The importance of networking during economic downturns

Archie Hampshire, Marketing Assistant at Network My Club, explains why you should still be building connections during a period of run-away inflation, ever-increasing interest rates and an energy crisis.

It’s no secret we’re going through hard times. And there’s real potential for it to get even harder. 

I’m sure it won’t be too long before we’re paying £1 for a Freddo. 

But chocolate inflation aside, in this current economic climate it’s essential you keep networking to grow your business.   

Why should you keep investing in attending networking events when all the signs are pointing towards making cutbacks?  

Because people might not be ready to buy from you now but, by becoming the person people think of in your industry means when they are ready, you’ll be at the forefront of their minds.  

There are plenty of ways to use your networking wisely – even when it might not necessarily be driving the new business you’re perhaps used to. 

Get closer to prospects

Learn their current challenges and pain points. Use that information to think about how to evolve your offering and help them overcome them.  

Listen to clients

Your clients will likely be out networking too. Either there or away from events, take the time to listen to how you could better serve them. What challenges are they experiencing? Are they are having to evolve? How can you support them by connecting them with your network?  

Use your network to help others

You might not be receiving so much, but that shouldn’t stop you from giving and finding ways to connect others with your own network. How can people you know help them?   

Adjust your offering

Maybe there is an opportunity to try something new, either short-term or long-term. During the pandemic, we had to adjust our event offering to online (never did I think we’d do online when starting the business), but still embrace it today as behaviours shifted.   

Learn from other businesses

Businesses of different sizes, ages and sectors could all be going through different challenges. Improving your knowledge here will arm you better to help others, provide insight and ultimately add value to your network.  

Speak to your membership organisations

Update them on current challenges, changes in the business, or where the growth opportunities are. They are there to help you!  

In a nutshell

To summarise, avoid burying your head in the sand because you don’t think you can get anything from networking.  

Keep yourself out there.

Don’t be forgotten.

Because when people are ready to buy, or they know someone that is, is it you or your competitor they think of? 

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