How networking can help build up your business

Networking simply means connecting successive dots or interlinked chains for a business goal. I'm most certain you've heard about or even belong to some of the my numerous networking companies floating around in Nigeria and world wide, that's right. The system of operation for these businesses is a kind of system where success with the business solely depends on continuous patronage or chain of people joining everyday, that is to say old members are paid, settled or compensated with monies from New members. However, the benefit of such networking ideas practiced by these companies is to create a circle, a chain of like-minded persons who are solely working together to achieve one goal and a definite goal.
In a similar sense, networking can actually help build your business if you view it from the right perspective.

1... It creates an endless chain

If networking is done rightly and for the right sets of things, a long chain is created and this chain continues to grow even in your absence. For instance, when I got into bitcoin mining, almost every week I was purchasing bitcoin for my investments from a colleague who always bragged he has more than enough to sell, with my regular purchase I also introduced a couple other persons to what I was doing and also referred them to my friend when they needed bitcoins to buy, surprisingly one day I needed bitcoins and I contacted him to buy from he as usual, he replied to tell me he has zero stock and that my networking has finished his bitcoins. We laughed over it but it was true he was out of stock, credits to the other people I referred to buy from him. In a nutshell, networking creates an endless chain which is fundamental to the success of your business.

2... It ensures that the right persons are coming to you

This particular point cannot be left undiscussed. Taking the popular Mmm Nigeria as Case study, almost everyone added to mmm Whatsapp group chats are people who have love for the investment community, this means that only the right persons are attracted to the group or facebook posts of such. In a similar sense, networking attracts the right persons to you because the long chain created is a chain of people with a specific purpose, Uni goal-oriented and as such any new person joining the chain or wanting to join the chain, have no doubts about purpose and goal of the chain.

3... Referral purchases are multiple times more than direct purchases

Let's assume Mr A is your direct customer and every month he purchases items worth of N100, 000 from you. Depending on the customer service satisfaction he has, this same Mr A refers about 10 of his friends to you as the best dealer or seller of a particular brand or categorization and these 10 friends of Mr A each on the average purchases N25, 000 worth of merchandise you deal on or services you render every month. In a sum up, you see that these referral friends are even buying more than the person who referred them and this is how this referring continues to stretch. So networking is really good for your Nigerian Business.

4... It serves as a success gauge

If you keep records and if you're intent at regular check, with the amount of active referral buyers you have patronizing you, you can be able to ascertain how impressed your clients are and how vast your business or brand is spreading. This demands good management, when a direct client of yours has referred over 10 friends of his in less than 1 year to become your customers too, it's obvious that this client in question is very much impressed, also it shows how loyally committed they are to you which in turn demands some sort of  compensation no Matter how little.

5... It helps you to introduce a new product to people with little efforts

When you have a large active business network  already, you would not be afraid to import an entirely new product into the country, even when people around see things differently, you'd be very confident that your existing network would do the magic. To use your network for this, simply introduce the new product to a couple of your most active clients, tell them of a nice compensation plan perhaps "make 50 sales and earn 1% on each unit sale", you'd be surprised how much more larger your network would grow. Believe me, people love networking when they're very certain there's something in it for them.

Cheers!!!!!