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Saturday, August 05, 2006

Determining Network Effectiveness Through Performance Metrics

Networking performance metrics will give you information about how your efforts are generating business. Networking and relationship marketing take time, so you have to spend the time efficiently and use performance metrics to analyze.

Your networking efforts should include many business organizations. In order to find out which ones are worth going after, you need to evaluate the most important performance metrics regularly. Marketing through organizations and networking is just another marketing medium that joins direct mail, e-mail, offline and print media.

Your marketing plan should include analysis of performance metrics for advertising through television, radio, newspapers and magazines and monitoring networking performance metrics as well.

PERFORMANCE METRICS EXAMPLES

1. Direct costs of networking

2. Number of attended events

3. Number of generated contacts

4. Number of generated sales leads

5. Number of referrals

6. Amount of sales

7. Amount of service contracts

8. Actual dollars resulting from direct contacts

9. Actual dollars resulting from referrals

You should evaluate your performance metrics for every organization regularly, which can be defined well by about six months. If the performance metrics don’t prove valuable within this time frame, you need to drop the organization and move towards new options.

Don’t spend too much time with organizations that are not producing tangible results over a decent time period. Cultivate deeper relationships with organizations that give the highest returns and use performance metrics to weed out the performers.

Added By: Computer Consulting 101 Professional Kit