Don't Waste Your Time On Networking Events

There is a commonly held view that market research and strategy consulting are highly distinct industries. Traditional market research is understood as the act of gathering information about customers’ needs and preferences. Market research providers are known for their expertise in asking the right questions, using the most suitable methodology and being able to access the relevant audience with the ultimate goal of delivering comprehensive, high-quality primary data. Strategic consultants, on the other hand, excel in helping a business make high-level decisions that enable them to increase profitability or outperform the competition.

Nonetheless, compared to b2c projects, b2b market research more often addresses a strategic business need. This can give b2b market researchers access to higher levels of the corporate decision-making chain as senior team members are more involved and invested in the project. Many b2b research projects are driven at the boardroom level, both in terms of identifying a need for research and implementing the recommendations. This is most likely because in b2b markets there are a smaller number of strategic customers, purchases are of higher value and products/ services are normally sold through consultative selling rather than mass marketing.

Many b2b clients approach agencies with questions which seek to contribute to strategic objectives. These include:

Should we enter this new market?

How should our brand be positioned to maximize market share?

What areas of the business should we invest in order to have the most significant impact on customer experience and thus loyalty and profitability?

Which touchpoints on the buyer journey are most critical to success?

Should we invest in the development of a new product or service?

Blurring the boundaries: Data-driven strategy

It may be a misconception in the majority of cases these days, but one of the perceived weaknesses of market research is that it is purely a process driven industry associated with collecting data. However, the fact that strategy consultants often do not possess the internal capacity to undertake primary data collection presents an opportunity for market researchers. Market researchers can build upon their core strengths of rigorous data collection and analysis to provide businesses with clear evidence base on which to make data-driven strategic decisions. Through the process of designing the research tools, collecting the information and analyzing data collected, an immersive knowledge is developed and recommendations can be-be made on a well-informed basis.

International consultation

At the beginning of a project, it is important to explore, deconstruct and challenge the assumptions forming the basis for the research rather than simply taking hypotheses and objectives at face value. The can be achieved by conducting an interactive workshop between the research team and project sponsors. A further approach is to seek the views of different stakeholders in an organization beyond the core project team in order to understand the desired project outcomes from a broader perspective, any potential hurdles to the implementation of recommendations and to improve stakeholder engagement in the process. By conducting internal consultation, the research consultant is able to understand the internal capacity of the client to implement the strategies recommended and ensure that recommendations are aligned with the company’s overarching culture, goals and business strategy.

Large, traditional business networking events are a time-honored institution. They have been a staple of aspiring and successful professionals for so long that most networking advice focuses not on whether you should attend, but on how to make the most of these events when you do attend. In theory, they’re one of the best ways to grow your business.

Here’s the problem: you’re probably not getting the consistent results you’re looking for. Regardless of how you define networking, your success will be directly tied to your ability to interact with people looking to achieve many of the same things you are.

The most basic problem with traditional networking events is that they are mixing bowls for professionals who are there for different reasons. Everyone, there is focused on his or her own personal agenda, whether it’s signing a new client, creating awareness for their business, or connecting with someone in the hopes of developing a mutually beneficial relationship. Everyone is playing a different game, which is why there are usually no clear winners.

Also, Check This: The 10 Advantages of Business Networking

Too many professionals are quick to attend yet another the networking event when in reality, they should be spending that time focusing more on their existing relationships.

My definition of “networking” is any activity that increases the value of your network or the value you contribute to it. The best way to do this is to avoid traditional networking events almost entirely. There are more efficient and effective ways to spend your time. Here are three of my favorite strategies:

Hosting Your Own Events

Hosting your own get-togethers gives you almost complete control over the attendees, the setting, and the outcome. It’s a great way to add value for existing clients and connections, and can also be an opportunity to meet and develop relationships with prospective clients.

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Most professionals struggle to find the right balance when allocating their time between client services and business development. But when done properly, you can accomplish both by hosting a great client appreciation event.

The primary goal when planning an event should be to choose an activity your existing clients will enjoy. If you and your best clients share similar passions, start there. Do any of them play poker, or enjoy attending musicals or sporting events? My favorite events to host are wine tastings.

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