Advertising Vs Networking? (1 minute networking tip)
John Wanamaker (1838-1922) was a very successful United States merchant, religious leader and political figure, considered by some to be a “pioneer in marketing”. He opened one of the first and most successful department stores in the United States, which grew to 16 stores and eventually became part of Macy’s.
He is credited with coining the phrase “Half the money I spend on advertising is wasted; the trouble is I don’t know which half”.
Like most business owners I too have also thrown plenty of good money down the drain with advertising. It doesn’t seem to matter which media you use, the budget never quite seems to be enough to create the leads needed to pay for the campaigns. My own experience has shown that there is no substitute for Word of Mouth
Networking is an effective way to promote your business.
All businesses go through a phase where they are looking for new clients or customers. The tricky thing is: where do you find them? Of course, it is easy to spend money on advertising, leaflets – even promoting posts on social networks like Facebook. But at least half the money you spend on advertising is wasted, and you will never know which half!
We all know, instinctively, that word-of-mouth is the best advertising. We ask friends and family for recommendations when we want a job done and it is only as a last resort that we pick a name out of a hat by using a search engine. If you wouldn’t find a business that way, then why presume anyone else would?
Building Up a Business Network
There is a way for you to put your business in front of other potential customers, and to get that invaluable word-of-mouth advertising: Business networking. Building a business network is a great way to build up contacts. Members can mutually help one another and spread business. Most business networking meetings are informal, welcoming of visitors and new members, and contain representatives from a range of different disciplines.
Networking vs Advertising
All this is not to say that advertising is wrong. You should definitely not cease all advertising spend if it works for you, but it’s another expense that a growing business has to take into account. If you advertise for the sake of it; if you are sending out leaflets or spending hundreds of pounds on promoted Facebook posts and getting little or no response then you need to stop and think about what kind of customers you want to attract and how. Why not find out about some local business networking meetings and get in touch to find out how the network can help you – and what you can bring to them?
A group of local business people whose members work together as a marketing co-operative. We actively help each other with new leads, opportunities, business support and mentoring.
The group exists solely for the benefit of its members and local good causes, we are not managed by any outside agency, nor do we have any affiliation with any other group or networking organisation. We are autonomous and self-regulating.
The BCC Hull Networking group operates on a non-profit basis – ALL surplus finance generated by the group is donated to charity. Nobody receives any payment for running the group.
What do we do?
- We meet regularly on Thursday mornings at 7 am at The Village Hotel: Henry Boot Way, Priory Way, Hull HU4 7DY
- Our structured meeting format allows us to pass business leads, give testimonials and generally support each other’s businesses.
- From January 2017 Meeting fees for members and visitors are £13 per meeting – there are no other membership dues.
Surplus funds are donated to local charity organisations.
- So far we have given away in excess of £15,000.
Interested – Why not visit the group?
Visitors pay our normal meeting fee which is £13.00 This includes an all you can eat breakfast following the meeting. Please fill in the form opposite to reserve your place – we need this information to help us with catering arrangements on the day. Membership is restricted to one member per trade category. Please check the Members Directory to see if your Trade Category has already been taken. Click Here.