Networking 101: Everything you need to know about the important life skill

How many times have you heard people around you talk about networking and its importance? If you are a B-School student, you must’ve been ingrained with the wonders of networking and what it means in terms of your career. As a string of connections, networking plays an important role in establishing your presence for any career path you choose, and creating contacts. Though its necessity is clear, many of us are not aware of the know-how of networking. So let us explore the basics of networking which can transform your life for good!

Simply put, networking is the process of developing and activating your relationships to increase your business, enhance your knowledge and expand your sphere of influence. It is not just about connecting with people, but with their ideas and opportunities. With the paramount advantages it carries, networking is labelled as the unsaid rule for success in any business. So without any further ado, let’s explore the world of networking and everything there is to know about the fascinating tool. 

Why is networking important?

Before we jump into the importance of networking, and the advantages it boasts of, let us explore some statistics that will emphasize its practical value. According to a survey conducted by HubSpot, networking alone is responsible for filling 85% of jobs out there. A study by LinkedIn Newsroom concluded that 80% of professionals believe that their careers can be elevated solely through networking. 

There is no doubt that networking is attached to numerous advantages. It provides an avenue to exchange ideas and learn from the experiences of others. Networking also makes you noticeable and opens up a gate of new opportunities. Along with support from high-profile individuals, it helps you grow in terms of your status and self-confidence. The idea of forming life-long relations through networking should be fostered by you if you seek to create visibility and a community in your field of expertise. 

Where can you find networking opportunities? 

Everyone knows the importance of networking more or less. The difficult part involves trying to find networking opportunities. There is no clear-cut method on how one can go about networking, but having a clear idea about the types of networking opportunities helps develop clarity on the path to choose. It all boils down to four main types of networks:

1. Online/social media networking

The new age of technology has opened doors for us to form networks from the comfort of our homes through the internet. It is the easiest and fastest way of networking, especially if you are new to the scene. It doesn’t require going places, dressing up, and meeting people in the real world. 

Online networking just needs a little time investment in how you want to present yourself online. Regular investment (daily, weekly, monthly) in updating your online profiles and engaging with those you meet virtually. Websites like Twitter, Quora, LinkedIn, and Instagram are amazing tools to enter the world of networking. 

2. Community groups and events

These types of professional networks are usually localized and are focused on providing social good in their communities. By giving time and money to the community you live in, you build up tremendous social capital and goodwill that can bode well for you in the future. You’ll also meet great people inside and outside of your industry along the way. Networking through community groups is a positive way of establishing your visibility and meeting financial donors. 

3. Professional/trade associations

Being a part of a professional association is the perfect networking strategy to approach people from the field of your interest. No matter what industry you are engaged in, there will be a trade association that brings together like-minded people. Networking through such associations will give your career the boost it needs in terms of contacts and potential clients.

4. Casual contact networking

If the above networking strategies do not float your boat, you can always approach contacting people personally. Networking through friends and family can help establish strong business relationships. You might meet someone who could be useful for your business, or someone whose business you can help, at a casual social event. If you develop a rapport with them and exchange contact details, you can then arrange a more official meeting with them later.

This can also include going to exercise at a popular gym, contacting your alumni from your school, attending conferences and talks, and other networking opportunities which are informal and laidback in nature. 

How to go about networking?

Networking has its wonders, but it can also be intimidating for many. If you are a beginner or experience an aversion when it comes to interacting with people, then there are some basic strategies you can follow to make the most of your networking opportunities:

1. Focus on learning and relationship building

While networking, develop motivation and enthusiasm within yourself to learn and meet new people. It can be taxing at times, but the perspective you go about with networking determines the end results. Do not feel obligated about to make contacts, rather see it as an opportunity to meet new people and learn from their experiences. 

2. Identify common interests

Always remember this: when your networking is driven by interests, it will always be authentic. Make sure your goals and interests align with the people you are networking with in order to develop meaningful relationships. In fact, numerous studies in social psychology have demonstrated that people establish the most collaborative and longest-lasting connections when they work together on tasks with similar interests. 

3. Be clear about your goals and purpose

When networking, make sure to have clarity about your goals and the purpose behind the interactions. Constantly reminding yourself about why you are taking a particular action will help you adopt a pragmatic approach to networking. Your goals can be anywhere from wanting a promotion, to finding a financial donor or a business partner. It can even be as simple as wanting to know more about other fields. 

4. Team up

If you are hesitant about being the lone wolf at a networking event, ask a friend or a colleague to tag along with you. After all, the entire world of networking operates on forming connections, so the more the merrier!

5. Network wherever you are

Networking does not depend on where you are located. If you feel the current pandemic is stopping you from going out and meeting new people, then build a presence on networking sites like LinkedIn. 

Make sure to internalize the idea that networking is all about giving and receiving. The more you share with people in your networking circle, the more help you’ll receive from them. 

What are some tips for successful networking?

Now that you are all geared up to build a network for yourself, here are some tips you should keep in mind to be successful at networking: 

1. Be different, confident, and ambitious

The beauty of networking is that there is no specific way to go about it. You can draw your own blueprint to form contacts. Make sure to confidently describe yourself in a precise manner, which draws the attention of others. You can utilize the “elevator pitch” method, where you pretend to meet a person for the first time in an elevator, and impress them with a crisp speech. 

Always make sure to highlight what makes you unique, and sets you apart from others in the networking circle. 

2. Help others and be positive

It is only when you help others, is when you will be helped through networking. Do not shy away from taking the initiative, and have a positive attitude around the people you surround yourself with. If you feel you do not have a lot to offer, make the most by radiating positivity, which will ultimately make you noticeable and valuable. One smile can change your networking circle!

3. Get social in your off-hours

Just because you’re off the clock, it does not mean that the networking has to stop. You can create networks anywhere, be it at a wedding or a pub! All it takes is one handshake to create life-long networks. 

4. Identify icebreakers

Things can get awkward if you’re talking to someone for the first time with the purpose of networking. This is why you should always prepare yourself with icebreakers and water-cooler topics to let the other person know that you are invested in this. 

5. Relevant targeting

Based on your goals and motives, you can draw out a target audience you want to start networking with. So do not go aimlessly after every networking opportunity, rather identify what can be beneficial for you. 

6. Commit and follow-up

Make sure to fulfill your commitments with people in your networking circle, if you have given them your word. Completing simple tasks like sharing contact can help you be identified as a helpful person, which will encourage others to return the favor. Simultaneously, make sure to follow up and sustain networking relationships, even if it is not relevant to your needs currently. Being cordial and maintaining relationships are key to successful networking. 

Your crash course in networking comes to an end here. So go out there and build your own circle! After all, your network is your net worth, so make the changes you have to in order to give your career the boost it needs.

If you would like to know more about networking, check out the following articles:

1. Importance Of Networking Inside and Outside College? | Alekhya, Brand Manager- Nestle, Vivel, ITC | Dove, Unilever | Emami | MakeMyTrip
2. How Alumni Network can be your guiding light in your MBA?
3. Are you an intern? Build a strong network with these tips
4. Busting the major myths and misconceptions about networking
5. MBA Life Hacks for Building a Meaningful Career Network