Is your “NET” … Working?
Posted on 23. May, 2009 by Pearl in Pearl Speaks!
With Web2.0 as an easy to use platform, the prolific development of on line business and social media has resulted in so many business networking opportunities. With so many business networks, local, national and global, is it hard to choose.
Some are only virtual; some include face to face meetings. Some are free, some requiring a small payment and others a larger payment. It’s mind boggling!!!
But, really is your “NET” … Working?
Are you making contacts or forming connections? The number of “Friends” or business cards you have do not imply a trusting business relationship. Or are you hanging in “Virtual” suspension? Visible to all without anyone actually seeing or listening to you?
Are you meeting the right people for the right reasons? Do you compliment rather than compete? Or is the food or fun factor enough for you?
When I ask is your “Net” … Working, I ask you to consider:
1. Time spent on networking - virtual or face to face?
2. Other costs e.g. petrol or bandwidth?
3. Membership or meeting fees payable?
Have you ever totaled those thee and worked out you “RONI” - return on networking investment?
It’s not how many referrals you get or the Rand value of invoices paid. Rather consider the net profit generated from business networking?
What I’m suggesting is a mini income statement:
Income - Expenses (including time spent) =Net Profit.
Perhaps a marketing plan with a segmented and target marketing approach to business networking would yield a better return on time and money spent? Would selecting fewer niched networks be more effective?
Is your “Net” … Working?
What have “YOU “experienced? What do “YOU” think?
Jenny
28. May, 2009
Thanks for some thought provoking material, Pearl.
I am always puzzled about why there are so many networking organisations. Practically, how many networking organisations can you possibly be part of, and still do your work from the business presumable generated from those meetings?
The thing that really puzzles me: Why do people start new networking sites? What is it exactly that they feel is missing from existing options? Or is this driven by the fallacy that you can make money in the networking business? How many of these sites have actually made any money. I can think of one, ONLY 1 networking operation in Johannesburg that probably makes money.
Why don’t we get really, really successful people attending networking sessions? There are a few here and there, who were bored and are now on the path to their next million rand business, but on the whole, I find the participants are smaller businesss, still on their way to the top.
I’d be keen to see the following to improve my networking experiences:
- Successful, long established business owners involved
- people to be less selfish in their motives when attending networking meetings. Networking is not about making a sale. It’s about establishing your network. Trevor Nel famously says, “Who has come here to buy something?”
- I would like to see people help my business grow. I can assure you that I’ll tell everyone and anyone about someone elses business where I see a possible connection.
- Strategic minds at all sessions. Everyone at a meeting needs to work overtime to identify strategic opportunities, and then help those opportunities develop. If the idea is any good, the effort will pay off.
So in answer to your questions, my net isn’t working as well as it could, but there is lots of room to grow.
Pearl
03. Jun, 2009
Hi Jenny
You raise some interesting questions. Firstly, the being able to still do your work generated from networking meetings. Many people have commented, questioned and complained about not generating work and this was my reason for writing this blog.
Since posting it, many people have commented, questioned and complained. Yet, they seem to be reluctant to do so on websites. Instead the contact me personally!
Secondly, I’d really be interested to know which is the one, ONLY 1 network in Johannesburg that makes money? Also, do their members make money?
Finally, I agree that if networking was approached in a different way – there would probably be a different outcome.
I like your thinking about identifying strategic opportunities and then helping to develop them. This would “Grow” small and medium size businesses (SMME’s) and would enable “RONI” – Return on Networking Investment.
Surprisingly, many SMME’s use most of their marketing budget on business networking …
What do others think? “SPEAK” to me … Pearl