Business Networking Tips To Increase Sales

With a well-planned and enhanced business network, you can grow the revenues of your business effortlessly. If you try business networking without a solid plan or clear objectives, you will end up being disappointed. Running a business with limited marketing resources is tough and that’s where business networking comes in handy.

Research reveals that more than 80{87f2f78f9af2925e60af303f52e0fb79891f3874ec3ea766fc6cca70938f6d39} of customers for various online business come from recommendations and referrals through business networks. If you have a small marketing budget, start by leveraging the current customers. Here are some of the best business networking tips.

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1. Identify The Objective For Networking

You need to identify the reason for networking. Here are 8 questions to help you identify your business networking objective.
• Do you want to earn new customers and contacts?

• Are you hoping to deepen your relationships with existing clients?

• Are you looking for support from an external institution such as a trade union, mentors or financial sponsors?

• Are you hoping to open career growth opportunities in the company?

• Are you hoping to improve public relations?

• Do you want to create an effective sales team?

• Do you want to get market intelligence in your industry or come up with purchasing patterns for potential customers?

• Do you want to fortify relations with your coworkers and inspire your team?

2. Establish Key Performance Indicators

You should assume that everyone you meet can add value to your business. Make sure you store the contacts for interesting leads to use in future. The estimated number of contact networks you need will be determined by the scope of work required by your business networking needs. Get to know potential clients. Understand their purchasing behaviour better. Here, you should the nature of content they post or the type of business merchants they follow. Don’t forget to attend any events they are planning to attend.

Introduce the number of introducers systematically by exploiting contacts and online connections. Establish a good rapport and build strong relations with the sales staff in your business organization. You should be able to connect with at least 5 personnel. If you want to expand market intelligence in your industry so you can predict the purchasing patterns of your potential customers, you need a better action plan such as the following.

• Get service and product feedback as well as reviews from at least 10 clients who buy your merchandise regularly.

• Ask for suggestions from at least 10 clients who buy your products regularly on how to improve your products or overall service delivery.

• Get in touch with at least 5 of your existing suppliers.

• Study the new products released in the market from 5 potential suppliers to know the competitive edge and demand of the product.

• Do your research to find out how your competitors price their products or if they award discounts. Find out how they market their products and where they get their customers.

3. Ascertain Your Contacts

Create a list of existing customers who can be used as customer referrals. Next, you should come up with a few introducers, accountants, potential employees, suppliers and non-executive directors. Write up a list of potential organisations that you can join.

Next, you should create a list of products/services feedback as well as review data that a person would need to from the members of the networking organization. Come up with a list of all the companies and people you want to network with and the type of events they attend. Even better, you can recommend other events you feel would be valuable to them.

With this simple networking strategy, you should be able to achieve your business goals and objectives effortlessly. Don’t do it aimlessly without a plan in mind if you want to outdo your competitors.