NETWORKING STRATEGIES
Learning Objectives 1) Introduction 2) Define networking 3) Explain different types of networks 4) Examine why it’s important to network 5) Discuss different strategies of networking.
Introduction:
Today, people network by joining clubs, going to lunch with friends, attending conferences, joining industry associations, and going to alumni dinners and reunions; others network with church members, school buddies, and community organizations. But what do these activities help them achieve in return for their time and effort? Are they worth the investment? In other words, is there a right and a wrong way to network?
Essential Questions to Ask as You Network • Do you know of anyone who might have an opening for a person with my skills? If no, then, • Do you know of anyone else who might know of someone who would? If still no, then, • Do you know someone who knows lots of people?
Who Is Your Network? • Family and relatives • Friends • Neighbors (past and present) • Social acquaintances (group and club members) • Professors • Classmates (high school and college) • Local alumni and alumni association • Career center • People you consulted or conducted business with during the past twelve months • Politicians (local, state, and national) • Chamber of commerce members • Pastors, ministers, church members • Trade association members • Professional organization executives and members • People you meet at conferences or conventions • Speakers at meetings you have attended • Business club members (Rotary, Kiwanis, Jaycees, etc.) • Direct sales representatives (insurance, real estate, etc.)
Definition
Strategy – a plan or method of achieving a goal or result. "Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations".
Networking - is the act of meeting and associating with contacts and making connections with persons to strengthen your structure, both personally and professionally. Through meeting new people and attending networking events, individuals have the opportunity to add to their lists of professional contacts. Networking can be achieved through events, conferences, mixers, expos, meetings, charities, and functions. Networking can be particularly important when it comes to searching for internships or jobs, or furthering your education.
Networking can also be vital to those who are interested in furthering their education, such as applying to graduate school. If you have networked and know good contacts, they may fill you in on great graduate program opportunities. Similarly, entry into graduate school and other programs usually require applications, essays, and letters of recommendation. Networking is especially helpful if you need letters of recommendation because if you have plenty of people who know your goals and initiatives, it is likely they wouldn’t mind writing a letter of recommendation for you. Letters of recommendation also work well with new job opportunities. They can say quite a bit to hiring managers and admissions counselors who do not personally know you.
The act of meeting new people and creating a broader network of contacts can also be beneficial to those who own, manage, or run businesses and companies. This is because it allows them to meet new people and have people in mind when they are looking to hire employees, rather than having to interview and hire a stranger that they are not completely sold on.
Networking may not come easy to a lot of people. It involves meeting, conversing, and talking business with people, and for some it can be an uncomfortable situation. Since networking is extremely important, though, the best thing to do is take it one step at a time. If the thought of being around too many people scares you, try to arrive at a networking event a little early so that there are less people there. You can also consider taking a colleague with you to break the ice and for support. Like with most things, the more networking you do and open yourself up, the easier it should get.

Online business networking:

Businesses are increasingly using business social networks as a means of growing their circle of business contacts and promoting themselves and their business online. In general these business networking tools allow business professionals to build up their circle of business partners trusted to do business with. By connecting these business partners the business networking tools allow individuals to search for certain business people within their network. Through introductions, the members of these tools then can get in contact with new prospective business partners. Since businesses are expanding globally, social networks make it easier to keep in touch with other business contacts around the business world. Specific cross-border e-commerce business platforms and business partnering networks now make globalization accessible also for small and medium sized businesses. Business networking can be conducted in a local business community, or on a larger scale via the Internet. Business networking websites have grown over recent years due to the Internet's ability to connect business people from all over the world. Internet businesses often set up business leads for sale to bigger corporations and businesses looking for data sources for business.

Business networking can have a meaning also in the ICT domain, i.e. the provision of operating support to businesses and organizations, and related value chains and value networks. In the case of a formal business network, its members may agree to meet weekly or monthly with the purpose of exchanging business leads and referrals with fellow members. To complement this business activity, members often meet outside this circle, on their own time, and build their own one-to-one business relationship with the fellow member.

Face to face networking:

Many business professionals tend to prefer face-to-face business networking over online based networking because the potential for higher quality business relationships is possible

Face to face business networking can also occur through referral business networking clubs.

Social Networking

What is the importance of social networking? Does your small business really need to become an active participants in social networks? We examine the role of social networks in faciliating business growth.
With the Internet now integrated into nearly all aspects of everyday business use, many business owners are recognizing the important role that social networking can play in the world of entrepreneurship.
What is it?
Even before the Internet, social networking existed. In a nutshell, social networking is when a person uses already existing contacts to meet new people as potential social or business links. Such links, in turn, will help expand future connections. Small and local businesses can even do this simply by attending community events or participating in trade shows.
Anything that gets the company name out there, or connects your company to helpful resources, is considered networking. Technology now makes this possible to do online, and not just face-to-face.
How can it be done Online?
One can compare social networking to the concept of the six-degrees of separation. Based on the idea that any two people can be connected through a chain of five or less intermediaries, social networking can occur through social network sites and communities that may not have formed before the Internet. Through these sites, people join, and then invite their established contacts to do the same. Those contacts will likewise invite other individuals. Social networking sites allow people with common interests to create their communities online. The essential features of social networking sites include blogging (users can upload materials and others can post their feedback), grouping (users can join people with common interests), networking (users can add or delete friends at any time) and instant messaging (users can send instant messages to their friends), thereby enhancing social interaction (Hsiao, 2011; Li, 2011; Wang et al., 2010). With social networking sites, users can access not only the opinions of close friends, family and work colleagues but also those of anyone in the world who has used a given product or service (Pan et al., 2007).

Social networking sites are created to assist in online networking. These sites are generally communities created to support a common theme. Since the creation of social networking sites such as MySpace, LinkedIn, and Facebook, individuals are given opportunities to meet new people and friends in their own community and across the world.
Businesses can follow this trend. MySpace encourages smaller and medium-sized businesses to set up an online storefront as a way to advertise and promote business activities. By doing so, individuals can become "friends" or "fans" of the profile, and will be updated on current events, specials, and other essential information the business would like to share.
Using the six-degrees of separation concept, a new friend will expose your business to a new set of people who are listed as their respective friends.
Does it Work?
It can work as long as you treat online social networking just as you would if you were doing it in person. Be an active member of a community or site. That being said, it is only as valuable as the amount of effort you want to put into it. Just like meeting face-to-face, a first impression is a lasting one. Remember to create a page that reflects the atmosphere of your business.
Importance of Social Networking
Social networking can help a business gain contacts, clients, and increased public awareness.
Even entrepreneurs who run small businesses from their homes can take advantage of this resource to set up a global presence.
To make the most of social networking, it's important to fully understand the concept of social networking and how it can be applied in ways that will help you grow your business.
Networked businesses

With business networking developing more business, many businesses now have this as a core part of their business strategy. Those businesses that have developed a strong business network of business connections suppliers and businesses can be seen as Networked Businesses, and will tend to source the business and their suppliers through the network of relationships that they have in place. Networked businesses tend to be open, random, and supportive, whereas those relying on hierarchical, traditional managed approaches are closed, selective, and controlling.

NETWORKING STRATEGIES

The key to making the most of your professional networking is to keep the right attitude and use a series of techniques to connect with others and expand your circle of influence. Although social networking sites have replaced a lot of face-to-face networking opportunities, these effective networking strategies apply either online or in person.
1. Change the way you think about your contacts.
Your contacts aren't there to provide value for you. You should think about ways that you can provide value for them.
2. Seek to share, not to sell.
People resist sales. But, if you've built up a relationship with someone through sharing, they'll be more likely to spread the word about your services or become a customer.
3. Keep your body language in check.
At face-to-face networking events, you should pay close attention to your body language. Be sure to smile and stand tall to impress others.
4. Go outside of your circle of influence.
The point of networking isn't to get to know people who already know you. The point is to make new contacts and grow your circle. Make sure you're spending time where you need to be.
5. Connect your circle with your new contacts.
It's important to make connections between people you know and people you just met. If you meet someone who would benefit from knowing someone that you know, make the connection.
6. Make yourself memorable.
Find a good way to communicate what you do in a memorable way. Consider your specific range of expertise, and sell yourself with that in mind.
7. Be ready with your business card (or your URL if you're networking online).
You're going to meet a lot of people while networking and, if you want them to contact you again, you'll need to provide them with an easy way to get in touch. Be sure that you have your business card handy at live events, and make sure you create and use a personal Web site.
8. Follow up after an event.
If you really connected with someone, make it a point to follow up with them in the future. You can send a quick e-mail to follow up on a conversation, or send a thank-you note if the person went above and beyond to help you out.
9. Present yourself well online.
If you use social networking sites, you should carefully monitor the quality of what you post on your profile and what you use as updates. Remember, these sites aren't for fun and games if you want to network professionally.
10. Look for ways to network beyond networking events.
Sometimes the best connections are made when there's no pressure to network. Look for opportunities to connect with others in a more casual atmosphere.
11. Don't be afraid to be yourself.
You'll be a lot more memorable, and more trusting, if you can be yourself. Don't be afraid to let your personality shine.

IMPORTANCE OF NETWORKING STRATEGIES

Building up a network of diverse people is very helpful for any business. Contacts with different clusters or groups would help you possibility of greater opportunities. A closed group of contacts will not let you this kind of exposure.

The more diverse the network is the better it would be. Your networking should cut across the geographical boundaries. When you attend group meetings, collect the business cards of other people. Meeting people frequently could help you to could bring you business.

Networking would help you to expand your contact list. This could help you to expand your sales base. It could also bring you in touch with different requirements help you to diversify your business.

However busy you are you should give importance to networking.. It is important to create a lasting first impression on people whom you meet. The impression you create will bring you greater business opportunities. You should always try to keep in touch will the contacts you have developed.

You should help people in your network. This would not only bring you goodwill but also business. If a person has a product to sell, giving him the contact number of a person who needs the product will help you in the long run.

You should identify ways and means to improve your networking. You should view networking and relationship building as a continuous process. Networking aids the growth of your business and expands your horizon. It would aid you in creating new products and expanding your knowledge.

If you are a professional you should seek new ideas and pastures that would help you to grow. If you are attending a networking meeting, be well prepared. Think in advance as to what kind of people you are going to interact with. When you meet people, you find out what their requirements are and whether you can fulfill them.

SUMMARY

• Build your network • Expand your network • Activate your network • Remember to follow through on promises made • Continue to network after securing your intended purpose.
REVIEW QUESTIONS 1) Share your thoughts on importance of social networking. Is this a waste of time for business owners or is it a secret weapon waiting to be tapped? 2) As a manager of Unilever limited discuss how you can use networking to grow your business? 3) What have the activities (joining club, going for lunch with friends, attending conferences, joining industry associations etc) helped you achieve results, in return to the time and effort you have put? 4) Are they worth? 5) Is there a right or wrong way to network?