Networking events can be a great way to meet new people, develop new connections and a potential opportunity for you and your business.
However, networking events aren’t as straightforward as they seem, especially if you’re attending an event for the first time. So it’s important to learn how to navigate the networking process effectively to maximise the opportunities that can be presented to you.
Because they work with businesses across the country, colleagues at the Development Bank of Wales are seasoned networkers, who know how to engage with businesses and find out what they need.
We spoke to some of our colleagues to ask about the top tips and advice they’d give to someone new to the world of networking, and how to make it worthwhile.
Here are our tips on what you need to know for when you attend your next networking event:
1. Be prepared for your event
You want to represent your business in the best light possible, so preparation is vital. It’s useful to know your purpose and goals beforehand so you know exactly what you’re trying to achieve.
You don’t have a lot of time to impress potential clients, so have a rehearsed 30-second pitch ready beforehand. This will allow you to be polished when delivering your pitch. You should think about the reason you’re attending the event, what you’re offering, what your organisation does, and any key information you want to convey.
2. Figure out what you want from networking
There’s a huge range of networking events out there – ranging from larger, paid-for events where attendees are expected to present regularly, to less formal events open to everyone interested in attending.
Spend some time thinking about why you want to network, and the sort of people with whom you’re looking to make connections – that will help you focus on getting what you want out of each event.
James Ryan, an Investment Executive in our Micro Loans team, said: “There’s always a range of networking events on offer and they’re all very different from one another, so you need to think about what you want from it and the sort of commitment you can make to attending, if you need to attend regularly.”
3. Always have your contact details available
Whenever you attend an event, ensure you have a suitable amount of business cards to give out to people. This will allow people to reach out to you if they want to take the initial conversation further.
In this digitalised world, a lot of stakeholders will look to share their social media like LinkedIn or digital business cards, so make sure all of your profiles are set up and up to date.
4. Be confident
Remember – everyone at the networking event is there to talk to other people, and hear about their businesses, experiences and ideas. You don’t have to feel shy – they want to talk to you!
Not every conversation you have will lead to a new business relationship, but that’s okay. The important thing is to remember you’re there in order to give people a sense of who you are, what you’re doing, and make those important connections which will help boost your business.
Our colleague James Ryan added “You should always be prepared to go beyond your comfort zone and meet more people where you can – the more people who know you are and what you do, the better! Bear in mind that people will genuinely appreciate getting to know more about you and what you do. And while it’s always a big learning curve, always be prepared to ask people for feedback. There are serial networkers out there who will be seasoned networkers and happy to give you their advice.”
5. Talk and listen in equal measure
It can be difficult to judge how much you should talk when speaking to stakeholders at events.
It’s important not to bombard people. You don’t need to try and make every conversation a sales pitch. The initial conversation is all about building a rapport with an individual(s). If there is positive engagement, you can build trust between one another, and this can lead to a relationship which will drive further conversations.
If you’re at a busy event, it can be difficult to listen and give every individual your full attention. But this is a crucial element of networking. Without being attentive, you don’t know what the person is looking for or if the conversation has any value. A good listener is worth their weight in gold when it comes to building new connections.
Tom Preene, Operations Manager at Angels Invest Wales, said: “From the point of view of prospective angel investors as well as up-and-coming businesses, the more you network, the more you can make people aware of who you are and what you do. It gives you the chance to find things in common between yourself and other businesses or entrepreneurs, and connect with those who have interests or goals which are aligned with yours.
“Angel investors in particular don’t look to make connections with other investors just in order to make money – it’s because it’s an engaging process and allows them to spend time with people they enjoy spending time with. And regardless of sector, they’re always looking to be impressed more by individuals than they are businesses ideas or pitches, so it’s absolutely critical that you take the chance to network in person and create comfort and confidence with potential investors.”
6. Ask engaging questions
It’s handy to have a list of questions lined up for once you’ve engaged with a stakeholder. This will allow you to learn a lot about their field, their business and how your relationship could develop.
People love talking about themselves, and by being engaging throughout your conversation, this can allow you to build a rapport whilst you showcase an interest and gain information at the same time.
Follow up with anyone you spoke to
The whole point of networking events is to gain new connections, so ensure you follow up in the days following the event. If you don’t, you miss a great opportunity to develop the initial conversation and could break the networking process.
It’s always good to remind them of who you are and what your business has to offer and see if they are interested in speaking further. However, don’t be disheartened if you don’t get engagement back – it’s all part of the learning process of networking.
7. Have an exit strategy in mind
Sometimes you can be stuck in conversations with those who offer little value to what you’re trying to gain from networking events. This can be difficult when you have a limited amount of time to engage with others.
So it’s always good to have a polite way to end a conversation to maximise the opportunity the event is providing you. You can use a closing statement alongside providing your contact details, as you never know what opportunities could come from a conversation.
8. Try different events
It’s crucial to build relationships in your local community, as this allows you to find your type of people. But sometimes you can attend an event and realise that it’s not for you, which can be frustrating.
If you don’t enjoy one networking experience, don’t be disheartened. There are many different networking events online that can be suitable for you, so it’s important to trial different ones and find out which events work for you.
Claire Vokes, Senior Investment Executive, said: “Certain events might not be for you, but you will find the group that suits you. Particularly in more local or regional groups, where there are business mini-communities where you can quickly build up good relationships. But remember that people will have to trust you before they’ll do business with you.
“And while it’s easy to get lost among people at those sorts of events, pay attention to the person you’re speaking to, and try to understand where they are in their business journey; there’s every chance you’ll be able to help them just as much as they can help you.
“And there are always opportunities to go beyond just chatting to people one-on-one – keep an eye out for opportunities to exhibit or present your own work to a bigger audience.”
9. Learn from your experiences
It is important to remember that practise makes perfect. Not everyone can master networking effectively straight away, as this can take time to understand what works and what doesn’t.
If you speak to serial networkers, don’t be afraid to ask for feedback – they’ll know what they’re doing and will be able to offer great advice to help improve your approach to networking. Any feedback can help refine your approach and maximises the chances of networking more effectively in the future.
10. Take your first steps
Networking can seem a complicated world to those who aren’t used to it. But by stepping into it, you give yourself the chance to open new doors and make all-important connections with people you otherwise wouldn’t meet – and sometimes, that can be what’s needed to take your business or proposition to the next level.
So remember – be prepared, be confident, and be ready to talk to people and follow up with them when done.
Now it’s up to you to take that next step – good luck!
