Business networking is a type of social interaction where like minded business people meet to discuss business. As we all know there are many business networking organizations available and when followed, allow the business person to build new business relationships and generate business opportunities at the same time.
In my opinion networking is a more cost-effective method of generating new business than advertising or PR. This is because business networking is a low-cost activity that involves more personal commitment than company money. When interacting with other businesses people can see the personality behind the business and are more encouraged to buy from them, as the saying goes “People buy from People”.
An average a business networking group will meet weekly or monthly with the purpose of exchanging business leads and referrals with fellow members. To complement this activity, members often meet outside this circle, on their own time, and build their own one-to-one relationship with the fellow member.
Other forms of Networking:-
-Social Media – This is a form of networking which is proving to be one of the most powerful marketing tools available to a business. It is low cost and results can be easily measured.
-Face to Face – A more traditional way of working but it will take much longer to build up relationships. Many businesses tend to prefer face-to-face networking over online based networking because the potential for higher quality relationships are possible as potential customers like to get to know the person they intend to do business with first.