We’re all aware that strategic networking can significantly increase our business while allowing us to meet and help others. Companies such as LinkedIn base their business model around it… But it is shocking to realize that a majority of business networking exists offline, which leaves tremendous Internet and other electronic networking opportunities unexplored with your offline network.
Traditional networking involves people getting together to discuss objectives, such as potential new customers, and searching for ways to help others attract business. Those that excel at networking are continuously seeking out new methods to assist others, such as asking existing clients if they are interested in the products or services of others in their network.
In addition to in-person events, marketers need to consider how Internet marketing can play an integral role in a successful networking campaign. Take the following case, for example: Lauren Hutton, a very well-known model and actress, has her own makeup line available at www.LaurenHutton.com. In searching for ways that Lauren can effectively and efficiently promote her product line, here is how the strategic Internet networking component comes into play: After first identifying Lauren’s target audience, which is females ranging in age from 35 to 75, the best strategic path would include the following key elements:
An introductory offer sent via email
Such an email enables Lauren to inexpensively test offers such as discounts, free shipping and the ever-popular “buy one item and get another at a special price.” But first, we/Lauren must determine who will receive the offers. Again, Internet networking comes into play. Given Lauren’s target audience and our offline network/contacts, New York-based LoveMyShoes.com is a great strategic partner because its’ customer base represents the perfect demographic for Lauren’s product offering(s).
The LoveMyShoes.com email list contains 250,000+ names and email addresses of women aged 35 to 65 who buy shoes on the web. The bonus is that these women are already experienced and accustomed to purchasing online, so they should be comfortable shopping and buying Lauren’s products at LaurenHutton.com.
Lauren may encourage LoveMyShoes.com to distribute her information/email blast for free by either cross-promoting the site’s products in her email blasts or on her site, or by offering to compensate the company on a cost-per-acquisition basis. For example, for every order that Lauren receives based on the email blast, she might compensate LoveMyShoes.com to the tune of $15. Once details of the partnership are ironed out, LoveMyShoes sends the offer to its database directly, making it CAN-SPAM compliant.
Many other online networking opportunities also exist for Lauren. One of the people in my offline network sells high-end homes with values exceeding $1 million. Thus, his email list is a perfect fit for Lauren as it contains affluent women in the 35 – 50 age range. The same goes for high-end gyms and spas; targeting women via email who are fitness-obsessed and who want to look great too.
A display ad or promotion on a strategic partner’s website
In addition to introductory emails, acquiring real estate on networking contacts’ websites also works extremely well by putting businesses in front of their ideal audiences.
Take Metro Candy, for example. Prior to the Halloween season, it networked with a large Halloween costume website. The two websites promoted each other via display ads and promos. The partnership offers a prime example of Internet networking at its finest — both a trick and a treat that gave customers looking for Halloween costumes access to a huge stash of candy at a deep discount!
Networking affiliates
Does establishing networking affiliates involve paying other parties to be included in their email blasts or on their websites? Not necessarily. Marketers can avoid the exchange of money in online networking relationships and instead pursue free cross-promotions among related brands.
Another acceptable alternative involves offering others in your networking group a flat fee for each order or lead you acquired, which is typically referred to as cost-per-acquisition (CPA) deal. In a cost-per-acquisition model, one party compensates the other if and only if a beneficial conversion occurs, which could be in the form of a sale, lead, download, signup or other action.
When networking, it pays to take the extra step of exploring the many existing online opportunities within your offline circle. Think of it as profitable social networking for your business!
@AndrewHazen
