1. Importance of Network Building
Building up a network of diverse people is very helpful for any business. Contacts with different clusters or groups would
help you possibility of greater opportunities. A closed group of contacts will not let you this kind of exposure.
The more diverse the network is the better it would be. Your networking should cut across the geographical boundaries.
When you attend group meetings, collect the business cards of other people. Meeting people frequently could help you to
could bring you business.
Networking would help you to expand your contact list. This could help you to expand your sales base. It could also bring
you in touch with different requirements help you to diversify your business.
However busy you are you should give importance to networking. It is important to create a lasting first impression on
people whom you meet. The impression you create will bring you greater business opportunities. You should always try to
keep in touch will the contacts you have developed.
You should help people in your network. This would not only bring you goodwill but also business. If a person has a
product to sell, giving him the contact number of a person who needs the product will help you in the long run.
You should identify ways and means to improve your networking. You should view networking and relationship building
as a continuous process. Networking aids the growth of your business and expands your horizon. It would aid you in
creating new products and expanding your knowledge.
If you are a professional you should seek new ideas and pastures that would help you to grow. If you are attending a
networking meeting, be well prepared. Think in advance as to what kind of people you are going to interact with. When
you meet people, you find out what their requirements are and whether you can fulfill them.
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2. Importance of Network Building
Business networking is not about a closed shop where everyone gives each other work, it's much more powerful than that.
It's fundamentally about the act referring business to people that you have grown to know, like and trust, and for them to
do the same for you. Understanding how to give a quality referral is an art itself and something that I cannot cover today
so for the time being let's just consider the benefits of business networking.
It is not a well known fact but 70% of new business that your company gets is through word of mouth. Networking allows
you to formally explain what your business is about and as fellow networking business people get to know you so you will
naturally start to win new sales lead because people like to pass business to people that they know.
Simply attending a networking event will raise your profile especially if you network on a regular basis. Remember my
earlier point about advertising; recognition and repetition, attending a regular networking event achieves this.
Not only do you have the opportunity to present your business, you also get to meet with a lot of business people from
other walks of life that will inevitably be able to help solve some of your problems. And you will be able to do the same, it's
all part of the relationship building process and at the end of the day it's this relationship that counts when recommending
someone's services.
You'll also get to know an awful lot of people that will be able to help you when you have a problem. Have you ever picked
up the yellow pages and looked for a particular service? How do you choose? It really is hit and miss. By getting to know
reliable contacts who can provide you with what you want and who can be trusted is worth so much in terms of your time
and money.
Likewise, if there's no one in your network who can help, the chances are that someone knows someone who can and will
recommend them. Suddenly you find that your business is moving forward at a much more rapid pace. Your confidence
will soar!
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3. Importance of Network Building
Sharing experiences is also part of the game. Just talking to people about their experiences, their goals and their problems
will stimulate lots of new ideas and open your mind to new opportunities. All of a sudden you have a completely new
approach to doing something or even a new business venture that you may never have otherwise thought of.
Last but not least it's amazing how much satisfaction we all get from helping others.
There are many business networking techniques to learn in order to make the most of this style of marketing but once
you've understood the basics, give it a little time and I'm sure that you'll soon understand the true power and benefits of
networking.
Generation of referrals /increased business
Fact – 70% on average of all new business is gained through word of mouth and positive recommendation. As you develop
your contacts and build up positive relationships with people you will find that you will naturally gain business and sales
leads as people recommend your services. People like to pass business to those they know, like and trust. But this will only
happen if you have a network of contacts in the first place.
Raising your profile
Just by expanding your contacts you are raising your profile – people now you exist and know what you do and you will
more likely to be thought of if your products or services are required.
Free consultancy and advice
Generally, people like to help people and are willing to impart their expertise and advice to others who they have got to
know, like and trust. You will find that as you build relationships with people the value of the help that is passed to you
formally or informally will exceed any costs incurred by developing the relationships in the first place.
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4. Importance of Network Building
Knowing who to turn to when you need help
The benefits of business networking are not just about generating sales leads and referrals. How much time have you
wasted in the past trying to find the right person or business to solve a problem for you? Have you resorted to looking in
the local telephone book for a service or plucked a name off the internet only to be disappointed with the product or
service provided? By getting to know reliable contacts who can provide you with what you want or who can be trusted to
recommend others is worth so much in terms of your time and money.
Break down barriers to success
As you develop your contacts you start to find people who have experienced similar problems to yourself and who can
point you in the right direction. All of a sudden so much more is possible and you will find yourself achieving so much
more than you will have imagined.
Uncover new opportunities
You just ‘don’t know what you don’t know’. The same goes for business networking – you never know when a contact will
be useful and will present you with new opportunities. If we restrict ourselves to our own narrow network of contacts we
become comfortable and limit our ideas. As soon as we get to know others and become open minded to their ideas we
suddenly open ourselves up to new possibilities, perhaps a new approach to doing something or even a new business
venture which we may never otherwise have thought of.
Contact with like-minded individuals and development of friendships
One basic human need is to feel connected with like-minded individuals. By extending your contacts and getting to know
them you’ll soon develop a network of people you will want to spend time with, share ideas with and learn from. One of the
key benefits of business networking is that I’ve personally gained a number of really good friends I can now turn to even
though initially the purpose was for business.
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5. Importance of Network Building
Increased confidence
The more you network the more you get used to explaining what you do and how you can help others. Clear
communication of how you can help is crucial to winning business and this will only improve the more you do.
Satisfaction from helping others
Last but by no means least, one of the biggest advantages of networking in business is the increased capacity to help
others. Have you ever thought just how good it feels when you have helped someone whether it is by saving them time and
effort by providing them with a useful contact, passing someone a referral or directly giving someone a piece of useful
advice? The benefits of business networking just keep on coming!
How to Use Business Networking to Your Advantage
Business networking is more than just a clever tactic that most businesses use to draw in more clientele. For many small
businesses that rely upon word of mouth, proper networking skills are completely necessary for the continued success and
even existence of the company. Business networking is the fundamental act of referring business to other businesses, and
in the process doing the same for you. Understanding how to give quality referrals is an art form in itself, and something
that is extremely important in business networking matters. The old adage of, "I'll scratch your back, if you scratch mine",
has never applied to anything more than to business networking.
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6. Importance of Network Building
Business networking, however, takes many forms, and you just might not realize how common it is. Whether a business is
cold calling some of its clients on the phone, or meeting other business professionals for dinner or lunch, the networking is
always taking place. Successful networking leads to referral business, new business ideas, and can help you to learn from
other professionals in your field. Many businesses choose to become part of networking organizations such as different
local chambers of commerce in their selected area. These organizations are excellent ways for business owners to
participate in business advocacy and lobbying efforts, and offer a way for business owners to cooperate for their own
protection. They often have meet and greet sessions where business leaders can meet together to discuss certain business
topics that might be affecting them, the current business climate in their area, and formulate collective plans for the
future.
Some say that up to 70 % of new companies get their business through word of mouth. Networking allows you the
opportunity to formally introduce yourself and your business, to other business professionals in your area, to not only get
to know them, but to get to know the services they offer as well. If business leaders can meet you and can trust you, they
will have no problem sending business your way, and no problem receiving some from you. This is all part of the
relationship building process that is so vital to successful business networking. It is a relationship built on trust and
mutual interest.
In today's high tech world, business networking has never been so easy and available. No longer do you need to live in the
same area to network with business clients, or even in the same country. Due to popular online networking services, you
can network with anybody all over the world. You no longer have to be a big shot to talk to big shots, or even speak the
same language. Today you can have a dialogue, share ideas, and expand your business, all with the click of a mouse.
To learn more, please write to us at monica@lmi-india.com
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