Networking removes some of the challenges to selling professional services

Professional services worldwide continue to offer high growth potential - posting a growth rate of 20 to 40 percent per year.

However, selling professional services is one of the most complex and challenging jobs today. According to The Professional Journal, networking is becoming an increasingly important aspect of selling services for small companies in the professional services sector.

However, networking can do more than enhance your profitability. According to the Society for Marketing Professional Services (SMPS), it also contributes to perceived success, helps build valuable relationships within your industry and community, and enhances the quality of team members' professional and personal lives.

Following are a set of guidelines you can use to enhance your networking activities.

Setting networking goals

Networking involves collecting ideas, referrals and support. The more contacts your company makes, the more opportunity it creates for itself. If you want to get started networking, you'll need to establish networking goals by making a list of 12 to 15 clients who could have a considerable impact on your profitability if added to your client base.

Subsequently, you need to thoroughly research the clients on your list by using company reports, newsletters and interviews with other companies that interact with them. It is important to establish who makes the decisions, what this person likes to do and what their long-range goals are. With this information you are ready to start networking.

You may come in contact with many other firms or people before you meet an actual client. However you should always try to obtain the details of each firm or person you come in contact with to enter into a networking database. The information in this database will become increasingly important as your network grows.

Next, evaluate each contact in terms of mutual network value. What can you do to help them? What can they do to help you? Each firm or person has their own network, which then becomes part of your network by association, and may provide a valuable lead.

According to the SMPS, it generally takes 25 contacts to equate to five qualified leads, which will eventually develop into two contracts for your company.

You should tap professional societies and local industry groups for valuable networking experiences. Be aware, however, that you need to spend time becoming involved, and taking on leadership roles if you want to maximise your impact.

Making an effort

In networking it is important to be known as a company that gives more than it takes. You have the choice between doing the minimum necessary or you can go out of your way to do your best and leave a good, lasting impression with a (potential) client.

Making two calls a day to people not included in your database will win you 500 new contacts each year, according to the SMPS. You should be on the lookout for new contacts at pre-job meetings, press gatherings and industry social events. It is also important to stay in touch with old contacts by sending them notes, special-interest articles or a newsletter for example.

Focus on bringing long-term value to the relationship, as this will not only improve the quality of the relationship, but could also enhance the quality of the professional and personal lives of those involved. Networking often results in friendship, which is one of its most rewarding aspects.

The outcome

It is critical for you to consider the final outcome of your networking efforts by concentrating on a positive outcome and addressing problems by working out potential solutions.

The key mistake professional services firms make is neglecting to follow up with new contacts within 10 days after the initial meeting. By sending a note or making a brief phone call, you can solidify your networking efforts. It takes 5 to 6 meetings to develop trust and establish the foundation of a relationship, according to the SMPS. Some experts even recommend seeing (potential) clients on a quarterly basis.

It is recommended that you generate a monthly report with networking accomplishments, problems, opportunities and outlook to share with your team members. It can serve as a tool for review and discussion, and could lead to additional networking ideas.