“Networking is the single most powerful marketing tactic to accelerate and sustain success for any individual or organisation!” – Adam Small
Your Network creates your Net Worth
If you are an engineer trying to expand your networks and make an impact on technology, you are better off starting with the people you know. Understanding the importance of networking will help you expand your sphere of influence and excel in your Engineering career/business.
Being an Engineer who loves the technical world, you might pull yourself back when it comes to getting to know others in the industry. However, networking isn’t as complicated as you think.
So what is Business Networking?
Business networking is something that can help you reach more clients, knowledge, and eventually attain business growth and increase profits.
Let’s understand why networking is important? / Do you know how important the ability to Network really is?
The goal of networking is to help others get to know you, like you, and trust you.
Building a successful business takes a lot of time and dedication, so it is sensible to have a network of business partners/ professionals and associates to draw energy from and keep you motivated.
Active networking is vital to career growth. Often confused with selling, networking is actually about building long-term relationships and a good reputation over time.
A strong and active business network has advantages that can make your business grow and flourish. Below are a few important reasons to justify the need for networking in the Engineering Industry-
1. Gain New contacts and referrals
In the business world, it is all about WHO you know and not about WHAT you know.
Through networking, you would be able to connect with highly influential people who you wouldn’t be able to connect with easily without the networking. That is not where the networking ends, with each connection you make, they would also have a huge network that they can tap into and introduce you to them.
The best thing about networking to generate referrals and these referrals you get are mostly pre-qualified for you. So, in short, you get much higher quality leads with the help of networking. And with this, your business would also increase.
2. Gain New Business and opportunities
There are always plenty of opportunities that come from networking. Opportunities here means an asset or business sale, writing and speaking opportunities, partnership, client leads, joint ventures or new areas of expansion for your business and many more.
Gaining new business is one of the most important reasons most business owners decide to indulge in networking or join networking groups. Through networking, you will be able to build up a professional relationship with other business owners. And through recommendations and word of mouth, many of these people might have the potential to become future customers, hence gaining new business.
3. Gain new and fresh ideas
Your network can be an excellent source of new perspectives and ideas to help you in your role. Exchanging information on challenges, experiences, and goals is a key benefit of networking because it allows you to gain new insights that you may not have otherwise thought of. Asking for opinions from contacts you trust or admire can help you see things in a new light and overcome roadblocks that you might not have known how to circumvent otherwise.
4. Gain Visibility
Another great reason and advantage of networking are getting noticed and being visible. You need to meet and communicate with potential clients and business partners on a regular basis to maintain your business relationships. Hence, attending business luncheons and other networking events or joining a business networking platform specific to your Industry/Sector raises your personal profile and can help keep you on top in the minds of the right people.
Also being visible and getting noticed is a benefit of networking that’s essential in career building.
5. Get access to job opportunities
Knowing the right people can help you both progress in your current company and also assist in finding new job opportunities. Expanding your contacts can open doors to new opportunities for business, career advancement, personal growth, or simply new knowledge.
Active networking helps to keep you top of mind when opportunities such as job openings arise and increases your likelihood of receiving introductions to potentially relevant people or even a referral.
6. Advice and support
A wide network of informed, interconnected contacts means broader access to new and valuable information.
Networking is a wonderful way to tap into advice and knowledge that you would not otherwise be able to get hold of. Networking makes you meet those people who are like-minded. And these people can give you advice on various matters that might help in improving your business.
Networking is a great opportunity to learn about the business techniques of your peers. Discussing common challenges and opportunities opens the door to valuable suggestions and guidance. Taking advantage of the experiences of others before you invest time and money in a particular venture can be invaluable.
7. Stay updated with the current trends
Networking with your peers and business associates on a regular basis will help you stay current. In an ever-changing business climate, it is important to keep up with the target market conditions as well as overall trends in your industry. Knowing the market is the key to developing a successful marketing plan.
Also, networking helps to stay abreast of the latest industry developments.
8. Find solutions and meet subject-experts
You can also often find solutions to your own business problems or needs by networking. For example, if your business needs the services of a bookkeeper, accountant, or lawyer you may find the ideal candidate via networking, or if your business needs equity financing for a start-up you may be able to find an angel investor or venture capitalist through networking channels.
Hence, Business Networking is a really valuable way to expand your knowledge, learn from the success of others, get new clients and tell others about your business. And building up your network will certainly help your business grow and become more successful.