Networking with Decision Makers

"I need to be networking with decision makers and budget holders" or something similar is a phrase I hear often. It is often a result of a misconceived idea about networking. The idea that networking is about finding a room full of prospects, exchanging business cards then moving on to the next. That is not networking, it is selling.

Business networking is about building relationships with your peers so that over time you help, support and introduce each other to opportunities to sell your services. Over time you build trust through a series of exchanges or networking transactions. The people you meet in business networking are decision makers and the route to those budget holders you want to meet. They are constantly making decisions about whether they like you, trust you and are prepared to refer you.

The quickest way to get them to make a negative decision is to constantly sell to them. In short, as I have said and written before, networking is not selling!

Good Networking!
Dave Clarke
Get 7 networking secrets for business success

---

business networking | business networking events | business networking podcast

---

The killer app in business networking

In ‘Trust is the Killer App’ Leon Benjamin quotes William Davies at the Institute for Public Policy Research who recently published a ground breaking paper that examines the role of the government in the increasingly decentralised social and political activities taking place online. He states there are three sources of trust: State, Community & Online Community. Notice the absence of corporations. He goes on to say that “out of nowhere trust has become the most talked about abstractions of our times”

In the NRG research into business networking trust was identified as a central factor due to the complex nature of the relationships that develop and the possible impacts both positive and negative that may result:

"Transactions that occur within a network are not always backed with a monetary transaction. There are many levels of granularity, and this presents an opportunity to develop trust with acceptable risk.

Therefore forming a network should be based on developing trust, and trust can be defined as 'Firm reliance on the integrity, ability, or character of a person'."

So Trust is the killer application in business networking and that means you need to take a long term view. To quote the research again,

"Many businesses who network are in the establishment phase of their business. They may stay there for some considerable time. They would like to grow their sales and value. The short term pressures of getting sales and cash flows may not sit easily with developing trust, which is a long term strategy, rather than a short term tactic.

The paradox in the establishment phase is that a trusted network could offer resources, credibility, a cost saving and a time saving. Businesses who develop a strategic network have developed their businesses and their relationships. They are able to reap the benefits of trust!"

Good Networking!
Dave Clarke
Get 7 networking secrets for business success

---

business networking | business networking events | business networking podcast

---

Nothing compares to the power of trust

In 'Building trust with a new contact' I wrote about the first two steps in building a trusted business relationship in a networking context - make contact and follow up.

The four steps are:
1. Make contact
2. Follow up
3. Form relationships
4. Develop Advocates

Following on from that post my friend Frank Kanu emailed me to offer his article, 'Nothing compares to the power of trust'.

As Frank states in the article,

"There is nothing magical about trust and relationships—as long as one follows some simple rules".

The rules that Frank outlines in the article (available at this link) support the findings of our own research into the importance of developing trust in business relationships as part of networking.

Assuming you are still positive after the follow up stage you are ready for the 'Form Relationship' stage. By now you would probably be prepared to make a ‘qualified referral’ where you connect the person to another with the proviso that you have limited experience of their capability. As you get feedback you build further trust in them & their capability. The tactics you need to employ to form relationships as highlighted by our research into this stage include:

1. Making qualified referrals
1. Introducing to high value suppliers
2. Actively looking for potential clients/customers for them
3. Providing a testimonial
4. Arranging a business meeting to introduce 2 of your contacts to each other
5. Introducing them to a trusted contact at a networking event

As before you are being proactive and giving more trust as the the relationship develops.

If things progress well during this stage you are well on the way to the final stage, 'Develop Advocates'.

Good Networking
Dave Clarke
Get 7 networking secrets for business success

---

business networking | business networking events | business networking podcast

---

How to build trust in business relationships

I read a great piece from Benjamin Ellis recently entitled 'On-line Trust, More than Liking'. It's well worth a read if you have time. The issue of building trust is vital in both online and offline networking and some of the advice contained is excellent:

* Be open and transparent.
* Be predictable and consistent.
* Be visibly accountable.

A few years back we conducted some research into the importance of developing trust in business relationships as part of networking. The article 'Have you unlocked the benefits of business networking?' includes a link to the full findings.

Building a trusted business relationship in a networking context is a simple process:
1. Make contact
2. Follow up
3. Form relationships
4. Develop Advocates

Like many simple things that does not mean it is easy!

I will highlight some of the ways you can build trust at each stage of the process over the next few posts.

Good Networking
Dave Clarke
Get 7 networking secrets for business success

---

business networking | business networking events | business networking podcast

---