Last week we discussed the value of an effective networking group. Being a member of a group provides efficiencies and economies of scale you cannot duplicate on your own. The right group will generate streams of business and opportunities. You could expect to see higher closure rates, lower client acquisition costs, increased profit margins and exponential growth.
Not all groups are created equal, and some are a waste of time. How do you know which group to join? Which group will provide the greatest return on your investment?
When comparing various networking options, you cannot determine the groupβs value by its size or cost. A small, less expensive group could easily outperform a larger, more expensive group. The value of a networking option cannot be determined based on the professional level of the members either. A large group of executive level decision-makers may not generate as much value as a small group of mid-level employees.
The true value of a networking group comes from the ability of its members to leverage their connections outside the group and their willingness to create opportunities for each other.
That is why a room full of well connected, lower-level employees with strong referral skills will generate more business than a room full of CEOs who are not as skilled at creating opportunities. This also explains why a low-priced group can outperform a very expensive group and why a small group can easily run circles around a large group.
To help identify the best group for your business, try this tip. Attend a meeting and pay attention to what the members say and do. Are they genuinely interested in learning about your business? Are they exploring ways to create opportunities for you? Are they introducing you to good connections? If so, these are good signs. If they hand you their business card and start selling themselves, it is not the group for you.
You want the group members to see you as a referral partner, not as a customer.
