Networking Mastery For Business Growth

A study by LinkedIn has shown that 85% of all jobs are filled through networking rather than traditional job postings. These statistics underscore just how important networking is in business. People often give opportunities and business to people that are already in their network. This happens for several reasons. 

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The first is that searching for an adequate business partner or employee is extremely difficult. Many companies waste millions of dollars every year due to their very high churn rate, and recruiting agencies exist simply because searching for the right people and getting the right talent is difficult. 

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The second reason is that people in an interpersonal network are often vetted at different levels and are usually easier to trust. The more people know you and can vouch for you, the easier it is for you to get referrals. This is especially important for founders who need contacts, VCs and industry leaders to show them the way. In this article we’ll be talking about how exactly to leverage your network and get into those rooms that can propel your business. 

Build A Strong Networking Foundation

The first thing you need to know before you even start networking is understanding your networking goals. A lot of people go to conferences and seminars and end up making new reliable contacts or end up making unnecessary ones because they do not know what they want. The first thing you should figure out is what you want to get out of networking. Do you need advice for your business? Do you need someone you can make an elevator speech to? You should be particular about these goals before even beginning. 

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Afterward, you need to be clear about your unique value proposition. Networking is an exchange, not a piggyback ride. The people you want to network with also need a reason to be in your network. They are unlikely to admit you into that network if there isn’t some value your’e bringing to the table. That is why you ought to be very clear about what you are, what you’re offering, and why people should be interested in what you’re offering. ‘

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One way to make it easy for you to do this is by developing a personal brand. If you don’t have business cards, print one. If your LinkedIn isn’t up to scratch, update it. If you don’t have a personal website, build one. What will people see when they type your name into Google? Will they see anything about your achievements, goals, and causes?

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These are all hallmarks of a personal brand that makes it easy for you to present your case and value comprehensively even when you are not in the room.

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Strategies For Effective Networking

Now that you know what your network foundation is, it is time to go out and do the work. Some people argue that their introvertedness makes it impossible for them to network effectively, and that is understandable. However, many successful leaders and founders are introverted, and Mark Zuckerberg is perhaps the best example. 

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The best way to network is to go out and meet people. A firm handshake and a strong pitch introducing yourself often go a long way. Be on the lookout for industry events and conferences where business leaders, as pertain to your industry, will be speaking. You should also consider joining professional organizations and leveraging the power of social media to get your voice out there.

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When at networking events, it is also important to network with colleagues, not just clients and investors. The point of networking isn’t to just get investment or business on a one-time basis; that is marketing. 

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Networking, on the other hand, is about improving your surface area for impact. The more people know you in your industry, the likelier it is for your name to come up in important rooms where decisions are being taken. That is why it is equally important to network with fellow founders, not just potential clients and investors. 

Maintaining Relationships 

One mistake that people often make after networking events is abandoning the formed relationship. It is great to make a first impression, but that doesn’t matter if you are not going to maintain the relationship formed through that impression. 

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It is vital to follow up with the people you meet and stay in touch. Staying in touch means more than checking up on them. It also means sharing tips and providing value. Is there a new study you think might impact the growth of your business? Share it. Is there a new government policy that can be leveraged for better returns? Share it. It is only when you provide value to others that they can start to value and also provide value to you in turn. 

Leveraging Networks for Business Growth

Through networking, you can connect with experienced professionals who can provide valuable insights and guidance. Mentors and advisors can help navigate challenges, offer strategic advice, provide partnership opportunities, and open doors to new opportunities, accelerating your business growth.  These partnerships can lead to joint ventures, co-branding opportunities, and resource sharing, ultimately driving business growth.

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Networking allows you to gain access to new markets and customer segments by connecting with people who have knowledge and contacts in those areas. By leveraging these connections, you can expand your reach, adapt your offerings, and tap into previously unexplored business opportunities.

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Many successful businesses have leveraged networking to fuel their growth. For example, Airbnb's founders networked extensively in the early days, attending industry events and meeting potential investors, which helped them secure funding and partnerships crucial for their expansion. Another example is the collaboration between Apple and IBM, which was initiated through strategic networking, leading to significant business advancements for both companies. Networking is not just about building a contact list; it’s about cultivating meaningful relationships that can lead to substantial business growth.

Conclusion

Networking is a powerful catalyst for business growth. The success stories of companies like Airbnb and the Apple-IBM partnership highlight how effective networking can lead to significant advancements and expansion. 

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Remember that networking goes beyond mere social interactions; it is about creating meaningful connections that can provide valuable resources, insights, and collaborations. Prioritizing networking as an integral part of your business strategy can pave the way for sustained growth and success.

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