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Best Practices in Online Social Business Networking

Best Practices in Online Social Business Networking. Prepared by Hendrik Deckers Close Partners July 200 4. Networking is your business. Networking defined Networking : the exchange of information or services among individuals, groups, or institutions (Merriam-Webster)

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Best Practices in Online Social Business Networking

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  1. Best Practices in Online Social Business Networking Prepared by Hendrik Deckers Close Partners July 2004

  2. Networking is your business • Networking defined • Networking: theexchange of information or servicesamong individuals, groups, or institutions(Merriam-Webster) • Networking: The systematic process of meeting people, learning about them, and establishing relationships so that all parties establish and expand a base of resources to support their endeavors.(John Hoppe, President, Independence Capital Company) • Business isn’t what you know, it’s who youknow, so networking is your business • The guiding principle of networking is to give first and receive second. Experienced networkers have an ‘abundance’ mentality, looking to help others on every occasion. (Will Kintish at www.kintish.co.uk ) • “Give without remembering, receive without forgetting”Elizabeth Asquith Bibesco British Author &Poet (1897- 1945)

  3. Why networks matter so much: jobs, pay, vc, influence The many benefits of social capital to individuals and to organizations: • Getting a job • Pay and promotion • Influence and effectiveness • Venture capital and financing: • Organizational learning • Word-of-mouth marketing • Strategic alliances • Financial stability • Democracy Professor Wayne Baker:« Achieving Success Through Social Capital: Tapping the Hidden Resources in Your Personal and Business Networks » Sandler Sales Institute Study • Cold calls are successful 1% of the time • Word of mouth is successful 15% • Referral goes up to 50% • Referral plus the person who made the referral either participate on the sales call or attends the meeting – the success rate goes up to 80%

  4. Business Interactions Email Instant Messaging Letters 1984 Letters 2004 Business Networking In Person OnlineNetworkingTools 2004 In person 2014 Embrace changeor be run overby it • Total Transaction Value – Up • Total Transaction Count – Way Up • Individual Transaction Quality - Down Andrew Forbesearlystage.com Cesar Brea, former CEO of Contect Network Corporation

  5. Scott Allen David Teten The Value of your Network • N: The Numberof people in your networkReach more people with less effort. • R: Their Relevance to your professional goalsDo more with less effort by knowing the right people. • S: The Strengthof your relationships with themLearn how to build trust and friendship online. • C: Your Credibilitywith the people in your networkIt doesn't matter who you know if they don't believe you. • D: The Diversity of your networkDiversify your portfolio of people just as you do your finances. • Network Valuation Formula: and Time = Number x Strength

  6. Top Ten Online Business Networking Tips How to build quality business relationships online: • Remember, you're connecting with people. • Clarify what you have to give and what you want to gain. • Become an information centre. • Be personally visible on the Internet. • Pick online communities that work for you. • Review the online community as a guest before you join. • Be prepared. • Pace yourself. • Manage your email. • Be sensitive to people's time and email boxes. Scott Allen

  7. Top Ten Tips for Networking • Collect people • Respect geography  • Start a club • Relax and be yourself • Go for volume, not quantity • Listen for link words • Make a match – live • Disturb your comfort zone • Read new material • Manage your reputation Your face is your brand Thomas Power Networking for Life

  8. The beauty of online business networks Online business networking is … • independent of Time: 24/7/365 • independent of Place: from you pc – stay at home • both Local & Global • Targetted: use keywords, companies names to find the right people • Inbound: Passive presence -While you sleep people will search you. Make iteasy for everyone. Put your picture up. Give them information. Tell them everything, because they really do not know. Blog. • Competitive: Stand out as you have competition. Visit others in your field and see what they have. Copy from the best! • an Investment in your business: Feed your pipeline. Do it everyday. • New: start now, then you are ahead of most of the universe. You will be established when others catch on. • Memory-proof: you can keep track of your network. Social Networks have online profiles so you don’t forget, some keep track of your message exchange. • Efficient: you can connect online with far more people than you could ever meet face to face on a daily basis. • Changing the way we do businss

  9. Online Networking:A full time job?

  10. Contact me Hendrik Deckers Managing Director Close Partnershendrik.deckers@closepartners.com www.closepartners.com Chairman Ecademy Benelux hendrik.deckers@ecademy.com benelux.ecademy.com Close Partners is a multi-national, multi-skilled team of business development professionals operating across Europe. We design, build, drive and manage high-performance, pan-European routes-to-market for enterprise-class software and solution vendors. References include:

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