A recent study by marketing and sales platform Hubspot found that 84 per cent of people prefer person-to-person meetings. Interestingly, 85 per cent said face-to-face meetings helped build better, stronger and more meaningful relationships. Frankly, I’m not surprised by these findings even with the growing pervasiveness of social networking. Most of us still prefer meeting in person, and forming relationships with our suppliers, whether they’re delivering financial advice or selling our homes.
With this in mind, I believe there are four major ways networking can supercharge your marketing and promotions.
- Low cost marketing
Compared to many other marketing tools, networking can be a relatively low cost way to shop around your advice services. Many of the best networking opportunities come by means of free industry events or functions, which are tied to our professional associations. The Financial Planning Association, for example, conducts many networking seminars for professional planners. Consider using FPA events to build your profile, industry knowledge and contacts –it’s also another way to maximise the value of your annual subscription.
Attend events run by associations outside the planning industry such as chambers of commerce, which work with your target market. For example, if you’re steering towards self-funded retirees, find out what associations they belong to – and how you can join their folds. Likewise, if you’re working with other professional services and organisations, try and wrangle invites to their networking and customer events. I make a point of getting to a couple of lead-rich mid-tier law firms’ Christmas parties every year.
- Netting a captive audience
When attending a networking event, everyone knows exactly the point of the occasion – and that is to network. This makes it infinitely easier to introduce yourself and your services to prospective clients.
Networking is a forum for building relationships – so think of it as a lead generation tool that can build your future client pipeline. Successful networking requires a little bit of courage, but also confidence in the value proposition attached to your business – while a well-honed elevator pitch probably won’t hurt either.
- Networking is educational
Networking isn’t just a valuable lead generation tool – it’s also a savvy way to learn about your target clients. As networking events tend to be relaxed, attendees will be more likely to give you feedback on your market, your offer, the competition, and any potential new product or service ideas you might have up your sleeve.
But remember the adage: “two ears and one mouth” – and use them in that ratio. If a potential client or competitor is volunteering free information, let them talk.
- Builds your database
Not everyone you meet is an instant sales lead. However by exchanging business cards, it gives you their contact information – making them a genuine contact. It enables you to build the relationship and add them into your wider marketing database. That way you can market to them over time and without the fear of breaking any antispam laws.
If you really ramp up a networking opportunity, you could always shell out some sponsorship dollars, but only after carefully weighing up the possible return on investment.
