Time Equals Money in Networkingstring(31) "Time Equals Money in Networking"
The secret to getting more business through networking is . . . spend more time doing it! OK, well, it’s a little more complicated than that because you have to spend time doing the right things. However, based on the recently completed Referral Institute study on business networking, we finally have a definitive answer about how the amount of time spent networking impacts the amount of business that is generated.
The most dramatic statistic I have found shows that people who said “networking played a role” in their success spent an average of 6.5 hours a week participating in networking activities. On the other hand, the majority of people who claimed that “networking did NOT play a role” in their success spent only 2 hours or less per week developing their network.
What does this mean? It means there is a direct correlation between the amount of time you devote to the networking process and the degree of success that you realize from it. To illustrate this further, there is a graph below which demonstrates the “average” percentage of business generated from someone’s networking efforts in comparison with the amount of time spent on networking activities. Here you can clearly see that people who are spending between five to nine hours a week networking are generating (on average) 50 percent of their total business from this activity.
People who spend, on average, more than 20 hours a week networking are getting almost 70 percent of their business through referrals.
Based on this study, it is clear that people who devote six hours a week or more to networking are generating a large percentage of their business through their efforts. So, it’s time to ask yourself . . . how much time are you spending developing your personal network and what kind of results are you starting to see?