How can networking benefit your business?

[Zehra Lewis-Wright]

As one of the most important tools in growing a business, networking often finds itself overshadowed by what is seen as a more modern and effective approach - online marketing

The majority of businesses are reasonably savvy when it comes to using online platforms to reach vast numbers of existing and potential clients, perhaps through a well-timed tweet or a catchy blog post. Their marketing budget balance sheet will no doubt feature website and domain maintenance, SEO optimisation, the cost of employing marketing staff, advertising and public relations to name a few.

But where does networking fit in?

Many may look at the number of followers they have on Twitter, Facebook “friends” or LinkedIn connections as an indication of their network and the subsequent number of likes a post garners as a barometer of networking success. However, your network may be decidedly smaller when you consider the number of people you have met in person and catch up with on a regular friendly or business basis.

Extending your network through networking, in the conventional sense, often involves referrals, third party introductions and simply walking into a room full of unfamiliar faces to initiate conversation with industry (or non-industry) contemporaries. The end of each powwow is often concluded with an animated exchange of contact details or business cards and perhaps even an agreement to meet over coffee at a later date. Although you won’t necessarily be signing any business contracts at the networking event itself, opportunities like joint ventures, client leads, partnerships, speaking and writing opportunities, business and asset sales can often arise as a direct result.

On the surface, you are building a relationship with one new connection, but delve a little deeper and you are tapping into a whole new network. More often than not, the people you meet are likely to be well connected in their own right, hence, that old adage, “it’s not what you know, it’s who you know”, has never been truer than in business.

In an online era, it stands to reason that connecting with potential clients from all around the world at the click of a button is here to stay, however, the benefits of networking should not be overlooked when it comes to finding and maintaining long-lasting quality business and personal contacts.