The basics of networking

I decided to write this piece since I was approached by several acquaintances telling me networking isn't working for them. At least not yielding the results that you read in the print.

So, what is networking?

The Dictionary definition is the action or process of interacting with others to exchange information and develop professional or social contacts.

The definition talks nothing about personal gains. However there are several benefits to networking. Whether you are a business owner or a professional or a student, networking has its benefit. However there are several myths or misunderstandings about networking and I see many people having the wrong notion about networking.

Building the network - When you meet someone for the first time, it is a connection or aquiantance. Same goes for a networking platform like Linkedin. When you have sent a connection request, it is a connection and not a network. Social media like Linkedin has made it easier to network however the basic rules remain the same - a connection is not yet a network.

Before reaching out to someone, identify your interest area. Remember that networking is all about exchanging ideas and social interactions. If the interests do not match, networking is difficult and will never get to stage 2.

Leveraging the network - Just because you are connected to someone on Linkedin doesn't make it a network you can use. Same goes for people you meet at a networking event - because you have met them and left your business card does not make them or you a part of the network.

From building to leveraginga network that yeilds results takes considerable investment of time. The moment I have accepted a request to connect, I see some of my connections send me a CV asking for the next opportunity. If you want results, be prepared to invest your time in converting the network.

If you have invested enough time and energy to build a network, it is a question of how do you use it effectively. Most people view a network as "taking" from it rather than "giving" into it. If you only take and not give, it is unlikely the network will be of any value in the end.

There are always connections "good to have" rather than "good to ask for help". If you are like me, you have made the differentiation. Sorting the network on a regular basis and differentiating the connections, sometime even letting go helps to get to the next stage of retention.

Retaining the network - So now you have converted the network and found your next job or sold an idea. What next? I have seen some people get it right up to stage 2, but retaining a network takes considerable effort. I have seen some of the connections move on after they have got the benefit they were seeking from the network. For example, two years back one of my connections reached out to me since he was looking for his next opportunity. I introduced him to connections in my network, a few discussions got lined up and he signed up for his next opportunity. He did not even remember to thank me - excitement of the future can do that to most of us. Last week he reached out again because he wanted the same help since his current organization was going through a restructuring. My willingness to help has considerably gone down.

Retention is hard since it takes consistent efforts to stay in touch without faking it. And since it all takes time, the network has to be chosen carefully. Quality over quantity.

Some experts say 70% of current age jobs are found through network. Having a strong and reliable network, the one you are able to leverage and retain on a long term basis definitely helps in achieving great success.

So what changes do you want to make in your networking approach?