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.

Business Networking Statistics

• Approximately 40% of prospects become new customers with in-person meetings 68% of professionals value face-to-face networking more than online
• Professionals who spent 6.3 hours a week networking agree that it played a crucial role in their success
• Every $1 invested in business travel yields $12.50 in incremental revenue 85% of new hires are made through networking
• In the United Kingdom, 56% of networking is done face-to-face 72% of people that admit to their first impressions are based on looks and handshakes
• Only 25% of people actually network 41% of professionals would like to network more but don’t have enough time 61% of professionals agree that regular online networking can actually lead to job opportunities (LinkedIn)
• About 5% to 20% of new customers come from trade shows 35% of professionals say that a casual conversation on LinkedIn Messaging has led to a new opportunity (LinkedIn)
• Only 11% of LinkedIn users have more than 100 people in their network

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.

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.

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.

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 and the data company Analytics & Data, all the companies surveyed admitted to having 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.

Networking effect

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.

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 effectiveness

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.

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 Statistic – Fact How to improve: work on your handshake. There are lots of different theories, for example, accor

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.

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.

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.