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From Wikipedia, the free encyclopedia
Jump to navigation Jump to searchNetworking is the sharing of information or services between people, businesses, or groups. It is also a way for individuals to grow their relationships for their job or business. As a result, connections or a network can be built and useful for individuals in their professional or personal lives. Networking helps build meaningful relationships that are beneficial to all involved parties to exchange information and services. Gaining new significant business acquaintances can be obtained by networking meetings, social media, personal networking, and business networking.
In the second half of the twentieth century, networking was promoted to help business people to build their social capital. In the US, workplace equity advocates encouraged business networking by members of marginalized groups (e.g., women, African-Americans, etc.) to identify and address the challenges barring them from professional success. Mainstream business literature subsequently adopted the terms and concepts, promoted them as pathways to success for all career climbers.
1 Overview 2 History 3 Ethics
4 Networked business
5 See also 6 References
There are many ways to network, whether the traditional way of making connections, through a group or club. They all serve the same purpose of making close and valuable connections that allow for an equal exchange of knowledge or advice. Business networks are types of social networks which are developed to help executives connect with other managers and entrepreneurs to further each other's interests by forming mutually beneficial business relationships. By doing so, they can both each other's business interests by forming mutually beneficial business relationships. Business networking is a way of leveraging your business and personal connections to help you bring in new customers, vendors or to get great advice for running your business. There are several prominent business networking organizations that create models of networking events. When followed, the models allow the business person to build new business relationships and generate business opportunities simultaneously. A professional network service is an implementation of information technology in support of business networking. Chambers of Commerce and other business-oriented groups may also organize networking activities. However, there are multiple networking groups, and there is no one-size-fits-all for every person or company. The models will vary based on their field of business and what they want their outcomes/goals to be.
It is important to note; networking works mainly in favor of small businesses. The owners have to dabble with a variety of job functions in a small set-up. When they meet up with like-minded people, they learn from their experiences and guidance on essential. They can even find partners and angel investors through a networking group of experienced business owners. A plethora of networking events takes place in every country where entrepreneurs can meet, expand their affiliations, educate themselves and feel empowered. Adopting smart tactics can go a long way in securing partnerships, friendships and acquaintances. Collaboration is also a huge part of networking. According to Sorenson, Ritch L., et al. it can create stronger relationships, better conflict management and build better connections. Networking works best when supported by good conflict resolution and collaboration when trying to solve a problem.
Before online business networking, face-to-face networking was the only option for business people. This was achieved through a number of techniques such as trade show marketing and loyalty programs. Though these techniques have been proven to still be an effective source of making connections and growing a business, many companies now focus more on online marketing due to the ability to track every detail of a campaign and justify the expenditure involved in setting up one of these campaigns.
Networking can be an effective way for job-seekers to gain a competitive edge over others in the job-market. The skilled networker cultivates personal relationships with prospective employers and selection panelists, in the hope that these personal affections will influence future hiring decisions. This form of networking has raised ethical concerns. The objection is that it constitutes an attempt to corrupt formal selection processes. The networker is accused of seeking non-meritocratic advantage over other candidates; advantage that is based on personal fondness rather than on any objective appraisal of which candidate is most qualified for the position.
Many businesses utilize networking as a key element in their marketing plan. It helps to develop a strong feeling of trust between those involved and plays a big part in raising the profile of a company. Suppliers and businesses can be seen as networked businesses, and will tend to source the business and their suppliers through their existing relationships. As well as with the companies they work closely with. Networked businesses tend to be open, random, and supportive, whereas those relying on hierarchical, traditional managed approaches are closed, selective, and controlling. These phrases were first used by Thomas Power, businessman and chairman of Ecademy, an online business network, in 2009.
6 Types of Business Networking Groups to Join • Glue Up
If you want to be successful in business networking, check our list of professional groups you can join to boost your business or improve your career.
6 Types of Business Networking Groups to Join
Marketing Content Specialist
• Jan 08, 2021
Business networking is the art of building a mutually beneficial relationship with other professionals. Having a strong network can be a key to business and career success.
However, connecting with others is not easy for everyone, especially if you don't know how to find the right prospects.
For this reason, we have put together the different types of professional networking groups to help you choose the best one for boosting your business or improving your career.
Social media network
Casual contact network
Strong contact network
Community service club
1. Social media network
Social media is a useful tool when creating connections for business. It is a two-way communication channel that lets you establish rapport with your clients and prospects.
Building relationships and credibility is crucial to the process. It can be as simple as reading and replying to comments or acknowledging audience feedback.
Since it’s more personal, it helps you humanize a brand and make authentic relationships with the community.
You can quickly connect with your others through social media, especially when you tap them from personal accounts.
If you want to connect with your network, we recommend Twitter Advanced Search to generate the keywords they often use.
Start by identifying your prospects, whether they’re business owners, coaches, thought leaders or speakers.
After this, make use of the words mentioned in their bios, hashtags, and tweets. Once you have the keyword list, you can enter them in the search field and join global conversations.
2. Casual contact network
If you are looking for ways to meet many people in one day, casual networking is the best way to go. It typically holds an event for different professions with few restrictions.
These groups allow you to meet like-minded people in the industry and develop referral partnerships. Moreover, it is a good option if you’re looking to connect with business owners and other professionals in your community.
Members usually attend monthly mixers and mingle informally. Each event also invites guest speakers who can discuss relevant business topics like leadership, innovation, or technology.
Chamber of commerce usually holds regular business networking events. Joining one can gain you access to opportunities like building brand exposure and meeting potential clients.
Furthermore, it can also create a positive brand perception, as other organizations try to get to know your business more.
Besides being a good source of valuable contacts, it also fosters strong bonds as it can link you to other businesses that offer the services you might need.
If you are new to casual networking, you can opt to volunteer as a chamber ambassador first. This position gives you more exposure to networking events but with only a little commitment.
You can familiarize yourself with the group when you participate in committee discussions. If you want to establish a long-term professional network, it’s best to regularly attend meetings to strengthen business relationships.
3. Strong contact network
As you start to develop referral marketing campaigns, a strong contact network can provide opportunities targeted specifically to your goals.
There’s more exclusivity in it as it only allows one person per profession to join. It requires more membership commitment as a structured group. Thus, it increases loyalty and participation in return.
Once you’re part of this business network, be open to meeting members weekly over lunch or dinner. You can’t expect to meet hundreds of professionals in this type of group, but we advise you to prepare some business cards on hand to exchange.
This type of business networking group helps you get more quality and consistent referrals. It’s perfect for companies with a longer sales cycle like financial planning or bookkeeping.
4. Community service club
A community service club is a business networking group that focuses on providing charitable projects.
It’s a mission-driven organization that’s ideal for people who have a passion for service. While your main goal is to serve the community, building lasting business relationships with other members is also possible.
Plus, there’s a high possibility that you can also expose yourself to business opportunities through them.
The establishment of many popular community service clubs started in the 1900s. Lions Club International and Rotary International are some of the most well-known organizations.
Community service club activities can be teaching students, initiating education projects, or improving access to clean water for the community, which brings fun and fulfillment to members.
5. Leads group
A leads group is the largest segment of business networking that you can attend for the goal of giving and receiving referrals.
Business Networking: What Is It?
Business networking brings intangible benefits by creating professional contacts. Learn what networks are and how to use them.
SMALL BUSINESS MARKETING & SALES
What Is Business Networking?
What Is Business Networking? Definition & Examples of Business Networking
BY SUSAN WARD Updated on January 17, 2021
FACT CHECKED BY LEILA NAJAFI
Business networking is the process of establishing a mutually beneficial relationship with other business people and potential clients or customers. Business networking benefits are the intangible gains made by communicating with other professionals in or relating to your industry.
Often, it is the networking efforts of a business owner that yields the most results in small businesses. There are many other advantages to networking—of the many potential gains to be made, the sharing of knowledge is the most beneficial.
To reap the rewards of a network, it is important to understand what business networking benefits you can gain and how they can help your business to boost sales, increase efficiency and morale, and build awareness of your brand.
What Is Business Networking?
Business networking is a term that refers to meeting other business owners, potential suppliers, or other professionals who have business experiences—to help you grow your business. Networking gives you a pool of experts that range from competitors to clients, and allows you to offer something to them; hopefully in exchange for their services, advice, knowledge, or contacts.
Developing relationships as a business owner and offering assistance to others does more than give you potential clients or generate referrals. Networking assists you in identifying opportunities for partnerships, joint ventures, or new areas of expansion for your business.
Taking advantage of the experiences of others before you invest time and money in a particular venture can be invaluable.
How Does Business Networking Work?
Networking events or local business luncheons present you with opportunities to find others who are in similar circumstances as you work to grow your business. These events are generally put together for the purpose of introducing new concepts and methods being used while providing a platform for local business people to meet and exchange ideas.
When you meet someone, be sure to exchange business cards, and follow up later discussing points or topics brought up in conversations you may have had with them. After a few conversations, you may be able to bring up the issues you are facing. If they open up discussions first, you might be able to begin exchanging information, seeking knowledge, or exchanging business contacts.
Most business people are optimistic and positive. Regular association with such people can be a great morale boost, particularly in the difficult early phases of a new business. You'll find that many, if not all, business owners have experienced similar trials of ownership.
Much of local business is still done on a handshake basis, and the best way to network with other local business owners and entrepreneurs is through face-to-face meetings and local business groups.
You should not only attend the meetings of your networking group regularly but go prepared to offer something of value to the group. Choose the networking medium that's best for you.
What Are the Benefits of Business Networking?
Business networking might allow you to create awareness of or keep abreast of the latest trends or technology in your industry. A network can also provide you with professional mentors or contacts who might be able to assist you with problems you might need help with.
For example, if your business needs the services of a bookkeeper, accountant, or lawyer you may find the ideal candidate through your network. If your business needs equity financing you may be able to find an angel investor or venture capitalist through networking channels.
Networking is ideal for expanding your knowledge by taking advantage of the viewpoints and prior experience of others. For instance, if you are thinking of exporting your products or services, you may be able to get some valuable advice from someone else who has done similar business internationally.
Networking builds confidence, in that that your business and the methods you have employed to run and manage it are competitive and comparable to similar businesses.
Types of Business Networking
As you attend events, look for indicators that someone might be in a position to benefit your business, where you have something to offer as well. This could simply be conversations about your industry's market conditions as well as the trends each of you may have noticed within your industry. You can work together to develop an understanding of the market you both operate in.
Look for and attend some business seminars—cultivate new working relationships with your new peers and business associates, then communicate on a regular basis to help you all stay current.
The most important skill for effective business networking is listening; focusing on how you can help the person you are listening to rather than on how they can help you is the first step to establishing a mutually beneficial relationship.