Networking is a socioeconomic business activity by which businesspeople and entrepreneurs meet to form business relationships and to recognize, create, or act upon business opportunities,share information and seek potential partners for ventures.
In the second half of the twentieth century, the concept of networking was promoted to help businesspeople to build their social capital. In the US, workplace equity advocates encouraged business networking by members of marginalized groups (e.g., women, African-Americans, etc.) to identify and address the challenges barring them from professional success. Mainstream business literature subsequently adopted the terms and concepts, promoted them as pathways to success for all career climbers.
A business network is a type of business social network which is developed to help business people connect with other managers and entrepreneurs to further each other's business interests by forming mutually beneficial business relationships. Business networking is a way of leveraging your business and personal connections to help you bring in new customers, vendors or just get great advice for running your business.There are several prominent business networking organizations that create models of networking events that, when followed, allow the business person to build new business relationships and generate business opportunities at the same time. A professional network service is an implementation of information technology in support of business networking. Chambers of Commerce and other business-oriented groups may also organize networking activities. There are multiple different types of networking groups though and the best type for each individuals varies depending on the business they are in and prospects they want to meet.
Networking works in the favour of small businesses as the owners have to dabble with a variety of job functions in a small set-up. When they meet up with like-minded people, they learn from their experiences and get guidance on important matters. They can even find partners and angel investors through a networking group of experienced business owners. A plethora of networking events take place in every country where entrepreneurs can meet, expand their affiliations, educate themselves and feel empowered. Adopting smart tactics can go a long way in securing partnerships, friendships and acquaintances.
Before online business networking, face-to-face networking was the only option for business people. This was achieved through a number of techniques such as trade show marketing and loyalty programs. Though these techniques have been proven to still be an effective source of making connections and growing a business, many companies now focus more on online marketing due to the ability to track every detail of a campaign and justify the expenditure involved in setting up one of these campaigns."Schmoozing" or "rubbing elbows" are expressions used among business professionals for introducing and meeting one another in a business context, and establishing business rapport.
Networking can be an effective way for job-seekers to gain a competitive edge over others in the job-market. The skilled networker cultivates personal relationships with prospective employers and selection panelists, in the hope that these personal affections will influence future hiring decisions. This form of networking has raised ethical concerns. The objection is that it constitutes an attempt to corrupt formal selection processes. The networker is accused of seeking non-meritocratic advantage over other candidates; advantage that is based on personal fondness rather than on any objective appraisal of which candidate is most qualified for the position.
Many businesses use networking as a key factor in their marketing plan. It helps to develop a strong feeling of trust between those involved and play a big part in raising the profile of a company. Suppliers and businesses can be seen as networked businesses, and will tend to source the business and their suppliers through their existing relationships and those of the companies they work closely with. Networked businesses tend to be open, random, and supportive, whereas those relying on hierarchical, traditional managed approaches are closed, selective, and controlling. These phrases were first used by Thomas Power, businessman and chairman of Ecademy, an online business network, in 2009.
Customer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.
Guanxi defines the fundamental dynamic in personalized social networks of power, and is a crucial system of beliefs in Chinese culture. In Western media, the pinyin romanization of this Chinese word is becoming more widely used instead of the two common translations of it—"connections" and "relationships"—as neither of those terms sufficiently reflects the wide cultural implications that guanxi describes.
A business model describes the rationale of how an organization creates, delivers, and captures value, in economic, social, cultural or other contexts. The process of business model construction and modification is also called business model innovation and forms a part of business strategy.
In commerce, a supply chain is a system of organizations, people, activities, information, and resources involved in supplying a product or service to a consumer. Supply chain activities involve the transformation of natural resources, raw materials, and components into a finished product that is delivered to the end customer. In sophisticated supply chain systems, used products may re-enter the supply chain at any point where residual value is recyclable. Supply chains link value chains.
Mentorship is a relationship in which a more experienced or more knowledgeable person helps to guide a less experienced or less knowledgeable person. The mentor may be older or younger than the person being mentored, but they must have a certain area of expertise. It is a learning and development partnership between someone with vast experience and someone who wants to learn. Interaction with an expert may also be necessary to gain proficiency with cultural tools. Mentorship experience and relationship structure affect the "amount of psychosocial support, career guidance, role modeling and communication that occurs in the mentoring relationships in which the protégés and mentors engaged".
Personalized marketing, also known as one-to-one marketing or individual marketing, is a marketing strategy by which companies leverage data analysis and digital technology to deliver individualized messages and product offerings to current or prospective customers. Advancements in data collection methods, analytics, digital electronics, and digital economics, have enabled marketers to deploy more effective real-time and prolonged customer experience personalization tactics.
Small businesses are privately owned corporations, partnerships, or sole proprietorships that have fewer employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as "small" in terms of being able to apply for government support and qualify for preferential tax policy varies depending on the country and industry. Small businesses range from fifteen employees under the Australian Fair Work Act 2009, fifty employees according to the definition used by the European Union, and fewer than five hundred employees to qualify for many U.S. Small Business Administration programs. While small businesses can also be classified according to other methods, such as annual revenues, shipments, sales, assets, or by annual gross or net revenue or net profits, the number of employees is one of the most widely used measures.
LinkedIn is an American business and employment-oriented online service that operates via websites and mobile apps. Launched on May 5, 2003, the platform is mainly used for professional networking, and allows job seekers to post their CVs and employers to post jobs. As of 2015, most of the company's revenue came from selling access to information about its members to recruiters and sales professionals. Since December 2016, it has been a wholly owned subsidiary of Microsoft. As of December 2020, LinkedIn had 760 million registered members from 150 countries.
A talent manager is an individual who guides the professional career of artists in the entertainment industry. The responsibility of the talent manager is to oversee the day-to-day business affairs of an artist; advise and counsel talent concerning professional matters, long-term plans and personal decisions which may affect their career.
A non-executive director, independent director or external director is a member of the board of directors of a company or organisation, but not a member of the executive management team. They are not employees of the company or affiliated with it in any other way and are differentiated from executive directors, who are members of the board who also serve, or previously served, as executive managers of the company. However they do have the same legal duties, responsibilities and potential liabilities as their executive counterparts.
Personal branding is the conscious and intentional effort to create and influence public perception of an individual by positioning them as an authority in their industry, elevating their credibility, and differentiating themselves from the competition, to ultimately advance their career, increase their circle of influence, and have a larger impact.
Career portfolios are used to plan, organize and document education, work samples and skills. People use career portfolios to apply for jobs, apply to college or training programs. They are more in-depth than a resume, which is used to summarize the above in one or two pages. Career portfolios serve as proof of one's skills, abilities, and potential in the future. Career portfolios are becoming common in high schools, college, and workforce development.
A personal network is a set of human contacts known to an individual, with whom that individual would expect to interact at intervals to support a given set of activities. In other words, a personal network is a group of caring, dedicated people who are committed to maintain a relationship with a person in order to support a given set of activities. Having a strong personal network requires being connected to a network of resources for mutual development and growth.
Digital marketing is the component of marketing that utilizes internet and online based digital technologies such as desktop computers, mobile phones and other digital media and platforms to promote products and services. Its development during the 1990s and 2000s, changed the way brands and businesses use technology for marketing. As digital platforms became increasingly incorporated into marketing plans and everyday life, and as people increasingly use digital devices instead of visiting physical shops, digital marketing campaigns have become prevalent, employing combinations of search engine optimization (SEO), search engine marketing (SEM), content marketing, influencer marketing, content automation, campaign marketing, data-driven marketing, e-commerce marketing, social media marketing, social media optimization, e-mail direct marketing, display advertising, e–books, and optical disks and games have become commonplace. Digital marketing extends to non-Internet channels that provide digital media, such as television, mobile phones, callback, and on-hold mobile ring tones. The extension to non-Internet channels differentiates digital marketing from online marketing.
Ivan Misner is the founder and Chief Visionary Officer of the business networking organization BNI.
A brand ambassador is a person who is employed by an organization or company to represent a brand in a positive light, and by doing so, help to increase brand awareness and sales. The brand ambassador is meant to embody the corporate identity in appearance, demeanor, values and ethics. The key element of brand ambassadors is their ability to use promotional strategies that will strengthen the customer-product-service relationship and influence a large audience to buy and consume more.
Business Network International (BNI) is an American franchised networking organization, founded by Ivan Misner in 1985. Currently BNI has over 270,000+ members in 9,500+ chapters in over 74 countries worldwide. Members meet weekly to discuss business and support each others businesses by sharing referrals. It claims to be the world's leading 'referral organization'.
Social media marketing is the use of social media platforms and websites to promote a product or service. Although the terms e-marketing and digital marketing are still dominant in academia, social media marketing is becoming more popular for both practitioners and researchers. Most social media platforms have built-in data analytics tools, enabling companies to track the progress, success, and engagement of ad campaigns. Companies address a range of stakeholders through social media marketing, including current and potential customers, current and potential employees, journalists, bloggers, and the general public. On a strategic level, social media marketing includes the management of a marketing campaign, governance, setting the scope and the establishment of a firm's desired social media "culture" and "tone."
Speed networking is a meeting format designed to accelerate business contacts.
Business relations are connections between stakeholders in the process of businesses, such as employer–employee relationships, managers as well as outsourced business partners. The association of businesses began relationships which have been constructed through communication channels such as the likes of telephones, personal contacts, and e-mails. These types of contacts are maintained and deepened through similar channels in internal businesses and organizations.