Business networking can be pursued on line or in person. Social networking sites are an easily accessible medium if current software, such as windows 8, is used. Professional contacts may also be made through attending business courses, marketing courses or social functions.
There are several benefits of business networking:
- Networking can attract new customers
- It reduces the need for hiring marketing companies.
- It allows more direct access to business contacts
- It extends market reach.
- Networking facilitates research and marketing
- It extends business opportunities.
1. Networking Can Generate New Business
On line and personal networking can generate new business. It may introduce products or services to new consumers. It extends the reach of the company and puts a personal face to the brand. This humanises the company and can lead to further recommendations and increased consumer awareness.
2. Business Networking Reduces Marketing Costs
Effective and well planned business networking can often replace marketing and advertising. Word of mouth is often the best form of advertising. A targeted and well planned on line social networking presence will often result in more sales. It may also be more cost effective than a professional advertising campaign. Business networking can therefore reduce the costs of advertising, thus freeing income for product development or other purposes.
3. Networking Increases Access to Business Contacts
As networking is a personal endeavour it can increase the accessibility of important business contacts. Often essential contacts are unreachable. Networking in a social situation or while attending business courses or seminars can breach that gap.
On line networking in particular, can introduce the business to contacts which would have been inaccessible through regular channels. For example, foreign interests are more easily contactable through on line networking. Operating systems such as windows 8 can assist in making on line networking more reliable.
4. Networking Increases Market Reach
Just as networking increases the range of business contacts, it can also extend the number of markets a brand can reach. Globalisation of communications has resulted in the ability to market a product worldwide through the internet. Business networking through social media can extend a formerly local brand into a global market.
5. Business Networking Facilitates Marketing and Research
Networking can facilitate marketing and research. Marketing of new brands is difficult. Business networking can provide a forum to introduce and distribute new products. The personal nature of networking encourages participation in marketing activities.
6. Networks Can Extend Business Opportunities
Personal contacts can also extend business opportunities. Through business networking, the business may have opportunities to develop activities which were not formerly possible. This can increase the size, profitability and reputation of the company.
Networking can also increase personal opportunities. Many people find new employment through networking with professional contacts. It can improve promotional and work prospects.
Business networking has many advantages. These include extending brand awareness and reach. Efficient networking reduces the costs of marketing and advertising and can improve personal promotional and business opportunities. An effective networking strategy is a necessity in the modern business environment.
About the Guest Post Author: Tom Mallet is an Australian freelance writer and journalist. He writes extensively in Australia, Canada, Europe, and the US. He’s published more than 500 articles about various topic.