How Are Online Networking Platforms Making Business Easier Around The World?
In today’s digital age, the way business is conducted is constantly evolving. Technology has provided companies with global reach, and social network platforms have made brands more personable. Businesses can build relationships with other brands and their consumers from anywhere in the world.
Online networking platforms have become vital tools for businesses. These platforms allow companies to share ideas, collaborate with their marketing efforts, and access a wider talent pool. Networking platforms have simplified business operations, bringing a vast world within reach on a smartphone application or Google Meet call.
What Is Networking And How Does It Work?
Networking occurs when people within the same industry get together (in-person or online) to share information and ideas. This usually happens in an informal setting, not a meeting. Businesses and professionals use networking to increase their circle of influence, find new job opportunities or employees, and increase brand awareness.
Networking occurs across various industries. Professionals tend to join a networking group or platform based on a shared common interest. This common interest is usually professional affiliations, like engineers or casino operators, however, networking opportunities can also be found at universities, churches, and social groups.
Professionals will find the best networking opportunities at conventions, conferences, seminars, and trade shows. These events tend to draw hundreds of like-minded people looking to keep up to date with the latest industry trends and develop new relationships to boost their businesses.
Business owners seek out networking events to develop relationships with companies and individuals whom they might approach in the future for business opportunities or collaboration. One type of collaboration commonly used by businesses is affiliate marketing. This marketing campaign uses individuals who promote a business’s products on their channels, in exchange for commission on successful sales. For example, an iGaming affiliate network might join forces with online casino operators and marketers who can promote the gambling platform on their social channels, allowing the operators to get their casinos in front of a new audience.
Successful networking requires regular follow-ups with new contacts to share information and recent developments in the industry, which might not yet be widely accessible outside of the network.
Online Networking
Online networking occurs on virtual platforms, like social media or dedicated platforms created for networking opportunities across industries.
These platforms allow businesses from across the world to get in contact, share knowledge, and collaborate on new projects. It allows companies to show their experience and offerings to others, and also bounce ideas off industry experts. The goal is to form connections to grow the business by expanding the brand’s reach, creating marketing partnerships to get content in front of a new audience, and fostering engaging discussions on challenges and opportunities in the industry.
Key Online Networking Platforms
Different platforms can be used by businesses to network in their industries. Here are the biggest online networking programs and what they’re best for:
- LinkedIn: LinkedIn is a social network aimed at professionals and companies. There are more than 1 billion users and it is the biggest professional network in the world. LinkedIn is best for employment opportunities, professional development, up-to-date industry discussions, and content produced by thought leaders in most industries.
- X (Twitter): X is perfect for public networking opportunities. Here, businesses can share updates, breaking industry news, and engage in conversations with consumers and other brands.
- Slack: There are many sector-specific private Slack communities dedicated to professional conversations. These channels are ideal for individuals who want to have meaningful discussions within a specific area of interest.
- Discord: Discord is synonymous with gaming communities, but other servers are catering to various industries, although it is mainly in the tech and creative spaces. It’s great for building relationships and having conversations in real-time.
- Professional Association Platforms: Several professional associations have platforms dedicated to members of the association. These are often certified businesses or professionals that get together to discuss emerging trends and the latest industry-related news.
Each of these online networking platforms has a unique culture and communication style. Businesses must be able to utilize all these platforms to reach a wide audience (especially important for B2B companies). However, it is important to follow the engagement patterns of the platform and remain professional and friendly.
Benefits of an Online Network
Being part of an online network platform holds many benefits for businesses. It can help a company grow, offering cost-effective marketing initiatives, and helping a business withstand global economic changes.
Cost effective
Online networking is almost completely free. Traditionally, networking requires traveling to and attending conferences, private clubs, and industry events, which could be expensive and take a lot of time. This made networking less accessible, especially to smaller businesses and startups.
Even free in-person events still require time and costs to get there. However, online networking platforms are mainly free to join and use, or have minimal subscription costs.
Global reach
Being part of a global network allows businesses to access new markets and diversify their supply chains. This spreads the risks more, as when one supply chain gets disrupted, another can step in to produce the products.
Globalization can take a lot of time, but with networking platforms, it is easier to find suppliers and consumers at very little cost.
More opportunities
Online networks allow businesses to form relationships with investors, other companies in the same industry, consumers, and suppliers. It allows a company to expand its reach and increase sales on a larger scale, not just within its immediate vicinity.
Others in the network can act as social proof for a company, recommending or reviewing products and services. Referrals can also lead to new partnerships, which open the door to more business opportunities.
Convenience
Having access to an online network is highly convenient as it can be accessed from anywhere with an internet connection. Most networking sites are user-friendly and easy to join, making it convenient for business owners or individuals without a tech background. They’re a straightforward means of communication and connection with industry professionals.
Support
Support can be found anywhere in the world through online networking platforms. Traditionally, business partners or investors lived in the same region, but now partners can live in multiple countries and all collaborate via a networking platform to grow the business.
Global support can also involve sharing challenges with the network and receiving feedback from outside of a company’s geographic reach. This can provide a business owner with new insight and different perspectives on overcoming barriers.
Access to information
Online networks offer access to a wealth of global, industry-specific information. Brands and individuals can share knowledge about new developments, marketing strategies, innovative technologies, and the latest news.
Individuals can also connect with mentors and learn about new job opportunities to advance their careers.
Better connectivity
Networking has always been about creating connections. With the rise of social media platforms, businesses can now reach a large number of people in a short amount of time. This increased visibility of the brand, which can result in more conversions.
It also allows a business to connect with industry thought leaders and consumers. Networking platforms allow real-time conversations to happen, making a brand more engaging and, as a result, trustworthy.
