45 Significant Business Networking Statistics: 2024 Conversion Rates & Challenges

No matter what stage you are at in your career, it’s always good to practice your networking skills. As you will see in these business networking statistics, not only does your professional connections matter when looking for a new job. They are also crucial in growing your business or helping your organization connect with the right customers and suppliers.

In this article, we’ll highlight the data that can help you see the value of networking. We’ll see how it plays a part in social recruitment trends and look at some data points comparing the most popular social media platforms being used by professionals and businesses to find their next new hire. Finally, we will tackle the impact of COVID-19 on networking. We’ll find out what you can do as an individual or business to network effectively and make new professional connections even during the pandemic.

1. General Business Networking Statistics

As the old saying goes, it’s not what you know but who you know. That is why getting a new job, advancing your career, and succeeding professionally are not all dependent on what degree you obtained or which university you graduated from. As these business networking facts show, a big part of landing a job is establishing connections. And by connections, we don’t just mean close friends or family. In one study, an overwhelming number of respondents actually got hired through their acquaintances.

• What is the biggest advantage of networking? It can have a positive impact on your career advancement. Professionals who allotted 6.3 hours per week to networking activities said that it played a crucial role in their success (Marketing Expertus, 2020).
• 73% of survey participants reported that they had been hired in the past as a result of someone they know making an introduction or a connection (LinkedIn, 2020).
• 61% of professionals agree that regular online networking can actually lead to job opportunities (Marketing Expertus, 2020).
• In the study, “The Strength of Weak Ties,” it was found that 84% of respondents got their job through weak-tie relationships—acquaintances or casual contacts whom they saw only occasionally (Leslie, 2020).
• Almost 61% of professionals worldwide agree that regular online interaction with their professional network can lead to possible job opportunities (LinkedIn, 2017).
• However, with all the benefits of networking, we also found out that only 25% of professionals actually network (Marketing Expertus, 2020).
• 41% of them would like to network more but don’t have enough time (Marketing Expertus, 2020).

Moreover, when looking for work, you might want to go beyond job sites and invest time and effort in networking. These numbers provide some convincing evidence that you can significantly increase your chances of landing that dream job when you tap your connections.

• Networking is important because 70% of all jobs are not advertised on job sites (Fisher, 2019).
• 85% of job vacancies are filled via networking (Forbes, 2021).
• Most effective way to find a new job: traditional networking (46%), internet job boards (25%), agency or recruiter (14%), direct approach (7%), and newspapers/periodicals (1%) (GreatBusinessSchools, 2021).
• 82% of US adults said networking is vitally important for finding a new job (LinkedIn, 2020).
• You should also consider the fact that referrals make up 40% of new hires (Jobvite, n.d.)

2. Why It’s Important for Businesses to Network

Networking is not only beneficial to individuals but also to the companies that engage in it. If you’re a recruitment professional looking to fill a position in your company, for example, networking can speed up the process of finding the right candidate. Also, the cost of hiring through networking is less expensive and employees hired via connections or referrals end up staying longer with their employers.

On the other hand, if you’re in sales or B2B marketing, networking via in-person meetings can turn many prospects into customers.

• 40% of prospects become new customers with in-person meetings (Marketing Expertus, 2020).
• This is probably because 80% of B2B buying decisions are based on a buyer’s direct or indirect customer experience, and only 20% is based on the price or the actual offering (Blue Corona, 2019).
• In addition, a recent study showed that candidates from job boards and career sites are hired within 39 to 55 days. For those companies with employee referrals, the average hiring time is cut down to 29 days (Jobvite, 2019).
• Referral hires have greater job satisfaction and stay longer at companies—46% stay over 1 year, 45% over 2 years, and 47% over 3 years (Undercover Recruiter, n.d.).
• 67% of employers and recruiters said the recruiting process via referrals was shorter, and 51% said it was less expensive to recruit via referrals (Jobvite, n.d.).

3. Where Do Businesses Network

Attending events was the easiest way to meet new people and expand your professional network. In-person meetings were seen, in general, as the best way to establish stronger business relationships for the long-term. Also, in terms of conversion, meeting clients in person tend to produce better ROI.

• When trade shows were still happening, about 5% to 20% of new customers come from them (Marketing Expertus, 2020).
• Furthermore, over half of business travelers said that 5% to 20% of their company’s new customers came from participating in and trade shows and networking (The Ascent, 2020).
• 95% of professionals think face-to-face communication is vital for long-term business (HubSpot, n.d.).
• The close rate for in-person meetings is 40% (HubSpot, n.d.).
• Many prefer in-person business meetings because it lets them build stronger, more meaningful business relationships (85%) and gives them the ability to read body language and facial expressions (77%). In addition, it gives them more social interaction and the ability to bond with coworkers/clients (75%), allows for more complex strategic thinking (49%), and provides a better environment for tough, timely decision-making (44%) (GreatBusinessSchools, 2021).

However, this doesn’t mean that people were not nurturing their professional connections virtually before COVID-19. As we can see from these statistics, many prefer remote meetings and use various social media platforms for networking.

• 84% of people prefer remote meetings (HubSpot, n.d.).
• For freelancers, their connections and social media play a huge role in getting their next gigs or projects. Often, they find work through previous clients (41%), friends and family (38%), social media (37%), professional contacts (37%), and general freelance websites (29%) (Upwork, 2019).

Furthermore, this is how some of the top social media platforms contribute to business networking:

• The top 3 social media channels that B2B organizations use to distribute their content include LinkedIn (96%), Facebook (82%), and Twitter (82%) (Business 2 Community, 2020).
• More than 20,000 companies in the US use LinkedIn for their recruitment (LinkedIn, 2020).
• 96% of B2B content marketers use LinkedIn for organic social marketing (Hootsuite, 2021).
• LinkedIn saw a 55% increase in conversations among connections in 2020 (Hootsuite, 2021).
• Facebook has more users (2.7 billion) versus LinkedIn’s 738 million (LinkedIn, 2020).
• But 4 out of 5 LinkedIn users are decision-makers at the companies where they work; thus, LinkedIn has more users who will most likely engage with B2B marketing content (Oktopost, 2020).
• 35% of respondents said that a casual conversation on LinkedIn has led to a new opportunity, such as a business partnership (Forbes, 2021).
• 59% feel that LinkedIn is mostly about recruitment, hiring, or finding a job (Guild, 2020).
• However, 45% of LinkedIn users also state that “LinkedIn has become more about sales and marketing than professional networking,” (Guild, 2020).
• Only 12% of respondents say the following statement is very accurate: “LinkedIn is for networking with your most valued professional connections” (Guild, 2020).

4. Impact of the COVID-19 Pandemic on Business Networking

The COVID-19 outbreak literally put a stop to all events and trade shows worldwide and, consequently, to in-person networking. With hundreds of thousands jobless, you would think that this would be the perfect time to go out there, network with people, and make it known that you are ready to work. However, it seems that the anxieties and stigma of losing one’s job have been holding back professionals from reaching out to their connections.

• Among people who lost their jobs due to the pandemic, less than half (42%) say they’ve reached out to existing connections. Moreover, only 39% say they’ve asked people in their networks, such as friends and former colleagues, for introductions to other people (LinkedIn, 2020).
• Also, only 35% have been making their own introductions to new connections and only 50% say they’ve even posted on social media about being unemployed or looking for a job (LinkedIn, 2020).
• Among young workers ages 16 to 24, only 23.6% of those looking for work reached out to family or friends for help (Fortune, 2020).

While the whole world is still wary of holding major gatherings with in-person attendance, many companies have pivoted their events and marketing strategies to online and virtual events/trade shows.

• The global virtual events market size was valued at $77.98 billion in 2019 (Grandview Research, 2020).
• As of March 2020, the exhibition and events industry had lost $16.5 billion (UFI, 2020).
• In 2020, the number of organizations planning a virtual event doubled (Personify, 2020).
• Furthermore, 93% of organizers plan to invest in virtual events in the future (Bizzabo, 2020).
• However, 30% of event planners wouldn’t attend in-person meetings under any circumstances, while 32.7% would attend only if the meetings were both small and local. Meanwhile, a mere 14% have no qualms whatsoever (EventMB, 2020).
• 80.2% of event organizers have been able to reach a wider audience with virtual events (Bizzabo, 2020).
• 73% of planners have been able to successfully pivot their event to virtual (EventMB, 2020).
• Lastly, 66.5% of events professionals plan to use hybrid as their go-to format once in-person events resume (EventMB, 2020).

5. Emerging Business Networking Trends

As the professional networking landscape evolves, several key trends are emerging in 2024, shaping how individuals connect, collaborate, and build relationships. Here are some of the most notable networking trends to watch this year:

• Increased Use of Virtual Events: With the rise of remote work, virtual networking events have become more prevalent. Online conferences, webinars, and networking sessions allow professionals to connect globally without geographical constraints, making networking more accessible.
• Hybrid Networking Models: Many organizations are adopting hybrid networking approaches, combining in-person events with virtual components. This flexibility enables attendees to engage in the way that best suits their preferences and schedules, enhancing overall participation.
• Focus on Authentic Connections: In 2024, there will be a growing emphasis on building genuine relationships rather than expanding contact lists. Professionals will seek deeper, more meaningful interactions that foster trust and collaboration, moving away from superficial networking tactics.
• Emphasis on Diversity and Inclusion: Networking in 2024 is increasingly centered around fostering diversity and inclusion. Professionals prioritize connections with individuals from varied backgrounds, which enriches their networks and leads to more innovative ideas and perspectives.
• Leveraging AI and Data Analytics: Technology plays a significant role in networking. AI tools analyze networking patterns, helping individuals identify potential connections and opportunities. Data analytics also assist organizations in understanding attendee engagement during events.
• Utilization of Social Media Platforms: Platforms like LinkedIn, Twitter, and Instagram remain vital for networking. However, in 2024, there will be a shift toward using niche platforms and communities that cater specifically to industry interests, allowing for more targeted networking opportunities.
• Networking Through Content Creation: Professionals increasingly use content creation as a networking tool. By sharing insights and articles and engaging in discussions, individuals can establish themselves as thought leaders in their fields, attracting like-minded professionals.

The Best Approach to Business Networking

One very interesting revelation in this article was that the acquaintances we have can be as valuable (if not more) as our close connections when it comes to pursuing job and business opportunities. With this fact, we can surmise that networking should not be limited to your friends and family members. If you’re serious about building business connections, it would be best to put in the hours to promote yourself, your skills, and not be ashamed to reach out to people outside your immediate circle.

Also, you should definitely learn more about social platforms such as LinkedIn and how you can use them to your advantage when networking. Check out and follow the business profiles of companies that you would like to connect with so that you can get updates on possible career opportunities with them. After all, it’s not only individuals who are on the lookout for good jobs. Companies are also engaging in networking in order to find the most suitable candidates to fill their vacancies.

Key Insights

• Importance of Networking: Networking is crucial for career advancement and job hunting, with 85% of job vacancies filled through networking and 73% of hires coming from introductions by connections.
• Professional Engagement: Regular online networking can lead to job opportunities, as evidenced by 61% of professionals agreeing on its effectiveness.
• Business Benefits: Companies benefit from networking through faster and cheaper hiring processes, and in-person meetings can convert up to 40% of prospects into customers.
• COVID-19 Impact: The pandemic shifted networking and events online, with virtual events growing in importance and offering a wider reach.
• In-Person Preferences: Despite the rise of virtual events, many professionals still value face-to-face meetings for building stronger relationships and strategic thinking.

FAQ

1. Why is networking important for career advancement? Networking is important because it helps you establish connections that can lead to job opportunities. Studies show that 85% of job vacancies are filled through networking, making it a critical component for career growth.
2. How can regular online networking benefit professionals? Regular online networking can lead to job opportunities, as 61% of professionals have reported. It helps in maintaining relationships and staying visible to potential employers and collaborators.
3. What are the benefits of networking for businesses? Networking helps businesses by speeding up the hiring process, reducing recruitment costs, and increasing employee retention. In sales and marketing, networking can convert up to 40% of prospects into customers through in-person meetings.
4. How has the COVID-19 pandemic affected business networking? The pandemic has shifted networking to online and virtual platforms, with many events and trade shows going virtual. This change has allowed businesses to reach a wider audience and maintain connections despite restrictions on in-person gatherings.
5. What are the most effective ways to find a job through networking? Traditional networking is the most effective way to find a job, followed by internet job boards and agency or recruiter services. Networking accounts for 46% of successful job searches.
6. How do in-person meetings compare to virtual meetings for business networking? In-person meetings are valued for building stronger relationships, reading body language, and strategic thinking. However, virtual meetings have become essential during the pandemic, providing a viable alternative for maintaining business connections.
7. Which social media platforms are best for business networking? LinkedIn, Facebook, and Twitter are the top social media platforms for business networking. LinkedIn is particularly effective, with 96% of B2B content marketers using it for organic social marketing.
8. What role do referrals play in hiring? Referrals are a significant part of the hiring process, making up 40% of new hires. Employees hired through referrals tend to have greater job satisfaction and longer tenure with their employers.
9. How can businesses effectively network during the pandemic? Businesses can effectively network by participating in virtual events, utilizing social media platforms, and maintaining regular online interactions with their professional networks.
10. What are the advantages of virtual events for business networking? Virtual events offer the advantage of reaching a wider audience, reducing travel costs, and providing flexibility in participation. They have become a key tool for businesses to maintain connections and engage with prospects during the pandemic.

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By Jenny Chang

Jenny Chang is a senior writer specializing in SaaS and B2B software solutions. Her decision to focus on these two industries was spurred by their explosive growth in the last decade, much of it she attributes to the emergence of disruptive technologies and the quick adoption by businesses that were quick to recognize their values to their organizations. She has covered all the major developments in SaaS and B2B software solutions, from the introduction of massive ERPs to small business platforms to help startups on their way to success.