How can feedback improve your networking skills?

1 Why feedback matters

Feedback is the information you get from others about your performance, behavior, or impact. It can be positive or negative, formal or informal, solicited or unsolicited. Feedback can be instrumental in helping you become a better networker by giving you a reality check on your strengths and weaknesses, helping you identify areas for improvement, providing encouragement and motivation, enabling you to learn from the best practices of other networkers, and increasing your credibility, trust, and rapport with your contacts. With feedback, you can set specific goals for your networking activities and recognize your efforts.

2 How to ask for feedback

Asking for feedback can be difficult, particularly if you are not accustomed to it or are afraid of criticism. Nonetheless, requesting feedback is a sign of professionalism, curiosity, and a desire to learn. Here are some tips on how to ask for feedback from your network contacts: Be precise and clear about the type of feedback you want and why. It could include your elevator pitch, communication style, follow-up strategy, or value proposition. Additionally, it is important to choose the right time and place to ask for feedback; avoid when your contact is busy or distracted. Moreover, it is advisable to ask for feedback from people who are relevant, credible, and constructive such as mentors, peers, clients, or recruiters with experience in your field or industry. Lastly, be respectful and recognize the feedback you receive. Show appreciation for their time and input; avoid arguing, defending or dismissing their feedback.

3 How to receive feedback

Receiving feedback can be challenging, especially if it is negative or unexpected. However, it is an opportunity to learn and grow, as well as to improve your networking skills. To receive feedback from your network contacts, it's important to listen actively and attentively, paying attention to the content, tone, and body language of the feedback giver. Ask questions and clarify the feedback if you're unsure of what it means or how to apply it. Summarize and reflect on the feedback by repeating the main points in your own words and showing that you understand it. Finally, act on the feedback by creating an action plan with SMART goals and tracking your progress and results.

4 How to give feedback

Giving feedback is a key skill for investment bankers, as it helps to build trust, rapport, and influence with their network contacts. It can also help you network better by demonstrating your interest in, and support for, your contacts; sharing your knowledge and expertise; creating opportunities for dialogue, collaboration, and referrals; and enhancing your reputation as a networker. When giving feedback to your contacts, it is important to be specific and constructive; balanced and fair; timely and relevant; and supportive and encouraging. Be sure to focus on the behavior rather than the person, provide concrete examples, facts, and data to support your feedback, include both positive and negative feedback, use a respectful tone, and give feedback soon after the activity or event. Additionally, make sure that you express your confidence in their efforts and achievements, while offering assistance if needed.