Networking as Marketing Strategy - Efficient?

Doing a micro-seminar this Thursday on "Networking for Increased Sales" spurs reflection on Return On Effort (ROE)  for the many events I've attended, and where there are familiar faces and oh-so-familiar situations.

A colleague in the RAC network in PA told me that she now gets so many invitations to events (Business Networks Internationa; (BNI), Chambers of Commerce, BNI-emulators, Firestorm groups, Meet-Up groups, etc.) that if she could accept them all, it would be a 60-hour per week job. She finds that job doesn't pay well...  Unless she improves the odds of success.

Can going to networking events be part of an effective, efficient marketing strategy?

Well, it depends.

If you go to everything you're invited to, it can be a "black hole" of time and resources. ROE for "shotgun" approach?  Very low.

If you know who's in your target market, and know where they gather, and get invited?  Better ROE.

If you know who you're looking to meet as a prospective client or a referral source, and find events where several people like that are present?  Positive ROE.

And when you get to the event, and that moment of truth happens, when you get that one chance to make a first impression, some people launch their sales pitch.  ROE for pitching? Very, very low.  Can even do harm.

If you press to qualify, trying to smoke out if they're a decision-maker, have a need, and have money?  Very low ROE - can do reputation harm and make people avoid you.  Who wants their arm twisted by someone they just met?

If you are genuinely interested in the people you meet, curious about how their world works and where they find joy in it?  Positive ROE.

Networking, randomly?  Low ROE.

Networking, purposefully, with the right goals and attitudes?  Better ROE.

More in the coming days.