Networking the Right Way (You Could be Doing it Wrong)

[Rick Howell]

You are in the middle of yet another crazy day, and you suddenly see you have a networking event in one hour. You consider skipping it, but then decide to go, because that hard money lender you have been trying to meet is supposed to be there. You make your introductions, grab a few appetizers, and slip out. Sound familiar? If so, you’re doing networking all wrong. Here are six tips on getting the most out of your networking opportunities.

Don’t Just Make an Appearance

Great networkers know it takes time and effort to succeed. They embrace it as a necessary part of the job. If you are showing up just for the sake of crossing another item off your list, you might as well skip it. Rather, attend each event with a purpose or a goal in mind. Maybe it’s to make 5 new real estate broker contacts. Maybe you want to compare notes with several fellow investors. Whatever it is, try to achieve your goal for the event (and no, “showing up” is not a goal).

Body Language Matters

You’re busy, and you’re thinking about the mountain of tasks you still have to complete today. If that shows, you will appear unapproachable, which will only make it more difficult to make good contacts at the event. Make a conscious effort to be engaged. Smile and mingle. Act like you don’t have anywhere else you need to be at the moment.

Pick a Target

If you have attended events like these before, you probably have a good idea of who will be there. Not everyone in the room is directly connected to your business. If you have specific target contacts in mind, you are more likely to find those people and engage them in meaningful conversation. Hopefully you did your homework ahead of time on their company, how they operate, and how you may be able to help each other. You may not have been on their radar before that meeting, but with a successful pitch, you can quickly get them to see you as an asset.

Develop Your Elevator Pitch

When you identify your target contacts, you need to quickly communicate your ideas. The term “elevator pitch” refers to a brief, succinct summary of what you have to offer and how you may be able to work together. The idea is to communicate your ideas in one minute or less. Keep your focus narrow and emphasize your key points clearly.

Never Underestimate Unlikely Sources

You never know where your next great contact will come from. Treat everyone with respect and courtesy. Even if you don’t see a potential working relationship now, you may have something come up down the road.

Exchange Contact Information and Follow Up

If networking has a golden rule, it’s this: Always bring your business cards. They are a tangible reminder of the contacts you make and to follow up later. While you want to ensure you collect cards as you work the room, do not abruptly end conversations just because you traded cards.

You also need a process in place to follow up with contacts after the meeting. One of the most difficult parts of networking is turning those initial conversations into meaningful meetings. Try these tips:

• Propose a specific date, time, and location, rather than an open-ended invitation
• Communicate your high-level ideas on how you might be able to work together
• Propose meeting for lunch or a drink. Stress that this is an informal meeting, and you do not want to take up too much of their time.

Come prepared to the meeting, keep the tone light, and look for ways to make personal connections as well as business opportunities. Ultimately you are trying to build a long-term relationship. People are more interested in working with people they like and with whom they have something in common.

Networking does not come naturally to everyone. There will be times when you want to skip out on meetings. But with some practice and these tips, you will get more out of each opportunity and grow your business.