Networking: Relationships or Leads?

In a survey I did  a while back on networking habits, I asked if people attended events to get leads or to build relationships with others. Overwhelmingly, people answered "build relationships". Having attended and observed others at networking events over the past 10 years or so, I realized that "build relationships" while a great starting point in a survey, is potentially misleading.

What do we mean by build relationships? Is a relationship a series of conversations you have with someone whenever you meet them at an event? Is a relationship a follow up conversation over lunch, dinner or coffee? Often we cite relationships as our reason for networking but if we're truthful with ourselves, we really looking for leads.

When we use the word relationship in this context, what do we really mean?  When someone doesn't purchase our product or service, do we continue to pursue the relationship? We need to be honest with ourselves regarding our goals for these relationships We need to understand why we are pursuing relationships with people we meet. To be successful, we have to put thought into the desired outcomes. Are we looking to build strategic alliances? Are we cultivating people in order to pursue a buyer/seller relationship? We need to be comfortable in generating this relationship - one that can be friendly but not friends. Sometimes our payoffs will come later - and in ways we may not have been expecting.

There are two types of people we want to see at networking events: the people we know and the people we don't know. In order to make networking really pay off  we need to put ourselves in front of as many people as possible but also in front of the people we've already met. 

For some people, if they don't get a sale prospect the first time they meet someone, they're gone. These  are the cherry pickers. Now that's different from  determining that the person you are speaking with isn't a good fit for your product or service. For example, if you sell freshly baked organic dog treats, I'm a poor fit because I don't have dog.  However, if you are interested in building a relationship, you might discover the next time we see each other at an event, that I love dogs - my brother and sister both have dogs I love - and yes, I might just be willing to buy your dog treats for them.  But you might not discover that upfront.  Having repeated opportunities to meet the same people can certainly reap rewards. 

On the other hand, the cherry pickers are looking to meet as many different people as possible at each event, size them up to see if they should be pursued - now. Depending on your product or service, you may need to pursue this strategy.

I find a combination of these two philosophies works best. Yes, we need to develop our relationships with people we've met but it's also important to keep filling your sales funnel with new prospect.

I've been to networking events where we're instructed to sit with people we don't know. Now that's a great strategy for meeting new people, but not for building relationships. Perhaps, the strategy should be for half the people at a table to be familiar with others but half the table be people who know no one there. 

Speed networking events encourage meeting lots of people quickly. It allows you to cherry pick BUT it can also allow you the opportunity to learn something new about people you already know.

Network with a purpose. What are you goals and how will attending a specific event move you toward them? Be clear on your goals.... be honest with yourself....and use networking to it's fullest.