The Need for Ugandan Businesses to Embrace B2B Business Networking for Growth & Profitability.
Ugandan Entrepreneurs must be commended for going through the hurdles of setting up their businesses in the current economic climate. From expenses on branding to website design, acquisition of office space, company registration amongst others, it is often a bit costly to set up a fully legitimate & functional business outfit these days, depending on who you know.
These business owners often set up a nice shop front, then the reality kicks in and the big question always emerges: How do we get Customers & Sales without huge marketing outlays?
This issue is not peculiar to new businesses or SMEs; some of the larger businesses that have been in existence for years also have similar challenges of acquiring new clients and sales channels. Every business has or should have a marketing strategy regardless of the platform used. Some businesses still prefer traditional advertising outlets whilst the newer tech savvy companies now increasingly investing in digital advertising.
Regardless of the medium used for marketing and advertising, research has shown that none is more effective than Referral Marketing or “Word-of-Mouth” Marketing; Business Networking in short. The best analogy to describe this form of marketing is given by this statement “I know this barber, he has been cutting my hair for years, use him”. This statement gives the consumer a lot of confidence in the service provider as a customer has vouched on their behalf, willingly and without duress. They become 70% more likely to use that vendor than if they found them online for example. It is similar to providing collateral to a bank in return for a loan, the bank are more willing to provide the loan due to the assurances provided by the collateral.
Now Business Networking or Referral Marketing should not be confused with Network/Multi-Level Marketing. Network marketing (MLMs) generally involves selling a particular company’s products/services as a distributor by creating a pyramid network of consumers and sub-distributors whereas Business Networking is the use of professional contacts to acquire information, advice, and referrals for the acquisition of new clients to grow YOUR own business.
Some facts about Business Networking:
Business Networking involves establishing and maintaining informal relationships with people whose acquaintance or friendship could bring advantages such as new clients or business opportunities.
Contacts can range from your closest friends to other industry professionals.
Studies of workers of all types have found through these traditional approaches, 60 to 90% of clients, projects & contracts are found through networking with friends, business and personal contacts.
Some professionals meet weekly as part of business networking organisations where there are several other business owners with huge contact databases in the room.
These Business Networks leverage on the contact base of all the members .
The last few months have seen the emergence of a new era of doing business through referral marketing in Kampala since a UK based international business networking organisation ventured into Uganda. As an International Business Networking Group, with presence in seven other countries including the UK, USA, Canada, Nigeria amongst others, Sterling Business Network or SBN connects individuals, business owners, investors and corporations from all sectors/industries with the sole aim of generating more business and revenue globally. It facilitates events and training workshops engineered to empower, develop and grow SMEs, Entrepreneurs, Young Graduates and Corporate employees.
The organisation has held two main Business networking events in Kampala and two Breakfast Networking meetings where 250+ professionals, business owners and Entrepreneurs have engaged, developing business and sales opportunities.
Speaking at the latest event in Kampala, Christian Junior, Group MD at Sterling Business Network said:
“The sole aim of the organisation is connecting people from all industries and professions with the objective of growing and enhancing their businesses locally and internationally”. SBN provides a platform for international syndicates of business professionals to collaborate; working in synergy to generate qualified business referrals, sales and income for its members irrespective of their geographical location.”
He added: “Uganda is increasingly investing in initiatives to attract foreign investors, SBN have programs and initiatives for SMEs and local business designed to build capacity and revenue, enabling these businesses to become well equipped to operate as local partners to foreign investors; ensuring these investments remain in Uganda and are beneficial to the local people.”
He stressed that educating and empowering both business owners and young people with practical business development and entrepreneurial skills through some of the SBN programs are fundamental steps that must be taken in order to create sustainable growth in the economy.
Raymond McMillan, Chief Executive Officer at SBN added in a statement;
“I am looking forward to my first visit to Uganda for the official launch of our initiative in the region. I strongly believe that organisations like SBN have a huge role to play in reducing unemployment across East Africa.”
If you are a business professional in Kampala, you are invited to join us at Kampala Serena Hotel on Wednesday the 18th of November at 6:00pm for our Executive Business Dinner & Charity Fundraiser.
Tel: 0794978619, Email:info@sterlingbusinessnetwork.com
You can connect with SBN online via Facebook: Sterling Business Network International, Twitter: @SBNWorldwide, Instagram: @SBNInternational and through their website at www.sterlingbusinessnetwork.com
