- 1. Approximately 40% of prospects become new customers with in-person meetings
- 2. 68% of professionals value face-to-face networking more than online
- 3. Professionals who spent 6.3 hours a week networking agree that it played a crucial role in their success
- 4. Every $1 invested in business travel yields $12.50 in incremental revenue
- 5. 85% of new hires are made through networking
- 6. In the United Kingdom 56% of networking is done face-to-face
- 7. 72% of people that admit to their first impressions are based on looks and handshakes
- 8. Only 25% of people actually network
- 9. 41% of professionals would like to network more but don't have enough time
- 10. 68% of professionals value face-to-face networking more than online
- 11. 61% of professionals agree that regular online networking can actually lead to job opportunities (LinkedIn)
- 12. About 5% to 20% of new customers come from trade shows
- 13. 35% of professionals say that a casual conversation on LinkedIn Messaging has led to a new opportunity (LinkedIn)
- 14. Only 11% of LinkedIn users have more than 100 people in their network
Networking is one of the cheapest and highest ROI initiatives to grow a business, build partnerships or skyrocket your career. Today we network at events, conferences, meetups and even online thanks to platforms like LinkedIn and Shapr. Business networking refers to any socioeconomic activity which involves businesspeople and entrepreneurs to meet either virtually or physically in order to develop business opportunities, build partnerships or exchange information. The concept of modern networking was coined in the second half of the twentieth century and promoted as a form to help businesspeople raise capital. Networking has evolved to actually more than just raising money.
68% of professionals value face-to-face networking more than online
Before online, face-to-face networking was the only way usually taking place at trade shows or as part of loyalty programs. Although these practices remain effective today, many professionals and companies are focusing toward online networking technique, partly because it is easier to monitor and measure its results, and partly also since it allows people to multi-network with several people from its desk on a daily basis.
Professionals who spent 6.3 hours a week networking agree that it played a crucial role in their success
Ivan Minster, an expert in business networking, helped to conduct a research to find out how much importance networking played in professionals ́ success. After surveying over 12,000 professionals, it concluded that those who said networking had an important impact on their success spent an average of 6.3 hours a week taking part in networking activities.
Every $1 invested in business travel yields $12.50 in incremental revenue
Networking is not an automated system and its results can vary tremendously as there is no guarantee on networking will deliver after working for hours. However, according to University of Oxford Economics study, all the companies surveyed admitted to have received $12.50 for every dollar invested in business travel. That is really a high return on investment that proves in-person meetings really pay off.
In the United Kingdom, 56% of professionals are using face-to-face meetings for networking, followed by email, which seems to be the second favourite networking tool used by 44% of people to build professional relationships. Networking social networks such as LinkedIn and Shapr account for 33% of total networking efforts. Telephone is just used 25% of the occasions to network. Personally I used LinkedIn to network a lot, as it gives the opportunity to put my name out there from the comfort of my home and I can reach to multiple people from different backgrounds and companies with just a few clicks. Although I must say that there is nothing more effective than face-to-face network to actually get acquainted with someone.
In the United Kingdom 56% of networking is done face-to-face
As a marketing consultant, I have been to many networking events, meetings, conventions, conferences and I have networked loads online mainly via LinkedIn where I have over 1000 connections. Networking is always a great way to put yourself out there and an opportunity to present your most personal side. It is very powerful because it is genuine, you can show yourself to potential clients and therefore it works very well to build a network that can be very rewarding financially and personally.
Networking is a very powerful source of getting new business or maintaining current clients. Leverage the power of networking by attending meetings, participate actively in relevant forums and LinkedIn and hustling through cold calling or emailing and I will guarantee you more sales.
85% of new hires are made through networking
Networking accounts for over 85% of all the jobs that are filled, jobs boards, colleges degrees would be wasted without leveraging networking to find your next job. LinkedIn can be a great source of connecting with other people, although it is face-to-face networking what really pulls the triggers and brings the best results. As a marketing consultant, I get multiple messages from recruiter with job offers which I end up disregarding most of the time unless the message is written personally to me - rather than a copy-paste one.
First impressions count
First impressions matter because we always tend to judge someone within seconds. It is important to look presentable. Other factors such as appearing familiar, being approachable and make your interaction unique are very powerful at creating a great first impression. For some reason first impressions tend to last long in individual, so use it in your favour.
72% of people that admit to their first impressions are based on looks and handshakes
How to improve: work on your handshake. There are lots of different theories, for example, according to Anthony Parinello, the best handshake should be tailored to each individual, if you come too strong and your prospect doesn’t, it might push him away. I am a firm believer on this, so I soft handshake someone if the person has a rather soft handshake, I don't want to just squeeze.
Network, network, network
Just about 25% of professionals actually network which considering how profitable it can be, it is a really a low percentage. Save some time a month to attend networking events you enjoy, conferences, seminars or just to reach out to people with no financial interest. Brand yourself online via social media or create your own blog to become more relevant in your industry. It is a widespread trend now to brand individuals to increase their chances of getting better jobs and stand out in an overcrowded job-seeking market. Twitter and LinkedIn are the best social media network for professionals who want to brand themselves.
Only 25% of people actually network
Top networking events: seminars, conferences, meeting, VIP rooms at major sporting events, clubs and associations. When networking makes friends, not connections. Going into a meeting just to promote your services to everyone who is there will not have the best impact, networking is about developing mutually-beneficial relationships and trust.
41% of professionals would like to network more but don't have enough time
Most people want to network better and oftener, but don’t find the time. It is not really easy to make time to network in our lives when we are so busy but what it really works best is to make the first contact in the real world and use modern tools such as LinkedIn and email to build a relationship. Every week I set aside half an hour to get in touch with all your connections, this way, it has helped me to easily maintain a large network.
68% of professionals value face-to-face networking more than online
Social media can become a powerful networking tool, leverage the power of LinkedIn and Twitter to both brand yourself and network virtually with other avid networkers. Use LinkedIn to reach out to people frequently, share valuable insights, comment often and message users to build rapport online. LinkedIn networking really takes a long time but unlike live networking, it does not necessarily consume a lot of time since you can easily do it from home. Instagram DM can be a very effective way to reach out to people and build a network too.
35% say that a casual conversation on LinkedIn Messaging has led to a new opportunity (LinkedIn)
There is a lot of potential in LinkedIn networking, most people think it is just a tool for recruiters and find a new job but it is not. LinkedIn is becoming the Instagram of professionals and one of the hottest and most effective social media networks. Make the most of your LinkedIn and start building a network, sharing content and messaging connections.
61 % of professionals agree that regular online networking can actually lead to job opportunities(LinkedIn)
Online networking is not as powerful as its counterpart in the real world but it doesn’t mean that you can’t generate business. Most professionals believe that it is actually a great source of getting a new job and generating leads.
Only 11% of LinkedIn users have more than 100 people in their network
Currently, it is very easy to grow your LinkedIn connections, it is as simple as just send requests and you will see how your network will grow very quickly. Start connecting with people on LinkedIn before it gets harder and builds an online network which will help you generate leads.
About 5% to 20% of new customers come from trade shows
Events are trendy
Events and conferences have become networking opportunities. On one side, conferences only become good for networking if you actually follow-up with messages either via email or social media otherwise you will lose touch. Conferences are mainly networking events which makes it less awkward to cold approach someone but to network more effectively make sure you exchange email address and send a connection request on LinkedIn.
Social networking is less effective than face-to-face
Networking is very important not only for executives and business owners but also for job seekers or anyone looking to build relevant and professional relationships which would empower both parties. Networking much like partnerships are always beneficial and can be very lucrative. Although digital networking is less time consuming, it is not as powerful as it is a counterpart in real life. Developing connections in the real world is much more beneficial because they are more real, it is much easier to build trust in person than online.
All the networking statistics and tips should give you an impression of how it works and what is best to do in order to maximize results. Networking is very important because it works. It is real, personal, and helps people actually build mutually interested relationships.
The three step process experts use to master networking
Before I jump into the most effective process to build fruitful and healthy professional relationships, I must acknowledge the most important fact of them all. Above anything, make sure all your networking efforts are genuine. If you are sending a gift to a potential client or partner, make sure it has been sent with all your intentional power, you actually have the idea and it's a present unique to each individual. Otherwise it loses most of its influential potential.
- 1. Face-to-face. Conventions are the favourite networking event for professionals along with meetings. It is also very important that when networking, understanding the principle of win-win - networking is most effective if both parties can get something beneficial - this codependency would ensure a more lasting and harmonious partnership .
- 2- Email follow-ups. More often than not people are overwhelmed with large amounts of communication messages - emails, text messages, whatsapp messages, meeting… Let's be honest, these days most of us are somewho available 24/7 due in part to technology. Therefore to make our digital communication more effective, it has to stand up and there are different ways to achieve this; sending multiple emails (please make sure they are not just follow-ups or pushing to ask for an answer).
- 3. Phone calls. Phone calls are more powerful at building relationships than emails or text messages. Therefore just a phone call every so often would help strengthen the bond established with a first meeting and developed with several emails.
- 4. Gift. Sending gifts has been part of the networking process for ages since kings and noblemen used to do. Gifts are being used very regularly to strengthen partnerships.
Note: networking takes time.
Networking could become a tremendous part of marketing plan when execute it effectively. It could build prosperous partnership, leading to discover untapped markets, learning about customers or just building brand recognition.