I just read an excellent article in Business Insider, Use the '20/20/60' Rule to Find Your Next Job. The idea is that the balance of your time in a job search the 60% should be spent networking. The rest of the article covered the "hidden job market" with some excellent statistics to back up their contention that most hires happen because of networking and not because of online applications, which is where most job seekers spend most of their time. I have always been a proponent of the hidden job market concept and that is why I place a heavy emphasis on networking and being a connector when I advise others.
One thing to bear in mind though, is that it's important to feel/be productive every day. Some days you may not have a lot of networking contacts lined-up and that's OK. Using that time to peruse the job boards is OK and can make you feel productive in short spurts -- just remember that the payback on this is small so quickly it will not feel as productive. If you have a lull in your networking that's a signal that research is in order to expand your network and also to follow-up with people you have touched base with in a awhile.