There’s a common misconception that business events are nothing more than opportunities to exchange business cards, grab a coffee and make small talk. But, successful networking goes beyond that. Just like when you market a product or service, networking should be approached with the intention of generating results and maximising ROI. Regardless of the event you’re attending, your goal should be to get the most out of networking, in both time and money.
Getting the Most Out of Business Event Networking
Understand What ROI Means for You
When it comes to business event networking, maximising ROI starts with determining what that means for you. There’s more than one way to approach ROI, but knowing what it means for you gives you something to aim for. For some business leaders, maximising ROI means bringing in more leads. For others, it means securing new partnership opportunities or connecting with investors.
Before you start business event networking, think about why you’re attending and what your dream outcome is. By setting goals ahead of time, you give yourself a benchmark to aim for, something that helps to measure the success of your networking beyond simply knowing that you’ve had a conversation or two.
Networking Preparation is Key
Though you can turn up at an event, having not prepared and hoping for the best, you’ll get more out of it if you do your research. Research the event and what’s on the agenda, see who’s speaking or sponsoring the event, and look into who has confirmed their attendance. Think about which individuals and businesses you want to connect with and make a list of the people who are high priority. Learn a bit about them – such as their recent wins, business challenges or industry trends – as these could be relevant to your interaction.
Walking into a business networking event having done your research gives you a significant edge, putting you ahead of business leaders who are competing for the same thing. Remember, you’re not just meeting people, you’re targeting opportunities that could give your business and career a boost.
Prioritise Intentional Conversations Over Aimless Mingling
Once you’re at the event, you might be tempted to float around the room, making light conversation and mingling with as many people as possible. Though small talk does play a part in business event networking, effective networking requires you to steer the conversation toward meaningful, memorable topics. That doesn’t mean immediately launching into a hard pitch or asking for a sale in the first five minutes, as this could put people off. Instead, aim to have conversations that are thoughtful, relevant and mutually beneficial. Show that you can provide value – in the form of products, services or expertise – to someone else.
Connect with Others, Don’t Just Collect Business Cards
Successful networking doesn’t come from just talking about yourself, it’s about creating value. One of the most effective ways to do this is by connecting others. If someone you meet mentions a challenge or problem, and you know someone else at the event could help, introduce them. Share your resources, articles or tools that are relevant to their situation. When people see you as a source of solutions – not just someone who’s connecting with as many people as possible – they’re more likely to reciprocate, refer and stay connected after the event ends.
Follow Up After Business Networking Events
The event itself is just the beginning of your networking journey, and the real ROI tends to come in the days and weeks that follow. But, only if you follow up. It’s important to follow up with the people you’ve connected with after the event, reaching out to them and reminding them of the meaningful connection you’ve had. Mention something specific from your conversation to jog their memory – after all, they probably connected with a fair few people – and reiterate your interest in continuing your relationship and suggest a next step. This can be done by scheduling a meeting, sending over a resource or simply connecting on LinkedIn to stay in touch.
Track and Improve Your Networking Efforts
Maximising ROI from business events doesn’t happen on its own, you need to put effort into improving your capabilities and developing your skills over time. This is why it’s important to treat every business networking event as a learning opportunity. After the event, find the time to review how things went. Consider if you met the people you planned to connect with and how many meaningful conversations you had. Think about if you gained any new insights or opportunities, and did you hit the goals you set for yourself at the start.
Track the outcome of your networking – this means connections that actually lead to something, and not just how many business cards you collected – and if you didn’t reach your goals think about why. Perhaps you set your sights too high, or you were focusing on the wrong people. Keep track of what worked and what didn’t, as this insight will help you to refine your strategy for the next event and increase ROI over time.
Business Networking Done Right
Business networking, when done right, is one of the most cost-effective ways to grow your brand and solidify yourself as a leader worth connecting with. Showing up isn’t enough, you need to have an intentional and strategic approach, and choosing the right events makes a big difference. This is where The Directors Box comes in. By hosting exclusive, industry-specific events, we connect leaders in a way that maximises ROI. Get in touch to find out more.
