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Archive for the ‘Business Networking’ Category

Better Communication & More Sales, with Referral Based Social Media

Wednesday, April 21st, 2010

referral-key-communication-resize

Referral Key is Free... Generate More Sales Today!

FYI: Referral Key is free! You can begin using Briefs, boosting sales, and driving revenue today.

Briefs are 200 character micro-messages visible to trusted partners in your private referral network. A Brief is similar to a “tweet” on Twitter® with some key differences that help you strengthen partnership within your private professional network.

On Referral Key you exchange referrals with other seasoned professionals who are also eager to help you boost sales. Unlike other social media services, that make your information public, and often foster broadcasting promotions rather than intimate sales networking for small businesses; Referral Key Briefs are relevant and sales focused.

  • To post a Brief, simply type your message and click post.
  • Type “@FirstName-LastName” to direct a Private Brief toward a single (or more) associates. I.E. If you want to tell Steve Smith to meet you for lunch, but don’t want the rest of your network to know, you would type “@Steve-Smith”
  • You can attach brochures, documents, and files
  • You can Sync Briefs with other social media services to increase your reach and exposure.

Referral Key is the fun way to help friends, build referrals and grow your business. Unlike any other social or business networking service, every feature on Referral Key has been optimized to help you generate more referrals. Simply put, we bring new business to you!


Mediocre and Highly Profitable Referral Marketing

Monday, October 19th, 2009

referrals-101Referrals are a vital source of sales for most small businesses. What separates the mediocre from the truly profitable referral marketers? Many pros are left scratching their head, wondering why some professionals seem to always have a mountain of new business while others sit around waiting for the phone to ring, you need to consider the referral marketing basics;  the difference between mediocre and highly profitable referral marketing.

1. What is the quality of your business network?

Highly Profitable Referral Marketing: My business network is made up of top-notch service professionals I trust and whose quality of work I am familiar with. They refer people to me because they know I’m the best at what I do. We periodically reconvene to ensure we are both on target and continue to work toward our sales goals.

Mediocre Referral Marketing: My business network is an undefined cluster of people whom I have loose relationships with. I don’t personally know most of these people so it would be a bit uncomfortable to call them and talk referral marketing. I send out an email blast once in a while and hope for the best.

2. Do you regularly send referrals?

Highly Profitable Referral Marketing: I view referral marketing as a serious business activity and approach it with the same gravity as I would taxes, employees, and accounting. Everyday I am looking for more opportunities to refer people to other professionals I trust. Referral marketing allows me to leverage my most powerful asset; my reputation.

Mediocre Referral Marketing: I view referral marketing as a business-esque social activity. I expect people to send me business before I refer anyone to them. I sent one referral last month, unless an opportunity falls into my lap, I don’t bother.

3. What is the quality of the referrals you send?

Highly Profitable Referral Marketing: The people I refer are integral to maintaining my reputation amongst my associates. My long-term referral marketing success is contingent on my ability to create referral situations that are positive for both parties. It’s just as important that I refer quality prospects as it is that I am referring those prospects to quality professionals. I always follow up with both parties to ensure the referral was a success.

Mediocre Referral Marketing: I may refer someone but after that, it’s sort of out of my hands. My business associates should just be happy that I’m even sending people their way. If there is a problem they’ll let me know.

4. Are you organizing and tracking your referral relationships?

Highly Profitable Referral Marketing: I closely mange my referral marketing activities. To be successful I need to be able to answer fundamental questions. I want to know who’s in my network, which referrals are they sending to me and which am I sending to them? Are they following up on my referrals? Of the referrals I send and receive, which result in sales?  Do my business networking partners feel the same way about our business relationship or are we totally out of sync? Which relationships need more attention? Are there opportunities to expand my network?

Mediocre Referral Marketing: I hand out business cards and wait for the phone to ring. I’m not exactly sure where my new business is coming from and I couldn’t really tell you how people in my network feel about the referrals I send them. I figure if there are any problems they can call me.

Social Media Marketers Still Prefer Face to Face

Thursday, October 1st, 2009

We randomly selected 100 social media-savvy small business owners and asked them the following question:

“Do you generate more new from professional relationships with at least some face to face networking or do you generate more new business from exclusively online networking relationships?”

facer

While this is not the largest sample size, it reminds us that a small trusted business network is much more effective at generating sales leads than a massive network of loose social media connections. The optimal idea is to incorporate both social media technology and your trusted business network into a sales focused referral marketing strategy.

Avid Twitter user and Toronto area networker Tad Mclaughlin:

“As great as social media is, and as much as it can enrich your existing relationships,  the bottom line is that the majority of your new business is going to come from networking with professionals you already know and trust.”

New Study: Most Professionals Have No Clue How Online Business Networking is Helping Them

Wednesday, September 23rd, 2009

First, if you have colleagues that could benefit from generating sales leads and tracking their business networking activities, please do them a favor and forward them this blog.

Social media for business is peaking with 86% percent of professionals reporting to use social media for business… except… nobody really knows exactly how their business is benefiting from social media.

“While the survey results are great in that they indicate an enhanced role social media in many industries, it also indicated that some professionals or companies are adopting social technologies without having a way to actually measure how effective or useful the measures actually are.”

Christina Warren, Mashable

Professionals Worldwide Who Measure the ROI of Their Social Media* Programs, August 2009 (% of respondents)

Of course this really rustles my feathers. We’ve focused on sales and tracking since the beginning. Referral Key has had ROI built in since day one. We are really hoping that more professionals get serious about driving revenue using social media and consider tracking their professional relationships.

Sites like Facebook, LinkedIn, and Twitter are great but remember, their usefulness as a ’sales’ tool is only a byproduct of people wishing it to be so. These tools weren’t conceived or built with driving revenue as the primary objective which is why everyone’s playing the “What’s the return?” game. Generating sales leads and referral marketing are the next frontier for online business networking. We think you agree too:

Methods of Deploying Social Media* at Their Business According to Professionals Worldwide, August 2009 (% of respondents)

hmmmmm… someday someone will develop a network with a focus on sales and tracking.

12 of the Most Abused Words Marketers Should Avoid

Tuesday, September 22nd, 2009

poison1There are many hardworking and talented professionals who rely on the internet as a vehicle to get their message out. Unfortunately, the internet is filled with a dizzying amount of marketing junk and the average person is going to have a difficult time differentiating you from the junk if you don’t avoid over-used phrases.

System: From “weight loss systems” to “marketing systems”, when we read the word system we immediately think …garbage.

Program: Cousin of the “System” the word “program” is just as ambiguous, just as frequently abused, and therefore a huge turn-off.

Affiliate: Most people have no idea what this loaded word means. You can assume that in most people’s minds, Affiliate = do not affiliate with this organization.

K: Yes, “K” as in “Read My E-book and you’ll be making 5K by tomorrow.”

Pennies a Day: Not only will this get blocked by Web mail and SPAM filters but the human SPAM filters as well.

Credit ‘into’ Cash: Debt ‘into’ Assets… ‘Anything’ ‘into’ ‘Anything’

No: No Gimmick, No obligation, No Catch, No fees… No way!

Increase Traffic: Everyone knows that clicking on this link will increase traffic… only for the person who posted it.

Lifestyle: Selling

Experience: We see the word experience and we think, “Experience the joys of being harassed”

Transform: Don’t transform your life, transform your marketing strategy.

— Marketing: ‘Network Marketing’, ‘Buzz Marketing’, ‘Guerrilla Marketing’, ‘Mommy Marketing’, ‘Commando Marketing’, ‘Blue-Collar Marketing’, ‘Speed Marketing’, ‘Conversation Marketing’, … There are certainly legitimate entities that use the word ‘marketing’ in their title but adding a trendy adjective to the word ‘marketing’ is quickly becoming passé.

How to Get Reluctant Colleagues Involved with Online Business Networking

Thursday, September 17th, 2009

According to the census, the overwhelming majority of small business owners are between the ages of 35 and 54.

This demographic, in large part, is not using social media for business networking.


social-media-age-business-networking

Data source: Pew Internet & American Life Project and Auxiliary Quantitative Data

You know the power of online business networking. Here are “do’s” and “dont’s” that will help you communicate the importance of social media to your reluctant business colleagues

Don’t

  • Inundate them with every feature of your favorite business networking site
  • Complicate things by comparing too many services. For example,  if they’re not interested in podcasts don’t keep pushing the issue just because it’s your most recent discovery
  • Use jargon… i.e. Tweet, RSS, Wall, User Generated, Tag Cloud… these terms can be learned later; they mean nothing to people at the beginning stages
  • Push colleagues on industry-heavy blogs, opinions, and articles before they discover social media for themselves

Do

  • Specifically find out what they want to get out of business networking i.e. (sales leads, job search, head hunting, referral marketing…)
  • After inviting a colleague to a new site, follow up with a phone call. There is a good chance they may not know what to do with the information
  • Begin sending colleagues relevant information via social media platforms. i.e.(alerts, updates, messages)
  • Send them a referral! Nothing is a greater testament to the power of social media as a business tool than a qualified sales lead delivered right to their in-box

Facebook Versus Twitter For Actual Small Business ROI

Tuesday, September 15th, 2009

I always recommend Referral Key first if exchanging qualified sales leads and small business networking are what you’re after however, I realize that promotion and personal branding are also important areas of marketing, areas that social media can help facilitate.

Advice from Chris Brogan

I’ll admit, marketing guru and fellow Bostonian Chris Brogan’s blog got the gears turning on the subject of Twitter versus Facebook.

“Facebook has many more users, but it’s a bit harder to find customers, prospects, partners and colleagues. Twitter is easier to use and faster to connect with people, but there are far fewer users on there today. I’ll let you choose. If you go with Facebook, make a personal account under your own name, and then start a fan page for your business.”  Chris Brogan

I happen to agree with Chris,  except I don’t think the actual size of either Twitter or Facebook (Since they are both massive) are going to have much consequence for the average small business owner. A greater emphasis should be placed on demographics and niche’ prospects. I’m also not yet convinced of the effectiveness of Facebook fan pages, particularly for small business owners in less glamorous industries i.e. Law, Finance, Maintenance etc.

Facebook is 40% advertising 60% relationship

Pros

  • Facebook facilitates much more comprehensive media sharing (Within the actual site)
  • Fosters deeper relationships than Twitter.

Cons

  • Limitations set by Facebook mean that you are going to have a very difficult time connecting with people you don’t already know.
  • Facebook pages tend to be beneficial for big businesses who promote them but, are not as effective for small businesses.
  • It’s much more difficult to identify actual ROI from Facebook activities

Twitter is 60% advertising 40% relationship

Pros

  • Twitter is fast
  • It is easy to have a reach of a few hundred within a few days
  • If you produce good content people will listen
  • Twitter Search is an unprecedented way to identify people talking about your services
  • Demographic is older*

Cons

  • Whether they’d like to admit it or not,  most people have never actually met the majority of their Twitter followers (at least for those using it for marketing)
  • Connecting with existing customers and associates means you are making your connection list public to your competitors for the taking; See Think Twice About Business Networking With Your Existing Customers and Associates On Twitter.
  • The big advantage of Twitter went to early adopters. As more and more people crowd the space only two things can happen:
  1. The natural laws of marketing clutter mean everyone’s voice becomes less effective as more marketers crowd the space (i.e. Myspace)
  2. Twitter enables strict regulations, effectively eliminating much of the original advantages of marketing through  Twitter. (i.e. Facebook)

The Winner:

Twitter (For Now)

If you are going to use one of the two for marketing I’d recommend Twitter, at least for now. Too many of your competitors either aren’t on Twitter yet or aren’t using their account. Ii is extremely important to get the most out of Twitter today. There will be a time, very soon, when we’ll all hark back to the glory days of marketing on Twitter.

Customer Service Will Become Increasingly Important For Small Businesses

Wednesday, September 2nd, 2009

1. Social Media naturally rewards those who give their customers something worth talking about.

2. Business Networking in the digital age means colleagues have greater access to information in determining if you’re someone they should associate with; that’s sound referral marketing.

3. Large companies are getting larger which inherently makes customer service more difficult for them  and makes individual service that much more appealing.

4. The prevalence of outsourcing makes in-sourcing that much more appealing.

5. Communication is quickly becoming the most important the most important business asset and customer service is where the rubber meets the road.

Customer service is no small matter and it’s a big deal for the long term success of small business.

What is more important, hiring or retention?

Wednesday, September 2nd, 2009

Johnny C. Taylor, Jr. is quickly becoming one of the most sought after keynote speakers in the world. Audiences from the United States to Australia all agree that his speeches are deeply inspirational. His enthusiasm is contagious, and his delivery is dynamic.

We had a chance to catch up with Johnny and in this series, we’ll be discussing HR and more specifically how it relates to small business and business networking.

What is more important, hiring or retention?
Neither is more important than the other. It makes no sense to spend $100,000 to find an employee and then not focus on keeping him/her happy and engaged.

Employers must put a significant effort into finding the best people. But an equally (and in some cases larger effort) must be undertaken to retain these people.  Even in this tough economic environment, your “stars” will have an opportunity to leave you for better opportunities.  So, getting them in the door may actually be easier than keeping them.

You can learn more Johnny and his new book The Trouble with HR at his website

A Personal Picture or A Business Logo When Business Networking Online?

Wednesday, September 2nd, 2009

Our profile photo or more accurately, our “avatar” is our online face. Whether using Referral Key, Twitter or Facebook; what we choose as our avatar picture is often the first impression others get while business networking.

Using a Logo

Pros

  • Business logos can specifically communicate something about the services you offer.
  • Most businesses have several people operating within that entity  so, a business logo keeps representation fair and equitable.
  • It may actually be easier to recognize business logos rather than the millions of head shots we see online every week.
  • Business logos are more professional and can convey a certain credibility beyond a publishers individual tastes and preferences.

Cons

  • Unfortunately, the slew of marketing schemers and spammers have tainted the traditional logo. While the spammers sometime use personal photos (of other people usually), more often than not, we are greeted with a stock photo such as a hand waving cash or a man with a mega phone. It’s a knee-jerk reaction to pull away from these entities and inevitably legitimate businesses can be overlooked.
  • A good logo does takes some time and thought to pull off. DO NOT USE A STOCK PHOTO. So many people are producing content on the net know that we are beginning to see the same photos being used by many businesses. Seeing the same photo screams unprofessional. You’d be much better creating your own images even if they don’t look air brushed.

Using a personal photo

Pros

  • Personal photos are well… personal!
  • Taking a personal photo is relatively easy.
  • You’ll develop a personal brand beyond your current business venture.
  • You will be responsible for the content you publish so others can more easily associate you with your work and not co-owners/colleagues/etc.

Cons

  • It is not necessarily clear from the initial interaction that you are a business.
  • You are subject to people’s prejudices. I don’t necessarily mean racial but more mild forms of prejudice such as “He/she has no taste look at what they’re wearing.” “He/she looks stupid I am not going to click this profile.” “Too old to be relevant, too young to be professionals,…….. the list is endless. We all make these split second decisions when we see someones profile whether we admit it or not.
  • Your personal and business reputation online have the possibility of conflicting with each other.

The Verdict

I think a combination of “personal branding” and spammers have rendered the logo the lesser of the two. Whether logical or not, people tend to associate a face with trust. I’ve noticed  that many of the most popular bloggers who also run businesses have switched from the logo to the personal photo in the last few months. This is one of the many changes new media is likely to create; the fracturing of brands and the emergence of personal brands.

What are your thought?

Ask Questions When Business Networking Online Or Off

Tuesday, September 1st, 2009

Studies show that people like to talk; that’s a good thing. Most talented sales people will agree that a key component to any interaction, whether you’re selling b2b or b2c, is ensuring the other party felt as though they participated. All too often we become fixed on communicating the value of our product or worse… features.

business-networking-onlineI noticed Chris Brogan, an authority on marketing, ends all of his blog posts with a question. This is a simple but powerful gesture that lets his audience know he has ears.

Attentive listening has been a staple of successful tele-selling and online business networking is no different. Nothing is more affirming than a popular blogger taking the time to respond to you. More times than not, good listening is one of the reasons why they are successful to begin with.

Whether tweeting, IMing, emailing, or blogging; a natural conversational rhythm is the goal.

When business networking online, do you find yourself doing most of the talking or listening? What are some challenges to attentive listening online?

The Bald Man and the Fly or The Two Small Business Bloggers

Friday, August 28th, 2009

We proudly present Fable Fridays. This weekly installment will draw parallels between referral networking and some of society’s most cherished moral tales: Aesop’s Fables.

You could go to expensive seminars and buy up every book on referral marketing, but it doesn’t take a marketing genius to realize that Aesop got it right nearly 3,000 years ago.

See more Fable Fridays

The Bald Man and the Fly

A FLY bit the bare head of a Bald Man who, endeavoring to destroy it, gave himself a heavy slap.  Escaping, the Fly said mockingly, “You who have wished to revenge, even with death, the Prick of a tiny insect, see what you have done to yourself to add insult to injury?’  The Bald Man replied, “I can easily make peace with myself, because I know there was no intention to hurt.  But you, an ill-favored and contemptible insect who delights in sucking human blood, I wish that I could have killed you even if I had incurred a heavier penalty.”

“Revenge will hurt the avenger”

The Two Small Business Bloggers

There once were two small business bloggers. Each had their own marketing formula of which they’d write about and promote. They also each had a small but loyal niche audience; many of whom read both blogs. One week, the first blogger, seeing an opportunity to criticize the second, released an article disparaging the others marketing strategy.

The article had the affect of highlighting the triviality of both blogger’s offering.

“Marketers who criticize other marketers often reveal more about their own services”

45% of Employers Now Screen Social Media Profiles But Are You Doing Business Network Screening?

Thursday, August 27th, 2009

If social media is a good way to evaluate a potential employee (or a good way to not get hired) then why shouldn’t small business owners apply the same practice when seeking new referral partners (or declining them).

“According to the study, “thirty-five percent of employers reported they have found content on social networking sites that caused them not to hire the candidate.”

- Jennifer Van Grove, Mashable

Selective networking is a big part of quality control on sites like Referral Key and to a lesser extent, LinkedIn. The social media world is in its infancy and while social networking and business networking are often clumped together, THEY ARE NOT THE SAME THING!

Hiring employees polarizes the need for quality control in business networking.

It’s a very good idea to consider separating your online social networking from your online business networking.

If other professionals are evaluating you before they start networking with, why wouldn’t you do the same?

73 Excellent Marketing and Business Networking Blogs

Wednesday, August 26th, 2009

Copyblogger
Copywriting Ttips for online marketing success
Marketing

Marketing Interactions
Ardath Albee is a B2B Marketing Strategist
Small Business Marketing

Online Marketing Blog
TopRank’s internet marketing blog on the intersection of social media, digital public relations and search engine marketing.
Business Networking

PR 2.0
The Future of Communication Starts Here
PR

Marketing with Meaning
The New Imperative To Add Value To Customers’ Lives
Advertising

Post Advertising
Marketing has entered the post-advertising age. The new age’s defining feature is this: The only messages anyone will see and hear are the messages they choose to see and hear. This is the first commandment of the post-ad age.
Advertising

Conversation Agent
connecting ideas and people-how talk can change our lives
Marketing

Brain Traffic
People come to your website to gather information or complete a task. Does your content give them what they want, or does it only get in their way?
Marketing

Web Ink Now
Online thought leadership & Viral marketing strategies using blogs, news releases, ebooks, & online media
Marketing

Buzz Marketing for Technology
Innovative Ideas for B2B Technology Marketers
Marketing

EyeCube
Intelligence, Insight, Ideas
Social Media and Business Networking

ContentMarketingToday
How to turn prospects into buyers with content marketing
Marketing

Convince and Convert
Social media and email consulting
Social Media

Influential Marketing Blog
Reflections on creating compelling marketing, advertising, & PR strategy
Marketing

Hubspot Internet Marketing Blog
HubSpot® is an inbound marketing system to help your small or medium sized business get found on the Internet by the right prospects and convert more of them into leads and customers for maximum marketing ROI.
Inbound Marketing

Dan Blank
Dan Blank: Publishing, Innovation & the Web
Public Relations

The Harte of Marketing
Opinions and Observations on Marketing, PR and Social Media
Marketing

Writing on the Web
How to Use Content Marketing to Attract, Sell and Profit Online
Marketing

The Toadstool
A “frank-but-fair” view of the confluence of advertising, marketing and Web 2.0.
Marketing

PR 20/20
PUBLIC RELATIONS & MARKETING: LOOK BEYOND
Public Relations/SEO

Keysplash Creative
Your Creative Solutions Source
Marketing

Chris Brogan’s Blog
community and social media
Social Media and Business Networking

Social Media Explorer
Social Media Explorer is the online home and blog of Social Media Explorer LLC
Social Media and Business Networking

Content Rich
Writing Your Way to Wealth on the Web
Marketing

Drew’s Marketing Minute
Where strategy and passion collide
Marketing

Greg Verdino’s Marketing Blog
microMarketing: learn more
Marketing

IdeaLaunch
ideaLaunch is the web’s leading content marketing agency
Marketing

Hard Knox Life
Marketing, Media, & Technology
Marketing

Direct Marketing Observations
Direct Marketing Observations
Marketing

Nigel Hollis
Chief Global Analyst
Marketing

Rexblog
Curating news about media, community and technology for people who aren’t geeks.
Marketing

Marketing Profs Daily Fix
Opinions. Commentary. News.
Marketing

Sales Lead Insights
A B2B LEAD GENERATION, MARKETING & SALES BLOG
Social Media and Business Networking

Techno//Marketer
matt dickman in digital marketing and social technology
Marketing

Savvy B2B Marketing
Inspirational Ideas & Practical Strategies
Marketing

Social Signal
Social media that comes alive
Social Media and Business Networking

Web Strategy by Jeremiah
As a Web Strategist I strive to define and deliver user and community needs, business goals, and web technology to craft and deliver long term successful web programs for companies.
Social Media and Business Networking

AriWriter
social media & online marketing
Social Media and Business Networking

Logic+Emotion
insights ideas interactions
Social Media and Business Networking

Litman Live
Social Media, Digital and Tech
Social Media and Business Networking

ThinkTank
The King Fish Media Think Tank is a resource and interactive forum for marketing and media professionals.
Marketing

Spark Minute
Helps companies build their industry voice through storytelling
Social Media and Business Networking

Chaos Scenario
Our hope is to provide insight into the Chaos that marketers are facing as the forces of technology, consumer apathy and marketing integration shape our world.
Marketing - General

Find and Convert
Actionable Tips, Trends, Interviews with Successful Online Marketers
Inbound Marketing

The Leading Edge
PR Technology Trends by Sally Falkow
Public Relations

wiep.net
Connection Marketing
S.E.O.

vabksenculturebuzz
Buzz & Communication Agency
Buzz marketing

Laurel Papworth Blog
The Business of Being Social
Social Media and Business Networking

Writing White Papers
How to stand out among legions of marketing pieces
CopyWriting

Direct Connections
Best Practices & Principles in B2B Demand Generation
B2b

Conversation Marketing
Common sense internet strategies
Internet Marketing

Paul Gillin
Social Media and the Open Enterprise
Social Media and Business Networking

Nick Burcher
Personal thoughts on the evolution of media and advertising
Advertising

aimClear
A search marketing blog for advertising agency, in-house & PR professionals
S.E.O.

Ducttape Marketing
Simple, effective and affordable small business marketing
Small Business Marketing

The Daily Flip
A web show about… ONLINE MARKETING & ENTREPRENEURISM
Social Media and Business Networking

News from the Herd
100% Original
Social Media and Business Networking

Servant of Chaos
A search marketing blog for advertising agency, in-house & PR professionals
Social Media and Business Networking

Social Media Marketing Blog
Social Media Insight in the Increasingly Complex World of New Marketing
Social Media and Business Networking

Feed Growth!
Internet Marketing Tools
Social Media and Business Networking

THINKing
my Creative Team THINKing
Marketing/Public Relations

The MineThatData Blog
Exploring How Customers Interact With Advertising, Products, Brands, and Channels, using Multichannel Forensics.
Customer Relations

No man is an iland
……email marketing advice, info and tips by Mark Brownlow
Email Marketing

Damn! I Wish
Unusually Useful Ideas for Smart Marketers
Corporate Marketing

The Engagement Principles
The Art & Science of Results-Oriented Engagement Marketing
CopyWriting

Bringing Brands to Life!
Taking the “yawn” out of corporate films
Corporate Marketing

ViralBlog
Viral ideas. Trends. Inspiration.
Viral Marketing

What’s Next
what works now
Social Media and Business Networking

ConverStations
Blogs and Social Media as Conversation Stations
Social Media and Business Networking

A&W Unplugged
Un-cut. Un-censored. Sometimes unbelievably brilliant.
Social Media and Business Networking

FASTforward Blog
Marketing Blogs Relating to the FASTforward Conference
Corporate Marketing

The Social Media Engager
The Social Media Engager
Social Media

The A-Ha! Blog
An entrepreneurial adventure in content creation…
Social Media and Business Networking

Business Networking Versus Social Networking 3 Key Differences

Thursday, August 13th, 2009

Is there a difference between business networking and social networking?

It’s the proverbial elephant in the office of every social media consultant. Those of us who make a living selling clients on the power of online social media, may get a bit uneasy when confronting distinctions between business networking and social networking. Business networking and social networking are in their infancy but I think the following points will become increasingly important as society moves beyond the initial sensation of social media.

Business Networking is for Profit, Social Networking is for Fun

Socializing with professionals does not necessarily constitute business networking. Ultimately, you’re in business to make money; business networking is a means to that end.  Business networking involves at least two professionals working toward a  common goal. At it’s essence, business networking is about generating more sales.

The benefits of social networking are as varied as the people who are networking. Some people are on social networking sites to express themselves, some derive pleasure spying on good (and not so) acquaintances, some get satisfaction from sharing media and ideas, some to like to gossip, and  some people may social network to pass time.

The Benefits  of Business Networking are Quantifiable, The Benefits of Social Networking are Personal and Indefinite

Business networking activities have a measurable return. That’s not to say that every phone call, message, or conversation has a fixed dollar amount however, looking back at your efforts over a given period, you need to be able to identify which activities have helped boost sales and which were time miss used. If you have a friend in a traditional networking group such as the Chamber of Commerce or BNI, you can be sure they are monitoring how much their investment of time, effort and membership fees is panning out.

People have very little expectation for a tangible return on  social networking.

Business Networking is Expensive, Social Networking is Free (Well, sort of)

Many experts say that in our fast-paced digital age, “time” has overtaken “money” as the scarcest commodity. While most sites offer free business networking, the real question isn’t “What are the fees?” but rather, “What is the return on the time invested?”. Consider this: If  you spend just a half an hour of your work day on business networking sites, you’re spending over 10 hours a month. Now suppose  you make $20 an hour; that’s over $200 a month.

Of course, social networking is time consuming as well. Assuming that you are social networking when you would otherwise not be working, then the cost of social networking is, “anything else you could be doing with that time.”

The Secret to Good Business Networking

Thursday, April 16th, 2009

Open ended questions are the secret sauce when it comes to good business networking.  Simply asking open ended questions will do more for your networking game than a three piece suit and the best pitch on the planet.

Studies show that when people do most of the talking in a conversation they have positive feelings after the interaction.

If you’ve got the time, you can even play a game, “see how long you can keep the other person talking with as little interruption as possible.”

I was recently on the train between Boston and New York and I struck up a conversation with the gentleman sitting behind me. We seemingly had nothing in common;  he may even have been busy with some paper work now that I recall. However, by using just a handful of open ended questions and showing some genuine interest, I was able to keep the conversation going for the entire three hour trip. When the train pulled into New York, which one of us do you think insisted we stay in touch?

The same goes for open ended Tweets, instant messages, and communication in all of it’s forms.

Let’s say you want to get your Twitter followers involved in a blog on your site. Instead of just announcing your blog, solicit an open ended response.

Example:

Blog Title: “Obama’s New Plan for Small Businesses”
Tweet: “How do you feel about Obama’s new plan for small businesses? [Link]”

When it comes to networking events and referral marketing, success could be as simple as having a few open ended questions on hand.

Example:

What differentiates you from some of the other professionals in your industry?

In what ways do you think your industry has changed since you started?

Ideally, what does the future look like for your business?

What is your experience with face-to-face networking events?

The Coach’s 10 Secrets to Effective Business Networking

Monday, November 17th, 2008

Alex Liviertos, known as “the coach” by his clients, has been helping small business professionals in the Chicago area achieve greater income for nearly 22 years. A Referral Key Gold Key member and business networking guru, Alex understands the importance of developing and managing a strong referral network. To contact Alex you can visit his Referral Key profile or visit his website.

Guarantee a Referral Today

Friday, November 14th, 2008

Whoever said, “Build it and they will come” obviously wasn’t a small business owner. One of the biggest barriers to growing your business is taking a passive attitude toward developing referral partnerships with people you trust. You can buy many business networking books and go to many pricey networking seminars and still have nothing to show for it.

Consider taking a few minutes to follow these 4 simple steps and you will have something to show for it.

1. Break the ambiguity of your professional relationships and formally invite colleagues you know and trust to exchange referrals with you. Your colleagues will likely be honored you’ve chosen them as a referral partner.

2. Make the first move. Actively seek opportunities to send your referral partners qualified leads. Think with your referral partner’s best interest in mind and you’ll be amazed at how quickly your partners will return the favor. It’s the old “you scratch my back, I’ll scratch yours”.

3. Track your relationships to ensure your referrals are balanced and mutually beneficial. If you’re sending lots of leads but not getting your fair share, it may be a good idea to reach out to your partners to find ways of ensuring a more reciprocal arrangement.

4. Establish referral promotion campaigns to reward your customers and colleagues for sending you qualified leads. Nothing says thank you like a nice dinner or couple tickets to a ball game.

Guarantee YOUR business a referral tomorrow by sending one today. Visit Referral Key, and the customers will start knocking on your door!

Stay Ahead of the Curve, Stay on Top of Change

Thursday, October 9th, 2008

Don’t call Len Rosen a businessman, blogger, networker, or humanitarian… because he is all of the above. Len’s approach to small business networking encompasses everything from furthering biomedical research technology to capitalizing on new social media tools like Referral Key. Occasionally, it is important to take a step back to understand the full potential of relationship building and the true power of developing your trusted circle of professional relationships. A strong network can be utilized to enact positive results in a variety of endeavors, wherever your career may take you.

Len Rosen’s Profile

Referral Key Radio Spotlight on Small Business Marketing Expert Adrianne Machina

Wednesday, October 1st, 2008

We are glad to welcome seasoned business networking expert Adrianne Machina. Adrianne founded Tornado Marketing to serve the marketing needs of small businesses, especially those in technology consulting. Adrianne became an authorized Duct Tape Marketing Coach in 2007, which allowed her to expand her offerings to the needs of the smallest entrepreneurial businesses. During her 15 year career, she has met and helped many business owners and executives who are technically competent and business savvy, but who struggle with marketing.

Today Adrianne gives us valuable insight into her formula for success as well as explaining how a tool like Referral Key can create new opportunities for professionals looking to expand their business through qualified business referral exchange with professionals they know and trust.

Plaxo sale indicates changing times for business networking sites

Tuesday, January 1st, 2008

The New York Times recently reported the potential sale of business and social networking site Plaxo.

Plaxo claims about 15 million registered users, and despite that fact that the site is not yet profitable, the asking price is said to be around $100 million.

Plaxo started out as a kind of electronic Rolodex management tool - we all remember receiving multiple uninvited emails asking us to provide our updated contact information. The company changed tack recently and launched Plaxo Pulse, a service that compiles information from competitors MySpace, Facebook, and other social networking sites.

What does this mean for your business to business networking strategy? What sites can you, the small business service professional, rely on for the referral marketing services and tools you need before they change functionality to keep up with their competition? We wonder how many people actually liked and used Plaxo for what it set out to do for them (manage contacts) as opposed to what its mission is now (collect information from other social and business networking sites).

Surely many business professionals used Plaxo as a supplemental tool for their referral marketing strategy – what better way to refresh your new business leads than constantly reminding people of your presence with a friendly contact information update email? Trouble is, without a personal relationship and a “first degree of separation” communication, it started to feel like spam – and frankly, in my opinion, it was. I stopped responding to the requests and they went right into my delete folder, even if they were from people I knew and worked with regularly. It was obvious they were automatically generated and had nothing to do with the professional relationship I shared with the sender. It was also obvious there was no return for dedicating my time to fill out the form.

When Sean Smith wants my updated contact information, including my cell and home numbers, you can bet I’d be more likely to respond if he’s offering something - like a qualified referral – in return.

Why would Plaxo consider MySpace and Facebook rivals in the first place? Certainly their strategy (automatic emails to a user’s database of contacts) was flawed, but did anyone ever really consider them a social or business networking site?

We believe in doing and being one thing – and doing it better than anyone else. If you’re not going to be a huge social networking site with multiple features, applications, and fun stuff then offer something for your users that will actually affect their sales lead ratio and revenue. For us it’s referrals. Nothing else.

Of course, we’re biased, but Referral Key is just one of the sites that we feel remain elegantly simple and true to its mission. Generating, tracking, and rating professional referrals from a personalized business network.

Buzzwords and Business Networking: The Integrated Approach

Sunday, November 11th, 2007

I worked for many years in entertainment marketing and advertising, and one thing about that industry that never fails to amuse is ubiquitous “buzzword du jour.” A catchphrase or single word which harkens a revolution in the ways of doing business.

For a while in the late 90’s and early 2000’s our word was “synergy.” This is why Time Warner bought Turner Broadcasting and AOL. Hardware, meet software, meet content. Now, everybody work together, despite the crippling layoffs. By 2002 the word was “convergence,” which was really just an updating of the word synergy but with new media and technology applications. There was even a joke at a major movie studio that one executive managed to get promoted by walking around the lot, constantly repeating the word, “convergence!” in all his meetings. Then a few years ago the holy mantra in advertising and marketing of all kinds was “integration,” which later gave way to “360 degree” marketing. Meaning, all the parts work together in a complimentary fashion for the best results. No one element stands alone. The TV commercial drives you to the website, which drives you to the store, which drives you to a contest, etc.

And though it may be a passé buzzword, this is the obligatory approach to your business referral network: Integrate.

As a business service professional, naturally you should be using all your resources to generate new client leads – face to face networking; organized, professional social events; online communities and social and business networks; professional organizations; friendly alumni; current colleagues and clients and of course, friends and family. And naturally, some are more useful than others in your referral marketing strategy.

But how many of us make these elements work in an integrated fashion? Are all your contacts that could potentially be referral sources categorized as such? Is the contact data easily accessible and stored in one place? When you meet a new colleague in a related field, do you immediately invite that person to exchange referrals? How do you track the communication? How many of these individuals can you send qualified leads to? And how will you monitor (again, in one place) of which contacts turn out to be valid referral sources and which just want another friend in an online community or a new career opportunity through your Uncle Ned?

Of course, we think Referral Key provides one stop shopping to all these issues. But even if you’re not a member, use our principles to guide and refine your business networking. Integrate all the pieces so they work together. Make it a goal to be constantly expanding your professional “circle of trust” using every available resource available to you. Classify all contacts, and then let them work for you. And the ones that don’t, well, you can dis-integrate them.

Happy Networking.

The Evolution of Business Networking

Tuesday, October 23rd, 2007

During the Triassic period, simple creatures began to populate the net. Websites grew message boards and forums and the first signs of Social Networking began to appear. These invertebrate sites eventually gave way to the Jurassic period, characterized by large reptiles like “Live Journal” and “Friendster.” Their ability to share images allowed them to rule until the giants of the Cretaceous period emerged - Facebook, the colossal MySpace and the long-necked Linked-In dominated the web, clearing tree tops and eating all the vegetation …

So where are we now? Smaller, intelligent mammals with specialized features and practical applications are beginning to appear. These are the niche sites of the future. Tools like Zolve, Lawlinks and Referral Key don’t offer entertainment tie-ins, trendy applications or an astronomical membership pool but what they do offer is….well… a purpose.

We are at least half a decade into the Social Networking phenomenon. As the market becomes fully saturated and users themselves have amassed large amounts of “friends” and exhausted the initial flare, we are all asking, now what? This is the same question posed in Monica Hesse’s Washington Post article, “An Unmanageable Circle of Friends” (Washington Post “An Unmanageable Circle of Friends).

We are constantly bombarded with stories about social networking; tales of staggering membership and rumors of buy-outs and payouts are relentless. As bloggers beat buzzwords into the ground, I wonder if perhaps we have over looked the most basic element of networking… the purpose.

According to Hesse’s article, “Columbia University Sociologist Duncan J. Watts says sites like (Facebook) are failing us because they do not do the thing that social networks are designed to do, namely: network.”

“What is our purpose?” and “What value do we offer?” are difficult questions these sites must now answer. Sites like Linked-In will be quick to defend their positions as professional networking sites, but as of late Facebook and MySpace seem to be heading in a similar direction, with users’ average age steadily climbing (Mashable Article).

As the giants tussle, many professionals are looking for clarity. Naturally, the most driven of us are figuring out ways to utilize networking to evolve their professional goals and see some tangible returns.

Zolve is a tool which exclusively focuses on the real estate industry; it maintains a clearly defined goal of connecting real estate professionals to one another for the purpose of exchanging business. LawLinks is a place for attorneys to pass on referrals. Lawlinks maintains a strict screening which ensures the effectiveness of the site. With a stripped down interface, Referral Key facilitates referral exchange and management between many connected industries, allowing complimentary businesses to benefit from one referral network.

What is so interesting about these tools is that they all share a purpose beyond socializing or job hunting. They are attempting to validate our investment be it time or money with a real business return - ultimately, revenue. Will these niche sites become the social networking sites of tomorrow?

“The focus is shifting to niche community networking sites,” says Sam Sethi of TechCrunch UK. Many users who have claimed territory on the large networking sites may be critical of a move toward niche sites. It is natural to want to defend your network of 5,000 “friends”. They may see the smaller “circle of trust” as negligible and may find the more rigorous process of building a smaller, more precise network more challenging than clicking “add friend.”

But what many of these loyalists may not know is that the decision makers of the larger sites, particularly Facebook, MySpace, and Linked-In, don’t see the future of networking being tied into large sites - the long term shift is going to be toward the niche site. Check out the coverage in PC Magazine (The Future of Social Networking).

The question is, “Are professionals going to work to find the niche sites that work for them, or are they going to wait around for the larger sites to adapt to their business needs?”

What do you think?

Social Media for Business Networking - Executive Job Hunt or Referral Marketing?

Wednesday, October 10th, 2007

Welcome to the Referral Key blog. We’re just launching, and we welcome comments from users and all professionals interested in business networking and referral marketing, particularly for small business.

We’re watching all things involving social networking and business, particularly generating quality leads through a business referral network. We’d love to hear from you.

For anyone who hasn’t seen it, J. Nicholas Hoover has a great cover story about social networking and the business world in the current issue of Information Week (“Social Experiment” 9/24/07). What I found interesting is that while many companies feel compelled to restrict workers’ access to social networking sites like Facebook and MySpace,(yes, the IT police are watching you watch that Britney Spears’ news clip your friend forwarded to your MySpace page), others are forming groups on these sites or creating their own internal social networks for business purposes.

Hoover points out that while 48% of companies responding to a survey use social networks for viral marketing, recruting, peer networking and emergency communications, there’s still the persistent notion that many employers use sites like LinkedIn for job searches. I must admit, when I joined LinkedIn last year, that’s what I had in mind. (Disclosure: I no longer work for that company).

According to the article, Matt Beveridge of Motorola calls LinkedIn the “next-generation Monster.com.” Whoa.

Now, hang on, before you flame me for bashing LinkedIn, (or “closed” networks like Visible Path or SelectMinds) let me just pose the question: do you find social/business networking sites useful to your sales teams? What does your company and your employees use them for? Are the business relationships you maintain on these sites generating leads for your company or other kinds of valuable connections?

These are the kinds of questions we are asking ourselves in order to build the best tool possible for pure referrals on our site - a different kind of business network that’s less social and more sales. We hope, anyway. Time will tell.

We look forward to exploring this exciting new world with you. Now stop cruising business networking blogs and get back to work.