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

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Presentation on theme: "Best Practices in Online Social Business Networking Prepared by Hendrik Deckers Close Partners July 2004."— Presentation transcript:

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

2 > european business development solutions < Hendrik Deckers - June 2004 Networking is your business >Networking defined >Networking: the exchange of information or services among 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 you know, 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 ) >“Give without remembering, receive without forgetting” Elizabeth Asquith Bibesco British Author &Poet ( )

3 > european business development solutions < Hendrik Deckers - June 2004 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 > european business development solutions < Hendrik Deckers - June 2004 Embrace change or be run over by it Letters Instant Messaging Letters Business Interactions In Person In person Business Networking Online Networking Tools Total Transaction Value – Up Total Transaction Count – Way Up Individual Transaction Quality - Down Andrew Forbes earlystage.com R&DHype & Funding Refinement & Early Adoption Broader Adoption, Shakeout/ Consolidation “Part of the Furniture” Cesar Brea, former CEO of Contect Network Corporation

5 > european business development solutions < Hendrik Deckers - June 2004 The Value of your Network >N: The Number of people in your network Reach more people with less effort. >R: Their Relevance to your professional goals Do more with less effort by knowing the right people. >S: The Strength of your relationships with them Learn how to build trust and friendship online. >C: Your Credibility with the people in your network It doesn't matter who you know if they don't believe you. >D: The Diversity of your network Diversify your portfolio of people just as you do your finances. >Network Valuation Formula: and Time = Number x Strength Scott AllenDavid Teten

6 > european business development solutions < Hendrik Deckers - June 2004 Top Ten Online Business Networking Tips How to build quality business relationships online: 1.Remember, you're connecting with people. 2.Clarify what you have to give and what you want to gain. 3.Become an information centre. 4.Be personally visible on the Internet. 5.Pick online communities that work for you. 6.Review the online community as a guest before you join. 7.Be prepared. 8.Pace yourself. 9.Manage your Be sensitive to people's time and boxes. Scott Allen

7 > european business development solutions < Hendrik Deckers - June 2004 Top Ten Tips for Networking 1.Collect people 2.Respect geography 3.Start a club 4.Relax and be yourself 5.Go for volume, not quantity 6.Listen for link words 7.Make a match – live 8.Disturb your comfort zone 9.Read new material 10.Manage your reputation Thomas Power Networking for Life Your face is your brand

8 > european business development solutions < Hendrik Deckers - June 2004 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 it easy 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 > european business development solutions < Hendrik Deckers - June 2004 Online Networking: A full time job?

10 > european business development solutions < Hendrik Deckers - June 2004 Contact me Hendrik Deckers Managing Director Close Partners Chairman Ecademy Benelux 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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