But in a slow economy, where payrolls have to be met, inventories paid for/adjusted and rents have to be paid--is networking all it's cracked up to be?
I recently had the pleasure of attending a non-chamber of commerce, service organization luncheon whose sole purpose is business networking and providing each other referrals.
While many networking groups are based on "profession" focused representation--this organization in the local chapter had forty members, each representing automotive repair, home improvement, chiropractic, etc.
Based on members providing other members with "referrals" of people they know (average person knows 250 outside of the organization) with whom they might want a specific service or product represented--each weekly luncheon spends a good hour going around the room giving referrals to other members (when it's your turn to talk)--and possibly receiving referrals.
While i've yet to join (although I'm still interested in learning more--and seeing how my ad agency could get referrals when members attending are using this network to "advertise" their business).
One long term member indicated that 35% of his business came from this unique networking referral idea.
While 35% of business revenue is great--I kept thinking, "what about the other 65%? Where did that come from? Referrals? Advertising? etc".
My experience with service organizations, chamber of commerce, etc are great ways to meet people and make friends--and possibly an occasional referral.
But most business owners I know--need to pay the bills this month--and while part of an overall marketing program--networking as a strategy is a good concept--but other options remain.
The need to get your message out now, to targeted consumers with measurable tracking is still as relevant today as it was when I started my radio advertising career over thirty years ago.
Fortunately--today's traditional media have digital elements that can engage their readers, listeners, viewers with digital analytics--much like their web brethren.
Many of my clients discovered "personality-driven" messaging was one of the best ways to build their brand, drive foot traffic and generate phone calls compared with most other marketing avenues.
It gave their message credibility plus to a large number of local prospects--fast!
And today--when it takes longer to get prospects and customers perhaps spending less--that credibility factor is more important than ever.
Think networking marketing on steroids plus! Many clients would mix in customer testimonials which heard/viewed on a trusted media (tv or radio)--gave them added panache, credibility and recognition.
It was "oh, yea--you're the guy I've been hearing about"!
This is one reason why my agency focuses on my clients brand, name recognition and target customer with repetition to get new prospects uttering that phrase.
So, while networking is a great idea for making contacts (but not necessarily buyers)--adding a targeted advertising campaign can not only enhance the networking efforts (I heard your ad last week..."), but build further credibility faster to a larger group of prospects.
The beauty of this today--is that with new digital elements, we can show exactly how many went to your website, clicked on an ad, opened an email--all driven by a traditional media approach.
That mix gives small business an on-demand option and can help grow the business in a slow economy.
I 'd like to know your experiences with networking and how that compares to other forms of advertising or marketing your business may be doing.
To learn more and contact me--visit www.ondemandadvertisingsolutions.com.
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