Last week, I held a 3-day live global event to effectively “Restart the World” to help businesses navigate these challenging times. Feedback received from the event attendees said that networking will be a key element by establishing strong relationships with each other. Furthermore, those attendees who credited networking for their previous pre-pandemic success said they maintained a networking system for measuring the monetary value of their networking activity. Therefore, I advise entrepreneurs worldwide to create and use a networking system as businesses return post-pandemic to our “new normal”. I have observed over the years that those that use a networking system achieve better networking results in less time.
People who used systems generated more business. The more systematic you learn to make your networking, the more productive you can be. Building a networking system is key to building a successful business. You will need a networking system for following up, staying in touch, and tracking your networking results. Especially these days as we tend to have less face-to-face in-person networking events and fewer hours to spend with our online networking. We need to become more efficient and more productive with our networking by using and benefiting from a networking system.
Past research and videos on networking systems
According to my research, people who had a system to track their business were more likely to have felt that networking has played a role in their success. Those who felt that networking did not play a role in their success were twice as likely to not have a system for tracking their business. This is a powerful finding for people who wish to produce a referral-based business. Those people who do not use systems to track their business felt that they are not successful in their networking.
Furthermore, watch this classic video from 2012 to find out how creating a system for referral marketing generate substantially more business through referrals.
Finally, in another 2012 video, I discuss with my good friend and BNI Executive Director, Mark Carmody, about the more systems you incorporate into your business, the more successful you’re going to be, over time.
Survey data is based on a survey of over 12,000 people from every populated continent in the world. This survey is the basis of the book – Business Networking and Sex.
What should you track with your networking system?
- The organizations you belong to and the results you are getting from them.
- The time you spend networking and working your network.
- The amount of money you’ve made from networking.
- The people who are sending you referrals and how much of your income they’re responsible for.
You also need systems for following up with the people you meet. Stay in touch with your network members, reward your referral sources, and help your referral sources in return.
The old saying that we “treasure what we measure” turns out to be highly relevant in networking. Developing and using a good networking system will enable you to get better networking results in much less time. Your networking system will enable you to spend less time finding new clients. Therefore, you will have more time working with your established contacts. By building your network, you can provide yourself with even more referral opportunities.