This archive report was first published on 24 August 2020.
Networking is a crucial aspect of success, but many people fail to convert their contacts into valuable relationships. According to Wale Akinyemi, chief transformation officer at PowerTalks, people play a great role in their success, but without the right network, they may end up frustrated.
One of the key challenges in networking is having misplaced expectations on how it works. Many people make wrongly timed demands on others before converting them into networks. However, by understanding the stages of networking, you can unlock its power and drive business growth.
The first step in converting a contact into a network is socializing. This is a gradual process that involves breaking the ice and establishing a communication line. A follow-up email after the first meeting can help appreciate and acknowledge the person, and it's not the time to start selling unless specifically asked for a proposal.
Once the communication line is established, the next phase is becoming acquaintances. At this level, you know each other and have each other's contact details, but you are not friends. However, how you treat the acquaintance phase will determine if you will move to the next level.
Many business deals are actually done at the acquaintance level, as long as there is a mutual need that can be served by the relationship. Once the need has been met, the relationship goes through a low season. But if managed well, the relationship can be driven to a whole new level, where you become a preferred partner for the services you provide.
At this level, you are trusted enough to be asked to recommend others to provide services for them. This is a very high level of trust, where you are now able to recommend service providers. By the time you get to this point, you are in a solid business relationship, where a lot of the value that may flow between the two of you is not driven by profit but by mutual respect that wants to see the other succeed.
Wale Akinyemi is the chief transformation officer at PowerTalks.
