Building a network means building people. A man s greatest asset is his word and his ability to communicate it will determine the extent at which he can build his clientele through networking
The article revisits last month’s marketing tactic – the word-of-mouth method of marketing. Networking being one of the tools to effectively exploit our spheres of contact is explained here. Firstly, the benefits of word-of-mouth is reinforced, next, the ways to determine who can be exploited and who should be included in the contact spheres are looked into, thirdly, examples are given of some businesses and who their network spheres include. Lastly, we wrap up with some advice for keeping our networks up-to-date and responsive.
We chose word-of-mouth marketing as the best fit and affordable form of marketing for entrepreneurs. It is beneficial because of the direct provision of referrals and endorsements by potential customers. The principle of word-of-mouth marketing is based on networking. Our close contacts and associates are used to propagate our marketing messages to others who we are not in contact with. Networking is a tool that all entrepreneurial business owners must utilize for its worth.
Effective use of networks passes the sales pitch of an individual or firm to its contacts within its network sphere, delivers and disseminates this through them to others. You are able to pass on the information of who you are, what you do, where you can be found, and how reliable you are. And this is backed up by a person who knows you, has a relationship with you and can act as a reference point to the third-party.
Through effective networks, customers are referred through these powerful links of business groups or other professionals. The best links are from business and professional contacts that are in the same line of business, complimentary business, as opposed to competing business. The value is delivered by mutual support, building relationship and developing lasting professional relationships. Other than the professional core groups that we are affiliated with, other groups that are available to be exploited are natural core group: These are made up of our family members, friends, school mates (past or present), church, family, our children’s school family, member of professional bodies we belong to, creditors, vendors, and all the organizations you patronizes, such as banks, hairdressers or barbers, sports club or gym, etc.
An example of word-of-mouth marketing through networking in the case of a special occasion service provider, such as a florist for a weeding, is as follows: The immediate network contacts that are immediately available to exploit are the other businesses that compliment the wedding but do not compete with the florist’s business. They include the caterers (both food and beverage), photographers, video coverage companies, rental companies (providers of chairs, tables, canopies, walk-way carpets), venue / hall providers, musicians, make-up artists, providers of the aso-ebi fabrics, hats or other bridal attire and in some cases jewelers.
During and after the wedding, the satisfied bride and groom, parents of the couple, friends and guests at the wedding, and all the other vendors used at the event could also be networked.
Another example for professional services could be the case of an oil and gas consultant. The sphere for networking will include their lawyers, accountants, financial planners, bankers, other consultants that complement but do not compete with their core line of business, managed office space owners who may have clients in that field, commercial sections of embassies, chambers of commerce, professional associations and bodies in oil and gas. And on a lesser contact level, high-end car rental agencies, travel agencies, etc. A few contacts that are usually ignored are competing businesses that are much larger and more specialized and focused.
They will usually have clients that do not meet their specifications and would be glad to pass on such clients to you if relationships are built and managed properly.
In the case of product manufacturers, such as manufacturers of snacks, the core networking sphere will include supermarket owners, wholesalers in large markets, airlines, schools, bus terminals, church chains of pharmacies, restaurants, caterers, event managers, marketing company owners, drink manufacturers (the businesses complement, but do not compete), parents with school-age events can be targeted: fun days, inter-house sports days, prize-giving days etc), university campuses etc.
Lastly, to wrap it up, to keep our networks up to date, we need to let our contacts know when changes are coming up. If sales, discounts and other benefits are available for our clients, special offers are best advertised through them. Moreover, we should actively keep them as clients to keep our products and services at the fore front of their minds. To make our contact sphere responsive and active in sending clients our way, we should reciprocate and send clients their way too. If possible, there may be concessions we will give to those who refer clients to us, and most especially a personal handwritten note saying “thank you,” and a free offer for their benefit will also go a long way.