Festival of Media Global study highlights how industry conducts business through networking, both online and offline
The global media landscape is more inter-connected than ever, but how well connected are the professionals that work within it and what impact does this have on business?
Key networking habits of global media executives were illustrated in a study conducted exclusively by the Festival of Media Global, which takes place from April 6 to 8 in Rome. Over 200 global media professionals from advertisers, media owners and agencies were surveyed.
Networking pays its dividends for media companies, with the majority of respondents claiming that a significant amount of new business is achieved this way. 15% even say that around 75% of new contracts are secured as a result of networking, while 18% say it’s more like 50% of deals.
Individual executives, however, are less likely to see the benefits: 46% say their company does not reward staff for bringing in business through new contacts. Of the 36% that say they are incentivised to bring in business through new contacts, 14% say it’s a percentage of future contracts or sales with that contact, while 9% say it’s a fixed amount for every lucrative new business contact.
Festival of Media Global chairman and editor-in-chief, Charlie Crowe, comments that more media executives should be better encouraged to broaden their business horizons through networking.
“It’s not just about securing new business deals – which are of course crucial to any thriving organisation – but about making sure people are rewarded for showing initiative and being curious. The industry needs to encourage its talent to seek new ideas and inspiration through meeting new people.
“Constant learning, education and fostering of new ideas helps the sector develop sharper people which leads to greater creativity and effectiveness – and a healthier industry all round. We hope our Festival delegates will share their knowledge and networking experiences with their colleagues back in the office.”
Media professionals are well connected globally, with 44% saying their contacts span over 10 countries and 36% saying they are in touch with people from 100 or more companies. 54% say they see their global contacts at industry events once or twice a year.
The personal touch is the choice for 40% who say that in person meetings such as drinks or lunch is the best way for keeping in touch with local connections. 30% prefer industry events such as conferences and seminars.
A time pressured 29% say they resort to online mechanisms to maintain local relationships, primarily on LinkedIn. 52% say they spend 75% of their networking time online and 25% face to face. They aren’t always working however – 44% say they split online networking evenly between social and professional purposes.
Whether it’s online or offline, networking takes up a significant amount of time: 37% say they spend 1 to 3 hours a week online networking and 25% between 3 to 5 hours. 33% say they spend between 1 and 3 hours a week networking face to face and a busy 15% spend 5 to 10 hours face to face.
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