The 13 Benefits of Networking and How to Do It Right

2023-01-02

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7 min read

TABLE OF CONTENT

Professional networking is essential to growing your career. It also helps you to form long-term business relationships and build your professional reputation.Studies reveal that:

76% of professionals believe knowing the right people is important to getting ahead in life
51% feel that the lack of a network is a difficult challenge to overcome
38% find it difficult to maintain business relationships
Only 22% are actively seeking networking and mentorship opportunities

In this article, we explain why networking is important, the benefits it offers and how to network effectively.

What is networking?

Professional networking is defined as the practise of establishing and building relationships and interacting with colleagues in order to exchange information, ideas and opportunities.Your professional network may include:

Individuals who work in the same industry as you
Peers who share similar interests, skill sets, educational backgrounds or experience
Individuals with whom you have a business partnership (clients, vendors)
Former classmates and professors
Current and former colleagues and supervisors
Virtual acquaintances from professional online communities, groups and forums

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What are the benefits of networking?

The purpose of networking isnât to get introduced to people who can provide you with something â a job, a sale, a reference or other support. The purpose of networking is to develop long-term symbiotic relationships. These professional connections are beneficial to both parties. Sometimes, by extension, they're advantageous to the organisations you both work for.The importance of networking is clear when you consider the following benefits:

Exchange ideas and innovations â Your professional network is a well of professional knowledge. You can share challenges and solutions and discuss previous experiences. You can bounce ideas off each other and, ultimately, spark new innovations
Gain additional resources â Your network is a great place to share resources. This may include online content, reading recommendations, useful tools and organisations.
Grow your skill set â Pay attention when professional connections recommend career development opportunities, tutorials, strategies and tips.
Stay on top of the latest trends, challenges and events â Learn whatâs happening in your industry and career field in other regions around the world.
Mentoring opportunities â Expand your network to include persons of varying expertise and status. Donât be afraid to make connections with people in higher-ranking positions. These may lead you to the perfect mentor to help you grow your skill set or advance your career. You also gain the opportunity to mentor others and expand your leadership skills.
Increase your professional status â Interacting with others in your industry or career field can help build your reputation as an industry expert or thought leader. In addition, the more you strengthen and expand your industry connections, the greater your value to your employer and other industry businesses.
Boost your professional confidence â Your confidence as an industry expert grows along with your professional knowledge, skill set, leadership and reputation.
Strengthen your business connections â Collaborating and engaging with your clients, prospects and business partners can help you forge strong, impactful relationships.
Increase your close rate â If youâre in sales, strong relationships with clients and prospects can increase your success. Face-to-face meetings have a 40% close rate and companies earn $12.50 for every dollar invested in face-to-face meetings. For this reason, the cost of sending staff to industry events is considered well worth the investment.
Get noticed â The quality of your professional connections can help you grab the attention of companies you want to do business with or work for. When you share helpful industry strategies and tips, you earn the attention and professional respect of current and potential clients or employers.
Open doors â Donât wait until youâre in the middle of a job search to build your network. A strong professional network and reputation can serve as a proactive backup plan in the event you need to find a new job. In fact, 85% of job vacancies are filled via networking. When you cultivate your professional relationships, connections in your network are more likely to refer you for job opportunities or serve as a professional reference.
Reassess your career path â Connecting with people who share a like interest or hobby may help you realise your hidden talents or discover new opportunities in other fields.
Relationships â Engaging with your network is an ideal way to expand your social circle. Meeting new people and interacting with them reinforces your social well-being, which is a crucial part of your emotional health.

How do people build their network?

With so many benefits to networking, itâs essential to have a networking strategy. Know your goal, which may include one or many of the benefits we listed above. Then plan the channels youâll use to expand your connections.Some of the opportunities to build your professional network include networking events, industry events, conferences and tradeshows; social groups, networking sites and professional organisations; as well as connections with former classmates, professors, coworkers and supervisors.You can also build up your network in other ways. Think outside of the box and go beyond your industry circles. Try volunteering your services and connecting with individuals who share your interests or hobbies. For example, if you adopted a retired greyhound, a greyhound meetup group is a personal networking group that might also benefit you professionally.As weâve discussed, networking is about more than just collecting business cards. You need to develop relationships with those connections. Your networking plan should be strategic and intentional. This means understanding how your interactions benefit your business relationships and how some interactions can harm it.

What not to do when building your professional network:

Donât (just) ask for a job. Being strategic means not connecting with the sole purpose of finding a job. Remember that professional connections in your network are likely talking to each other. If you are pushy or artificial with new connections, it can quickly damage your professional reputation.
Donât be one-sided. Networking should be mutually beneficial for both parties. This means an exchange of ideas, opinions and opportunities.
Donât force it. Be mindful of your networking connections and donât attempt to connect with someone that has opposing values or with whom you feel uncomfortable. Likewise, donât force a relationship on someone who doesnât want to connect.
Donât take up too much time. Be considerate of the time your connections share with you.
Donât criticise, condemn or complain to or about your professional connections, current coworkers or your employer.
Donât be a bystander. The key to effective networking is building strong relationships. You canât build strong relationships without actively engaging.

How to build up your professional network:

Have an online presence â You donât have to have a website to engage with your network. Social media groups and forums are the perfect platforms to establish a presence in your industry. LinkedIn, the largest online professional networking site is the ideal place to start.
Engage online â Share suggestions, news, informative content and tips with your associates. If you could write an entire article on a specific topic, do so and share it with your network. Engagement works both ways, however. Be sure to celebrate othersâ achievements and be receptive and responsive when individuals engage with you.
Exchange stories â Discuss your challenges, successes and the obstacles youâve overcome. Likewise, ask a peer to share their stories with you.
Listen â Networking isnât one-sided. Listen more than you talk. Ask questions and request opinions.
Use your body language â When communicating face-to-face and via video, keep in mind that 55% of communication depends on your body language and 38% depends on your tone. Likewise, itâs crucial to read the room and pick up on signals and cues from others.
Follow up â Effective networking is about much more than just meeting new people. Developing strong professional relationships requires you to stay in touch. Communicate and engage with your associates regularly. If you fall behind in communicating with your network, acknowledge that lapse when you reestablish a connection.
Make yourself useful â Offer guidance, make introductions and share resources and valuable information.
Make time for a real connection â Meet a peer for coffee or lunch. Respect their time by scheduling a time to meet and showing up on time. Be genuine and communicate openly.

How coaching can help you network

Building impactful professional relationships isnât merely good for your career advancement, it promotes your social well-being. On a personal level, when you establish active connections, you increase your opportunities to interact and engage with like-minded individuals. On a professional level, your professional network can open doors that may have otherwise seemed closed.If networking feels like a challenge â maybe youâre an introvert or you experience social anxiety â practising the above tips can help you build impactful professional relationships. If you need assistance developing your communication, leadership or social skills, a professional coach can help.CoachHub provides digital coaching services to help you reach your career goals. Learn how our on-demand coaching can help.

FAQ

At CoachHub, we believe in the power of aligning individual growth with organisational objectives. Our dedicated coaches work closely with coachees to ensure that their growth plans are directly linked to your company's overarching goals. This includes addressing specific leadership development needs within different departments or teams, and recognising that each area may have unique challenges and requirements.

To achieve this alignment, we collaborate closely with our clients and their senior leaders, taking the time to understand their organisation's specific challenges, objectives, and organisational culture well. By gaining deep insights into your company's dynamics, we can tailor coaching plans that address the specific needs of different teams and individuals.

Our approach is highly customised and adaptable. We recognise that each coachee has unique requirements, and we leverage our expertise to develop coaching plans that are relevant and effective for all participants, regardless of their role or level within the organisation. Whether it's helping to develop leaders, retain talent, improve leadership skills of middle management, or support C-suite executives, our coaching programs are designed to cater to diverse needs and ensure maximum impact.

By aligning growth plans with your company's objectives, we create a cohesive approach that enhances overall organisational success. Our coaches help coachees identify areas for improvement, set meaningful goals, and develop actionable strategies to bridge the gap between their current competencies and the desired leadership abilities. This alignment not only facilitates personal and professional growth but also contributes to the long-term success of your organisation.

With CoachHub, you can be confident that our coaching programs are tailored to address the specific leadership development efforts within your organisation. By collaborating closely with our clients, we ensure that our coaching plans are relevant, effective, and aligned with your company's objectives, driving growth and excellence across all departments and levels.

At CoachHub, we understand the importance of scalability when it comes to your leadership development program. That's why our programs are thoughtfully designed to accommodate a large number of participants simultaneously, ensuring that organisations of all sizes can benefit from our services. Whether you have a small team or a global workforce, our coaching platform is equipped to handle the scale.

With our advanced digital coaching platform, we bring high-quality coaching directly to employees all over the world. The beauty of our online sessions is that participants can access them from anywhere, at any time. This flexibility empowers employees to engage in coaching without geographical constraints or time zone limitations. Whether they're working from home, travelling for business, or stationed in a different country, our platform ensures that they can easily connect with their coach and participate in sessions at their convenience.

The digital nature of our coaching platform also means that participants can enjoy a consistent and seamless coaching experience, regardless of their location. Through video calls, instant messaging, and other interactive tools, our platform fosters a sense of connection and engagement between the coaches and participants. This virtual environment not only saves time and resources but also allows for regular and ongoing coaching support without the need for in-person meetings.

By leveraging the power of technology, our scalable coaching programs break down barriers and provide accessible coaching solutions to organisations and individuals around the globe. Whether it's a small team or a multinational corporation, our platform ensures that every participant can benefit from high-quality coaching, anytime and anywhere.

Absolutely! CoachHub's leadership development program is designed to seamlessly integrate with your existing talent development and performance management initiatives. We understand that every company has its own unique needs and goals, and that's why our coaching sessions are completely tailored to meet those requirements. Whether you're looking to strengthen leadership skills, foster personal growth, or achieve organisational success, our program aligns perfectly with your company's specific objectives.

By customising our coaching sessions, we ensure that each individual receives the guidance and support they need to thrive. We take the time to understand their strengths, challenges, and aspirations, and then craft a coaching experience that caters to their personal growth journey. This way, we can provide targeted development opportunities that directly contribute to their success within your organisation.

When you integrate our program with your leadership development efforts and performance management initiatives, you create a powerful synergy. Our tailored approach complements and reinforces your existing efforts, allowing you to build a comprehensive framework for maximising the potential of your workforce. Together, we can create an environment where employees are motivated, empowered, and equipped with the skills they need to excel.

So, rest assured that with CoachHub's leadership development program, you can easily integrate coaching into your existing initiatives and achieve remarkable results that align with your company's requirements.