Trust is the Currency of B2B
When we think of making purchases in our personal lives, it looks a lot different to the decisions we make at work. In your personal life, if you see something you like, you generally will purchase. There is no need for approval, budget reviews or stakeholder engagement (unless you share finances or are on a strict budget ofcourse!).
But in B2B, stakeholders, budgets, outcomes and impacts all need to be considered before deciding on a provider – increasing the length of the sales cycle and reducing impulse decision making.
Networking accelerates trust in ways digital channels simply cannot. No matter how amazing your product or service is, people will always want to buy from people – our brains are wired this way. When you begin attending in person events or scheduling meetings to occasionally be face-to-face, your interactions begin to build credibility quickly. The conversations you have allow for nuance and authenticity to occur and to create personal connections.
When someone has met you, spoken with you and understands your values or how you operate; you are no longer just any provider – you become known and a more desirable option to partner with.
Shorten the Sales Cycle
How many times through your career as a salesperson have you made a cold call? While the method can still be effective and is still practiced, its effectiveness is on the downturn. Warm relationships convert faster than any cold call ever will.
When you are constantly networking and communicating with people, your prospects already know who you are and what you can offer. People who frequently network will often see a deal come through that is accelerated through the sales cycle. This isn’t just a fast converter; it’s your consistency of touchpoints and conversations allowing your prospect to do work in the background. Networking plants seeds long before opportunities are placed on the table.
Referrals Over Advertising
Word of mouth and referrals are gold no matter the industry or company – however referrals among B2B business hit different. A recommendation from a respected and trusted peer on a product, service, company, or salesperson, immediately transfers credibility. These recommendations reduce scepticism and increase confidence in your ability to deliver.
As you continue to build your network and create connections, you open the door to strategic referral partnerships, cross-industry collaborations, long-term advocates and opportunities that otherwise never would have come across your desk.
With time, people begin to associate your name with your expertise. They notice you as a contributor and are more inclined to want to collaborate. This visibility compounds – especially in tight-knit B2B sectors.
Your Personal Brand is a Business Asset
Your personal brand should be driving opportunity just as much as your company’s brand (if not more!). When you involve yourself in more networking events you allow yourself to build recognition among a sector, demonstrate your expertise to potential clients and future-proof your place as a trusted advisor.
When your name carries trust and authenticity, opportunities tend to follow. More often than not, people remember an individual – not a brand or logo.
Long Term ROI
Interactions made while networking don’t always convert immediately, but that’s the point. When you network, you are building a pipeline of opportunity for yourself.
The return on your investment of time spent networking often shows up months – if not years – later. Your effort compounds over time and allows you to have continuous growth and repeat the cycle.
Networking isn’t about attending dozens of events to say you were there or collecting business cards you never look at again. It’s about consistent, genuine relationship building with people who can assist you in elevating your career or business.
When we think of B2B business, our relationships are our infrastructure. They help support your growth, revenue, and reputation all in one. While tools and tactics continue to evolve and be more utilized within business, one truth remains unchanged:
Strong businesses and careers are built on strong networks.
