In this episode of the Tough Love for Business podcast, hosts Jackie Zach and Mike McKay discuss “Networking 2.0,” focusing on a structured and intentional approach to networking. They emphasize the importance of having a clear purpose, targeting the right market, and implementing a detailed plan that includes a networking script and follow-up process. Mike shares his experience, highlighting the need for persistence and multiple steps to achieve successful networking, aiming to connect with the right people and build meaningful business relationships.

Jackie and Mike stress the importance of setting clear goals and continually evaluating and adapting networking strategies. They compare the networking journey to climbing Everest, where the path to success is rarely straight. By shifting from a mindset of “This shouldn’t be happening to me” to “In what way am I not yet ready to be successful at this strategy?”, business owners can better navigate challenges. The episode underscores the importance of learning from each experience and making informed decisions to enhance networking effectiveness, preparing listeners for further discussions on business strategies in future podcasts.

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Podcast Transcript

Jackie Zach: Welcome to the Tough Love for Business podcast. I am Jackie Zach, and I’m here with my co-host, Mike McKay. Today, we’re going to dive into Networking 2.0. In our previous podcasts, we’ve talked about networking, but now we’re moving to the next level. So, what exactly is Networking 2.0?

Mike McKay: Let’s build off our last couple of episodes before diving in. One aspect is professional level, the other is plus. Networking is about expanding your connections, ideally with people in your target market who might need your solutions. You might aim to become a center of influence, which means knowing as many people as possible. Step one of Networking 2.0 is being clear on your purpose. For us, it’s about business—meeting prospects, connecting with potential clients, and doing it in a focused and intentional way, aiming to find pros and pluses.

Jackie: Exactly, and it’s also about connecting with people who fit with our competitive edge.

Mike: Absolutely. When I started coaching 12 years ago, I thought networking didn’t work for me because I didn’t follow a structured approach. You need to define your target market, investigate the event or group, identify who you want to meet, and determine if your target is present. For us, our target is owners and executives. If the event is full of employees, it’s not a high-payoff strategy. You need a networking script, a follow-up process with about seven steps, since most yeses come after seven asks, and a clear next step for each event. Initially, I thought networking was a one-step process: meet someone, ask a question, and schedule a sales meeting. But without all the other steps, there is no success. Networking 2.0 is about following through, being relentless in building the process, and being professional enough to realize that the path to success isn’t straight.

Jackie: Right, just like anything else. Very few paths are straight.

Mike: Exactly. If you climbed straight up Everest, you’d fall into crevasses. The path to success isn’t straight. When you get off track, you might think, “This shouldn’t be happening to me.” Instead, ask, “In what way am I not yet ready to be successful at this strategy?” Back then, I wasn’t ready because I didn’t learn all the steps. Now, we follow all the steps and fight through discomfort. The faster you get to “In what way am I not yet ready?” instead of “This shouldn’t be happening to me,” the quicker you can adapt and move forward.

Jackie: And when we think about Networking 2.0, step one in 1.0 is just deciding to do it. In 2.0, it’s about setting clear goals. There are many ways to network—events, LinkedIn, strategic partners. The first question is always, “What’s the goal?” Sometimes you don’t know exactly who will be at an event, but you can evaluate it afterward and decide if it’s worth your time. Having a script helps keep conversations meaningful and on track.

Mike: Networking 1.0 is going somewhere and realizing your target market isn’t there, leading to “This shouldn’t be happening to me.” In 2.0, you do the research to know who will be there. You make informed decisions, know your goals, and have a follow-up plan. We are still susceptible to going to events where our target isn’t present, but now we learn from it. It’s about taking ownership and adapting quickly. You’re in charge. Life is happening for you, not to you. The difference between success and failure is how much time you spend in the empowering mindset of “What do I change and do next?”

Jackie: And that’s the big 2.0 piece: reviewing, learning, and adapting.

Mike: Exactly. If you end up at an event where your target market isn’t present, ask yourself, “How did I not know who was there?” and “Where is my target market?” There’s no “This shouldn’t be happening to me.”

Jackie: So, the lesson here is to evaluate your networking efforts and up your game to Networking 2.0. Until next time, stay tuned for our next podcast, where we’ll discuss price objections. Have a great day.