Tuesday, 27 March 2012

How to Establish and Grow Business Relationships

By now, you have a robust profile on LinkedIn, you tweet several times a day with hashtags, you have a Facebook Page, several videos on YouTube, and you’ve even created several clever boards on Pinterest. 

You attend a handful of networking events every month, and you venture out to interesting events like SXSW a couple of times every year. But after all that, how do you build your social circle and influential contacts in key centers of influence?

How do you maintain, nurture, and ideally, bridge the gap between relationship creation and relationship capitalization? How do you turn friends and followers into active, interested social currency. How do you foster engagement to create valuable, lasting relationships?

Well, it has to do with the evolution of our on- and off-line business relationships. How do our business relationships evolve, why do we screw some up, and how can we repair them? Why do some partner, client, investor, supplier or even colleague relationships tend to accelerate naturally, while others fizzle and never fully materialize as you had hoped? 

Quite simply, the manner in which we build business relationships has evolved. Find out how to keep the pace.


Initial Contact


You meet someone or, ideally, are referred through a trusted introduction. Tossing an unsolicited email over the wall is a losing proposition. Online and in-person relationships are getting more sophisticated, better protected and constantly pressured for efficiency and effectiveness. 

The critical focus here is to add value in every interaction, to provoke, or to provide a contrarian perspective. In other words, if you want to elevate yourself above the noise, ensure that a person remembers your conversation. I recommend that you become well-read in a variety of topics, listen intently, question constantly, and capitalize on the value of brevity (aka Twitter etiquette). Finally, get to the point without pontificating.

Additional Interaction


If, during the initial contact, you made a strong, positive and value-centric impression, people will begin to seek you out. The conversation was impactful enough to warrant immediate action on their behalf.
Their follow-up email starts, “I left our visit excited about the conversation on X topic,” or “I enjoyed meeting you and discussing X technology.” The timeliness of their response should communicate that your interaction was a priority. 

But what if the roles are reversed, and you’re the one following up? Here are my recommendations.
  • Pre-Initial Contact: Research the event, the topic of discussion, potential attendees, industry trends, topical conversation starters and recent similar events. And get there early! If you’ve already been introduced online to the person you’re targeting, reinforce credibility by association. If you were engaged around an interesting topic, bring up a question to jump-start the next interaction.
  • During the Event: Engage proactively, be present in each conversation, add value, don’t be a conversation hog, and don’t distribute business cards excessively. After speaking, immediately capture a couple of notes about the conversation. Be as diligent disengaging from conversations as you were proactive in initiating them. Finally, anticipate their needs; simply meeting their current or articulated needs is not enough. Don’t let them ask you for more.
  • Immediately After: Send a brief follow-up note the same day, and include something of value, for example, a link to relevant data, a PDF of an article, a couple bullet points of interest, or an introduction to an influential relationship. Finally, proactively suggest a next step. Be interested but casual. Pace yourself — too much, too fast turns most people off. Be poignant, practical and pragmatic and always give them options, for example, “Can we meet or Skype next Tuesday or Thursday at these times? If next week is bad for you, let me know what the following week looks like on your calendar.”
    If the person’s business stature is higher, position yourself as a peer and don’t get delegated to others down the food chain. If the business stature is same or lower, be humble and make time. Most importantly, be candid: “Apologies in advance. I travel extensively, so please don’t take my unavailability as a lack of interest — it’s simply a lack of immediate bandwidth.”
  • A Week Later: If you haven’t heard anything in a week, call and email to make sure they received your follow-up. Be professional and polished, and remember to add value at every interaction. If you don’t get any response, ask yourself whether you could have done anything differently. If you didn’t add sufficient value in your early interactions, pestering them won’t do much good. Move on and focus on working with, helping and adding value to relevant, responsive contacts.
Additional best practices: Demonstrate unquestionable integrity, have pride in the relationship, garner a personal passion to work together, and earn a person’s vested interest in the long-term viability of the relationship. 

Never lose sight of the fact that your performance, execution and results rely on fostering relationships. Lack thereof will dilute your credibility and relevance. Remain competent within your industry and among your peers, and the resulting value will match the effort.

Original article here

Thursday, 22 March 2012

Should Your Business Be on Pinterest? Find Out

By now you’ve probably heard plenty about Pinterest — the new social media platform that acts like a virtual pinboard. Pinterest lets users pull photos and other content from the web to “pin” on their own “board,” organizing their favorite online content and making it all easily shareable.

America’s newest social media darling can also be an attractive proposition for small businesses who want to get the word out about their products. How do you know if Pinterest is right for your business? Take the test below to find out!




Original article here

Wednesday, 29 February 2012

Social Media's Evolving Impact On How Businesses Buy Tech

Guest post written by Lawrence M. Walsh
Lawrence M. Walsh is president and CEO of the 2112 Group, a communications and consulting firm.
Lawrence Walsh

Facebook’s long-awaited Wall Street debut will be one of the biggest IPOs in history. Powered by 850 million active users, Facebook is without a doubt the world’s largest social network – a standing that’s earned the 8-year-old company a $100 billion valuation.
The value placed on Facebook isn’t so much a reflection of what the company is doing today; its revenues are paltry compared to many of its rivals. Rather, Wall Street investors are betting on what Facebook will do in the future in terms of influencing and transforming the next generation of commerce.

Facebook is indicative of the rise of social media and the continued evolution of converged media. The impact of this communications and collaboration model – pioneered by the likes of Facebook, MySpace and Twitter – is rapidly changing the way people communicate, collaborate, research and, ultimately, make decisions.

The impact of social media on how tech products are bought and sold is nascent, but growing. Some technology vendors are using social media such as Twitter to promote products and special offers to end users and generate leads for partners. Some vendors are using LinkedIn and Twitter to communicate with reseller partners en masse. And solution providers are developing social links with customers to keep them abreast of technology development. There are even some solution providers experimenting with Twitter as a support notification mechanism.

None of this compares with what’s to come as social media combines with functional and transactional media offerings. In this converged media world, vendors and solution providers alike will soon embrace marketing that draw in partners and end users with essential applications, social connections and communications, and – ultimately – the ability to research and purchase products and services through the same portal.
Here are the three main elements of Converged Media.
  • Functional media is an application persistently resourced by end users. Applications are free, which is made possible by sponsorship and marketing underwriting. Good examples of this are Google’s Gmail and Spiceworks IT management tools. Unlike conventional media into which users are drawn for moments periodically, functional media is something actively engaged by the user for long periods of time, which increases the potential for exposure to marketing messages.
  • Social media – such as Facebook and Twitter – are well-defined social networking and communications vehicles that enable vendors, solution providers and end users to interact with each other in real time on a level field. This is a far different dynamic than conventional media where interactions typically wait until the sales process begins. In social media, underwritten by marketing, users are able to query peers and the community about product features, benefits and value. They can ask questions about vendor reputation and performance; and they can seek guidance on sourcing, often through solution providers. Vendor and solution provider engagement in social networks will define their market value and drive sales.
  • Transactional media is where the communications medium is also the sales channel. The portal that provides an application and social interaction is also where users source product and buy services. Companies like Amazon.com and Microsoft’s Marketplace are good examples of transactional media attached to social or functional marketing assets.
As you can see, converged media – outlets that share these three features like Facebook, LinkedIn and Spiceworks – simplify the marketing process; make more direct connections between vendors, partners and customers; and provide a streamlined process for acquiring product and services. In other words, converged media is more cost effective and productive than conventional media.
In the marketplace, first social media and then converged media will change the way vendors find, communicate and interact with solution providers. Solution providers will learn to leverage these new mediums to connect with peers, form new business relationships and, find and interact with customers. Already, solution providers use social networks to query peers on technical issues and vent about operational challenges with vendors. Soon, they’ll not only be able to communicate, but also find primary and alternate sources of products for resale.

Paying attention to what’s happening in social media is critical to all companies in the technology value chain. Reputations are being built, tested and devalued in the social media context. Technologies and products are being vetted and recommended. And vendor programs and partner relations are being documented. What happens in the social context will eventually spill over into converged media and have real dollars attached.

Article from: http://www.forbes.com/sites/ciocentral/2012/02/28/social-medias-evolving-impact-on-how-businesses-buy-tech/