Networking is something that every entrepreneur should practice as if it were a daily activity to grow their business quickly thanks to referrals, i.e. references of contacts from other people who are part of our network of relationships.
You probably know that your business needs new customer referrals to continue growing. Many businesses only receive random referrals. In general, you don't have control over how often they come and from whom. But a network of like-minded people can potentially help you control the process of new leads.
Your business can create many different types of referral networks. They include those with formal agreements with partners and those built autonomously that are based on trusting relationships.
This guide explains how you can get referrals from a networking business.
What is a referral network?
In practice, a Referral Network gathers individuals or organizations that provide referrals.
Networks can be built by grouping companies from related sectors. This strategy of building a vertical network is very useful because it allows an exchange of contacts that generates value for everyone.
For example, a real estate agent can build a network of home staging professionals, mortgage brokers, and moving companies.
A real estate agent may have clients asking for advice on how to activate a mortgage or manage the details of the move. It is now very easy to provide the name and contact information of everyone in your network.
Have a reference network with which to start business relationships It is also very useful for your customers who expect you to help them in all situations related to the service you offer.
Similarly, when one of the other companies in your network has a client who is looking for a real estate agent, then they can return the favor and present you as their trusted partner.
But there are also informal networking networks. For example, you can network with other professionals in your industry. Just introduce yourself, make yourself known and share your contacts and be generous in sharing business opportunities.
To achieve satisfactory results, it is essential to cultivate these relationships through regular contact over time.
It's not an activity you can do in your spare time. A commitment and a precise strategy are needed to be adopted with discipline but the commitment will be well rewarded.
1. Your storytelling
Clearly express what your professional activity is and who your ideal target customers are
Try to be clear and concise without going on too long as necessary.
2. Get found
Make it easy to contact you. Make your email, phone number, website and social profile available
3. Be patient
Don't be in a hurry. People need to know you, trust you and this takes time.
To grow relationships you have to devote energy and give the right time just like a seed of a slow-growing plant.
4. Your equipment
Get organized with the right tools.
To keep track of your contacts you need a database or a CRM Management Software . This way, you can enrich your data with new insights. Technology will make your networking strategy easier.
5. Online social networks
Use professional social networks like linkedin to connect with people you meet for the first time or to get to know them better.
6. Give before you receive
We always try to give to others before expecting to receive in a selfless way and without expectations of an immediate return.
Cialdini's principle of reciprocity applies: when we receive something, we feel obliged to give back what we have received.
