Speed networking: Maximise contacts
The concept of speed networking has been used globally by events to ensure that attendees utilise their time optimally thereby making new contacts in a short span of time
The quote by Tim Sanders ‘Your network is your net worth’ is very apt for truly understanding the potential of having a strong network in any business. This thought has led many event-based companies to ensure that attendees gain maximum mileage from the concept of ‘speed networking’. The very simple explanation to the concept as per Wikipedia is a meeting format designed to accelerate business contacts. This is done in a short span of time to ensure attendees access as many contacts thereby building their network. However, despite the concept being in existence for years now,
we, want to understand the effectiveness of speed networking to organisations and the benefits derived.
Explaining the need for good networking, Ajay Verma, Commercial Director – India, CWT Meetings & Events, states, “People participate in events for a number of reasons, but networking is arguably one of the most important. In a survey conducted by IAEE, PCMA, and The Experience Institute, three out of every four respondents stated that networking was one of the key reasons for attending events.
The agenda at many corporate events is typically packed with keynotes, presentations and panel sessions, with networking opportunities limited to coffee and lunch breaks. However, in recent years we’ve observed a trend of event organisers increasingly allocating more time and dedicated sessions for attendees to network, and speed networking can certainly be an effective way to facilitate greater levels of interaction and engagement among attendees.”
THE EFFECTIVENESS
The concept though widely used has witnessed mixed responses from different sectors. While some companies are of the opinion that a few minutes is just right to get our foot in the door, many have actually seen positive results.
Sharing his perspective, SD Nandakumar, President and Country Head, B2B & Foreign Exchange, SOTC Travel, explains, “For corporates, speed networking has proven to be the most efficient engagement with their business/channel partners and employees during events, team building exercises or internal mentoring programmes.”
Subsequently, discussing benefits accrued by speed networking, Huzan Fraser Motivala, India Representative, Tourism Ireland, says, “Speed networking has been quiet effective for Tourism Ireland. At our yearly event, the India Sales Mission, we have 15-20 Irish suppliers in attendance who network with around 100-150 Indian travel trade within two hours. We also have a themed dinner wherein 100-150 senior management & decision makers are invited to network & socialise over dinner.
For years, we have been replicating the speed networking workshop and dinner format in two cities, which has proved successful. This gives our Irish suppliers an opportunity to meet and introduce themselves to maximum number of agents over a short span of time and has helped them to generate leads for future business opportunities.”
MAXIMUM VISIBILITY
It is undoubted that speed networking has several benefits for both the attendees and exhibitors. However, the question in point is, has that meeting resulted in enhancing business. Verma shares, “Speed networking is an activity that enables our clients to achieve a strong, measurable return on investment at their events. Networking allows both informal or scheduled contact with staff and suppliers to ensure that a face is put to a name, thus building personal networks which are pivotal to future business negotiations, training and sales.”
The common consensus among industry players is the fact that speed networking ensures maximum visibility in a short span of time while also building contacts. As Nandakumar puts it, “These networking sessions help keep meetings quick and within a stipulated time. The concept strengthens the agenda of arranging appointments and meeting people that matter most to your business, especially with limited time on hand. An engaging format of speed networking helps immensely with delegates developing a special rapport with participants.”
Sharing a similar view, Motivala states, “Being a quick meeting set up, this concept has really helped enhance business as we are able to establish contacts with a large base over a short time. The leads to maximisation of return on investment and turns out to be a fruitful visit. Furthermore, this gives a platform for our Irish suppliers to connect with Indian agents for business follow-ups in future.”
Interestingly, Amit Prasad, Chief Executive Officer, Le Passage to India has a different opinion. In his view, “We have not converted any major business yet through this mode but have made potential contacts.”
THE METAMORPHOSES
As the adage goes, change is the only constant, the same can be said about the concept of speed
Speed networking is an activity that enables our clients to achieve a strong, measurable return on investment at their events
The concept strengthens the agenda of meeting people that matter most to your business, especially with limited time on hand
networking. The concept though kept in its original format has seen several different takes, with the advancement of technology.
Explaining how the concept has moved ahead with times, Verma says, “Speed networking over the years has become more efficient and evolved with technology. While in the past simple networking drinks might have sufficed, our clients are now looking to capture their encounters during speed networking via QR codes to ensure longevity of their events in future. This can be done as simply as allocating QR codes to each event attendee as part of their registration process, which in turn enables those speaking to each other to share contact details via a simple swipe of a mobile phone over a QR.”
Nandakumar shares his perspective on how speed networking has gained popularity across a variety of industries as a popular network format. He explains, “Many conferences over the years have adopted innovative structures with introduction on sectorspecific speed networking sessions to establish business relationships and expand opportunities for attendees to negotiate, share knowledge and conclude relevant business deals.”
BENEFITS VS CHALLENGES
The evolution of the concept has also simultaneously seen increased benefits to both attendees and companies alike. However, speed networking works as an invaluable and low cost way to expand an organisation’s connections and explore new business opportunities. However, a lot more effort is required for cooperation, business deals, and sustainable customer loyalty. As Verma shares, “Given today’s technology in this arena, we now have the ability to show clients a true ROI. For example, how many attendees visited a particular stand during an exhibition. We can even go to the next level in requesting answers from attendees such as approximate annual spend and company size, which all add to solid quantitative data. This information is also vital during follow-up.”
Giving a very logical reasoning to the concept, Prasad explains that companies benefit by making initial contacts while also forcing some buyers to meet new sellers. However, the challenge is the limited amount of time to understand the needs of buyers & sellers & to judge the potential of buyers.
While the benefits are immense for companies, speed networking certainly comes with its own set of challenges such as attendee management which is crucial in any speed networking session and very often a big challenge. “It’s an art to help manoeuvre these sessions, and as an organiser you have to keep a constant tab by first giving an introduction to set the agenda, and then continue reminding attendees of ground rules during the session,” adds Verma.
THE FUTURE
The common consensus among industry players is the fact that speed networking is here to stay, be it in-person or even virtually. However, networking of all kinds is pivotal to the success of all events and is invaluable to any business.
As Verma asserts, “Adding in a networking component to your next virtual meeting is a must to ensure attendees stay connected with each other and engaged with content. Virtual networking sessions can be very entertaining if managed correctly – think gamification, attendee avatars, care packages sent to attendee’s homes – the opportunities are endless.”
Providing a more realistic point of view, Prasad says, “We would look at the concept to be more finetuned to meet buyers from specific countries. There should be options to further schedule follow-up meetings where needed.”
Reiterating similar sentiments, Nandakumar adds that the concept is getting popular since the last five to seven years and more corporates are making these sessions an integral part of their events as the fast-paced format gives wider reach as well as makes sessions more result-oriented. Undoubtedly, speed networking is a concept that is here to stay, what could change is how the sessions are conducted in times of uncertainty such as the ongoing pandemic. In such secnarios, hybrid events look most likely with a combination of physical and virtual meetings.mn
Being a quick meeting set up, we are able to establish contacts with a large base over a short time We have not converted any major business yet through this mode but have made potential contacts