Networking is one of the most important aspects of business success. It is a way to make connections, build relationships, and promote your business in a professional setting.
But what is networking, exactly? And how can it help you grow your business? Let’s break down why networking is so important for business success with few important business networking statistics.
Importance Business Networking Statistics
- 73% of survey respondents said they were hired because of a connection.
- 61% of professionals worldwide believe that regular online networking can lead to job opportunities.
- Because 70% of jobs aren’t posted online, networking is crucial.
- 80% of professionals think professional networking boosts career success.
- Networking alone is responsible for filling up to 85% of all jobs.
What Is Networking?
In its simplest form, networking is simply meeting people who are in the same industry as you or have similar interests.
When you network with other professionals, you create connections that can be beneficial for both parties. For example, if you are looking for advise on how to boost profits in your firm, another specialist may be able to provide valuable insight that you had not previously considered.
Why Is Networking Important?
Networking helps create relationships between professionals in different industries and provides an opportunity to learn from each other and expand your knowledge base.
It also provides a platform for businesses to collaborate and find new solutions together. Furthermore, networking allows businesses to have access to resources that they might not have otherwise, such as possible investors or partners who might help their firm expand.
Finally, networking gives businesses the chance to make powerful connections which can lead to more opportunities down the line.
How To Make Effective Connections
Being honest and interested in building meaningful connections with other experts in your sector or industry is the key to effective networking.
You should be willing to share information about yourself as well as listen attentively when others talk about themselves and their experiences.
Remember that this isn’t a competition; it’s about building long-term relationships with people who can help you achieve your goals. Remember that networking isn’t restricted to in-person encounters; online platforms like LinkedIn are excellent places to interact with possible prospects electronically.
Does business networking really work?
Nibusinessinfo stated that networking is an invaluable tool for small businesses as it encourages communication and collaboration with others, can open doors to new contacts and potential clients, and give access to industry-specific or sector-specific resources.
By developing trusting relationships with other practitioners, small business owners can discuss their challenges with those who have already gone through similar experience and, in some cases, even establish direct or indirect collaborations where mutual benefit is obtained.
As such, business networking does work when investments of time are made in order to develop strong ties between people, who offer each other meaningful assistance and favor each other’s growth.
Why is networking important in business?
Zippia reported that up to 70% of employees received their current company position through networking.
Networking can be done both virtually and in-person and according to Zippia’s findings, 68% of individuals prefer connecting in-person rather than online as it helps create deeper relationships and a sense of trust.
Making face-to-face connections is key for successful long-term professional relationships; in fact 95% of professionals agree that this type of connection is essential in the business world.
Networking isn’t just beneficial when it comes to new opportunities, but staying connected with current contacts can bring huge advantages such as mutual support, feedback and potential collaborations. Overall, it’s no surprise why networking is so important in the business world.
Are 85% of jobs filled through networking?
According to HubSpot, 85% of jobs are filled through networking – or in other words, the vast majority of roles available aren’t ever even posted publicly.
In fact, CNBC reported that around 70% of open positions simply never make it out into the public. Instead, these career opportunities are typically shared internally or created for candidates that recruiters already know and have been made aware of via their networking activities.
This goes to show just how powerful networking can be when it comes to pinpointing and securing your dream job.