.
However, as we move into the 21st century we begin to see things that may not be so cut and dry. As usual life gets messy and things are far more grey than they previously have been.
Recently, the US Supreme Court ruled that website names are eligible for a change to the previous trademark rules. The website that pushed for this privilege first, Booking.com that is owned by Booking Holdings Inc., argued that they needed this ruling to stop consumers from following copycats down a rabbit hole and away from their business.
The decision, heavily weighted at 8-1, gives Booking.com, nationwide legal protection against competing companies trademarks.
A remark released later by Justice Ruth Bader Ginsburg and the Supreme Court states, “We have no cause to deny Booking.com the same benefits Congress accorded other marks qualifying as nongeneric.” An argument quoted from the decision continues as since, “‘Booking.com’ is not a generic name to consumers, it is not generic.”
This stance, taken by the majority, exemplifies a firm position on the rights of the individual companies’ abilities to identify themselves as they see fit.
The lone dissenting vote coming from Justice Stephen Breyer who argued that he fears that this decision “will lead to a proliferation of ‘generic.com’ marks, granting their owners a monopoly over a zone of useful, easy-to-remember domains.”
Honestly, if you can’t come up with your own domain that either incorporates, but doesn’t copy, or gets your point across without being too generic, you may need to hire a PR person.
This move forward from the Supreme Court opens up a lot of possibilities for people to be creative with their businesses. If generic and simple names will be the norm, then people will have to think outside the box in the future. Bring on the challenges.
New company beats Amazon with next morning delivery?
(BUSINESS NEWS) Amazon has a new competitor in South Korea: Coupang, with faster shipping than Prime.
What if I told you Amazon Prime’s, 1-3 day guaranteed delivery time isn’t the fastest e-commerce service the world has to offer? You would think I’m lying right?
Coupang, one of the world’s fastest delivery services located in South Korea, allows you to order any item, anytime before midnight, promising that it will be at your doorstep by 7am! (I wasn’t lying!) With 70% of its employees living within a 10 minute radius of a Coupang center, 80% of residents residing in populated cities and 95% of it’s population owning a smartphone, South Korea has become the perfect e-commerce epicenter. Coupang employees over 10,000 people who together deliver 99.3% of all orders within 24 hours. Imagine it’s Tuesday night, you’re falling asleep and suddenly remember you forgot to get your wife a present for her 50th birthday tomorrow. You have two options: accept your fate of being put in the dog house for three long weeks, or quickly order a few great items off Coupang’s website that’ll be delivered BEFORE she even wakes up!
Like Amazon, Coupang allows its customers to create a profile, store desired products in a list, and check out using your saved payment method. Half of South Korea’s total population of 51.6 million has installed Coupang’s app with a surge of people trying Coupang for the first time during stay at home orders due to the Coronavirus pandemic. The company struggled to meet fulfillment demands, especially those including PPE, household cleaning products, and children’s necessities. While many companies are struggling to stay afloat, Coupang is quickly adapting to meet consumer demands. In March, the company opened a new logistics center to expand its overnight/same day delivery services and is currently working to reach an even broader population.
Believe it or not, right before Coupang received a $2 Billion investment from SoftBanks, its founder, Kim Bom debated walking away from it all. Bom founded the company in 2010, receiving the investment in 2018 and is expected to pursue an IPO by the end of 2020. So for all of you entrepreneurs wondering if you should give up on that decade long dream…DON’T. Coupang went from selling a few hundred items each day to 3.3 million. Now that’s what you call entrepreneurism!
Google plans to pay publishers for content (a little too late)?
(BUSINESS NEWS) Google will finally pay publishers for news, but only a few, and they have to meet Google standards.
I mean…could you get any greedier Google? (Chandler Bings voice).
After years and years of pressure and complaints from publishers that Google’s search feed doesn’t properly recognize them or the news they work so hard to report, Google has finally announced that they will begin to pay publishers for content. But only some.
WHAT A LOAD OF BS.
According to the News Media Alliance, Google profited 4.7 BILLION in 2019 as a search engine for the news industry. So now, not only is Google fleecing its content providers and the writers who are working to create material for them, but it’s quite likely that Google’s algorithm is pushing paid news to the top of its search feed. What does this mean for users? It means that for one, you will see what they want you to see, but most importantly, it means that Google HAS the money to pay its publishers but chooses not too!
Google’s announcement to start paying publishers excludes all publishers outside Brazil, Germany, and Australia. Even within the countries that Google closed a deal with, there are many that do not meet its “high quality content” requirement for a paid position. The problem with all this nonsense is that we stopped letting the news come from others like us, and instead, according to the U.S News Media Alliance, the news is entirely owned by a handful of companies. You may have 635 channels on your TV, but if you google…or maybe you should duck duck go it, you’ll find that all those channels lead back to one huge organization.
SO WHAT THE HELL IS GOING ON?
Google has definitely been pressured to make some big changes, and while paying publishers is a good first step in the right direction, is it enough to make up for years of damage?
Women-owned businesses make up 42% of all businesses – heck yeah!
Supreme Court okays trademarking for ‘generic’ name URLs
How to increase website engagement
Study finds 1,000 phrases that accidentally activate smart speakers
Idea: Color-coded face masks as the new social contract to combat COVID-19
HEROES Act could increase unemployment stimulus benefits, add return to work bonus
LinkedIn: New retargeting options expand your marketing efforts
A closer look at the HEROES act, and who stands to benefit the most
The future of quantum computing is “Azure” bright and you can try it
The Apple Watch isn’t just a way to ignore calls, it could save your life
Anti-surveillance mask – creepy, ingenious, or potentially illegal?
Amy’s Ice Cream founder on Austin’s business risks and rewards #WhyAustin
Turns out a lot of people are in between introverted and extroverted
P. Terry’s founder on the booming economy in Austin #WhyAustin
Ladies and gentlemen, the U.S. National Anthem
Our Great Partners
news neatly in your inbox
Subscribe to our mailing list for news sent straight to your email inbox.
Thank you for subscribing.
Oh boy... Something went wrong.
Opinion Editorials1 week ago
Managing bipolar disorder and what I wish my employers understood
Politics2 weeks ago
The White House pushes for $450 per week return to work bonus
Business News2 weeks ago
How well-meaning diversity and inclusion hiring practices could backfire
Opinion Editorials4 days ago
What to do when you can’t find your passion and you’re feeling lost
Business Marketing2 weeks ago
Can small businesses keep up as more big box brands offer $15/hr pay?
Tech News2 weeks ago
Data Dividend Project wants you paid for companies to use your data
Business Marketing2 weeks ago
Apple doesn’t push product placement. What can you learn from them?
Social Media1 week ago
Well established Pinterest has a new competitor, Google Keen