Business Development

The real value of networking

He said... I'm sorry but I can't see you without an appointment

While every business development professional dreams of out of the blue phone calls from potential customers, they seldom happen.It’s really important to remind ourselves that most new business opportunities come from following up on referrals and tips from your own network of friends, clients and contacts. We all know the old saw about it being 6 times more cost-effective to sell to existing clients- well then just how important is it to network well? According to research done by Communispond Inc in the USA-

  • Fewer than 1 in 500 names from a purchased list or blanket mail campaign become warm leads-
  • 1 in 100 people you cold call will turn into business, but one in 15 of those will refer you to someone else-
  • More than 1 in 10 personal referrals turn into real business opportunities

So it’s worth asking yourself, your sales managers and their salespeople what steps they are taking to build regular networking opportunities and rigorous follow-up.

Jim Harvey

Jim Harvey

Managing Director at The Message Business
Jim is the MD of The Message Business, a company which helps FTSE 100 companies to sell themselves, and their products better. Speech writer, Prezi trainer and designer, coach and consultant, Jim also finds time to be a proud father and husband.
Jim Harvey
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