6 Ways to Maximise Your Revenue Through Smarter Networking
“Networking is not about just connecting people. It’s about connecting people with people, people with ideas, and people with opportunities.” (Michele Jennae, business coach and author)
Most entrepreneurs know they should be building a network, but not many know this should be a core business strategy. Building and maintaining the right relationships can lead to improved contracts, revenue gains and business growth, provided you know how to use them.
The good news is, we aren’t asking you to go out and become a natural networker. You just need to put a few key habits in place and start treating networking as a long-term business investment. Here are six common misconceptions that, when remedied, can help turn handshakes into business growth.
1. “I go to networking events, but I never see any benefits”
This is a common complaint, but it’s seldom the event that’s at fault. Many people see no benefits because they approach networking events passively. They show up, have a few chats, hand out business cards, and hope someone follows up. That’s not networking. That’s exposure.
To make events pay off, you need to arrive with a goal, and steer conversations intentionally. Then afterwards, you need to follow up promptly. This doesn’t mean that you need to sell to everyone in the room. Often it’s far better to listen to people’s needs and identify just where you might be useful. A short, personalised follow-up message, the next day could then unlock a real business opportunity.
2. “I simply don’t have time to network”
Networking doesn’t have to be a drain on your time. If you’re chatting to the right people, just one or two strategic conversations a week might be all you need. The key is to start thinking of networking as business development – everyone has time for that.
If you can carve out 30 minutes a week to check in with past contacts, make introductions for others, or send a useful article to someone in your network, you’re already doing more than most. The results won’t be instant, but it all adds up.
3. “My industry doesn’t work like that”
Whether you’re in logistics, consulting, construction, or retail, your next deal could still come from a friendly introduction. The channel might differ, but the principle is the same. People do business with people they trust. That old saying, “it’s not what you know, but who you know” has never been truer. No industry is too technical or regulated for word-of-mouth not to matter.
4. “I’ve already got a good network”
Knowing people isn’t enough. That network of people needs to be activated. This means that you need to make yourself visible, helpful, and memorable. Stay top-of-mind by making introductions, sharing your insights, or simply checking in without hoping to make a sale. The goal isn’t to extract value, it’s to keep yourself fresh in their minds so you’re the first person they think of when they do need something.
And remember: relationships decay over time, so make sure you refresh them regularly.
5. “Networking doesn’t feel authentic”
Networking should never feel like a performance. The most effective networkers aren’t slick or rehearsed. They listen more than they talk. They ask thoughtful questions. If you’re having no luck networking, it may be because you’re trying too hard to be interesting, rather than simply being interested.
Shift the focus. Stop trying to pitch, and start looking for ways to be useful. Can you make an introduction? Offer advice? Share a resource? That’s where trust starts and a true network can develop.
6. “I don’t see how this makes me money”
Networking contributes directly to revenue by opening access to people and opportunities you wouldn’t reach on your own. The referrals you get from people you have met and been valuable to, will often lead to new business.
The bottom line
There’s no need to “become a networking expert,” but there is a need to focus on a few strategic relationships. Show up with intent. Follow up with purpose. And above all, give before you ask. The returns might not be instant, but they will come.
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Business Hack: How to Better Define Your Target Market
“Defining your target market is about understanding motivations, challenges, and goals. Without this, your messaging falls flat and your marketing budget burns fast.” (Elena Kwan, Founder of MarketLens Consulting)
Fundamentally, businesses start because business owners believe they see a gap and aim to fill it. Their target market is built into the essence of the business. And yet, statistics show that at least one third of those business owners were wrong all along.
Many entrepreneurs think their product or service is for “everyone”, but trying to serve everyone usually means you end up serving no one well. Identifying and refining your real audience is critical to creating effective marketing campaigns, building better products, and sustaining long-term growth.
Here are five practical tips to help you better define and refine your target market.
1. Start with the problem you’re solving
As a business owner, the first thing you need to do is identify the specific problem your product or service addresses. Ask yourself: Who has this problem? Who is actively looking for a solution? The more precisely you can answer these questions, the closer you are to identifying your core market.
Once you understand the problem, look at existing customer data or run surveys to determine the people most likely to benefit from your solution. Don’t make assumptions. Focus on the why behind their purchasing decisions.
2. Build a customer persona (and revisit it often)
A customer persona is a semi-fictional profile of your ideal customer based on research, data, and interviews. Include details like age, job title, income, goals, frustrations, preferred social media platforms, and buying behaviours. Giving your customer a name and a story will help you recall the important aspects of the person you are serving.
But remember, a persona isn’t static. As you grow and collect more data, revisit and refine this profile. According to Sales For Startups, companies that use updated personas achieve 73% higher conversion rates than those that don’t.
3. Segment your audience
Not every customer will have the same needs or behaviours – and just because someone falls into your target market, doesn’t mean they are automatically going to buy from you. Audience segmentation allows you to create more tailored marketing strategies. Start with basic segments like age, location, or purchase behaviour. Then drill down into psychographics such as values, attitudes, and lifestyle.
For example, two people buying your eco-friendly cleaning product might do so for different reasons: one for health reasons, the other out of environmental concerns. Understanding these motivations enables you to craft more resonant messaging.
4. Use analytics to refine your focus
Data should drive your decisions. Use website analytics, social media insights, email open rates, and CRM (customer relationship management) data to understand who’s engaging with your content, who’s buying, and who isn’t. Look for patterns: Which landing pages convert best? Which demographic clicks through the most?
Your accountant can help you lift accurate sales data for different periods. This can be used to track the success or failure of special offers, product launches and other sales events to narrow down the areas that are working.
According to a survey by Salesforce, 76% of marketers say data-driven decision-making is crucial in campaign performance. By comparing your ideal audience to actual customer behaviour, you can adjust your messaging or target more profitable segments.
5. Actually talk to your customers
The most underrated source of insight is your customers themselves. Schedule interviews, send out surveys, or talk to users after a successful sale. Ask open-ended questions like:
- “Why did you choose us?”
- “What alternatives did you consider?”
- “What almost stopped you from buying?”
These conversations will undoubtedly uncover objections you hadn’t considered, new segments you didn’t plan for, or even product ideas for future growth. And remember: customers are often more honest in conversation than on email.
The bottom line
Defining and refining your target market isn’t a once-off job. It’s an ongoing process that evolves as your business, market conditions, and customer needs change. But investing the time upfront, and revisiting it regularly, can mean the difference between scattered sales and scalable success.
