#1 Business Networking secret that few of us practice

The richest people in the world look for and build networks, everyone else looks for work.  — Robert T. Kiyosaki

There are more than 51 million (5.1 Crore) SMEs in India which employ 117 million (11.7 Crore) people. While these numbers are impressive, they also show that most of the business owners cannot hire or retain good staff and sales people. Many of us have tried various marketing methods resulting in utter failures or poor results. This leaves us to depend on our relationships in the local market to find new customers.

A recent survey asked thousands of business owners – what is their most important method to get customers? The result – Astounding 85% business owners depend on word of mouth to get their customers!

I am sure, many of us have gone for networking events or organizations for this same reason. We want others to share new business opportunities through their contacts or their referrals for us. We want a rock solid way of continuously generating referrals for our business month after month.

If you have gone to many such events or groups and have not found much success, here is the most important secret of business networking you need to know:

In these networking groups or meetups, “Your job is to be interested in others first!” – not selling, not sharing cards or talking about your products or services in the first interactions. (Unless others ask you about the same!).

Did you like anyone who in the first conversation tried to sell or showcase their services? Don’t be that stressful person for others! Instead, ask them quality questions, listen to what they say carefully and become genuinely interested in them and their business ventures. When possible think of helping them with referrals from your network first!

As Jebb Blount, a leading expert in Sales, puts it: “You don’t go to networking events to sell. You are not there to set appointments, get leads or close business. You are there to create connections with other people.”  You will eventually get business leads, appointments or even business closures from them –  If and only if, you are interested in others, in the first place!

So next time you network, remember the golden words from Maya Angelou,” People will forget what you said or did, but they will always remember how you made them feel!”

4 Proven Ways to Grow your Business

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In the above Image there are four generic strategies to expand your user base or customer base. Let’s go through one by one

P3: Increase Awareness
Easiest strategy we all can think of easily to grow awareness about our product/service or business among targeted market. Awareness is typically grown using advertising and if you can manage advertising to deliver great ROI for you then this strategy will help you grow your business.

Typically businesses get listed on Online Directories, Advertise on online/offline media.

Other way to grow Awareness is through referrals. Your spend on referral marketing can be far more effective and deliver higher ROI than Advertising spends, especially for small and medium businesses.

P2: Improve Positioning

You can improve people who are more likely to buy from you by simply positioning your business for a particular niche or segment for whom you are not targeting right now. This will be especially effective if you can come up with customized message or offer for that segment. For example a Real Estate consultant can specifically specialize in office rental deals and customize a package for technology startups.  The consultant would be able add new types of customers to existing customer base.

P1: New Sales Channels

You will be able to serve Customers whom you are not available to serve right now because you do not have a sales channel to reach them, if you invest in developing new sales channel for yourself it will be a great differentiator for you and help you grow a lot. But building new channels requires long term commitment and sometimes capital. However there may be innovative ways to distribute your products and services which may help you grow more than others.

P0: Grow Scope of Product/Service

You will be able to sometimes grow Total Available Market by expanding scope of the category. Finding new uses for your product/Services or by helping existing customers by launching some additional value added services. Like a Real Estate Agent tying up with Packers and Movers is able to offer rental solution as well as earn some additional revenue by referring Packers and Movers in the network.

On LetzGain Business Networking App you will find partners, consultants, collaborators for implementing all these four strategies.

Good Luck, Letz Keep Growing!

LetzGain Philosophy

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Listed below are some key elements of LetzGain Philosophy. Understand them well to get maximum out of LetzGain and Business Networking in general.

Be Result Oriented:

LetzGain members focuses on delivering results for each other.

All the content and activities in LetzGain are action oriented.
Requirements, Ads on LetzGain goes through lot of quality checks.

LetzGain provides automation for you to discover higher quality leads and bids on your purchase requirements.

“ Networking is not about just connecting people. It’s about connecting people with people, people with ideas, and people with opportunities. “   Michele Jennae

 

Focus on Long Term Relations:

LetzGain members  believes in building long term relationships that create tremendous value through exchange of knowledge, referrals and contacts.


If you want 1 year of prosperity, grow grain. If you want 10 years of prosperity, grow trees. If you want 100 years of prosperity, grow people.    Chinese Proverb

 

Take Initiative to HELP:

Every LetzGain member proactively finds opportunities to help other LetzGain members by sharing knowledge, referrals, contacts and at times resources. We are one family and we need to ensure that all of us grow together in our endeavors.

The successful net-workers I know, the ones receiving tons of referrals and feeling truly happy about themselves, continually put the other person’s needs ahead of their own.      Bob Burg

Givers Win Always:

LetzGain system and activities are ALWAYS designed in a way that Givers get maximum win in LetzGain. For example those who share maximum referrals in community or invite lot of quality business owners on platform always get more visibility in system through various features. They also get more time to present in LetzMeet Events.


“A really important part of networking is actually about what you bring to the table-not just what you want to get out of it. Contribution is a big part of networking success. Gina Romero