Chapter 5
Understanding Business Networking
According to the Encarta Dictionary, by definition networking is the gathering of acquaintances or contacts; the building up or maintaining of informal relationships, especially with people whose friendship could bring advantages such as job or business opportunities.1
Bottom line: networking is all about connecting with others and letting others connect with you. From there, anything can happen. Profitable networking happens when you connect with people who are most likely to become clients or who can influence people in your target market.
As we determined in the previous chapter, networking is not selling, nor is it a chance to push your own agenda. With that in mind, you may wonder how networking can generate business growth. To sell your product or service, you first need customers who are willing to buy what you are offering. Once they know your product exists, they must decide to buy from you instead of from your competition. There are various ways to engage people in this decision-making process, all of which when combined create a solid business development plan.
Networking is one element of your overall plan. It's the foundation that will make all other elements more successful. When you have a strong network you can draw from it to complement your other business-development efforts.
One way to generate new business leads is through advertising. Not everyone has huge budgets to run massive ad campaigns to entice potential customers. ...
