Networking is essential for business growth. It’s a way to connect with other professionals in your industry, and it can help you find new customers, partners, and suppliers. But how do you know if networking is working? How can you track the results of your networking activities? This blog post will discuss two methods for monitoring networking results: sales and leads.
1. Networking Results: Sales tracking
There are various ways to track closed sales from networking groups. One way is to create a Sales Tracking spreadsheet where you can list the networking event, date, lead source, and sale amount. This will help you track the effectiveness of your networking.
Another way to track sales from networking is by using a CRM (customer relationship management) system. You can input the networking event, date, and lead source into your management system. This will help you track the closed sales and focus on any follow-up that needs to be done with the leads.
You can also track sales from networking events by using a simple notebook. This can be a physical notebook you carry with you or an electronic notebook such as Evernote. List the networking event, date, and people you meet in the notebook, and then transfer this information into your Sales Tracking spreadsheet or CRM system.
2. Networking Results: Leads tracking
A lead is a potential customer you’ve contacted or been contacted by through networking or any other means. A referral is someone who has been referred to you by a friend, colleague, or another business.
There are a few ways to track leads from networking. One way is to ask people to provide their contact information for you to connect with them. Another way is to keep track of the people you meet at the event and whether or not they purchase your product or service.
You can also ask your referral partners how they found out about you and if they would be willing to provide a testimonial or review. By tracking this information, you will see which networking events are the most effective in bringing in new opportunities.
3. Measuring ROI of networking activities
Measuring the ROI of networking activities can be tricky, but there are a few ways to do it. One way is to track how many new sales came from networking events. You can also keep track of the number of leads generated from each event.
The best way to measure if joining the chamber or another business group was worth it is to track how many new sales came from networking events. You can also keep track of the number of leads generated from each event. By monitoring this information, you will see which networking events are the most effective in bringing in new business.
It takes a year of consistent networking to start receiving great referrals because it takes time for people to get to know you and trust you. It’s also important to be consistent with your networking efforts so that people remember who you are and what you do. Networking is all about building relationships, and it takes time for those relationships to grow.
Sales tracking, leads tracking, and measuring the ROI of networking activities are all important because they help you determine whether or not your networking efforts are paying off. By keeping track of your sales and leads data, you can see which activities are helping to increase sales and focus more of your time and energy on those tactics. Additionally, measuring the return on investment of your networking activities will give you a clear picture of which ones are providing the most bang for your buck to allocate your resources accordingly.
Would you like help to find your networking results?
While it may take some extra effort to track all of this data, it’s worth it in the long run if it means you can fine-tune your networking strategy and maximize your results. So, don’t be afraid to reach out. Reach out to me by applying for a free consultation. I can help you analyze your return on investment for each networking activity.
Janet Johnson is a small business advisor and author of My Money Pivot: An Entrepreneur’s Guide to Finding & Making More Money and this educational blog. All views expressed belong solely to Ms. Johnson and do not represent the views of her employer. The website, MyMoneyPivot.com, is currently managed by Luz Marcos, Virtual Assistant.