With all the demands on our time from our business, professional and personal lives, it’s tempting to assign a lower priority to networking as an activity to help grow our business. With so many commitments at the office and at home — to colleagues, family and friends – it’s difficult to set aside extra time to bring even more people into our lives.
    This thinking would be wrong for a couple of reasons. For one, we are constantly being introduced to new people anyway, every day, with no disruption to our schedules.
    Secondly, by not consistently widening our circles of contacts, we may be severely limiting our chances for advancement and success. It is estimated that the average person knows approximately 250 people. And each of those people knows another 250 or so people. This means that for each new person you meet, you gain access to a potential pool of 62,500 people separated from you by just two degrees!
    What do you think the odds are that you would NOT find one person who would be a source of information about a new business opening up, an unhappy merchant, exciting new product to sell, a better vendor and much more.
    Let’s narrow it down a little, if your goal is to grow your business or client base it’s imperative that you network with: people who are your ideal clients, people who know your ideal clients, and/or people who do business with your ideal clients. It’s that simple.
    When you network with people who need your products/services (or know others who do) there will be a natural interest in knowing more about your business. First, let’s take a look at what happens at a traditional networking event.

Step 1: Meeting New People

    Enter the room with confidence, stand up straight and smile. Look for a friendly face and introduce yourself. If you don’t see an opportunity to meet someone right away don’t panic. A sure fire way to strike up a conversation is to get in a line (to sign in, for food, for drinks, for the restrooms). You can also approach the person hosting the event and ask for an introduction. In addition, if the list of attendees is available prior to the meeting you can identify someone you would like to meet and approach someone to ask if the person you are looking for is at the event.

Step 2: The “ED” Principle

    Instead of trying to be interesting, focusing on the ‘ing’, be interestED (focus on the ‘ed’) in the person you are talking with. You don’t have to worry about what you will say (except for your brief introduction which comes later). In fact, you can make it a goal to talk as little as possible; I promise you will be remembered as a great conversationalist. Memorize this phrase: ‘Tell me more about...’ and use it! Just relax, be yourself and listen.

Step 3: Giving First

    You’ve heard it said before, it is often better to give rather than to receive. I understand the reason you’re there is to get something. You want to meet more of your ideal merchants and meet people who can refer more merchants. Don’t forget, networking is a two way street. It is about building relationships. I know you have something interesting to share, so why not give first? Perhaps you can recommend a great book, website, share an article, or maybe you can make a valuable introduction.

Step 4: Your Perfect Introduction

    Eventually the person you are talking with may ask you what you do, so be ready! Don’t ramble on about how long you have been in business or in-depth details about your business. Do prepare a fabulous, short and memorable introduction (10-30 seconds long) that clearly communicates what you do, who you do it for and how they benefit from your services.

Step 5: Ending a Conversation

    Remember, all conversations must end at some point so don’t be afraid to politely excuse yourself and thank the person for their time. Reasons to wrap up can include getting another drink, something to eat, going to the restroom, or needing to talk with someone before they leave. Whatever the reason, be honest and be genuine.

HeaStep 6: Follow Up and Follow Through

    Finally, follow-up and follow through are critical, if you promise to do something (call, send an article, make an introduction) do it!

Remember people do business with people they like, know and trust. Keep these six steps in mind and you can’t help but be successful at your next event.

Marc Beauchamp is a consultant and trainer for the Financial Services Industry. He is co-author of “How to Survive and Thrive in the Merchant Services Industry” and offers a free monthly newsletter at his site www.surviveandthrive.biz. He can be reached by email at marcb@surviveandthrive.biz.