Why Network?

Networking is a superb prospect to meet new individuals who could be your business partners or employers one day.

When it comes to hiring, recruiters face the difficult task of selecting one candidate from the hundreds of applicants. Picking someone they know and have had contact with previously is much more straightforward than selecting someone they've not had the pleasure of meeting or even only through an interview.

This is also true for business relationships. Customers want to work with experts they can be confident in. Networking is the most effective method to establish trust.

Networking is now a necessity for becoming acquainted with people who work in your industry so that they may become your customer or partner in the future.

Networking to Advance Your Career

Networking is crucial for those looking to progress in their careers. According to HubSpot, 85 percent of all jobs get filled by networking. According to CNBC, 70 percent of jobs never get released to the public.

The jobs are posted internally or created for those recruiters who have met via networking. According to LinkedIn the website, 70% of those employed in 2016 were hired because they had connections to their employer, and an 80percent of professionals believe that networking is a crucial factor in their career performance.

While it's possible to secure an employment opportunity by simply randomly mailing your resume to the job boards and advertisements, These statistics show how networking can be the most effective method to establish a lucrative career and ensure the satisfaction of your work.

Networking to build business relationships

Networking does more than help to start your career. It also aids you in achieving success in it. Oxford Economics published a thorough study of what networking can do to build business relations.

Business relationships may include customers and customers, partnerships, and even vendors.

Networking is among the most effective methods to keep and attract customers. The closing percentage of meetings is around 40%, which means that the seminars in person end with an agreement or sale nearly 50% of the time.

In addition, the majority of customers prefer or require meetings in person. This means it is possible to lose clients because you don't meet them in person.

Refraining from networking with customers could also impact the profits of a business. Executives say the company would lose 28% of revenue if they stopped networking.

Trade shows are an excellent opportunity to build relationships for your company. Trade events attract around 5-20% of clients. Jacobson Koch Additionally, experts mention that networking with vendors (48 percent) and prospective customers (43 percent) are the most important motives for attending trade exhibitions.

This study clearly shows the importance of networking to build relationships. It is essential to establish trust and loyalty between all your business contacts. In the absence of networking, many companies would not be able to succeed.

To Network Statistics How To Network Statistics
Online

The internet has taken over the world of business in the last decade due to the social media sites such as LinkedIn.

LinkedIn was designed specifically for people who would like to connect but don't have the time to meet in person. Since the beginning, online networking on platforms such as LinkedIn has proven to be a massive success for many professionals.

According to research conducted through LinkedIn in 2017, 35% of the participants reported that an informal conversation via LinkedIn Messaging resulted in creating a new business possibility.

These could be opportunities for employment or career shifts, sales leads, and business agreements.

In reality, 25% of users reported that LinkedIn helped their ally with a business partner. In addition, 61% of users believe that regular interaction with their networks could result in career opportunities.

A study conducted by Forbes asked respondents to discuss the most important advantages of technology in networking.

The most significant advantages of using the internet were:

Helps to save time (92 percent)
Reduces costs (88 percent)
More freedom with regards to moment and location (76 percent)
Allows participants to multi-task (64 percent)
Productivity increases (55 percent)
Capability to save sessions (49 percent)
Lower peer pressure (16 percent)
Meetings in person

COVID is a threat for those who love networking in person. Before the epidemic, however, there were meetings in person as an essential way to connect. According to HubSpot, almost 100 percent of professionals believe meeting in person is necessary for keeping relationships with long-term clients.

A study conducted by Forbes identified the most significant advantages of meeting in person instead of networking with technology. The most important advantages were:

Strengthening and enhancing business relationships (85 percent)
Improved ability to discern facial expressions and body language (77 percent)
Ability to build bonds with colleagues/clients and have more social interaction (75 percent)
Provides more sophisticated strategic thinking (49 percent)
A better environment for rapid, decisive decision-making (44 percent)
Less chance for unneeded distractions (40 percent)
Improves decision-making (39 percent)
It is easier to concentrate (38 percent)
Fewer disruptions and delays (23 percent)
As the world returns regularly, more people will get back to networking in person because of its success in creating business connections.

Problems with Networking Statistics

According to LinkedIn the site, even though 70% of professionals believe that networking is beneficial in advancing their careers, Only 48% remain in contact with their networks.

In addition, around 38% of professionals say it's difficult to keep connected with their networks.

What is the reason? Although networking is extremely valuable, some obstacles prevent people from connecting to their networks.

Insufficient Time

Networking can be a problem because professionals do not always have time to stay on top of their networks.

In reality, a LinkedIn survey revealed that 49% of the participants claimed they did not have enough time to meet with friends.

According to HubSpot, around 41% of networkers would like to be more active in their networks but do not have the time.

COVID

It's hard to talk about networking without getting to the heart of the matter that is in the corner. Before 2020, many people who networked would go to events to meet potential clients and build relationships with business partners.

Yet, COVID put many people out of work and also prevented professionals from interacting in person and safely.

COVID has also reduced the number of available jobs. Many laid off in the last year are still seeking employment.

The stigma associated with laid-off workers has stopped many from achieving the heights of their careers and again. The fired people are often ashamed and less likely to seek out their networks for help.

LinkedIn, according to LinkedIn, since the outbreak began in the beginning, just 42% of professionals reached out to existing connections to inquire about jobs. In comparison, just 39% have requested contacts in their networks to introduce themselves. Additionally, only 35% have initiated their introductions to potential connections.

While the last year has been difficult for both the business market and networking, things are beginning to look better. Hopefully, things can get back to normal shortly, and the public can start to meet in person again.

Final Thoughts

Networking is essential to business as well as the jobs market. Many people get jobs via networking, and many leads and sales happen through networking.

Even with all the benefits in the report of HubSpot, one in four professionals don't even network. I hope this informative article will allow you to understand why networking is so crucial to your job search and career if you're one of them.

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