In Good Favor:
Trading Resources Through Business Networking

Contributed by Jennifer Goldman

No one likes to pick up the phone or answer the door only to be faced with an onslaught of sales pitches. Likewise, it's an insult to the intelligence when an ambitious executive tries to transparently hoist his business agenda on a potential client, leaving even those interested feeling "sold."

Business networking through the establishment of powerful contacts can undoubtedly help you increase the sales of your products or services, but in your eagerness to increase revenue, you must not forget to put the needs of your contacts first. By listening well and expressing a strong interest in what you can do for your contacts—instead of the other way around—you will establish yourself as a vital and trusted resource whose services can be relied on in a moment of need. And, chances are, they won't hesitate to cooperate when it comes time to return the favor.

In order to build your reputation as a reliable and useful resource, you need to express both what you need and what you have to offer in very clear and concrete terms, and be prepared to follow through on your promises. During networking conversations, make eye contact and ask open-ended questions to gain a better sense of your contacts' aims and inform them of the services, products, skills, or knowledge you can apply to meeting those aims.

In other words, focus on you and your contact's compatibility. The purpose of business networking is to create a relationship between people who can benefit each other reciprocally, whether through the exchange of services, or of information, ideas and suggestions, referrals, or other types of support. Serving your contact's agenda will eventually, if not immediately, mean achieving yours, so everybody wins. That's not such a hard sell, is it?

It is up to you to determine the specific agenda of your networking sessions and develop your approach accordingly. Are you hoping to make new contacts, fortify existing business relationships, learn a new skill, or land a job?

Once you know your objective, you can compose an "elevator speech" in which you introduce yourself and succinctly detail your skills and services, as well as what you're striving to accomplish.

Regardless of your networking objective, it's important that you keep your elevator speech short and sweet. If you ramble on for longer than thirty seconds, you'll risk losing the listener's attention. Even worse, you may give off the impression that you are self-absorbed and have no genuine interest in his/her individual concerns—certain death for any proposal, regardless of your most earnest intentions. The last thing you want is for the listener to feel imposed upon.

After delivering your elevator speech, exchange business cards with your new contact. Follow up by sending the contact a handwritten note within two days of meeting. In that note, refer to the experience or conversation that the two of you shared, focusing on shared interests, and suggest that you establish a time to meet and further discuss how you may mutually benefit one another. These personal touches are what enable you to begin to earn a contact's trust. But such gestures will only go so far unless you back up your claims and suggestions with staunch action and unflinching commitment.

Your elevator speech isn't the only way you can make lucrative contacts. You can also become a member of your local Chamber of Commerce, or attend industry-specific conventions.

Old contacts are also a great resource for spreading the word that you are looking for a job or offering new products or services. That's why it's so important that you foster these relationships on a continual basis. Call your existing contacts whenever you hear of an opportunity that may interest them. Keep a database of your contacts that includes major events in their lives so you can call and congratulate them or express your concern at the appropriate time. A database will also help you remember the smaller more personal details about your client. Wouldn't it be embarrassing if you asked your client, "How was your daughter's graduation?" only to have him reply, "I have a son and he's in kindergarten."? Luckily, there are computer software programs available to help you create such databases, so you can rest easy knowing that you'll always get your contact info straight.

In addition to calling your existing contacts, you can set up periodic meeting with your contacts during which you can "catch up" and/or trade new information and ideas.

Be patient; this extra effort is likely to pay off, possibly in ways you didn't even expect. Of course not every contact leads to an opportunity. However, creating a chart that you can use to track your progress with contacts will prove that most do, even if it's in a serendipitous, six-degrees-of-separation type of way. You never know when a contact's wife's cousin's boss will be eternally grateful to meet someone with just your unique brand of skills or services. And the gratitude these people receive as a result of pointing the way to you will position them favorably when they need to collect their own favors, making them all the more eager to lend you a hand in future endeavors. Given the ripple effect of networking, the possibilities are virtually endless!