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Don't Forget About Local
Networking Groups for
Business Leads

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Podcast Series Episode

Episode Transcript

Whatever you do, “Don’t forget about local Networking groups for business leads,” in this episode, which is the eleventh episode in the mini-series entitled “Generating Leads—the highest quality for your business. With the link in the transcript, you can check out the first ten episodes in the series as well.

This episode is dedicated to the memory of Dr. Ted Fattoross, who taught me the ins and outs of using networking groups for business leads. Ted, you are still missed dearly.

Essentially, networking groups are gatherings of entrepreneurs and professionals who come together to share information, support each other, and build business relationships. These groups can be industry-specific, like a tech startup group, or more general, like a local Chamber of Commerce. They can meet in person or online. 

The core idea is to connect with other professionals, share knowledge, and find opportunities for collaboration. But in great networking groups, the other members of the group qualify prospects for you, and vice versa, which I will explain.

The featured image for podcast episode 38 entitled Don't Forget About Local Networking Groups for Business Leads

Networking Groups for Business Leads Story

One of my favorite networking groups was held in a bar and restaurant party room off Route 21 in Newark NJ.  As with all such groups, there was socializing, a speaker, and round-robin networking by sharing your elevator pitch.

Most weeks, I gave a pitch related to my side hustle, and I recruited many customers and business partners, one or two per week.

Then, one night, I switched gears and pitched my main passion.

Hi, I’m Rabbi Dave Felsenthal. I love inviting people to my house for an authentic Jewish Sabbath or Holiday meal. You will eat great food, meet some great people (at least that’s what my wife and kids tell me), and engage in a very spiritual experience of true pleasure for the soul. So, if you’d like to join me and my family, I’d love to schedule a good time with you.

I was overwhelmed by all the people who made a beeline to me at the end of the round-robin to join my family at the next convenient time!

Understanding Networking Groups

There are numerous benefits to joining networking groups, especially when it comes to generating leads. For one, they provide a platform to meet potential clients and partners in a structured environment. Additionally, networking groups often have a culture of mutual support, where members actively look for opportunities to refer business to one another. This can be incredibly powerful for lead generation.

Choosing the Right Networking Groups for Business Leads

Now that we understand what networking groups are, let’s talk about how to choose the right one for you. When selecting a networking group, consider factors like industry relevance, group size, and meeting frequency. You want to join a group that aligns with your business goals and provides ample opportunities to connect with potential leads.

Finding the right group can take some research. Start by doing an online search for networking groups in your area or industry. Ask for recommendations from colleagues and friends. In addition, professional associations often have networking groups or can point you in the right direction. 

Some popular networking groups for business leads include BNI, which stands for Business Networking International, and the local Chamber of Commerce. In addition, MeetUp Groups and local LinkedIn groups are effective.

Strategies for Effective Networking

Once you’ve chosen one or more networking groups for business leads, it’s time to start networking effectively, which is critical if you want this effort to pay off.

The first step is making a great first impression. Have a polished elevator pitch ready that clearly explains who you are, what you do, and the value you offer within the time that is allotted to you. That last tip is critical, I cannot tell you how many times a member of a networking group has complained to me about someone who regularly runs over their 30-second or one-minute time limit. That can cause the meeting to be too long and is considered disrespectful.

Bring business cards and be ready to exchange them, which means they should be in your pocket not your briefcase.

Remember, networking is about building relationships, so focus on genuine connections and what you can do for them, rather than just what is in it for you.

Networking Groups Elevator Pitch Example

You may remember Emily from last week’s podcast for the 4th of July.  Well, what would her elevator pitch be?  I imagine it may sound something like:

“Hi, my name is Emily Thompson. I’m the founder of Liberty Threads, a clothing line that creates high-quality, stylish apparel with patriotic themes.

Our mission is to help people proudly express their love for our country through unique and comfortable fashion pieces. Each of our products is designed with a strong focus on quality and American pride.

In addition to offering great products, we partner with veterans’ organizations, donating a portion of our profits to support those who have served.

Whether you’re looking for a custom t-shirt for the Fourth of July or a stylish hat to show your patriotism year-round, Liberty Threads has something for you.

I’d love to connect with anyone interested in learning more about our products or discussing potential partnerships. Thank you!”

If you practice enough, saying that in 30 seconds should be no problem. In other words, don’t write your Elevator Pitch and read it a couple of times, expecting to deliver it on time in a relaxed manner. If it is worth doing, do it right, so practice!

Small Business Networking Tips

Building and maintaining relationships within the group is crucial. That means you must show the other members that you intend to be a good member and attend meetings regularly, but that is not enough. You must participate actively in discussions and offer help to other members. 

People are more likely to refer business to someone they know, like, and trust who is willing to pay the price to be in excellent standing in the group. 

When you identify potential in others in your networking group who may be solid prospects for exchanging leads with you or a prospect of your business, don’t rush in. Take time with them, and understand how you can help their business with leads and how your business can provide a service to them. Follow up after meetings with a thank-you email or a LinkedIn connection request to keep the conversation going.

Leveraging Networking Groups for Lead Generation

Let’s discuss how to leverage these networking groups for business leads. One of the most effective techniques is to offer value before asking for anything in return. Share useful information, offer free consultations, or connect people within your network who might benefit from knowing each other. Participate in group activities and volunteer for roles that give you more visibility.

I’d like to share the success story of a small business owner who used networking groups to generate significant leads. Jane, a freelance graphic designer, joined a local business networking group. She regularly attended meetings, participated in discussions, and offered free design workshops for the group members. Over time, she built a reputation as a valuable resource, and referrals started pouring in. Within a year, Jane had more clients than she could handle, all thanks to her active participation in the networking group.

Networking Groups; The Fortune is in the Followup

You need to be a professional and value the time investment you make in going to networking groups for business leads, and that means following up on your leads. Always do what you say you are going to do, which means you need to record follow-up steps. 

To manage promises and track leads from networking groups, consider using tools like CRM software. This software helps you keep track of your contacts, follow up on leads, and measure the success of your networking efforts. 

Consistent follow-up is key to converting leads into clients, it is also a key to bond with members who can end up being lead exchange partners, so make sure you have a system in place.

Recap & Weekly Podcast Challenge

We hope you found today’s episode, “Don’t forget about local Networking groups for business leads,” a useful guide to using networking groups for business leads. The way to make it more than a guide is to put these ideas into action.

First, let’s recap some of the key points we’ve discussed today. Networking groups can be a powerful tool for generating business leads, providing a platform to connect with potential clients and partners. Choosing the right group, making a great first impression, building relationships, and offering value are all essential strategies for effective networking.

If you haven’t already, I encourage you to join a networking group that aligns with your business goals. Start attending meetings, participate actively, and implement the strategies we’ve discussed. You’ll be amazed at the opportunities that arise when you start building genuine connections.

Share your elevator pitch with me through social media using our dedicated hashtag #richrabbichallenge, or email me with your updates—I’d love to hear from you and I’ll send you my suggestions for improvements!

Thank you for tuning in to The Rabbi Who Got Rich on Sunday. If you found value in today’s episode, subscribe so you do not miss out on future insights and strategies to help you thrive. Don’t forget to share this episode with a friend or colleague who could benefit from “Don’t forget about local Networking groups for business leads.” Our next episode will be the 12th in our mini-series about generating leads, which focuses on “Making networking fun with the three-foot rule.”

Visit my website, https://therabbiwhogotrichonsunday.com, to access content-rich articles, including guidance and tips on living the dream life.

If you are listening to this podcast on any popular podcast platform, you can also access a link to that web page through the show notes.

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