The Future of Business Development – The Value of Networking
Date published:
The Value of Networking – Jeni Smith, founder and networking strategist at NetKno
We buy from the people we know, like and trust, its simply human nature. But the way in which we build and nurture our networks has changed dramatically over the last couple of decades, and even more so during the last eighteen months. Initially with the introduction of social media where we’re able to organise our networks and communicate with them regularly, nurturing the relationships we’ve built in the real world, digitally.
More recently, as the global pandemic hit and our ability to network traditionally was literally taken away overnight, we of course turned to technology to help us connect with others. The adoption of technology for networking activities during lockdown has had a huge impact on the way we build and manage relationships within our networks. The time efficiency of attending online events, and the elimination of geographic boundaries means we’re able to network with people all over the world, instantly, from the comfort of our home offices.
Pre-lockdown, if you wanted to build relationships in new cities, you’d have to travel there to attend events and meetings. Now that we’re all comfortable with the concept of remote networking that’s no longer the case – business development activities can begin before you even set foot in a new city, county, or country for that matter. The world just got a whole lot smaller, and networking just got a whole lot more efficient.
That doesn’t mean to say that remote networking is the future of networking.
“Deeper relationships form faster by spending time in each other’s presence.”
The issue with building relationships purely online is that there’s always going to be something missing. I often joke and say when you meet someone online you never know how tall they are or what they smell like. I’m not saying you should go around smelling people at networking events, what I mean is that for us to form deep and meaningful connections with other humans we need to be in the same room as them. We’re multi-sensory beings, so knowing what someone smells like and shaking their hand helps us connect, form memories, and even releases oxytocin which chemically creates deeper connections. Spending time with someone means we’re able to get a complete picture of who they are so we can build trust, a key component in any personal or professional relationship.
That’s the difference between remote and in-person networking activities: deeper relationships formed faster by spending time in each other’s presence. Although you can connect with a high volume of people via remote events, if you’re going for quality over quantity then in-person always wins.
Since the pandemic began and we’ve embraced remote events, the number of opportunities available to us has increased dramatically. We suddenly have access to the whole world for networking and greater choice means a greater requirement for strategy. Similarly, the rise of remote events has really highlighted the time investment required for in-person networking, and therefore we’re being more particular about which events we chose to attend. And rightly so – networking is an investment, and just like any other form of business development, it should be approached strategically to ensure objectives are met and return on investment optimised.
Post-pandemic networking is a very different place: a much bigger, more efficient, strategic, and yet more human place I’d hope. Being separated for so long has really highlighted the importance of connection, and not just for business development purposes but also for support, knowledge transfer, innovation, career progression, personal development, communication skills, and so much more. The beauty now is that we have a choice. People who may have historically shied away from in-person events or found them inaccessible can now network comfortably online opening a world of possibilities and connections.
Moving forward I think it’s important that people start thinking more strategically about their approach to networking, utilising remote events for volume and geographic variety whilst still attending in-person events to form and nurture more meaningful connections. The beauty of strategy is that it empowers you to be selective about the events you invest your time and resources into whilst achieving your business development goals.
To help ensure you’re improving your return on investment from networking activities start by addressing your networking objectives: what do you want to achieve from building a network, and who are the people that can help you achieve those goals? Once you know who you need to meet, adopting a strategic approach becomes a whole lot easier; simply start attending the events, in person and/ or online, that your target markets will be attracted to. The theme or topic of an event is always a great indication of who the delegates will be.
“Start by addressing your networking objectives: what do you want to achieve from building a network, and who are the people that can help you achieve those goals?”
Putting in the groundwork by researching delegates and pre-arranging meetings within events allows you to be more efficient with your time. As does inviting people already in your network to attend events you’re going to so you can catch up before, during or after. Remember: networking isn’t just about meeting new people, it’s about nurturing the relationships you already have.
You can read the full Future of Business Development Report here.