Networking raises awareness of you and your business. Whether you want to find a mentor or new supplier, identify investors, generate more leads and sales, or raise the visibility of your brand, the more you network, the more you will discover opportunities for collaboration and business growth. Let's look in more detail at the importance of networking and how to network effectively.
What is the purpose of networking?
"Networking serves multiple purposes for small and medium-sized businesses, including finding investors, meeting new suppliers, gaining mentorship and staying updated on industry trends," shares Greta Petrova, Marketing Director for HAY HILL Mayfair, a London-based private members club for business. "By building a robust network through personal interactions, business owners can access resources and insights that facilitate growth and innovation."
"Networking also raises your brand profile and that of you and your team, helping to get you in front of potential new customers or clients, to increase sales", adds Michelle Jones, Managing Director of Nottingham-based digital marketing agency, Ketchup Marketing. This, combined with the ability to stay on top of trends and innovations, means your business can remain agile and ahead of competition.
How to start networking
There are many different approaches to networking but before you start, it's important to set clear goals for what you want to achieve, whether it's finding new clients, partners or industry insights, says Petrova. The networking approach you use to raise money for your business, for example, will be different to the approach you take to finding a new customer or supplier.
"An easy way to start networking is by researching relevant industry events, conferences and trade shows," says Petrova. "Joining trade organisations, networking circles, or events organised by different trade chambers can also facilitate valuable connects, as well as private members clubs for business professionals."
Petrova recommends combining online and offline networking, as online channels give you greater reach and continuous engagement without geographic limitations, whereas face-to-face networking can create deeper, more personal relationships. "The key is to be confident, have a concise introduction of what you do and know precisely what people you want to network with," Petrova adds.
Jones says she encourages employees in different roles in her company to network, ensuring it's not always the same people each time. That way, the diversity of talent within her company is more widely showcased, while enabling each team to strengthen connections to experts in their specific fields.
To get the most from your networking, both Jones and Petrova suggest preparing an 'elevator pitch' that explains who you are, what your business does and what makes it unique. It should be 'sharp and snappy,' says Jones, "something that leaves a lasting impression."
7 networking strategies for business owners
Attend industry events
Industry events such as trade shows and exhibitions are fantastic for generating new leads and sales, allowing you to build trust and rapport with decision-makers, Jones shares. "Whether it's prospects to move along the sales pipeline, clients to nurture those key relationships, or partners to share experiences and discuss future opportunities together, the right events pay off."
Be selective about the events you attend. Ensure they're specific to your sector and target market and review the attendee list. If possible, get in touch with any attendees you want to meet ahead of the event and arrange a time slot for coffee.
When it comes to networking, effective travel is vital. That's why the American Express® Business Gold Card comes with payment terms of up to 54 days, allowing you to spread the costs associated with travel¹.
With a Business Gold Card, you can use Amex® Travel Online. For every full and eligible £1 spent on business travel, you'll earn 1 Membership Rewards® point for you and your business, and if you book with Amex Travel Online, you can get even more points, by earning 2 points for every £1 spent².
Leverage social media
Social media platforms give you a tool to expand your reach, providing a space to promote your business, experience and insight, participate in discussions and raise your profile, explains Jones. She highlights LinkedIn as a particularly valuable channel for raising brand visibility and awareness. "Through regular posting and social media engagement, your brand starts to become more recognisable and accessible."
Join trade associations
Jones suggests joining trade associations relevant to your industry. Trade associations not only give you access to organisations and individuals working in your sector, they often provide valuable research and insights, develop and maintain sector standards and sometimes collate member views to guide government policy.
Volunteer for committees or non-executive roles
Offering your time and knowledge to support other organisations in your industry can connect you to like-minded individuals and enable you to further develop your own skills and reputation. This could be participating in industry-specific committees, serving on the board of a non-profit or start-up in your sector, or joining an advisory council.
Take on speaking opportunities
"Be visible by taking on opportunities to deliver talks, get involved in panel discussions and present," Jones suggests. "Put your business centre stage, working towards becoming an industry thought leader." Jones says she's held talks, delivered presentations and taken on speaker slots at Universities, networking events and conferences.
Become a member of your local business chamber
A Chamber of Commerce is a network of local businesses that come together to collaborate, share resources and shape local policies that impact the business community. As a business owner, joining a local chamber gives you a voice to raise concerns and address local business hurdles. At the same time you will also meet other business owners in your area.
Join webinars and forums
Jones recommends joining key groups and webinars relevant to your industry. This could be Government webinars on policy developments, industry-specific forums or virtual events. Attending these events will keep you up-to-date on the latest trends, insights and challenges and help you meet new people in your sector.
Networking doesn't stop after you've attended an event or spoken at a conference. Instead, relationships need to be proactively nurtured over the long-term. "Networking can be a long game, so stay committed to the process and nurture the new relationships you're forming," Jones concludes.
1. The maximum payment period on purchases is 54 calendar days and is obtained only if you spend on the first day of the new statement period and repay the balance in full on the due date. If you'd prefer a Card with no annual fee, rewards or other features, an alternative option is available – the Business Basic Card.
2. Cardmembers enrolled in the American Express Membership Rewards® programme will earn one additional bonus Membership Rewards point in addition to their standard earn rate (for a total of 2 points) for every full £1 spent on flights, prepaid hotels, car hire and experiences booked through the American Express Travel website americanexpress.com/en-gb/travel/.
