Networking Archives - Dr. Ivan Misner®
business networking

What is Business Networking?

What is business networking? Let me share the true definition of networking.

“Business Networking is the process of developing and activating your relationships to increase your business, enhance your knowledge and expand your sphere of influence.”

Notice that the key word here is relationships. 

Successful networking of any kind starts with the genuine desire to build relationships for the purpose of giving and receiving business. If you are only networking to gain and not to give, you’ll never be successful.

Building Relationships should become one of the most important components of your business. You should build your business by farming not hunting. If your network is a mile wide and an inch deep, it’s not powerful. Social capital is like financial capital. To amass financial capital, you have to invest and grow your assets. You have to have money in the bank before you can make a withdrawal. Relationships are very much the same – referral relationships in particular. You must support and help others with their business before you can ask for their help.

Remember business networking is more about FARMING than it is about HUNTING.

It’s about cultivating relationships and taking the time and energy to help them grow and flourish. A good farmer knows when to tend to his crop and when to harvest it; if you over pick, you’ll be left with nothing. But if you continue to care for and maintain your crop, it will grow abundantly.

Let’s think of the farmers, the ones who cultivate steady, growing, genuine and authentic relationships with the people they feel are important to include in their network. They have a steady back-and-forth of interactions that benefits not only them. Everyone involved is rewarded. Why? Because the time is taken to really get to know people enough to make a relationship means that when it comes time to make a referral, it’s much easier to call upon them.

Watch this video below to hear more details about the true meaning of business networking.

How do you define “Business Networking”?

This word has become so overused that some business professionals can no longer define networking. Many people think that networking is attending social or business after-hour events, shaking a few hands, collecting a few cards, and, of course, giving away a few cards of their own. Sadly, they actually believe that’s all there is to networking. To be fair, we could say they’re engaging in social networking. That’s never to be confused, however, with business networking.

Businesspeople tend to fall into one of two groups when it comes to their views of networking. For many, the current mindset is that networking is a passive business strategy, not a proactive marketing tool. This attitude results in a scattered, often ineffective networking approach that consequently wastes the business owner’s time and money. Not surprisingly, when people feel they’ve been wasting their time and money on something, they’re understandably not going to continue that activity.

On the other hand, some proprietors do consider networking a proactive marketing tool for their business. How can you tell? They make it a significant part of their marketing and business plans. These business owners have networking goals. They may even have a budget line item for networking. Most importantly, they practice it and live it every day. They are training a sales force. Their networking team is there to keep an eye out for potential clients. If you “target talk”, that is, hone in on exactly what type of client you are looking for, better, more qualified referrals will result.

After watching the video, let us know your thoughts on the definition of business networkingDo you have a different definition or any feedback on what may be missing from the new definition of networking that we’ve provided here?  We’d love to hear from you so please leave your comments in the comments below. Thanks!

time spend networking

How Much Time Should You Spend Networking?

People who say that networking played a role in their success spent an average of 6 1/2 hours a week networking and had half of their clients from their networking time. However, people who did not invest as much time networking also did not report as much reward. So, how much time should you spend networking?

Therefore, spend about 8-10 hours per week networking and do the right things to build the relationships first when networking.

The secret to getting more business through networking is. . . spending more time doing it!   OK, well, it’s a little more complicated than that because you have to spend time doing the right things.  However, devoting the necessary time is the starting point.  So how much networking time (or NetTime) should you spend developing your personal network and what kind of results can you expect to see?

The survey results

Based on a survey that I helped to write and conduct of over 12,000 business professionals from every populated continent in the world, we finally have a definitive answer to those questions.  The study found that people who said “networking played a role” in their success spent an average of 6.3 hours a week participating in networking activities.  On the other hand, the majority of people who claimed that “networking did NOT play a role” in their success spent only 2 hours or less per week developing their network.  

Clearly, those people who spent very little time engaged in the process felt that networking was not an effective way to build their business.  As with many other aspects of life, you clearly reap what you sow.  It’s no wonder that the people who didn’t invest as much time also did not realize as much reward.  This demonstrates the direct correlation between the amount of time you devote to the networking process and the degree of success that you will likely realize from it.

You may be reading this article and thinking – OK, I now know that I need to be spending at least 6 ½ hours a week networking.  Well, that’s true IF you want to be average (and what successful business person wants to be average)!   If on the other hand, you’d like to be above average – you need to devote more time than that to the cause.  The optimum amount of NetTime is more likely to be 8-10 hours a week if you want to be one of those people that are generating well over half their business from referrals.

How much time do you spend networking each week?  More?  Less? and what percentage of business do you get from your networking efforts?  Comment below.

Andy Lopata

The A-Z of Networking: R is for… (by Andy Lopata) [PART 2]

This month, Andy Lopata shares more of his networking tips which begin with the letter “R”

  • Rapport
  • Real
  • Regular
  • Rejoice
  • Remembering
  • Respect
  • Responsible
  • Richness
  • Risk Taking
  • Routine
  • RSVP

Click here to learn and more about the “R’s” of Networking in PART 1:

Click here to watch this video

Please click below to see Andy’s playlist of his networking tips from A to Z.

https://ivanmisner.com/category/a-to-zs-of-networking/

By knowing why you are networking and what you want to achieve, it is possible to plan accordingly and get great, measurable results. If you have any comments about Andy’s “N” list or any additional “N” words about “Networking” you will want to add to the list. please leave me a “Note” as a “Comment”  below.

Andy Lopata

As a business networking strategist, Andy Lopata works with companies on how to use networking tools to develop their businesses. Networking is not just about sales. Whether for lead generation, breaking down silos internally, recruitment and retention of top staff or developing future leaders, networks and collaboration have a key role to play. Andy works with clients to help recognize that role and put the strategy and skills in place to leverage it.

Net-Sit

It’s Not Net-Sit or Net-Eat — It’s Called Network

I came up with this phrase, “It’s Not Net-Sit or Net-Eat — It’s Called Network”, back in 1985 when I went to a business mixer and witnessed virtually everyone either sitting around the edges of the room or standing around eating and drinking.  Almost no one was actually networking. It struck me like a bolt of lightning that this was supposed to be a “networking” event but people were just eating and drinking (especially the later)! As a result, the first mixer that I personally organized, I went to a printer and printed up this phrase on little signs and put them all around the room to remind people why they were there.

I also came up with the original version of the 10 Commandments of Networking which I printed and posted around the room.

The 10 Commandments of Networking

  1. Have the tools to network with you at all times (card holder, badge cards, etc.).
  2. Set a goal for the number of people you’ll meet.
  3. Act like a host, not a guest.
  4. Listen and ask questions.
  5. Don’t try to sell to them.
  6. Give referrals whenever possible.
  7. Exchange business cards.
  8. Manage your time efficiently.
  9. Write notes about your conversation.
  10. Follow up!

One last thing I did before the event got fully underway was to tell everyone that it’s ok to come to a networking event with someone you know or a co-worker; just don’t hang around with that person.

What a difference in networking events.  By just giving a little guidance to the participants, the event was much more successful than the ones I’d seen in the past. So GET UP, get off your phones and network.

Networking Fundamentals

Networking Fundamentals

Have you ever wondered what the ONE secret to success is in regard to networking for your business? In this video, I reveal the answer to that very question and I also explain four key networking fundamentals which are guaranteed to boost your bottom line.

In order to be successful in building relationships that will lead to business referrals and opportunities, there are four things you need to focus on:

  1. Be selective.

Quality is first on the list for a reason. The process begins by being very selective about who you bring into your circle of business networking relationships. You want your network to include quality business professionals who have a positive, supportive attitude. You also want people who are good at what they do.

Effective networking is dependent on the quality of the relationships you develop. If your network is a mile wide and an inch deep, you won’t be getting the referrals you expect. Therefore, it is important to build meaningful relationships with your referral partners over an extended period of time if you want to generate more business.

  1. Continuously add people to your network.

Years ago, I learned that there is a dramatic correlation between the size of a quality group and the number of referrals that are generated by that group.

In your network, the number of possible business referral connections is a squared multiple of the actual number of people in your network. So as you begin to build your own network of referral relationships, keep in mind that the more, the better. The bottom line is that the greater the number of connections you have (based on quality relationships of course), the more referrals you can generate. The math is pretty significant and consistent.

  1. Seek engagement.

Engagement involves a promise and an action. In order to achieve success in your networking relationships, you and your contacts must promise to support one another and take the actions necessary to fulfill that promise.

There are many ways that you can become engaged. Have you taken the time to regularly meet with the people in your network? Have you educated them on the key features of your business so that your products or services will be top-of-mind as they meet others who have a need for them? Have you educated yourself on the key features of their businesses so that you can do the same?

The greater the number of people in your network engaged in these activities, the more likely they will be to generate significant referrals. The reason for this is a shared vision of success and a shared implementation of that vision.

  1. Share stories.

Listening closely to information shared by those in your referral network will help you tell positive stories about them when you see potential opportunities to refer them. Holding regular meetings with contacts in your network will help you tell stories when you give referrals and vice versa.

A good story compels people to take action. If you want to build your network in order to generate more referrals, place story-telling at the top of your efforts. Facts tell, but stories sell.

define networking

How do you define “networking”?

The word “networking” has become so overused that some business professionals can no longer define networking. Many people think that networking is attending social or business after-hour events, shaking a few hands, collecting a few cards, and, of course, giving away a few cards of their own. Sadly, they actually believe that’s all there is to networking. To be fair, we could say they’re engaging in social networking. That’s never to be confused, however, with business networking.

Businesspeople tend to fall into one of two groups when it comes to their views of networking. For many, the current mind-set is that networking is a passive business strategy, not a proactive marketing tool. This attitude results in a scattered, often ineffective networking approach that consequently wastes the business owner’s time and money. Not surprisingly, when people feel they’ve been wasting their time and money on something, they’re understandably not going to continue that activity.

On the other hand, some proprietors do consider networking a proactive marketing tool for their business. How can you tell? They make it a significant part of their marketing and business plans. They have networking goals. They may even have a budget line item for networking. Most importantly, they practice it and live it every day. They are training a sales force. Their networking team is there to keep an eye out for potential clients. If you “target talk”, that is, hone in on exactly what type of client you are looking for, better, more qualified referrals will result.

Which view do you take?

Andy Lopata

The A-Z of Networking: R is for… (by Andy Lopata) [PART 1]

This month, Andy Lopata shares his networking tips which begin with the letter “R”

  • Realistic
  • Reciprocal
  • Recognize
  • Recommendation
  • Referrals
  • Relationships
  • Reliability
  • Reputation
  • Research
  • Resonate
  • Results
  • ROI

and more about Networking in PART 2: coming soon

Click here to watch this video

Please click below to see Andy’s playlist of his networking tips from A to Z.

https://ivanmisner.com/category/a-to-zs-of-networking/

By knowing why you are networking and what you want to achieve, it is possible to plan accordingly and get great, measurable results. If you have any comments about Andy’s “N” list or any additional “N” words about “Networking” you will want to add to the list. please leave me a “Note” as a “Comment”  below.

Andy Lopata

As a business networking strategist, Andy Lopata works with companies on how to use networking tools to develop their businesses. Networking is not just about sales. Whether for lead generation, breaking down silos internally, recruitment and retention of top staff or developing future leaders, networks and collaboration have a key role to play. Andy works with clients to help recognize that role and put the strategy and skills in place to leverage it.

Andy Lopata

The A-Z of Networking: P is for… (by Andy Lopata) [PART 2]

This month, Andy Lopata shares more networking tips which begin with the letter “P”

  • Panglossian
  • Passion
  • Presence
  • Presumptions
  • Proactive

and more about Networking in P – PART 1 : CLICK HERE

Click here to watch this video

Please click below to see Andy’s playlist of his networking tips from A to Z.

https://ivanmisner.com/category/a-to-zs-of-networking/

By knowing why you are networking and what you want to achieve, it is possible to plan accordingly and get great, measurable results. If you have any comments about Andy’s “P” list or any additional “P” words about networking you will want to add to the list. please leave me a  “Comment”  below.

Andy Lopata

As a business networking strategist, Andy Lopata works with companies on how to use networking tools to develop their businesses. Networking is not just about sales. Whether for lead generation, breaking down silos internally, recruitment and retention of top staff or developing future leaders, networks and collaboration have a key role to play. Andy works with clients to help recognize that role and put the strategy and skills in place to leverage it.

Andy Lopata

The A-Z of Networking: P is for… (by Andy Lopata) [PART 1]

This month, Andy Lopata shares his networking tips which begin with the letter “P”

  • Partnership
  • Patient
  • Persistent
  • Personable
  • Planning
  • Polite
  • Powerful
  • Preparation
  • Professionalism
  • Promises
  • Purpose

and more about Networking in PART 2: coming soon

Click here to watch this video

Please click below to see Andy’s playlist of his networking tips from A to Z.

https://ivanmisner.com/category/a-to-zs-of-networking/

By knowing why you are networking and what you want to achieve, it is possible to plan accordingly and get great, measurable results. If you have any comments about Andy’s “N” list or any additional “N” words about “Networking” you will want to add to the list. please leave me a “Note” as a “Comment”  below.

Andy Lopata

As a business networking strategist, Andy Lopata works with companies on how to use networking tools to develop their businesses. Networking is not just about sales. Whether for lead generation, breaking down silos internally, recruitment and retention of top staff or developing future leaders, networks and collaboration have a key role to play. Andy works with clients to help recognize that role and put the strategy and skills in place to leverage it.

Andy Lopata

The A-Z of Networking: O is for… (by Andy Lopata)

This month, Andy Lopata shares his networking tips which begin with the letter “O”

  • Oasis
  • Obligations
  • Observations
  • Offer Support
  • Open Heart and Minds
  • Openings
  • Opportunities
  • Optimizing Your Network
  • Organization
  • Owning The Space

and more about Networking.

Click here to watch this video

Please click below to see Andy’s playlist of his networking tips from A to Z.

https://ivanmisner.com/category/a-to-zs-of-networking/

By knowing why you are networking and what you want to achieve, it is possible to plan accordingly and get great, measurable results. If you have any comments about Andy’s “N” list or any additional “N” words about “Networking” you will want to add to the list. please leave me a “Note” as a “Comment”  below.

Andy Lopata

As a business networking strategist, Andy Lopata works with companies on how to use networking tools to develop their businesses. Networking is not just about sales. Whether for lead generation, breaking down silos internally, recruitment and retention of top staff or developing future leaders, networks and collaboration have a key role to play. Andy works with clients to help recognize that role and put the strategy and skills in place to leverage it.

Andy Lopata

The A-Z of Networking: N is for… (by Andy Lopata)

This month, Andy Lopata shares his networking tips which begin with the letter “N”

  • Names
  • Natural
  • Needy
  • Negativity
  • Neglecting
  • Nervous
  • Networking
  • New Contacts
  • Nice
  • Notetaking
  • Notice
  • Nurturing

and more about Networking.

Click here to watch this video

Please click below to see Andy’s playlist of his networking tips from A to Z.

https://ivanmisner.com/category/a-to-zs-of-networking/

By knowing why you are networking and what you want to achieve, it is possible to plan accordingly and get great, measurable results. If you have any comments about Andy’s “N” list or any additional “N” words about “Networking” you will want to add to the list. please leave me a “Note” as a “Comment”  below.

Andy Lopata

As a business networking strategist, Andy Lopata works with companies on how to use networking tools to develop their businesses. Networking is not just about sales. Whether for lead generation, breaking down silos internally, recruitment and retention of top staff or developing future leaders, networks and collaboration have a key role to play. Andy works with clients to help recognize that role and put the strategy and skills in place to leverage it.

Andy Lopata

The A-Z of Networking: M is for… (by Andy Lopata)

This month, Andy Lopata shares his networking tips which begin with the letter “M”

  • Manage your network
  • Manners
  • Me Me Me
  • Meaningful connections
  • Meetings
  • Membership
  • Message
  • Mindset
  • Mingle
  • Mood
  • Motivation

and “M”ore.

Click here to watch this video

Please click below to see Andy’s playlist of his networking tips from A to Z.

https://ivanmisner.com/category/a-to-zs-of-networking/

By knowing why you are networking and what you want to achieve, it is possible to plan accordingly and get great, measurable results. If you have any comments about Andy’s “M” list or any additional “M” words you will want to add to the list. please leave me a “M”essage as a “Comment”  below.

Andy Lopata

As a business networking strategist, Andy Lopata works with companies on how to use networking tools to develop their businesses. Networking is not just about sales. Whether for lead generation, breaking down silos internally, recruitment and retention of top staff or developing future leaders, networks and collaboration have a key role to play. Andy works with clients to help recognize that role and put the strategy and skills in place to leverage it.

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