Tomorrow morning I am presenting to a Breakfast Club in New Haven. Its members want to know more about social networking. My job is to share honestly social networking's pros (value) and cons (downsides). Like any good social networker, I reached out to my social network on LinkedIn and Plaxo Pulse.
At LinkedIn, I used the Q&A function and asked: Social Networking sites such as LinkedIn: What are their value and be specific please? At Plaxo Pulse, I created a poll, which follows:
What is the number 1 business value of sites such as Plaxo Pulse and LinkedIn? (21 votes)
- Learning from connections. - 12 votes 57%
- Getting your personal brand noticed. - 6 votes 28%
- ROI as measured in new business. - 3 votes 14%
Here, in excerpted form, are samples of the feedback I received. The bottom line regarding value to social networking is evident in the responses at both sites. You can't buy better information, and for a business person, knowledge equals success.
- From Casey Quinlan: raising your profile as an expert in your field (Q&A's the shizzle) -see how competitors are positioning themselves -time in equals interest generated. IOW, a steady presence, particularly on LinkedIn, will build your visibility, and credibility
- From Rob Goluba: As a newly active member, my intentions to get involved more with LinkedIn were driven by the desire to make connections with people that can complement my skills or business needs. So far I have found it slow to start, but beginning to snowball as I often invite new people I meet to LinkedIn and start to take advantage of this wonderful web of connections that has been developed. As far as ROI, I see it coming in market knowledge via all the diverse responses you can gain from questions, free recruiting of consultants or employees and potential business opportunities for yourself as you build a trustworthy online personality that others will want to conduct business with. The actual ROI % will be hard to quantify, but I am sure it will rise or fall based on the level of interaction and participation on LinkedIn.
- From Steve Bannister: The true value of social networking is to connect with like-minded individuals and create sincere relationships (with the emphasis being on sincerity). If your business succeeds because of these relationships, great. If not, then you still have people you can turn to for help and advice.
- From Elaine Fogel: One major coup was a new east-coast client who found me on LinkedIn. I did a six-month contract for him. That's a real LinkedIn success story.
- From Roger Anderson: There is still a lack of trust element that needs to be addressed in these systems but I think in time that will happen.
- From Stephen Denny: I always wince when I see the "ROI" question thrown into a discussion like this. Sometimes it's helpful to view it as a break-even, instead. First, the cost of LinkedIn is zero, unless you subscribe to a premium service, so the "I" can be nothing.
- From Paul Barsch: One way many companies use Linkedin is as a test bed for potential recruits. By seeing how candidates present themselves through their online profiles, how they answer questions, or network with others, companies can use this as a filter to determine if a candidate has the requisite knowledge and/or social skills to effectively fill a role.
- From Diana Ratliff: Lewis, would be delighted to be invited to connect with you - took a look at your profile, and your attitude and expertise is of interest to me. Good luck with your presentation!
- From Gavin Heaton: Social networking is participatory. There can be no value extracted if no effort is put in. You must build a value chain for your own company, its position and the business strategy that you have. If there is alignment then you should be able to measure against your business KPIs -- and if there is no alignment, don't invest.
- From Jim Rudnick: I find that my own use of LinkedIN allows me to have my own 'advisory council' at the ready! I can ask of them just about any biz question, or need or marketing advice and get varied answers from all types of biz people -- entrepreneurs, CEOs, VPs, Mgrs etc etc....that kind of true learning is a godsend!!!!
- From Jason Falls: The value comes as definitely learning from the people I am connecting with. As a person whose job is to learn more about social media and apply it to our daily PR efforts, learning from others is key. Social Media is diverse with so many layers it would be ignorant on my part if I thought it was a solitary activity. Making the connections, networking and most of all listening from what others in the industry have to say are pivotal in a better understanding of how to adapt business strategies in a digital world.
- From Aaron Strout: I'm surprised to have been the only one (so far) thinking personal branding is the most important benefit from LinkedIn and Plaxo participation. Of course, being a branding consultant and creator makes me a bit biased. But I've always looked at my blogs and participation at social sites as branding activities.
- From Martin Jelsema: I wish there were a fourth choice - no value at all. I don't see a business value in social networking - defining business value as attracting revenue opportunities. Social networking has a lot of buzz, a lot of activity, but limited real business value. My opinion...as unpopular as it is.
There were lots of other great responses but the above represents a good sampling of their range. My personal gratitude and thanks goes out to everyone who shared. Now it's my turn.
I am a member of LinkedIn, Plaxo Pulse and Facebook. Here's why:
- Relationship Building: There is no substitute in life and business for relationship building. I believe relationships are our reason for being. I have made new friends through social networking, and I have grown my business through referrals.
- Knowledge: No one can learn or become aware of all the things we need to know to be good at what we do. Reaching out to others through our social networks increases our knowledge exponentially. All we need do is ask and we shall receive. The above feedback represents ample proof. As Aaron Strout says: Social Networking/Media creates the power of "we".
- Brand: Both my business and my personal brand have become internationally recognized through social networking and social media. And I didn't spend a dime, although I invested my time by participating and I share whenever I can with anyone who asks. Pay it forward is a synonym for social networking.
- Business: Forty percent of last year's business growth is directly attributable to social networking and social media.
Finally, even if I could not identify any value other than making new connections and building new relationships, the investment would pay off a thousand-fold.
