Getting Business Value from Social Networking
By Mary Flaherty, Manager, Research and Content Development
Nearly every day I speak to professionals curious about social networking and social media—including blogs, Twitter, LinkedIn, Facebook, Ning, and more. Many are hesitant to get involved. They’re wary of the unknown, fearful of adding commitments to their already-busy calendar, and uncertain about any business benefit.
I can relate; I once had the same concerns. But after joining, listening, and participating—mostly on Twitter, but also on LinkedIn—I’ve become a convert. Along the way, I’ve seen first-hand how professional services providers are getting referrals, leads, press, and new business as a result of social networking.
You’re Not Networking Enough
Yes, you can build relationships and generate new business by attending industry events, conferences, business referral groups, and seminars—or by participating in civic organizations, volunteer committees, etc. And, no, I’m not suggesting you remove the face-to-face activities from your networking calendar. But, as Dan McDade founder and president of PointClear said in a recent RainToday lead nurturing webinar [link], “No matter how much you’re networking, it’s not enough.” In a business cycle of wrenching economic upheaval, this is especially true.
If you’re a professional services provider, your colleagues and competitors are likely already on the social networks. Google the term “social networking” and you get more than 34 million results, “social media” gets 129 million. Facebook has more than 150 million users, there are over 35 million professionals on LinkedIn, about 5 million people have Twitter accounts,1 and over 133 million blogs have been created.2
Marketers and PR professionals may have been among the early adopters of social media tools, but today you’ll also find accountants, architects, and lawyers blogging, podcasting, answering questions on LinkedIn, uploading links to webinars on their Facebook page, or sending tweets on Twitter.
Your Clients, Colleagues, and Competitors Are Using Social Media
In RainToday’s research How Clients Buy: 2009 Benchmark Report on Professional Services Marketing and Selling from the Client Perspective, roughly a quarter of B-to-B buyers of professional services surveyed said they were somewhat or very likely to use social media and online communities (such as Facebook, LinkedIn, and Twitter) to identify and learn more about service providers.
In the context of networking, social media is a growing slice of the pie. Is every social networking venue suitable for everyone? No. But, if you’re a professional in a services firm—where referrals bring most of your new business—can you really afford to ignore a platform that is neither place- nor time-bound and which can significantly enhance your network?
According to Su Butcher, Practice Manager at UK-based Barefoot & Gilles Architects, the answer is no—not if that’s where your target contacts are. “If your targets participate in online communities, then social networking enables you to find them and interact in an informal but productive way,” says Butcher who is active on Twitter and other social networks.
“We use social networking as one of a combination of tools,” she continues. “The incredibly broad reach allows us to raise our profile over a wider area in a way not possible with face-to-face networking, and it is often populated by pioneers in the construction field, specialists in collaborative working, sustainability, etc.”
As a direct result of their social networking activities on their own blog and sites like LinkedIn, Twitter, and specialized industry sites on Ning such as AECNetwork and Friends in Business, the firm has generated leads, recruited staff, referred business to other architects and construction consultants, gained introductions to large clients, and found service providers.
Build and Reinforce Relationships Online
For most of the professionals I encounter through social media, their activity on social networks is a complement to—not a replacement for—their face-to-face networking.
In New Jersey, Flaster/Greenberg, a 70-attorney law firm, has incorporated social media into their traditional networking by sponsoring a podcast series for a quarterly forum presented by Rutgers University School of Business and the local chamber of commerce.
Janet Levine, the firm’s marketing director says, “We have the same goal with social networking as with face-to-face networking—to solidify relationships.” In addition to having podcasts downloaded anywhere from 100 to 2,000 times per episode, the live events (which are recorded for the podcasts) give the firm and its attorneys added visibility among the hundreds of business leaders who attend each event.
Of all the social networking tools currently available, the micro-blogging site Twitter tends to generate the most confusion and raised eyebrows among business professionals. With its messages limited to 140 characters, Twitter is much like text messaging—but broadcast to an audience of followers, which can range from one to thousands.
“Why would anyone care to know what I’m doing all the time?” I’m frequently asked. Yet, Twitter is possibly one of the most valuable tools for professional services—a sector where relationships lead to referrals. Andy Komack, president of KoMarketing Associates agrees, “You can make real connections by just by being yourself.”
Komack, who calls himself a casual user, has developed a number of strong relationships on Twitter, including one with an editor that resulted in media exposure for the firm. Still it’s not for everyone. “If you don’t put effort into it,” he cautions, “you won’t get anything back.”
Komack suggests letting your staff participate in the social media they enjoy, otherwise it’s much harder to make the commitment to participate. “Choose your spots wisely—it’s enough to keep up with one or two social sites, you don’t need to take on too many.”
There’s No Free Lunch: What It Takes to Succeed
This is a common theme threaded throughout my conversations with professionals who are currently using social networks: You get out of it what you put into it.
For Jeff Becraft, senior business analyst with the professional services group of AT&T’s Hosting & Application Services division, his use of LinkedIn, where he participates actively in Questions & Answers and Groups, has directly resulted in quality sales leads for his employer. He advises:
It is wise to not only make good connections both within and outside your own organization on LinkedIn, but to participate actively in Q&A and join Groups that are focused and appropriate to your industry vertical(s) and key areas of skill and interest. Groups that have reached critical mass usually have quite a healthy discussion going on, and you can certainly bring value to the discussion with your industry expertise. The leads will come if you demonstrate the value of your insights consistently, but there’s no free lunch. You have to put in the effort.
And, that’s really no different from face-to-face networking. Networking, whether in-person or online, is effective when you build and cultivate relationships over time, help your contacts by sharing useful information, send them referrals, or otherwise add value to the relationship.
So, go where your target contacts are. Share. Bring value to conversations and relationships. Doing so will go a long way toward helping others—and yourself—survive and prosper in this business cycle and beyond. While there may be a great deal of hype going on with social media—there is real value, too.
Mary Flaherty, Manager, Research and Content Development, at RainToday.com, develops research, case studies, how-to tools, interviews, and other premium site content. Mary’s career spans more than 20 years in higher education publishing and research, as well as professional services marketing. You can reach Mary at mflaherty@raintoday.com and follow her on Twitter @MaryFlaherty.
Note from Susan: At the Speakers’ Summit09 May 1-3, Nancy Marmolejo will be talking to us about how to GET FREE PUBLICITY and ATTRACT NEW CLIENTS WITH THE POWER OF SOCIAL NETWORKING. Join us.
