Beating the downturn means turning up your networking.

 With the current downturn in the economy and businesses fearing a possible recession, Scott Hider, Managing Director of Nationwide Media Group (NMG), explains why it is more important than ever to be networking with prospects and customers.

Visibility is the key

Simmons Market Research has shown that 91 per cent of decision-makers find exhibitions an ‘extremely useful source of purchasing information’. This statistic speaks volumes about the potential opportunities that exhibitions and business conferences can offer.

In the wake of the credit crunch, many businesses will be thinking about tightening their belts, re-assessing costs and bottom line expenditure. But cutting back primary tactical activity such as marketing will ultimately be detrimental to a business.

These budgets are often one of the first to be cut during hard times, but are actually key to ensuring a steady pipeline of business leads continues. Businesses cannot rely on existing customers alone and must continue to create opportunities to network with prospects face to face and remain visible in front of a target audience.

Being visible at trade shows and exhibitions is an excellent way to achieve this. According to AEO Exhibition Effectiveness Research, 80 per cent of trade show exhibition visitors are personally involved in buying the products or services at the show.

This just shows what a captive audience exhibitions provide and how hot leads really can be generated from having a presence at these kinds of events.

Build long-term relationships

Attending these events also gives visitors the chance to meet new people and build up a network of contacts. With the explosion in social networking sites and online business communities, many organisations are taking to the web in order to conduct their business networking.

However, when it comes to building effective and long-tem business relationships, there is no substitute for meeting people in person and networking face to face. During slower trading periods, meeting prospects is essential.

Conferences, exhibitions and trade shows present an ideal opportunity for networking and meeting new people in your industry sector and new markets. Networking is not just a one way street, either.