Social networking - the phrase is everywhere these days. Blogs this. MySpace that. These new technologies have revolutionised the way we function in the 21st century. But what can they do for you and your business? A lot, actually. These sites involve way more than posting pictures online and sending messages to your friends. Online social networking sites exist purely to build relationships and in the business world this is a very important thing. If you're looking for a way to build up relationships with other businesses or to reach out to clients, this is definitely the new age way to go.
Popular online social networking tools include blogs, MySpace.com, Facebook.com and Twitter.com. All offering distinct and different features, it's up to you to decide which will be best for your business networking needs. Below is a summary of each of these networking tools and how they can get you connected to clients, customers and other businesses.
Blogs - Blogs (the collaboration of the words web and log) have been around since the early 1990s and have continued to grow in popularity since. In December 2007 it was reported by blog search engine site, Technorati, that there were 112 million blogs out there in cyberspace. Blogs are a great way to let the world know what you're all about. You can write anything you want in your blog. It's also a good way to get feedback, as others are able to comment on what you have written. Google also loves blogs, so your blog is likely to be picked up by the search engine through the use of keywords. That's more exposure for your business and it's absolutely free.
A handy aspect of the blog for business networking is the blogroll. A blogroll is a list of affiliated sites that appears in your blog's sidebar. Viewers of your blog can see whom you're associated with and who is associated with you. This helps you build up reputation, credibility and authenticity.
So how do you become a blogger? It's easy. There are two ways you can do this.
1. Sign up to a site such as blogger.com, LiveJournal.com or WordPress.com. Set up an account and the hard work is done for you. Just type away, hit publish and your message will instantly be out there.
2. Get a blog incorporated into your existing site. This is the more professional approach, and it will assist in getting potential clients or customers back onto your website if you update frequently.
PROS: easy to use, great exposure through search engines and they're an extremely popular mode of communication at present
CONS: need frequent updating if they are to be successful MySpace.com
Myspace - This site is extremely popular. Launched in 2003, MySpace.com allegedly has over 100 million accounts registered to it. The site itself has a wide variety of features that can help with business networking. MySpace.com is also a great way to gain exposure as profiles can be made to be highly public - to view someone's page you do not have to be registered with the site.
For business purposes, the following are features that prove useful in creating and maintaining networks and relationships with allies and customers.
1. Top Friends - Here is where you rank your friends. It's a good space to show who you're affiliated with - hopefully they will return the favour and will be promoting you on their page as well!
2. Bulletins - Posting a bulletin sends a message to everyone on you friends list. It's a quick and simple way to get a message out there.
3. Groups - Joining a group gives you a common page with others in the group. It's another way of showing whom you're associated with, where you're employed, or what your interests are.
PROS: lots of active users, interactive CONS: large following of teenagers using it for solely social purposes
Facebook.com - Often regarded as the grown-ups MySpace.com, Facebook.com has been around since 2004 but gained prominence in 2006 when it became available to everyone over the age of 13. Facebook.com is especially known for its networking features. Belonging to certain networks and groups is an important aspect of Facebook.com. Users can choose to belong to one main network (such as their company or university network) and those who belong to that network can see their profile. It's a good way of building contacts in your chosen industry and keeping in touch with those from work.
Other useful features include:
1. Groups - Users can belong to multiple groups, and the groups you belong to shows up on your profile's sidebar.
2. The Wall - Allows you to post messages to those on your friends list or in your network.
3. Status - Updating this shows users on your friends list or network what you are doing - a great way to tell everyone that you're working hard!
Facebook.com also has a News Feed which alerts you as to what's going on with your friends, upcoming events and profile changes.
PROS: dedicated to networking, more mature users, usability is good CONS: high levels of privacy - you need to be friends with people or in their network to view their information (although there are options to make your information more public)
Twitter.com - Twitter.com is a relatively new social networking site that was established in 2006. It differs from MySpace.com and Facebook.com as it is a purely text-based medium. With Twitter.com, you post short messages to your page (up to 140 characters) to alert others, who are 'following' you, of what you are doing or where you are…or anything you want. Twitter.com has a simple search option so it is easy to find people you know or businesses that you want to see updates from. Like the other sites, this is another way of linking yourself to other people, businesses or organisation. It helps to establish connections. People are generally interested in other people, so let clients and associated businesses know what you're up to - it will create personality for your business and strengthen relationships.
PROS: it is simple and doesn't have redundant features for business networking. Twitter.com also branches out - you can access it from your mobile, software on your browser or through instant message CONS: not as well-known as other social networking sites Embracing social networking technology
Go on, give it a try. By embracing this communication technology you are essentially deepening links between you and other businesses, and promoting yourself to clients and potential customers. Don't underestimate the power of the Internet - make a name for your business on it and you will reap the rewards. Business networking is key to a successful business so get out there and let the world know what you're all about.
This article was written by Louise Meers, a part-time copywriter and media advisor for Bergan Blue. Bergan Blue is an Australian-based business focused on bridging the gap between the online world of the Internet and the offline world of marketing. Please visit www.berganblue.com.au for more information.
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Tuesday, July 8, 2008
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3 comments:
great post but I didn't see any mention of the business networking sites like Linkedin, Xing, or Schmoozii. The business sites are the most beneficial to finding contacts, clients, and new business ventures, IMO.
What Our Harvard Study Revealed About Generating New Leads
This is the story of how a Harvard Business School case study lead to the creation of our business. The story begins with our founder who was a seasoned small business owner and was always looking for ways of generating new sales leads for his tax practice in the most cost effective way possible. The Harvard study set out to answer one fundamental question: What should the ultimate referral system look like from the small business owners’ viewpoint? After interviewing scores or small businesses and conducting concept engineering and logic chain techniques, Referral Key emerged as the world’s first online platform that encourages referrals to drive revenue and build stronger professional relationships.
Located in Boston, we were in the midst of a social networking frenzy. While every corporate blogger with too much free time seemed to be churning out stories promoting social/business networking as the next greatest thing since profits, we were hard at work trying to measure the actual ROI of these activities and look for a solution that would incorporate the familiarity of a meet up group with the undeniable cost/time effective advantage of an online tool.
The case study at Harvard gave us incite into how a successful referral network works. We found that a common element within any successful referral relationship is 'trust". Trust is developed when you know an associate and are familiar with their work. When you refer a client to an associate your reputation is at stake as well. Trust is not a common trait amongst large social and business networking groups. Many sociologists find that virtual relationships hold little to no weight in the real world. Ironically, a recent BBC study found that people with more connections in the virtual world tended to have fewer connections in real world. There is nothing wrong with social networking but we were concerned with "actual" mutually beneficial relationships that drive revenue. Needless to say, having hundreds of contacts on LinkedIn may be a great way to promote your resume but will result in little if any qualified business leads.
The second most important trend which emerged from our case study was that referral relationships break down when they are not mutually beneficial. If you send an associate 4 referrals and they don't send you any, it is likely that your business relationship will become dormant. This is the inherent dilemma hampering many meet-up groups. Besides being time consuming and expensive, meet up groups often attract very strong contributors as well as very weak contributors.
The question then became: How can small business professionals exchange referrals with associates they know and trust, forge new relationships based on familiarity, and ensure all of these relationships remain reciprocal? It was out of this need that Referral Key was born:
Unlike other sites, when you sign up with Referral Key you invite associates that you already know and trust to exchange referrals with you. This sends a clear message that you’re serious about exchanging referrals. Because they know and trust you, there is a strong likelihood that they’ll accept your invitation; solidifying your business relationship. You can then exchange referrals, rate those referrals, and use reporting tools to track the effectiveness of your referral network.
To help ensure reciprocity, at the end of every quarter the system sends both you and your referral associates an email asking you to rate your referral relationship as either “balanced”, "you should send more referrals" or "you should receive more referrals". Once both you and your associates have entered your assessments, Referral Key will compare your responses to determine if there is agreement. Within two weeks, you’ll receive a quarterly appraisal report showing whether or not you and your associates are in agreement regarding your referral relationship. Referral Key makes it easy for you to quickly assess agreement with your associates using color coded scores: If there is an imbalance in the relationship both parties are encouraged to open up a dialog ensuring a mutually beneficial relationship.
Finally, to develop “new” business relationships to exchange referrals, you can tap into your associate's networks. Suppose you are approached by one of your clients asking you to recommend a good real estate attorney. Well, you may not know a good real estate attorney but your associate "David" happens to know a real estate attorney by the name of "Alex". With David’s permission, you can contact "Alex" through Referral Key with confidence and draw attention to your strong connection with "David". You can then send your client to "Alex". If the referral was qualified and timely it’s likely that you’ll have created a new referral relationship with "Alex" without ever compromising the familiarity or trust of your network.
We’ve approached referral networking as a precise science. Regardless of outside economic forces, our member’s professional relationships have remained fruitful and our business continues to grow exponentially.
In a nutshell, for millions of small businesses, referrals are the single most important source of new revenue. Referral Key is a business networking utility that helps you manage your trusted referral relationships more effectively to increase sales, expand your professional network and differentiate yourself from your competition. Unlike other social or business networking sites that are focused on managing a vast number of professional contacts or have an asymmetrical benefit, Referral Key is a platform that encourages referrals to drive revenue and build stronger professional relationships.
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