💀 Are You Making These 8 Deadly Networking Mistakes? ⚰️

Of all the things I get emailed most about to advise people about, there are always two things that I’m asked more than anything else.

How to raise finance and how to get better at networking.

I’ll be covering all you need to know about raising finance in future newsletters, but for the next few weeks, we are going to go DEEP on networking.

There is a slight selfish angle here too. I have been asked to speak at a seminar in Dubai in a few weeks, and despite considering myself an absolute POWER NETWORKER, I have never really put pen to paper on all that I know. And I need to do that to create a decent talk.

So I am going to use you as my guinea pigs as we cover various aspects of networking for the next 2 or 3 weeks!

(If you are based in Dubai and want to attend the seminar on February 8th and 9th, then drop me a line, and I might be able to hook you up with discounted tickets. There are all kinds of great speakers there.)

This week is all about networking mistakes.

What are you doing wrong? What do you need to avoid?

Like any skill in life, in networking there are building blocks you need to stack on top of each other to achieve greatness. And it is always important to have a cleanse of any bad habits before we move on to the good stuff.

So let’s get to it. Where might you be going wrong?

Not Networking

Sounds a silly one, right? But the first thing so many people do wrong is that they don’t even network!

There are all sorts of excuses here like being too busy, feeling awkward, being afraid to meet people, thinking it is a waste of time etc etc. But whatever they are, the end result is the same - no network, no opportunities.

I probably spend 40% of my time networking in some way, whether that is making new relationships or nurturing existing ones. 40% may sound like a lot of time to many of you, but to not be doing any networking at all is criminal. 

Thinking Networking is Only Transactional

Sure, there are certain times when you meet someone and both of you have an immediate deal that can be done - an instant win/win. But for most people, in most professions, that is very rare.

The initial part of networking is quite simply that: expanding your network so there are more people in it. Not trying to force a transactional situation, and not then casting that person aside if a transaction isn’t immediately forthcoming.

Your job at this point is to build lasting and genuine connections that you add value to. Transactions MAY come further down the line.

Forgetting the Follow-Up

The world is a busy place, and we all live busy lives. You may be very lucky that you always leave a lasting impression with everyone you ever meet, but I find it safer to always work under the assumption that everyone you first meet will have forgotten you within 24 hours.

So don’t let all that connection-making go to waste; ensure that people remember you before they have had a chance to forget you!

The next day after meeting someone, ALWAYS send them a message to remind them about the meeting and who you are.

Give them some of your extra contact details, make a joke about a memorable moment at the event the night before, give them some information that you promised them, or just say ‘hi’.

Whatever you do, make sure they are reminded of you, have all your contact details, and that you have all of theirs. Now you can start the journey of building a long-term relationship.

You need to find a system for your follow-up so that you never let anything slip through the net.

When I meet people, I don’t actually put their name in the ‘contacts’ in my phone at this point. I write it along with the number in my ‘notes’ app so that I know the next day who I have to contact. For sure, if I just put the name in my phone, I will have forgotten who to get in touch with by the morning.

Last year, I went to a conference in Amsterdam and must have met over 100 people that I wanted to keep in touch with. On the flight back to Dubai, I personally emailed every single one of them to lock me in their memory and set up follow-up Zoom calls so we could start to bond and potentially look at business together.

Neglecting Online Networking

Maybe it’s because the word networking conjures up images of people walking around conferences handing out business cards. Maybe it is because most people just use social media for scrolling through shit that they don’t see it as a viable place to find connections.

Whatever the reason, don’t be one of those people who falls into the trap of thinking networking is only done face-to-face, and at events.

There are some incredible connections to be made online!

I made a relationship on LinkedIn 6 or 7 years ago that has made me over £10 million!!

Social media can be used to find contacts and start relationships. Social media can be used to maintain and build future relationships.

LinkedIn is an incredible tool to find the people you want to be connecting with.

Instagram is a great tool to keep connected with them in a social capacity - perfect if distance is an issue in building the relationship.

Ignoring the Power of Diverse Connections

I love interesting, talented, and successful people, whatever field they come from.

Success breeds success. Talent attracts talent.

I know that if I am surrounded by great people, then great things are going to happen. It’s that simple.

But most people are too narrow-minded and short-sighted when it comes to networking. They think they should only spend time connecting with people in their industry. With people that they think would be an immediate customer. With people that are on their ‘level’.

If you subscribe to the theory that networking is a long-term game and that great things don’t have to include big money, then you will understand the value of a diverse network.

Some of your connections may not be monetised for many years. Some of them may never be monetised at all, but they just provide you with good times. But I truly believe that something good always comes out of every great relationship.

I was at dinner last night with a famous singer who is a good friend of mine. They had a friend in town too, and they said we should all go for dinner together.

Before dessert was served, this new relationship was talking to me about a seven-figure investment in one of my businesses. And this guy is now a potential stepping stone to even more great relationships in his network too!

Not Keeping Detailed Records

Your contacts are your currency. Treat them as such!

They should be kept safe with detailed records. Whether it is on your iPhone, on a spreadsheet, or in an old-school Rolodex, they need to be easily accessible, safe, and packed with as many details as possible.

Not just a name and a number. But addresses, emails, birthdays, social media handles, their favourite restaurants, kids names, and other notes will be valuable.

When you are throwing an event, you need to be able to turn to this data and see who the right people are to invite.

When you are nurturing your top 10 relationships, you need to be able to know when to send them a birthday present and where their wife likes to eat.

Information is power, and you need it at your fingertips!

Not Meeting Enough People at Events

A big mistake people make at networking events is getting stuck in conversations with one person, spending the whole time with them, and then getting home to realise they never got to meet the other dozens of people at the event.

Sure, there may be a circumstance where the first person you meet is desperate to buy from you and ready to change your life, so you go all in on them. But that is unlikely.

The reality is that you are using the event to make connections that you will then nurture over time.

So your strategy should be to go WIDE, not deep.

Meet as many people as you can. Say hello, see what they do, get context, get their numbers, tell them you will follow up with them over the next couple of days, and then move on.

No one will think you are rude; everyone is there for the same purpose.

This is speed dating. Quickly do dates, then workout who you will make relationships with later on.

Every week, I host a dinner for 12 people on my yacht in Dubai. It is a great way to bond with a captive audience, but even then, there isn’t enough time to go deep with every person. So I make sure that I spend a good 15–20 minutes with each person throughout the night, getting to know them and what they do. The next day, I pick the 1 or 2 that I need to go deep with and arrange a private call or meet-up with no time limitations.

Not Having Fun

Because networking is fun!

If you are doing it properly, it really is fun. You meet great people in great situations, build amazing relationships that you can have for the rest of your life, and hopefully make a lot of money from them too.

What is there not to love?!

So relax, put that fear to one side, and start to develop your ‘networking muscle’. Just like all your other muscles, the more you use them, the bigger they will get. But you have to put it under stress, to tear it, before it builds back stronger.

Anything that you love, you will do more of. And when you love networking and do more of it, you will start to see the impacts on your life and business in no time.

So, be honest. How many of these mistakes have you been making? Do you think I have missed any? 

Send me an email and tell me where you think you have been going wrong and if you are ready to correct it.

Next week, we will move on from making contacts and talk about how to turn connections into great relationships. In the meantime, get out there and start connecting! The more you connect, the more you collect!

What he said! The true maestros of networking? They're not the ones yapping away endlessly. No, siree! The real game-changers are those who've mastered the art of listening. Take it from me. Learning to listen more than you talk is the secret to building authentic connections. So, open those ears! It's not just about making noise; it's about soaking up the knowledge and wisdom of everyone else. Do you want to better yourself, learn something new, or connect with someone new? This is the key to levelling up in networking. Learn, listen, and you'll be more successful!

Nailing the professional game is all about connections, and a whopping 70% of employees have mastered it to secure their current positions. In Q1 2023: 37% of job seekers strategically used their connections to uncover exciting job opportunities. No small talk here - these people knew how to make their personal connections work in the competitive job market. Now, let's rewind to 2022, where an impressive 54% of hires happened because of successful referrals. Yep, more than half of people owe their jobs to someone within their company or their expansive professional (or not) network. It's not just hiring; employee referrals are the unsung heroes, bringing in top-tier talent. These numbers are shouting out the strategic power of networking, not just in job searches but as a game-changer shaping the entire recruitment landscape.

In a nutshell, networking is the secret for both climbing the career ladder and making impactful hires. So, if you're not investing time and effort into your professional network, you might be missing out on the magic of career and business success.

In 2023, I sat down with some heavyweights in the game, delving deep into their stories and entrepreneurial journeys. Resilience, mental health, and the grind of entrepreneurship emerged as the most talked about topics of our conversation—lessons that hit home for me, and I'm betting they did for you too.

Now, as we tackle the beast that is the second half of January, a month that hits hard with goal-setting, routine rebooting, and the flu bug, let these three power-packed themes be your secret weapon. I’m here with your Friday Fuel, injecting that boost you need to power through. And, if that business dream has been on standby, or if a personal goal is itching to be pursued, take a cue from the guests on my podcast. The time for action is now, make it happen!

matthaycoxdaily

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My week has, of course, been busy. I don’t know where the time goes! Running multiple businesses isn’t easy. However, attending seminars like the one I did last Sunday makes you hungry for more.

On Sunday, the 14th, I attended an 11-hour seminar with Tai Lopez (and friends) here in Dubai. This guy isn’t just about flashy cars and big houses; he believes in the power of knowledge and constant self-improvement. Tai isn't your typical entrepreneur; he's the real deal, sharing wisdom on everything from making money to living your best life. You might know him from that famous "Here in My Garage" video where he introduces you to his Lambo and emphasises the importance of learning. Beyond the viral videos, Tai dives into real estate, social media, and more, boasting over 5 million followers and over 100 million views on YouTube! His courses and mentorship programs? They're not just about business; they're about helping you level up in life. Attending this one gave me lots of new ideas, inspiration, and the drive to grow my business.

Remember, every day is a school day!

P.S…… I know some of you are big fans of this newsletter because you email me and tell me about it. But you still aren’t sharing it with your friends! So use the link below to spread the word and you’ll qualify for some goodies soon!