Developing relationships with interests in your market space is the key to growing your business, especially when your market space is, in fact, marketing.
In this article, we’ll give you reasons why networking is so vitally important and how it helps. We’ll start with a few basics:
Networking refers to building relationships between your business and other businesses or individuals who can help you grow your company, either by exchanging goods, information, and services or by giving you contacts that will expand your outreach. These types of relationships are almost always mutually beneficial — the value flows both ways.
A market space refers to the virtual realm in the world of commerce where transactions, interactions, and thought leadership take place in a larger sense, rather than in a given, purely physical, geography.
Not just referrals — you also get access to professionals.
When people think “networking,” they automatically assume that the only reason someone would want to network is to get referrals and clientele. And while that’s certainly a reason, it’s not the only reason.
By networking, you also gain access to professionals that will help your business.
For example, if you’re a small business looking to expand, gaining leeway with CPAs and town officials from other locations that you’re looking to expand to, either virtually or geographically, will help you make the connections you need.
A business could do the same if they lacked their own IT department, and many do. After all, the more talent you have access to, the more services you can offer and the more referrals your business can make on behalf of its partners.
Social media outreach will increase as a result of networking.
Just mentioning “social media” is a way to get a lot of reactions, most of them frantically directed at how to increase social media followings. In this day and age, it seems that almost every business has a social account in order to connect with customers both current and potential.
By networking with other interests, you can help increase your social media following by agreeing to promote them and mention them if they do the same to you. You’ll have access to their social media audience and they’ll have access to yours, with neither of you losing any followers in the process. It’s a win-win situation.
Broaden your audience base.
This is connected with the aforementioned social media point. In your virtual market space, connecting with other interests and individuals is a great way to get access to a market that, for whatever reason, you might have had trouble connecting with otherwise.
Your target audience for your business fits into one category, but with the inclusion of your networks that you’ve built up, the category of your target audience widens (and deepens) vastly.
These considerations apply to every industry, from medicine to marketing. In fact, in the case of the latter, it can be even more important. Marketing is, after all, about connecting people with a message, product, or service. In that sense, it’s actually their business to network as much as possible, and in as many spheres as possible. Joining a respectable marketing community is a good way to improve your marketing strategies and connections.