| "Networking is a waste of time," said JoAnne, | | | | was to answer your question about how much |
| owner of a busy print shop. "Besides, I advertise | | | | 'value' should you give to make a connection. First |
| in the daily paper.""Wow, that must be | | | | you have to decide how much a connection is |
| expensive," I exclaimed. "Are you getting results | | | | worth. People will assess your sincerity on how |
| from that investment?""I sure hope so! My | | | | much value you put into the connection. It's like a |
| advertising budget is about $475 a month but I've | | | | handshake. A firm engaging grip says one thing; a |
| never really tracked the results. I guess I should | | | | wimpy shake says another.""So give me some |
| do that.""You should." I replied. "A small business | | | | examples of how to give something of value |
| can't afford to waste money on ineffective | | | | from a business that would have |
| advertising. But back to your comment about | | | | impact.""Discounts for first time buyers are nice," |
| networking: why do you think it's a waste of | | | | I said, "but everyone does the discount thing. Give |
| time?""I don't know how to connect with people | | | | something that stands out. A friend of mine gives |
| and make a lasting impression," she replied. | | | | a copy of his book, nicely packaged in a wooden |
| "Maybe I should give something so people will | | | | case, to anyone he wants to do business with. |
| remember me.""Not a bad idea. It's the best way | | | | Another business owner gives away CDs with a |
| to be remembered. Give potential clients | | | | selection of Celtic music. Then there's the |
| something of value and it's easier to make that | | | | landscaper who brings rose bushes to every |
| follow up call.""But how much value will make an | | | | networking event he attends and gives them |
| impression?" she asked suspiciously."Good question! | | | | away for free. His cost? $12.95 per bush. He told |
| But let me ask you this: How big of an impression | | | | me that his 'bush give-a-way' was the most |
| do you want to make?""Enough so I can follow up | | | | effective strategy in growing his business. If you |
| with a call and they'll remember who I am. Once | | | | were to do that with your $475 advertising |
| I've made the connection, the rest of the process | | | | budget, you could give away 36 rose bushes a |
| is easy. It's making that first connection that's | | | | month. Do you think that would be more |
| difficult.""If you knew how many people came to | | | | rewarding than placing an advertisement?"You |
| your shop as a result of your advertisement, that | | | | see, every business has to generate new leads. |
| would give you an idea of what you're now | | | | Telemarketing, cold calling, advertising are all shots |
| paying for a connection," I suggested."What do | | | | in the dark ... an expensive way to find the |
| you mean?" she asked, her interest rising."Well, | | | | specific customer you're looking for. But in a |
| advertising can be effective if you understand | | | | networking situation, you have control over the |
| how it works. Most business owners don't, but | | | | audience. First of all, you're only going to attend |
| spend their hard earned dollars advertising | | | | those events that serve your business needs. |
| anyway. It's a well-worn business tradition. But | | | | Second, you're there in person-the power of |
| let's say your $475 a month advertising brings | | | | one-on-one communication. And third, by offering |
| you ten new connections a month. You're basically | | | | something of value, you are initiating the |
| paying $47.50 a connection or, we can call it a | | | | relationship. It's a powerful way to build a |
| lead. How does that make you feel?""$47.50 per | | | | business.""Wow! That puts networking into a |
| lead? That's outrageous! Especially since they may | | | | whole new league," JoAnne replied."Yes, |
| not even become a customer.""Exactly. But if | | | | networking works if you put something of value |
| they do become a customer, $47.50 may not be | | | | into it ... more than just a business card or a |
| out of line," I replied. "But it gives you an idea of | | | | handshake. It's a powerful tool once you know |
| how much you are paying to get a lead. If you | | | | how to use it."Luke Vorstermans owns and |
| could be more accurate on placing that $47.50, | | | | manages a successful publishing and |
| you would have more control over the growth of | | | | communications company and is the Editor of |
| your business.""But how do I do that?" JoAnne | | | | Business Dynamics magazine and content |
| asked glancing at her advertisement."My point | | | | contributor to IR Design. |