We’d probably all agree that the art of networking involves meeting new contacts while building and preserving existing relationships.  Is it ever a challenge for you to do both simultaneously?  Sometimes I do this with ease, and other times I struggle with choosing between the few and the masses.  I’ll ask myself, “do I spend time with those I know at this networking event? Or do I look for new people to talk to?”  If I get my mind set on one group, I seem to ignore the other group.  I try to do a bit of both, and just talk to those I naturally strike up a conversation with, whether I’ve met them before or not.   We’ve all heard this old adage, “make new friends but keep the old.  One is silver and the other gold.”  It may sound corny but it really is the secret to networking and successful relationship building.  You need a good mix of the new and existing contacts to create momentum and longevity.

Here’s a few tips that have worked for me over the years:

Create a networking strategy

You can’t be running around meeting the masses and not building relationships, and effectively grow your business.  All relationships start with a meeting and build (or not) from there.  Not everyone we meet will turn into a prospect, referral partner, or client. 

It’s good to have a strategy going into a networking meeting, but keep it flexible.  You aren’t there to sell, or force an outcome to meet your networking goal.  A strategy might include meeting 3 new people in your target industry.  If you don’t naturally meet those people in your conversations at the event, you can tell those you do meet, “a good contact for me is…”  They might be able to introduce you to someone who fits that profile at the same meeting, or perhaps they’ll know someone in their network that they’d be happy to introduce you to.

Be credible and trustworthy

We all know that we are most comfortable doing business with those we know, like, and trust.  This involves how you treat people, as much if not more than how knowledgeable you are in your area of expertise. Zig Ziglar says, “people don’t care how much you know until they know how much you care.” For instance, we’ve all seen the person at a networking event who is clearly a card collector, not interested in anything but forcing their card into your hand.   Maybe if you are lucky, they’ll grab one of your cards on their way to the next person!  Who is going to want to do business, or even have another conversation, with that guy?  Taking an interest in another person first, and building a relationship over time is what will give you the opportunity to showcase your expertise when the need arises.

Make many contacts, and develop a few referral partners 

Out of the many people you meet, a few will become referral partners that you can build a relationship with over time.  These are the people who will naturally think of you when they come across a client or referral partner that fits your target.  These are the people who know and trust you and will say good things about you.  These few can actually refer many people to you if you have business synergy with one another and are focused on a win win and treating them and their contacts with the utmost care. 

Invest time in building relationships

It’s easier to build relationships with 10 people who each refer you 10 clients, than it is to find 100 people to send you one client or to be your client.  The bottom line number of clients is the same, but you go through more people with the second method.  I’d rather have a few quality relationships than many superficial ones.  However, it takes effort to meet a lot of people before you identify the right relationships.  Then it takes effort to nurture those right relationships so they last and grow.  I happen to believe it is worth the effort.  

Some people feel they don’t have time to network.  Maybe they don’t have the time to properly meet new contacts, get to know them, and develop a mutually beneficial relationship over time.  Hopefully they have another strategy that does work for their business development. 

What works for you when it comes to networking?  Do you focus on the few or the masses?  Does one type of event produce better results than another, or is it the quality of attendees or relationships that makes the difference for you?