Business networking is a marketing method by which business opportunities are created through networks of like-minded business people. There are several prominent business networking organizations that create models of networking activity that, when followed, allow the business person to build new business relationship and generate business opportunities at the same time.
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Business networking is a marketing method by which business opportunities are created through networks of like-minded business people. There are several prominent business networking organizations that create models of networking activity that, when followed, allow the business person to build new business relationship and generate business opportunities at the same time.
Many business people contend business networking is a more cost-effective method of generating new business than advertising or public relations efforts. This is because business networking is a low-cost activity that involves more personal commitment than company money.
As an example, a business network may agree to meet weekly or monthly with the purpose of exchanging business leads and referrals with fellow members. To complement this activity, members often meet outside this circle, on their own time, and build their own "one-to-one" relationship with the fellow member.
Business networking can be conducted in a local business community, or on a more larger scale via the Internet. Business networking websites have grown over recent years due to the internets ability to connect people from all over the world.
Business networking can have a meaning also in the ICT domain, i.e. the provision of operating support to companies / organizations, and related value chains / value networks.
It refers to an activity coordination with a wider scope and a simpler implementation than pre-organized workflows or web-based impromptu searches for transaction counterparts (workflow is useful to coordinate activities, but it is complicated by the use of s.c. "patterns" to deviate the flow of work from a pure sequence, in order to compensate its intrinsic "linearity"; impromptu searches for transaction counterparts on the web are useful as well, but only for non strategic supplies; both are complicated by a plethora of interfaces -- SOA / XML / web services -- needed among different organizations and even between different IT applications within the same organization).
Online business networking
Businesses are increasingly using business social networks like XINGor professional business networking tools like Boardex as a means of growing their circle of business contacts and promoting themselves online. Since businesses are expanding globally, social networks make it easier to keep in touch with other contacts around the world. Specific cross-border e-commerce platforms and business partnering networks now make globalization accessible also for small and medium sized companies.
Face-to-face business networking
Professionals who wish to leverage their presentation skills with the urgency of physically being present, attend general and exclusive events. Many professionals tend to prefer face-to-face networking over online based networking because the potential for higher quality relationships are possible. Many individuals also prefer face-to-face because people tend to prefer actually knowing and meeting who they intend to do business with.
