6 Costly Networking Mistakes – And How Powerful Follow-Up Can Rocket Your Sales (and Profit!)

I experiment with my own networking strategy so I understand business owners’ preferences and emerging trends so I can ensure INsiders* are networking in a way that improves lead generation and new business from their networking activities.

So, it’s a real shocker when one of the keys strategies to networking success is rarely employed. And if it is it’s done badly!

Let’s look at the reasons why you don’t follow up and what damage it does (so you have a powerful reason to change) and how to overcome all these so that networking brings you new business (and new opportunities worth a fortune – it’s amazing how many times someone has said “Would you do X for us Mandie?”)

6 Ways Poor Follow Up Costs Your Business (Big)

1. Lost Sales: Did you know that 80% of sales require 5 or more follow up contact points, and yet 44% of people give up after one! spotio.com
2. Wasted Marketing time and money: Investments in lead generation are squandered if leads are not nurtured through consistent follow-up. And remember it’s not just about gaining new business; it’s about preserving your brand and recognition of products and services. You can’t dictate when someone buys but you can have a say in whom they buy from! (My favourite saying!
3. Damaged Reputation: Failure to follow up can signal unreliability and a lack of professionalism, diminishing trust and credibility with potential clients.
4. Increased Customer Acquisition Costs: When you don’t look after existing customers and leads you have to work far harder (and spend more) to find new ones taking up even more time (and money!)
5. Lower Conversion Rates: Persistence works. I’ve many successful clients who have claimed it was right place right time, but it was really the dedication to the expected outcome that worked. Not quitting! Follow-up can increase reply rates by up to 65.8%, meaning lack of follow-up directly reduces conversion potential.  Notta
6. Competitive Disadvantage: Competitors who maintain diligent follow-up practices are more likely to secure deals, leaving your business at a loss.

Is that a powerful enough bunch of reasons to fix your follow up strategy to get more business from networking?

Let’s go!

• Problem – You don’t follow up because you don’t know what to say.

Solution The mistake here is that business owners think follow up needs to tell the potential client every product and services you offer Every special offer and blog article you’ve written. It doesn’t and shouldn’t! The important point of effect networking success and lead conversion is that you appreciate at this stage you are not qualified to speak – INsiders know the in depth answer to this subject but to get you started consider that up until this moment in time the person  you are emailing hasn’t needed you. Trying to convince them do, will not work. Helping them to see a new perspective and potentials for business growth (as an example) means they think “Mmm I want to learn more” and that’s what good marketing communication does at the start!

• Problem – you didn’t make the time to follow up.

You loved the event and met some great people you even have business cards but then you get back to the office, the phone rings, an order comes in and bingo those business cards are forgotten. You need a structured system to track leads and follow-ups, opportunities can easily slip through your fingers if not! For every networking event you attend block out 1 hour within 24 hours to follow up – the later you leave the less hot that lead is!

Here’s a stat to give you some pain so you make the time – did you know if you contact a lead within an hour it increases the likelihood of conversion seven times! Diary that time! Alore

• Problem – fear or rejection.

Something that holds business owners back from effective lead conversion and networking success is underpinned by that hidden little voice (or not so little) that says;

• What will you say?
• They don’t want to hear from you!
• They already have that!
• They’d not buy that from you.
• What if you can’t deliver.
• It’s not expensive for them.
• They don’t need that.
• You will say it all wrong.

On and on and ultimately it stops any action. So, as I tell INsiders “Get your head in the game. Challenge your thoughts and reprogramme your mind to say things that encourage positive actions and thus results (If you need help, this is my job, I know how to shift mindset and the actions connected, very fast.) If you are already an Insider post to INsiders and tag me for personalised answers and strategies, okay?

And just because someone doesn’t want to buy now it doesn’t mean that;

1. They don’t know someone that will buy. Their network becomes your network when you build the right relationships.
2. They won’t want or need it in the future. If you don’t stay on their radar, they will buy from someone else.

• Problem – Caring

Business owners and networkers can have a habit of bringing false ideas on what networking is to their follow up. Many assume networking is about sales and is just a chat – this in itself is costly to business growth and lead generation.

Great networking strategies aim to build good relationships with ALL people they meet because they know the saying “You don’t know who they know” and having hosted over 2000 networking and business growth events I’ve seen many professionals, business owners and entrepreneurs miss out because they wrongly assumed who they were talking to and whom they knew!

A good follow up process cares. You mention something from your conversation (so you have to make mental notes or write notes on the business cards). You reinforce something from your elevator pitch, which was useful, relevant or interesting. You are all about what that person may need and not what you want. (That is in the back of your head, not the front!)

Remember networking is not just a chat. It takes knowledge, skill, training and practice to excel at it. I see people who are making the same mistakes for 10+ years and are unprepared to improve. Don’t miss out on business because you think you can’t learn or create a formidable strategy to make a lot of money from a new networking strategy.

• Problem – Email isn’t for everyone.

Sorry if you see yourself in this one (well I’m not, it’s good to know what stands in your way of a profitable successful business right?) but many read an email when they shouldn’t be. When they are on the school run, or in a meeting or even at another networking event. And think “Oooo that looks good I will answer that when I get back to the office.” And then they never do!

So, if you do this, you know your potential customers do it too! So, relying on one email to get to the right person, and say the right thing that makes them take action is pushing your luck. (it’s not impossible, I often visit networking for the first time and gain new business. Well as a communication expert I should, right?)

Consider how first contact makes them feel?

What emotion are you tapping into? And by knowing this you know what will make them click the button so that you can keep the conversation going;

• Learn more here button.
• More solutions added for free to our social media here.
• See you at these events this month – click here to read more.
• Not ready to buy, let’s stay in touch.
• Got questions? Does it sound too good to be true – Book a meeting here.
• Thinking it through – this will make you change your mind.
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• Problem – Not following up on follow up.

Many networkers make 2 key mistakes in their follow up strategy;

1. They assume they are not interested because if they were they’d have bought it already.
2. It’s annoying to follow up with people over multiple platforms on more than one occasion!

Remember follow up persistence pays off. 80% of successful sales requires at least five follow-up calls, yet nearly 48% of salespeople never follow up after the first attempt. PhantomBuster

If you aren’t using some follow up system, then now is the time to introduce one. We’ve some INsiders discussing the benefits of GHL white-label users/builders for all-in-one place processes that make small business easier. Not for everyone and as we’ve discussed on the INsiders it’s about working out the right follow up system for your size business, budget, time aims and goals for your business. As an Insider we can help you work out what they look like and how to build a robust system that’s right for you and your business.

At the least use a use a CRM system, like HubSpot, Pipedrive, or even a simple spreadsheet to track interactions, set reminders, and ensure no lead is forgotten. Consistency is key and there is a real joy in watching the process unfold and gaining new business. Seeing the profit made via your efforts is wonderful!

*INsiders celebrates 16 years of multi award winning events and is considered a reputable business school as well as one of the top website for Female Entrepreneurs. Doors open to business men in 2017 (when they felt they couldn’t easily access our business training and support and we always aim to be inclusive to moved to the name INsiders. Preserving The Business Womans Network for what we stand for.) We grow businesses and their teams and leaders from £25 a month per member of staff and we are very good at it. There’s no minimum signup fee and many have been with us for over 10 years. Join us to see why business owners love networking and business support with us.