Networking enables you to increase your sphere of influence and thereby get you more business and recognition; especially in the mutual fund distribution business, where networking and building relationships are among the most critical aspects of managing business.
So, what are the mantras to excel in networking?
The first step to become good at networking is to be a good listener, says Kailash Kulkarni, CEO, L&T MF.
At Cafemutual Mindful Musings, Kailash said that listening is an important part of networking. You have to be patient to become a good listener. Sometimes you have to hold yourself back and intervene very politely. Many people fail at it as they jump into a conversation, especially if it is a topic making headlines.
Get out of your comfort zone
Further, Kailash suggested that to be good at networking, people must get out of their comfort zone.
"Just because you are from the MF industry, it doesn't mean you will only talk about personal finance all the time in every setting. You need to develop broader interests and hold interesting conversations with people," Kailash added.
To this end, Kailash said that being an avid reader has helped him in a big way. He said that if you know the basics of a topic, you can always take forward the conversation with genuine interest by asking simple yet sound questions. Therefore, being well read is a prerequisite for networking as it allows you to hold the conversation with anyone.
Be Patient
Kailash said that many people fail to network as they seek immediate outcome from their conversations. This puts off the other person as they sense that you want something from them immediately.
Therefore, instead of putting yourself under pressure to bring immediate business, take genuine interest in people and allow the relationship to develop naturally.
Sharing a tip on networking in a conference, Kailash said that it is better to prioritise meeting people who are not from your city. For instance, if you are from Mumbai, you may like to prioritise meeting with people who are from outside Mumbai. However, if people have genuine queries, do give him time irrespective of their geographic locations.
Further, when you meet people, be prepared a short introduction of yourself. Don't keep on talking about your hobbies in the first meeting.
Social media
If you have one set of communication for FB, Instagram, Twitter and LinkedIn, it will not be effective. Kailash feels that the 4 platforms are very different in nature, so one has to use these platforms accordingly. For instance, one can use Instagram for food, leisure and travel while LinkedIn is more appropriate for sharing professional articles and so on.
On Twitter, one can either post unique data points or use humour. But, people should definitely avoid posting quotes of investment gurus every day.
Facebook, meanwhile, can be used for both business and personal information. A better way to deal would be to have two different accounts - one for personal circles and the other for the professional.
Other Takeaways
- Be open to all opportunities. Don't say no to an opportunity to network just because you may not get business
- Don't expect an immediate payout from networking. If you want the person to give you the cheque tomorrow, it is a deal, not networking.
- The world is moving to a new normal of half virtual and half physical.
- We should stop talking about AUM and focus on new customers as a yardstick to measure growth.
Mindful Musings is a webinar series where industry leaders discuss in detail the nuances of mutual fund distribution business and how to grow in the current scenario. Through these in-depth conversations, the aim is to expose MFDs to new perspectives that will help them take smarter business decisions.
