Tips for Speed Networking

Speed Networking 2017

SPEED NETWORKING

Because its all about who knows you!

Speed networking is a fast-paced and structured event facilitating participants connecting with others. Typical connections are a series of brief one-on-one information exchanges.

Taking its cue from speed dating, speed networking is an event where individuals are allowed a very brief amount of time to meet a number of prospective dates, one at a time and then choose who they would like to share their contact information and potentially lead to a date.

Speed networking is the business version of speed dating. However, in the business version, the participants readily share contact information with each other and decide themselves who they will follow up with.

Providing a lot of exposure to a lot of people in a short amount of time, speed networking is a way

to let others know who you are and what you are seeking: for example new customers, potential buyers for your list, potential private lenders, a contractor or a mentor. Real Estate Investor groups often offer events where buyers and sellers, borrowers and lenders, customers and service providers, and even folks looking for mentors or jobs in the industry can meet each other. Here at Mid-America Association of Real Estate Investors, the Speed Networking event is in December and is a part of our annual toy collection for Toys for Tots.

Format Moves Briskly The typical format for speed networking is called a round robin. The timekeeper will usually blow a whistle to indicate the beginning and end of each round. In each round, one person will introduce themselves and their purpose for being there, share their business card or brochure. Often there might be a question or two and then at the halfway point, the other person takes over, introducing themselves and repeating the process. After both people in the pair have their turn, the whistle will sound and you will move to the next pairing.

Over the course of about 90 minutes, the group continues to change partners and meet individuals one at a time. Then at the end of the speed networking rounds, the open networking begins giving those who want to connect more with one or two people to connect right then and there or talk to individuals that may not have crossed paths And some head home right after the speed rounds and follow up later in the week. Just remember that follow up is the key. Some variations of speed networking include meeting with a succession of small groups of individuals throughout the event. Upon arrival, pre-registered participants are assigned a sequence of groups or tables to follow during the event, ensuring that they are always meeting new people in each group. Another variation matches people up ahead of time based on their purpose for attending the speed networking event. However, at Speed Networking 2018, MAREI will just be doing a standard rotation.

Preparation for Speed Networking

• Time is short, so having a 60- second statement that you have practiced is key. Be sure to include your name, title or occupation, and what you are looking for, such as information, leads, a job or mentoring. Some people like speed networking because you get right to the point and there is no time for small talk. Not prepared or new, then just learn about the other person.

• Be sure to bring about 50 business cards and a way to keep them organized. If you don’t have business cards, you can get a few for free from VistaPrint.com or print up a few just for the event.

• Assemble brochures, lender packages, case studies or other types of handout, if applicable.

• Bring a pen, notepad, and your appointment calendar with you.

• Usually, the attire is either business or business casual. At MA- REI it is that or Christmas casual.

• Remember that you have a few seconds to make a positive first impression.

During the Event

• First of all, have fun. The fast pace of this kind of event contributes to a high level of energy in the room.

• Usually, 2-3 minutes are allowed for each round; the leader will inform the group about the time frame.

• As you meet each person, shake hands and exchange names and business cards. A good practice to keep organized is to have a shirt or jacket with a pocket and have one pocket for your cards and the other pocket for cards you receive. And often a small bag that might go over your shoulder is helpful for brochures and flyers you might give or receive.

• Be extremely aware of the time factor so the second person doesn’t get their time cut short. Talking too long in a situation like this is highly insensitive and damages your first impression.

• Take notes on the back of your partner’s business card. This may include notes on how they look or what they are wearing to help you remember them.

• Suggest a next step, if appropriate. Talking more at the meeting after the meeting or planning how to follow up the next day can be helpful.

• Above all, respect the process. At the signal, end your conversation immediately and move, or allow the other person to move, to the next person. You can always continue conversations later.

Items You Might Not Think About

• Seats are changed every 2 or 3 minutes so having a lot of stuff to carry can be difficult. So be sure to hang up your coat and leave any purses or computer bags at home or in the car.

• This is thirsty work. You will be talking, A LOT, and talking over 50 to 60 other people. And keeping track of a little glass of water the hotel provides can be tough. We suggest bringing a refillable water bottle with you with room temperature water and possibly a bit of citrus or honey to help sooth.

• We tell you to have business cards, brochures, a pen, and a notepad, to collect business cards and brochures from others and also a bottle of water. That’s a lot to keep in place. We suggest a small over the shoulder bag or basket

After the Event

After the speed networking event, review the business cards of the individuals you met and scan or enter the information into the contact database software you may use. We suggest sending a follow-up email within 24 to 48 hours to everyone you want to follow up with. And as it takes 8 to 10 contacts to remember someone, you might further follow up with a friending on social media, a phone call to ask a question or refer business, and possibly coming to the next MAREI meeting to connect again.

Remember not everyone has what you need or needs what you have right at the time of the event. Its all about building relationships to grow your business in 2019.Outcomes

Certainly, one of the goals of speed networking is to meet new individuals who can directly be of help to you. But your goal shouldn’t stop there. Each person you meet has a network of individuals they know, and it may be one of those persons who will be a good match for you. By meeting individuals during the course of a speed networking event, you potentially “plug in” to the people they know, greatly extending your ability to connect with individuals related to your goals.

By sharing what you need with everyone or potentially what you offer with everyone, there are 40 to 50 more people who might know someone who has what you need or wants what you have to offer. By connecting with these people, you may be able to refer business to each other if you don’t do business directly.

To be effective at your business, manage your company and find new opportunities, it’s not just what you know and what you can do, but also as Jerry Ratway from Weber Flooring &

Joe’s Carpet tells us at every meeting, who you know and who knows you.

Speed networking can be another tool in your professional toolkit to contribute to your success.

I Can’t Do That

Every year we have 2 or 3 people who show up expecting a meeting with a presenter and are horrified that we are asking them to talk to people. They often decide they will partner with their spouse and let the spouse do all the talking while they keep all the stuff organized. Ten times out of ten our shy person pushes the spouse out of the way by about the 3rd round as they are not doing it right and saying the right thing.

I Might be Late or Leave Early

Every effort is taken to rotate our latecomers into the networking. We have never had to have anyone sit out for more than 5 minutes, so join us even if you might be a few minutes late.