Businesses advised to invest in their networking strategy for bottom line results
Having an effective networking strategy can make the difference in how quickly you can establish yourself as an expert, attract and retain loyal ‘followers’ and impact on your bottom line, according to reputation specialist Judith Germain.
Germain, MD of Dynamic Transitions and Vice President of The BlackStar LifeMembers Community on social business network Ecademy, suggests that for businesses providing services, it is particularly pertinent to be active on social networking sites where businesses are able to integrate into the community, develop a reputation and establish credibility.
“If your business (and/or yourself) has credibility and a good reputation, it is more likely to be trusted by your potential clients, therefore increasing your revenue and sustainability,” explains Germain, who has created Community Trust Systems™; a concept where products and services are exchanged on the basis of trust that has been conceived and conferred within a trusted community. Peer review and approval becomes the basis that services are bought and reputation is the determinant for selection.
“Many examples of Community Trust Systems™ already exist to buy and sell products, such as Ebay, Amazon and Ecademy. Social Networking sites, as an example of a thriving Services Community Trust System™, are now becoming essential places to establish your reputation and credibility. You cannot be active on these systems as a ‘broadcaster’, constantly talking about yourself or trying to sell your wares. To survive you will need to be having conversations with individuals (not push marketing), providing good quality content and aiming to help those that you are able,” explains Germain.
Germain says that to be an effective networker, you need to understand who is in your network and what relationship they are to you. In a Services Community Trust System™, your network is split into three sections:
# Inner Circle – these are your advocates and close contacts. This is a relatively small number.
# Middle Circle – these are your main referrers and people that you have conversations with. This number may extend into the hundreds.
# Outer Circle – these are people that are aware of your business and what you do personally. Introductions and some referrals take place with these individuals. This number may extend into the thousands.
“In a saturated and depressed marketplace where there appears to be many competitors selling the same service or product, having an effective networking strategy enables all businesses’ (particularly small businesses and consultants) services or products to be advocated. Enabling them to secure more referrals and for the business to cut their marketing costs, increasing their chances of survival,” adds Germain.
Judith Germain is managing director and principal mentor at Dynamic Transitions, a leadership company specialising in working with Troublesome Talent ® and improving business performance within organisations. You can download their free whitepaper ‘Having an effective Networking Strategy is essential for your future’ at www.developing-leadership.com/whitepapers.html
For more information visit www.developing-leadership.com or email jude@dynamic-transitions.co.uk
Tags: Community Trust Systems™;, Dynamic Transitions, Ecademy, Judith Germain, networking, Social Media