In the business world, networking is often the lifeblood that drives growth, partnerships, and innovation. For SaaS founders particularly, striking the right balance between cost-effective virtual networking and face-to-face meetings can be a challenge ...
A lot of it depends on what you're selling and to whom. If it's a low-cost generalist product, then virtual networking is probably the way forward. If it's a complex enterprise-level and expensive product, you're going to find face-to-face is better for you. Also, it depends on your budget, where in the start-up cycle you are and whether it's your team who are networking or the founders.
Here's what I like about virtual networking:
- Cost-Effective: No travel expenses, no fancy dinners, and no conference fees. Virtual networking can be done on a minimal budget, offering substantial ROI
- Wider Reach: Virtual platforms open up global markets and allow founders to connect with stakeholders they might never have met in a traditional setting
- Flexibility: Schedule a demo for a client in Europe in the morning and another for a client in Asia in the afternoon ... all from the comfort of your workspace
Yet, for all its advantages, virtual networking can't entirely replace the nuanced interactions, trust-building, and serendipity of face-to-face meetings. There's a reason why even in the most digital of sectors, face-to-face networking events, conferences, and meet-ups remain popular.
I personally network face-to-face with Collaborate MK each month, mostly to keep my own sanity because, let's face it, we're human beings and we like to be around other people. I still have my goal of getting demos scheduled, I just go about it a different way.
Here's why I still network face-to-face:
- Building Trust: There's an inherent trust that develops through eye contact, a firm handshake, or simply sharing a meal. This trust can sometimes be the linchpin for closing a deal
- Reading Nuances: Body language, tone of voice, and immediate feedback can provide valuable insights during negotiations and pitches
- Serendipity: Chance encounters at a conference or networking event can lead to unexpected opportunities, collaborations, or even friendships
Speaking of chance encounters at a face-to-face networking event: years ago I met my best friend out networking and over the years we've been through a lot together and are like family now. Kirsty is a business owner too and we often refer to each other when meeting other people we feel are in need of each other's services. It has been a very fulfilling decade for each of us, both personally and business-wise.
For many SaaS founders, it's not about choosing one over the other. Virtual networking can lay the groundwork, establishing initial contacts and sharing information efficiently. Face-to-face interactions can then solidify these relationships, making them more profound and meaningful.
While the allure of cost-effective virtual networking is undeniable, especially for bootstrapped or budget-conscious SaaS startups, it's essential not to neglect the power and value of human connection.
After all, behind every email, demo, or virtual handshake, there's a person with emotions, aspirations, and a story to tell.
If anything I've mentioned here resonates with you, do call me on 07490 373980 and let's talk.