17 Benefits of Networking That’ll Help You Make New Connections & Elevate Your Career

Building a strong network of business contacts can benefit your personal and professional growth. Networking is essential for any business that wants to be successful, whether you’re a freelancer, small business owner, or a Fortune 500 company CEO.

Establishing and maintaining a professional network can help you find new clients, get valuable advice, and open up new opportunities for growth and collaboration.

According to Statista, a research publishing site, most employees believe networking is critical for increasing opportunities. In 2011, 26% of respondents reported that networking was essential to finding new opportunities and business deals. Another 45% rated it as necessary. This alone shows how valuable networking is to business goals.

Want to know some profound benefits of networking? Follow us through this list of 17 networking benefits for every business professional in 2024.

17 Benefits of Networking That Will Help You Grow Your Career

Networking is a valuable tool for professionals looking to grow their careers. By building relationships with other professionals, you can access new opportunities, expand your knowledge, build your credibility, and establish a supportive community of colleagues and mentors who can help you achieve your goals.

Let’s look at some noteworthy benefits of networking below.

1. Increased Exposure

Networking is like watering flowers; when done right, growth is assured. Essentially, expanding your professional network is like nurturing a garden of opportunities. Attending industry events and meeting new people is like scattering seeds in a fertile field. Each encounter is an opportunity to plant a new connection, relationship, or idea.

By building connections with people you have never met, you can expand your reach and increase your exposure. Pic Courtesy: Pexels

When you attend more events and meet people, your professional network will start to take shape, branching out and growing in ways you never imagined. As it grows, you’ll notice that your career opportunities are more abundant. Networking can help you increase your exposure in a few other ways, such as attending industry events. This can lead to possible partnerships or even sharing ideas and gaining new insights.

Additionally, networking can help you get noticed by potential clients or customers. By making connections and building relationships, you can get your name out there and increase the chances that people will think of you when they need your products or services.

Overall, increased exposure is a key benefit of networking. It can help you build your reputation and get your business noticed by the people who matter the most for your success.

2. Opportunities for Partnerships

Networking can help you find potential partners or collaborators for your business. These partnerships can take many forms, such as joint ventures, referrals, or strategic alliances.

Partnerships can be mutually beneficial, as you can help each other achieve your business goals. For example, if you own a marketing agency and you partner with a web design company, you can refer clients to each other and offer complementary services to your clients. This can help you both grow your businesses and increase your income.

A partnership between businesses can be mutually advantageous, with client referrals and complementary services helping to grow both companies and increase revenue. Pic Courtesy: Pexels.

Partnerships can also help you tap into new markets or reach new audiences. For example, if you partner with a business that serves a different geographic region, you can benefit from the increased exposure and access to new customers.

Networking can help you find potential partners to help you achieve your business goals and take your business to the next level.

3. Access to New Clients

By building relationships with people in your industry or related industries, you can tap into new sources of business. This can be especially helpful if you’re trying to expand your client base or looking for new revenue streams for your business.

One way to access new clients through networking is by building relationships with other business owners or professionals in your industry. These individuals may have clients or customers who need the products or services you offer, and they may be willing to refer you to them. This can be a great way to get your foot in the door with new potential clients.

You can meet potential clients and establish new business relationships by attending relevant industry events, joining professional organizations, and participating in online groups. Pic Courtesy: Unsplash

Another way to access new clients through networking is by participating in industry events or joining professional organizations. These events and organizations can allow you to meet new people interested in your products or services and help you build your credibility and reputation in the industry.

4. Valuable industry insights

Talking to other professionals and building relationships with them allows you to learn about your field’s latest trends, challenges, and opportunities. This can help you stay informed and plan new strategies as your industry evolves.

For example, networking can help you learn about new technologies or emerging trends if you’re in the technology industry. This can help you stay ahead of the curve and make informed decisions about your business.

Networking can provide valuable insights for professionals in the marketing industry, helping them stay up-to-date with the latest effective marketing strategies and techniques. Pic Courtesy: Freepik

Similarly, if you’re in the marketing industry, networking can help you learn about new marketing strategies or techniques that are proving effective. This can help you stay competitive and use your business’s most effective marketing tactics.

A paper published on the National Center of Biotechnology Information‘s website shows a relationship between networking and retrieving informational benefits. Networking can provide valuable insights and information to help you succeed in your industry.

5. Build Your Credibility

Business networking is like building a house of cards; each connection you make is a card that supports the structure of your professional reputation. The more successful connections you have, the more reliable you appear. And when someone sees a tall and sturdy house of cards, they’re more likely to trust and believe in the person who built it.

So, by networking and building a strong network of professional connections, you’re essentially building a strong foundation for your credibility in the business world. This can be helpful in several ways.

Networking enables individuals to establish connections with others in their field or industry, which can help build credibility by demonstrating that they are engaged and active within their professional community. Pic Courtesy: Pexels

Having a strong network of contacts can also help you attract new clients and customers. If you have a reputation for being a knowledgeable and respected professional, potential clients and customers may be likelier to trust and do business with you.

Finally, building a strong network of contacts can also benefit your career advancement. If you have a good reputation and are seen as a credible professional in your industry, you can be a more attractive candidate for promotions or new job opportunities. Building credibility through networking can be valuable for your business and career.

6. Get Career Advice and Support

Business networking is like having a group of friends who are all experts in different fields. Imagine planning a road trip and needing advice on the best route. Instead of just asking your one friend who’s been on a road trip before, you have a whole group of friends who have all traveled different routes and can give you different perspectives and advice.

The same goes for business networking. You have a group of people with different experiences and knowledge to tap into for advice and support in your business endeavors.

Additionally, offering genuine assistance to your professional contacts can help to establish strong relationships that may be called upon for support in the future. Building a supportive network of peers can be beneficial when seeking advice or resources and can be an important factor in career advancement and success.

It is important to regularly engage with and support your professional contacts to foster these relationships and build a strong network.

7. Helps you Build Confidence in your Skills

Stepping outside your comfort zone can be intimidating, but it is also essential to personal growth. By consistently exposing yourself to new situations and meeting new people, you build valuable social skills and boost your self-confidence. These skills will be invaluable to you in all areas of life.

Networking can help build confidence by enhancing your communication skills, expanding your knowledge, building a support system, and creating professional growth and development opportunities. Pic Courtesy: Freepik

For instance, as a marketing professional, you understand that there are other seasoned marketers you can learn from. So by making valuable connections with them, e.g., attending a marketing conference, you can learn and become more confident in your skills.

Simultaneously, you will be inspired by refreshing ideas to elevate your job performance, boost your confidence, and improve your overall quality of life.

8. Increase your Job Opportunities

Have you ever questioned the significance of networking in finding employment? Let us shed some light on the subject – statistics show that a staggering 70% or more of job opportunities are discovered through networking. It truly is a tried and true method for landing your dream job.

When you build strong relationships with people in your industry, they may be more likely to refer or recommend you for job openings that arise within their organizations or their network. Pic Courtesy: Freepik

You’re open to new job opportunities, career advancement, and personal growth when you strive to make new connections. Actively building networks helps to keep you in the mind of others when opportunities such as job openings arise. Additionally, it increases your likelihood of being referred to a big job opportunity that can change or turn your career around.

According to a report by Jobvite, 18% of the workers have applied for their current position through their friends or former colleagues. So maybe it’s time for you to stop hesitating and try to achieve and maintain new connections that can prove helpful.

Remember that many jobs don’t even get advertised—particularly as your career advances—so being a recognized part of networks is a key way to gain access to opportunities you might not otherwise have.

9. Gain New Ideas

Business networking is like a party where everyone is a potential new friend or connection. Imagine walking into a room full of people you’ve never met before, but you all have something in common – you’re all in the same industry or have similar business interests. As you start chatting with different people, you learn new ideas and opportunities you would never have known about at home.

You might even form new partnerships or collaborations to help you grow your business. That’s the power of networking – it opens you up to a whole new world of possibilities.

By engaging with the individuals you meet at a networking event, you can gain exposure to new perspectives and ways of thinking that can spark new ideas. Pic Courtesy: Pexels

Sharing information about your challenges, experiences, and goals with others can lead to exchanging ideas that can help you think more creatively and come up with solutions you may not have considered. Nevertheless, you must always add value to others as you receive. By offering helpful ideas in return, you can establish yourself as an innovative thinker and build your reputation as a valuable network member.

10. Get Solutions to Business Problems

Connecting with others in your industry allows you to tap into a wealth of knowledge and experience. If you’re facing an insurmountable challenge, someone in your network has likely dealt with something similar before. They can provide valuable insights and advice on how to overcome the issue and may even be able to suggest potential solutions that you hadn’t thought of before.

By engaging in business networks, you can benefit from exchanging ideas and strategies, providing valuable solutions and insights for optimizing your operations and enhancing productivity. Pic Courtesy: Freepik

In addition to getting valuable advice from others, networking can help you identify best practices in your industry. Business networks often promote the sharing of ideas and strategies, and by participating in these discussions, you can learn about proven techniques and approaches that can help you streamline your operations and improve efficiency.

Whether seeking guidance on streamlining your sales process or better managing your finances, networking can provide valuable resources to help you achieve your goals.

11. Teaches you How to Benchmark your Business Performance

Networking lets your business compare and contrast its performance with other professionals and industry movers. By connecting with these organizations and discussing your respective operations, you can gain valuable insights into what works well for them and where they may struggle.

Staying connected with other businesses & gaining insights from their triumphs & obstacles enables you to evaluate your performance and implement adaptations to maintain competitiveness within your industry. Pic Courtesy: Freepik

This comparison can help you identify your business’s strengths and areas for improvement. For example, you may find that another company has implemented a particularly effective marketing strategy that you could adopt to increase your sales. Alternatively, you may discover that another organization has streamlined its production process, resulting in faster turnaround times and lower costs.

By staying connected with these businesses and learning from their successes and challenges, you can continually assess your performance and make necessary adjustments to stay competitive in your market.

12. Help Others as you Gain More Experience

Networking isn’t just about receiving help and support. It’s also about giving back and being a source of assistance to others. By sharing your expertise and resources, you can help others overcome their challenges and achieve success. This gives you a sense of pride and satisfaction and enhances your professional reputation.

When you are willing to assist others & freely provide your expertise and tools, you gain the advantage of receiving support from others and also play a role in advancing the achievements of your colleagues. Pic Courtesy: Unsplash

Others see you as a valuable source of information and support, so they are more likely to think of you when they need help or come across opportunities that could benefit you. Overall, networking is a two-way street that requires both giving and receiving.

By being open to helping others and sharing your knowledge and resources, you can not only benefit from their support but also contribute to the success of your peers and build a stronger professional network.

13. Raise your Business Profile

Networking is crucial for building and raising your business profile, allowing you to interact with others and establish trust and credibility. By constantly connecting with others, whether through existing relationships or new connections, you become a valuable resource and a trustworthy individual, which can lead to increased success.

As you build a stronger network, you increase the likelihood of being referred and presented with additional business prospects. Pic Courtesy: Freepik

While advertising and social media can also help raise your profile, promotions you earn through recommendations within your network are typically weightier. Additionally, as your profile improves through networking, you will likely receive more referrals and business opportunities.

As CEO and Co-Founder of Ellevest, Sallie Krawcheck states, “Networking has been cited as the number one unwritten rule of business success. Who you know impacts what you know.”

14. Build your Brand Identity

Think about it this way: your brand is like your business’s personality. It’s the way people perceive and remember your company. And as the owner or leader of your business, you play a huge role in shaping that brand and how it’ll be remembered.

As you interact with other business professionals, you can showcase the values and qualities that define your brand. If you consistently act friendly, helpful, and genuine, those traits will become associated with your business. This can make your company stand out in a crowded market as it becomes more distinct and easily recognizable.

A robust brand can yield increased visibility & prosperity for your enterprise. When individuals clearly understand your company’s offerings, they are more inclined to recommend it to others. Pic Courtesy: Freepik

A strong brand can also lead to greater exposure and success for your business. When people know what to expect from your company and positively perceive it, they are likelier to spread the word to others. This can bring in new customers and open up new growth opportunities.

To sum up, your business does have a brand, and you play a vital role in shaping and enhancing it. By consistently showcasing your values and personality, you can help your business stand out and thrive in the marketplace.

15. Widens your Sphere of Influence

As you expand your network and interact with more individuals, you’ll naturally become more recognizable and well-known. To stand out and make a lasting impression, you must present yourself as approachable, sincere, and willing to lend a helping hand.

Networking can help you grow personally by exposing you to new experiences, cultures, & ideas. Meeting people who have different backgrounds & interests can help you challenge your assumptions & expand your worldview. Pic Courtesy: Freepik

Be yourself and genuinely engage with others. When you consistently exhibit these positive qualities, you’ll likely find that your name comes up more frequently in conversation with people outside your immediate social circles.

Over time, this can lead to an exponential increase in the number of people who know you and recognize your brand.

16. Refine Your Elevator Pitch

Meeting new people is always exciting, especially when discussing your business. It allows you to present your unique proposition to those who may not have heard of your company. This is where your elevator pitch comes in handy.

An elevator pitch is a quick and convincing summary of your company’s work and how it can benefit others. It’s called an elevator pitch because it should be short enough to deliver during a brief elevator ride.

A clear and concise elevator pitch demonstrates that you understand your business and what you offer. It also shows that you’re confident and credible, which can help build trust with potential business contacts. Pic Courtesy: Adobe Stock

Practicing your elevator pitch can be extremely beneficial for business networking. It helps you articulate your business idea clearly and understand its values. It also allows you to see how others react to your pitch, allowing you to make any necessary adjustments.

Additionally, the more you practice your pitch, the more confident you’ll become in delivering it. This will be crucial when introducing yourself and your business to potential partners or investors.

17. Create Long-lasting Relationships

Networking is not just about making new connections with people in your industry but finding individuals with similar values, goals, and aspirations. Building relationships with like-minded professionals allows you to learn from each other, collaborate on projects, and provide support and encouragement. That’s why it can be so beneficial to engage in business travels once in a while to experience face-to-face networking.

You might develop stronger connections with specific individuals as you interact socially and gain insights into people’s interests and aspirations. Pic Courtesy: Freepik

Business travel may seem costly, but statistics show that for every dollar invested, a company reaps a return of $12.50 in strengthened professional connections. This is why many companies invest heavily in international travel – nothing beats the power of in-person interactions for building successful business relationships. Despite the rise of remote work, it appears that technology alone cannot replace the value of face-to-face networking.

Networking can lead to professional development and the formation of lasting friendships. As you connect with others and learn more about each other’s interests and goals, you may form deeper bonds with certain individuals. These friendships can provide a sense of community and support in your professional and personal life.

Whether you’re seeking new opportunities, seeking advice, or simply looking to connect with others who share your interests, networking can help you achieve your goals and grow both personally and professionally.

Key Takeaway

Networking can be a powerful tool for building your career and personal connections, but it can be intimidating for many people.

If approaching a stranger at a conference or event makes you anxious, planning and having some conversation starters in mind can be helpful. These discussion points can be related to work, but they don’t have to be – they can be about hobbies or the event itself.

The goal is to get the conversation going and open the door for future meetings and discussions. Planning and having some ideas in mind can make the networking process feel more natural and comfortable.

If you can establish and maintain professional relationships through networking confidently, you will likely experience many positive outcomes.

Eventible – Find Events To Attend and Network

Events and conferences, in all shapes and sizes, are the most effective way to network with other professionals and establish your brand. So, how do you know which events to attend?

Eventible is a first-of-its-kind event listing platform where you can see reviews and what other professionals and businesses like you say about events they attended. Eventible also doubles as an announcement board platform for reputable event organizers for upcoming events.

Build your network. Check out Eventible today!