Networking in Commerce – How To Build Lasting Business Relationships
Networking is the process of developing professional connections and relationships with others for mutual benefit. It is a crucial activity for those looking to build their careers or grow their businesses. Effective networking opens doors to new opportunities, information, resources, partnerships, and referrals. While some see networking as transactional or self-serving, when done right it is based on building genuine, mutually beneficial relationships over time.
Networking is all about building connections and relationships with people. It’s an important skill in business, as forming strong relationships can provide many benefits. At its core, networking is about meeting new people, starting conversations, exchanging information and developing mutually beneficial professional relationships over time.
The goal of networking is to build a community of colleagues, mentors, clients and other contacts that you can rely on for support and advice. Having a strong network opens up opportunities for career growth, new business and collaboration. It can lead to more sales, referrals, jobs, resources and valuable information. Effective networking requires strategy, effort and good communication skills. But done right, it can pay off tremendously in expanding your business reach and capabilities.
This article will provide tips on how to network effectively to build lasting business relationships. First, we’ll go over how to set clear networking goals. Then we’ll explore networking strategies like attending events, following up with contacts and providing value. Maintaining and expanding your network will also be covered. With some dedicated effort, you can leverage networking to take your career and business relationships to the next level.
Get Clear on Your Goals
Before you start networking, take some time to get clear on exactly why you are doing it and what you hope to achieve. Networking without a purpose will yield unfocused, ineffective results. Define your professional and personal goals, and how expanding your network can help support those aims.
For example, are you looking to find a new job or get promoted? Do you need advice from industry experts to help grow your business? Are you hoping to gain mentors and sponsors? Do you simply want to raise your profile and make new connections in your field?
Whatever your reasons, write down your networking goals. Be as specific as possible. This will help give your networking efforts direction and motivation. It enables you to approach conversations with focus, tactfully guiding them to topics and contacts that serve your aims.
When connecting with new people, communicate your objectives. Rather than just asking to connect, explain why you want to meet and how it can be mutually beneficial. Articulating how expanding your network can help you meet specific goals demonstrates purpose and self-awareness.
Do Your Research
Before attending events or reaching out to connect with someone, take time to research who you want to network with. Look up their company website and LinkedIn profile to find background information on their role, education, interests, and work history.
This research will help you identify shared connections, experiences, and interests that can serve as conversation starters and relationship builders. It also shows that you’ve taken initiative to learn about them and their business. Come prepared with thoughtful questions and topics to discuss rather than just asking generic small talk questions.
Some key areas to research:
- What is their current company and role? Look for press releases or news articles.
- What backgrounds, colleges, and past companies do they have experience in? Look for patterns.
- Who do they know that you also know? Look at their connections.
- What business or industry challenges might they be facing? Read latest company news.
- What are their interests outside of work? Check their social media.
Putting in this upfront work will demonstrate genuine interest in the person, distinguish you from others, and lead to more fruitful conversations. Avoid reaching out cold without learning about them first. Thoughtful research lays the foundation for strong networking relationships.
Attend Events
Attending networking events and conferences is a great way to connect with many new contacts all at once. When deciding which events to attend, look for ones focused on your industry or interests. Relevant events will have the right audience for you to network with.
Before attending an event, set some goals such as the number of people you want to meet or specific individuals you hope will be there. Having an agenda will help you stay focused.
When at the event, don’t just talk to the people you already know. Step outside your comfort zone and introduce yourself to new people. Wear a name tag and make eye contact when meeting someone new. Have a firm handshake and smile.
Have a short pitch ready about who you are and what you do, but don’t dominate the conversation. Ask questions to show interest in learning about them too. Listen more than you speak.
Work the room systematically. Don’t just stand in one spot. Circulate and continue meeting new people throughout the event.
Have business cards ready to share so you can easily follow up with new contacts after the event. Take notes on the backs of cards with a brief reminder about each person.
Following up after is key. Send a personalized email thanking them for connecting at the event. Share an article or other information that relates to your conversation. Look for ways to offer value and keep the relationship going.
Attending conferences and networking events allows you to meet many relevant contacts at once. With preparation and follow through, you can turn those brief interactions into lasting business relationships.
Follow Up
Following up after meeting someone is critical for building a lasting business relationship. Often people meet briefly at an event or gathering, exchange business cards, and then never connect again. Don’t let this happen to you! Make sure you follow up within 24 hours of meeting someone new.
The follow up can be a simple email saying that it was great to meet them and you enjoyed chatting. Offer to connect on LinkedIn or schedule a phone call to continue the conversation. Share an article or resource that relates to what you discussed. Follow up shows you were paying attention and are interested in maintaining the relationship.
It’s also important to follow up consistently over time. Check in periodically to ask how they are doing, share an update on your business, or see if they need anything. Look for opportunities to provide value by making introductions or sharing advice. The more you engage, the stronger the relationship will become.
Effective follow up leads to collaborations, referrals, new opportunities and lasting connections. Don’t underestimate the power of a simple email or message to show you care. Make follow up a regular habit, not just a one-time thing. This extra effort can pay huge dividends in building your professional network.
Offer Value
One of the most important things when networking is to focus on offering value to others, not just asking for favors or opportunities. If all you do is talk about yourself and your own goals, people will be turned off. Instead, make connections by being helpful and providing value first. Here are some ways to do this:
- Share resources and information. If you come across an interesting article, new data, or helpful tool related to someone’s work or interests, pass it along to them. Become known as someone who is always on the lookout for ways to be useful.
- Give recommendations. You likely know people who could be great connections for those in your network. Make introductions and recommend people for projects or roles you think they’d be good for.
- Offer mentoring. Consider mentoring less experienced people in your field and offering career advice. You can learn from them too.
- Highlight opportunities. Look for speaking, writing, or media opportunities that you could connect people to in order to raise their profiles.
- Give feedback. If someone runs an idea by you or asks for input, offer thoughtful feedback and constructive criticism.
The goal is to build up a reservoir of goodwill and mutual benefit in your relationships. When you consistently provide value without expecting anything immediate in return, people will naturally want to help you back when you need it. That’s the power of giving value first.
Build Trust
Building trust and deepening relationships takes time and consistency. Here are some ways to establish trustworthiness with your network contacts:
- Demonstrate reliability. Do what you say you’re going to do, deliver on promises, and meet deadlines. People will come to depend on you if you prove yourself reliable time after time.
- Show integrity. Be honest, ethical, and transparent in all your dealings. Don’t overpromise or mislead others. Admit mistakes openly and aim to make things right.
- Honor confidentiality. Respect people’s privacy. Don’t share information or contacts without permission. Keep sensitive matters confidential.
- Lend a hand. Look for opportunities to provide help and add value, without expecting anything immediate in return. Your generosity and dependability will be remembered.
- Share knowledge and expertise. Offer insights, lessons learned, and expertise. Be open and willing to teach others.
- Give credit. Acknowledge those who have helped you. Recommend and praise others when appropriate.
- Act as a connector. Introduce people in your network to each other. Make warm introductions that benefit everyone.
- Stand by your network. Don’t speak badly of others. Have their back. Defend and promote them when appropriate.
- Stay consistent. Don’t change how you treat people. Uphold your reputation over time.
Building real trust requires patience, character, and care for your relationships. But it’s worth the effort, leading to fruitful collaborations and better business outcomes.
Stay in Touch
Staying in touch with your network is crucial for maintaining strong, mutually beneficial relationships over time. It’s important to have regular, meaningful contact with your connections, not just reaching out when you need something.
- Set reminders to check in with your key contacts on a consistent basis, whether it’s quarterly, biannually, or even annually. A quick email, message, or phone call to catch up goes a long way.
- Send relevant articles, resources, or information to contacts when you come across something you think may benefit them. This shows you are thinking of them and establishes your role as a connector.
- Comment on social media posts, leave thoughtful responses to their content, and like and share their updates. Social media provides an easy avenue to sustain visibility.
- Meet in person when possible, even if it’s just quick coffee or lunch. Face-to-face interaction helps nurture relationships. Attend industry events together.
- Remember meaningful occasions like birthdays, promotions, or major accomplishments. A personalized note reinforces the strength of your relationship.
- Keep contacts informed of major developments in your work and business. Your network is invested in your success. Share wins and seek advice during challenges.
- Avoid constantly talking about yourself. Make it about them. Listen and show genuine interest in what your connections are working on. Offer help where you can.
- Maintain positivity in your interactions. Don’t vent or complain. Focus on building each other up.
- Follow up on previous conversations. Did you make a commitment, recommendation, or introduction? Check in on the status.
- Express gratitude and acknowledge those who have supported you. Find meaningful ways to return the favor.
Staying top of mind with consistent, thoughtful communication ensures your network remains engaged over the long-term and willing to mutually support one another’s endeavors.
Expand Your Network
Expanding your professional network is crucial for continued growth and success in business. The more connections you have, the more opportunities that can arise. Here are some tips for continuously expanding your network:
- Attend industry events, conferences, and trade shows. These are prime opportunities to connect with many new people who work in your field. Come prepared with business cards and an elevator pitch about what you do.
- Get involved with professional associations and organizations. Look for ones that align with your industry and interests. Contribute thought leadership by speaking or writing for their publications. This visibility helps you get known.
- Connect with past bosses, co-workers, mentors, etc. Don’t let touchpoints from earlier in your career fade away. Periodically reach out and meet up to nurture those relationships.
- Leverage existing connections for introductions. Ask colleagues, friends, or new connections if they can introduce you to someone who would be beneficial for you to know.
- Attend networking events in your city. General business mixers and chambers of commerce are good places to meet all sorts of new people.
- Connect with prospects, partners, or clients on LinkedIn. Send customized connection requests mentioning how you can add value.
- Follow industry influencers, thought leaders, and fellow professionals on social media. Like and comment on their posts to open up a dialogue.
- Open yourself up to chance encounters and conversations. You never know when you’ll meet someone serendipitously who could become a valuable contact.
- Consider joining or forming mastermind groups. These facilitate getting to know a smaller group of peers well.
The key is to continuously put yourself out there at events and online. Initiate conversations, ask thoughtful questions, and follow up. Nurture all new connections by providing value.
Maintain Your Network
Maintaining your network over time is crucial to building strong, lasting relationships. Here are some tips:
- Organize your contacts. Keep a system to store names, contact info, and notes on your connections. This could be a CRM, Excel spreadsheet, or notebook. Group connections are made by industry, company, location, or how you met.
- Tag or categorize contacts. Add tags or categories so you can segment and sort contacts. For example, mark newer connections as “Follow Up” so you remember to continue engaging.
- Set reminders to follow up. Schedule calendar reminders to check in with connections you haven’t contacted in a while. Aim for once a quarter or every 6 months.
- Send periodic updates. Share news and developments with your network via email or social media. This keeps you top of mind.
- Connect around holidays. Send holiday cards, or season’s greetings via email or LinkedIn. This maintains the relationship.
- Organize periodic get-togethers. Host or coordinate small group events, lunches or informal meetups to reconnect in person.
- Leverage social media. Like and comment on updates on connections on LinkedIn, Twitter, or Facebook. This shows you care.
- Offer referrals or recommendations. Introduce contacts to others in your network who may benefit from connecting.
- Ask for feedback or advice. Checking in shows you value their perspective and gives them a chance to provide guidance.
With some organization and thoughtful effort, you can sustain your network over the long run.