Networking benefits outweigh the perceived obstacles. These obstacles include the time away from the office to the cost to join the networking group. However, the networking benefits far exceed these concerns. The biggest benefit of networking is building strong relationships with others. The more solid relationships you build, the more credible you become. The more your credibility grows, the more people will hire and recommend you. Therefore, there are networking benefits that affect your finances, customer spending, and the impression of the quality of your business.
The Financial Networking Benefits
Before looking at the financial networking benefits there are both soft- and hard-money costs to consider. “Hard money” includes credit cards, cash, checks, and other possessions with monetary value. The term “soft money” is used to assign value to services or the invested time you spend on your business, otherwise known as sweat equity.
The time investment in business networking also builds social capital. Businesses develop and maintain solid, professional relationships through successful networking which create the value behind social contacts. The value of your invested time – “soft money” – is actually greater than the value of your “hard money” spent. Calculate the value of soft-money investments in networking and building relationships. You will be surprised at the financial value you have delivered to your business.
Networking Benefits Include These Positive Wealth Effects
- Added sales volume
- Higher average transaction amount per sale
- Greater closing ratio
- Referrals tend to be very qualified professionals
- Higher occurrences of leads and referrals
- More repeat business
- Greater positive word-of-mouth marketing benefits
- More customer loyalty
- Stronger community recognition
- Greater perceived value
The Networking Benefits on the Impression of Quality
The impression of the quality of your business is powerful. Consumers are willing to pay more for services and products that they equate to be of higher quality. The impression people have about the quality of your business is enhanced through networking.
Networking allows others to share testimonials about your business and to say good things about you. They help to convey the image of quality for your business. Networking allows others to say things about you that may be considered bragging if you said them. Imagine how powerful it is when your fellow networkers believe in you, they cannot stop talking about you with people they know. Your name is passed along with more and more frequency and confidence.
Your networking efforts are rewarded in many ways. After you have repeatedly established proof of quality, you will be referred to in such a manner that will greatly enhance your customer spending, and positively affect your finances. In conclusion, these networking benefits greatly outweigh the perceived obstacles.