Business networking plays a crucial role in today's business world, and it's important to understand its impact on your business success. I have experienced this in every stage of my career: in the music industry, with my tech startup, at DiWiSH, and as a business networking trainer. Here are five important points that I also address in my trainings/workshops:
1: The power of relationships
Your relationships are invaluable. Through business networking, you have the opportunity to build valuable contacts and long-term relationships. These relationships can open doors, create new opportunities, and contribute to your success. Strong relationships can be compared to fans in the music world and their favourite artists: fans repeatedly buy their artists' products, recommend them to others in their social circle, and identify with them beyond just the music. All of this is based on a strong relationship.
2: Access to resources and information
A well-developed business network gives you access to a variety of resources and information. You can learn from the experiences of others, discover new trends and developments, and gain valuable insights into the market and the industry. These resources and information help you make informed decisions and gain a competitive advantage. A strong network on LinkedIn can provide the right impulses and information through the news feed. Additionally, knowing the right people well enough to seek their advice for new information also helps.
3: Generation of business opportunities
A strong business network opens up a multitude of business opportunities. Through personal recommendations and referrals, you can reach potential customers (as mentioned earlier with the music fan analogy), find new business partners, and even attract investors for your company. Use networking events, industry meetings, and conferences to expand your network and explore new business opportunities or even "provoke" them through the opportunity of interaction and exchange. But be careful not to be too pushy in sales at networking events.
4: Support and mentoring
A well-established business network provides valuable support and mentoring. You can learn from experienced business professionals, receive advice, and be inspired by their success stories. This supportive environment helps you overcome challenges, develop new skills, and advance your professional development. Finding a mentor or being found by one is particularly a result of good networking and even better business relationship management.
5: Reputation and credibility
A solid business network also contributes to improving your reputation and credibility. By establishing yourself as a competent and trustworthy business partner within your network, your credibility in the industry increases. Recommendations and positive reviews from other network members build trust among potential customers and partners.
Conclusion:
Business networking is a key to success. By developing your networking skills and actively utilising your network, you can unlock new business opportunities, leverage valuable resources, and sustainably increase your business success. Through business networking, you get to know exciting contacts, and by nurturing your business relationships, contacts/customers eventually turn into fans!
Question to the entrepreneurs among you: What if your company could significantly increase its success by focused networking and effective management of business relationships? There are companies that don't need cold calling because all their revenue comes from a strong network and referrals. Of course, a well-structured sales process is equally important, but the question is how cold customer acquisition needs to be, especially in today's times where trust and relationships determine purchasing decisions! Or how about having a highly motivated team because the internal network of the company, i.e., the relationships among employees, is so strong? With the knowledge transfer from the music industry on how contacts/customers become fans, I build my workshops.