Business networking is a marketing method by which business opportunities are created through networks of like-minded business people. There are several prominent business networking organizations that create models of networking activity that, when followed, allow the business person to build new business relationship and generate business opportunities at the same time.
Many business people contend business networking is a more cost-effective method of generating new business than advertising or public relations efforts. This is because business networking is a low-cost activity that involves more personal commitment than company money.
As an example, a business network may agree to meet weekly or monthly with the purpose of exchanging business leads and referrals with fellow members. To complement this activity, members often meet outside this circle, on their own time, and build their own "one-to-one" relationship with the fellow member.
Business networking can be conducted in a local business community, or on a more larger scale via the Internet. Business networking websites have grown over recent years due to the internets ability to connect people from all over the world.
Business networking can have a meaning also in the ICT domain, i.e. the provision of operating support to companies / organizations, and related value chains / value networks.
It refers to an activity coordination with a wider scope and a simpler implementation than pre-organized workflows or web-based impromptu searches for transaction counterparts (workflow is useful to coordinate activities, but it is complicated by the use of s.c. "patterns" to deviate the flow of work from a pure sequence, in order to compensate its intrinsic "linearity"; impromptu searches for transaction counterparts on the web are useful as well, but only for non strategic supplies; both are complicated by a plethora of interfaces -- SOA / XML / web services -- needed among different organizations and even between different IT applications within the same organization).
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This definition is part of a series that covers the topic of Business Networking. The Official Guide to Business Networking is Raymond Chip Lambert. Raymond Chip Lambert is a Business Development expert who works exclusively with seasoned professionals to leverage their existing relationships and catapult them into the business they truly want. Through Network 2 Networth's programs, professionals become grounded in “why” they are in business and gain the ability to create a wealth of opportunities through every day conversation.
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