What It Networking? Complete Guides How to Do It Successfully [2024]

Online Networking is the exchange of information and ideas among people with a common profession or special interest, often in an informal social setting. Professionals use networking to expand their circles of acquaintances, find out about job opportunities in their fields, and increase their awareness of news and developments in their fields.

Networking is one of the main benefits of joining a professional organization or attending a trade fair or convention. However, networking most often occurs spontaneously when two or more like-minded professionals cross paths.

KEY TAKEAWAYS

• Networking is used by professionals to widen their circles of acquaintances, find out about job opportunities, and increase their awareness of news and trends in their fields.
• Business owners network to develop relationships with people and companies they may do business with in the future.
• Professional networking platforms provide an online location for people to engage with other professionals, join groups, post blogs, and share information.
• The coronavirus pandemic drove many to network solely online rather than in person.
• Many colleges and universities provide opportunities for alumni to network with one another.

How Networking Works

People generally join networking groups based on a single common point of interest that all members share. The most obvious is a professional affiliation, such as stockbrokers or social workers. Many find effective networking opportunities in a college alumni group, a church or synagogue social group, or a private club.

For professionals, the best networking opportunities may occur at trade shows, seminars, and conferences, which attract a large crowd of like-minded individuals. Networking helps a professional keep up with current events in the field and develop relationships that may boost future business or employment prospects.

Business owners network to develop relationships with people and companies they may do business with in the future. These connections help them establish rapport and trust among people in their communities.

Successful business networking involves regularly following up with contacts to exchange valuable information that may not be readily available outside the network.

Online Networking

Professional networking platforms such as LinkedIn provide an online location for people to engage with other professionals, join groups, post blogs, and share information. And, of course, they provide a place to post a resume, search for jobs, or identify job candidates.

These days, a business-to-business (B2B) customer pipeline can be developed almost entirely through the use of a social networking site. Online networking forums allow professionals to demonstrate their knowledge and connect with like-minded people.

LinkedIn is the largest professional network, but there are many others.1 Some cater to particular subsets of people, such

as Black Business Women Online. Others, such as Meetup, try to combine online networking, real-world networking, and video conferences.

Online networking is basically using the internet to build professional relationships with others. It’s like going to an in-person networking event, but instead of suits and snacks, you use social media platforms and online communities.

Here’s why it’s useful:

• Wider reach: You can connect with people all over the world, not just those in your local area. This is especially helpful if you’re in a niche field.
• Career advancement: Online networking can help you find new job opportunities, connect with mentors, and learn about industry trends.
• Stay informed: By following industry leaders and influencers online, you can stay up-to-date on the latest news and developments in your field.

There are many different online networking platforms available, including:

• Professional networking sites: LinkedIn is the big one here, but there are others like Indeed or Glassdoor that can be helpful depending on your field.
• Social media: Platforms like Twitter and Facebook can be great for connecting with people in your industry, especially if you follow relevant hashtags and groups.
• Online communities: There are online forums and groups for almost every profession or interest. These can be a great way to connect with people who share your passions.

Here are some tips for successful online networking:

• Be active: Don’t just lurk! Share interesting content, participate in discussions, and connect with people.
• Be genuine: People can spot a phony a mile away. Be yourself and show a genuine interest in others.
• Offer value: Don’t just ask people for favors. Try to offer them something of value, such as your expertise, insights, or connections.
• Be patient: Building relationships takes time. Don’t get discouraged if you don’t see results overnight.

Special Considerations

Given the growing number of networking opportunities available to people looking to start or advance their careers, it’s important to take some time to explore your options before committing to a specific networking group.

While it’s tempting for a new business owner or someone looking for a dream job to join as many networks as possible, a better strategy is to target your time and efforts toward those groups that best fit your needs and interests. Many networking organizations will host special meet and greet events for prospective members.

Once you join a networking group, it’s important to become a contributing member. Rather than just using the association to further their own goals, people who use networking effectively look to offer something of value to other group members.

Networking can help you identify opportunities for collaboration, strategic joint ventures, partnerships, and new areas to expand your business.

How Can I Network Efficiently?

Take the time to explore your options before committing to a specific networking group. Target your time and effort to the group that best fits your needs and interests.

Remember, networking is a process of give and take. Don’t just jump in when you’re looking for a job. Be generous about sharing tips, recommendations, and insights that benefit others in the group.

Efficient networking is about quality connections and strategic use of your time. Here are some tips to streamline your networking efforts:

Before you dive in:

• Set goals: Are you looking for a new job, a mentor, or industry insights? Knowing your goal will guide your approach.
• Target your audience: Identify the kind of people who can help you achieve your goals. Research relevant online communities, industry events, or professional groups.

Make the most of interactions:

• Prepare an elevator pitch: A concise and engaging summary of yourself and your goals (around 30 seconds).
• Be an active listener: Ask insightful questions and show genuine interest in others’ experiences.
• Focus on relationship building: Networking is about mutual benefit. How can you be helpful to others in your network?

Utilize both online and offline avenues:

• Leverage online platforms: Build a strong LinkedIn profile, connect with relevant people and groups, and participate in online discussions.
• Attend industry events: Look for conferences, workshops, or meetups related to your field.
• Follow up strategically: After meeting someone, send a personalized thank-you note or connect on LinkedIn within a day or two.

Remember:

• Quality over quantity: Focus on building meaningful connections rather than collecting business cards.
• Be patient: Networking is a long-term strategy. Nurture your connections and stay in touch.
• Be yourself: Authenticity goes a long way in building trust and lasting relationships.

Why Is Networking Useful?

Networking helps a professional keep up with current events in the field. It develops relationships that may lead to business or employment prospects. At its best, it achieves this in a relaxed social environment.

It is like planting seeds for future opportunities. You’re nurturing connections with people who can play a significant role in your professional journey. Here’s how it benefits you:

• Job hunting: Many job openings aren’t advertised publicly. You can be your secret weapon, providing leads on unlisted positions and referrals that can strengthen your application.
• Career advancement: Your acts as a springboard. Mentors you meet through networking can offer guidance and support, while colleagues in your field can provide valuable insights and open doors to new opportunities within your company or industry.
• Knowledge sharing: events and online communities connect you with experts and peers. Exchanging ideas and experiences keeps you updated on industry trends and helps you find solutions to problems you might encounter.
• Building credibility: Positive interactions within your build your reputation. People who know you and your work are more likely to recommend you for opportunities or endorse your skills.
• Increased Confidence: allows you to practice your communication skills and build self-assurance. As you connect with others and share your expertise, you’ll gain confidence in your abilities.

The Bottom Line

The “bottom line” can have two meanings depending on the context:

1. Final Outcome or Result:

In this context, “the bottom line” refers to the most important result or conclusion of a situation, discussion, or process. It highlights the key takeaway or what truly matters after considering all the details.

For example, after discussing the pros and cons of a new investment opportunity, you might say:

“The bottom line is that the risk seems too high for me at this point.”

Here, “the bottom line” summarizes your decision based on the previous conversation.

2. Financial Performance (Business Context):

In a business context, “the bottom line” specifically refers to the net profit of a company. It’s usually found on the income statement, which summarizes a company’s financial performance over a specific period. The bottom line is calculated by subtracting expenses from total revenue.

Here’s an example:

“The company reported a strong bottom line for the quarter, exceeding analyst expectations.”

In this case, “the bottom line” refers to the company’s net profit, which was higher than what experts predicted.

Which meaning applies depends on the situation. If you’re unsure, consider the surrounding conversation or the topic at hand.