By Shannon Donovan.
Hint: It’s not about the money.
Networking is one of those activities that everyone knows is important, but few people enjoy. It can be awkward, time-consuming, and sometimes downright frustrating. But it can also be rewarding, both personally and professionally. So how do you measure the return on investment (ROI) of networking at professional events? How do you know if it’s worth your time and effort?
The answer is not as simple as you might think.
You can’t just look at the hard costs and benefits, such as the money you spent on the event, the leads you generated, or the deals you closed. Those are important, but they don’t capture the full value of networking. Networking also has soft benefits, such as building relationships, gaining insights, and enhancing your reputation. These are harder to quantify, but they can have a lasting impact on your career and business.
So how do you measure the soft benefits of networking?
Networking is not a transaction, it’s a human interaction. It’s about connecting with people, not calculating their worth.
To measure the soft benefits of networking is to use a more qualitative approach. Ask yourself these questions after each networking event:
If you can answer yes to any of these questions, then you have gained some soft benefits from networking. And if you can answer yes to all of them, then you have hit the jackpot. You have not only networked, but you have also enriched your life.
Let me give you an example of how this works.
A few years ago, I attended a professional event where I met a fellow entrepreneur who was working on a similar project as mine. We hit it off right away, and we exchanged contact details. We kept in touch, and we soon realized that we had a lot in common, not only in our work, but also in our hobbies, values, and sense of humour. We became friends, and we started to collaborate on some projects. We also introduced each other to our networks, and we helped each other grow our businesses. We even went on a road trip together, where we had a blast and learned a lot from each other. Now, we are not only business partners, but also best buddies.
How do I measure the ROI of that networking event? I don’t. I just appreciate the value of that friendship, and the opportunities it has created for me.
That’s the real ROI of networking. It’s not about the money, it’s about the people.
