Network Marketing has copped a bit of a bad rap lately.
That is largely down to the sleazy tactics of some Multi Level Marketing businesses. But, network marketing does not have to be about trying to hock products to your friends.
If you put in a bit of time to build the right network, then you will have strong relationships that can not only help your own business grow, but also the other businesses in your network too.
What Is Network Marketing?
Good marketing is crucial to any business. But there are so many different types to consider when you are building your marketing strategy. Branding, blogging, packaging, social media posts, paid advertising, emails, newsletters, collaborations – the list is endless.
There is one very powerful type of marketing that most people tend to overlook. That is network marketing.
Network marketing taps into one of your most lucrative resources – people! Think of all the different people you are connected to through your business. This includes your suppliers, clients, other business owners, and professional networks and groups.
There is a wealth of opportunity to strengthen those relationships, get yourself known as an expert in your field, create collaborative business and also gain referrals.
The great thing about small business is that everyone is in the same boat. They all understand the need to grow your brand awareness and how hard it can be to do that. So, many are happy to support and promote one another, for the benefit of everyone.
The Power Of Networking
Networking is about making valuable connections for your business. You don’t need to sell something to everyone that you meet.
Investing in relationships with people who share your vision and values is a sure-fire way to grow your business. In fact, a strong networking connection can be more valuable to your business than any other asset. Your car or your printer can’t introduce you to new clients, but your networking connections can!
There is power in numbers. You by yourself can generate a certain amount of business, but it is probably going to cost you quite a bit. Not just the dollars you will need to spend on advertising, but in the time it will take you to get those clients over the line.
When you have a strong network, the people in it market your business for you. And they do it for free. In return, you show your gratitude by referring their business when you see someone that has a need for their products or services.
Benefits Of Network Marketing
It works – You might not see immediate results from this kind of marketing, but the more you get out there and get talking to people, the more you will receive in return. It can take a week, a month, or even a year before someone in your network needs your services, or knows someone that does. But as soon as that time comes, they will be knocking on your door or referring you!
Low cost or free – Most advertising comes with a hefty price tag. But networking really only costs your time and a few coffees. Or maybe a few hundred coffees by the time you are done! Using your community and network connections to promote your business can be very simple. You might even meet a business that complements your own, so you can both refer each other or work collaboratively on a project.
Personally fulfilling – Running a mall business can be lonely at times, especially if it is just you by yourself. But networking gets you out there with the real people, even if sometimes you can do it from the safety of your couch at 10pm from your smartphone. It is great for sharing your own knowledge and ideas, but it also helps you on a personal level as you can learn from others and develop your business.
Not a fad – Marketing fads and trends come and go, but genuine connections with people don’t go out of style. Establishing and maintaining one great relationship now could create years of loyal business for you in the future.
Networking is a powerful tool that you should definitely be utilising in your business. If you build a strong network, then you will also build your business’ ability to grow.
Want to know how networking can fit into your existing marketing strategy? Or maybe how you could set up a marketing strategy that involves networking? Then get in touch with me here at The Marketing Baker today.