Nar The Business Of Social Networking

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An introduction to social networking webinar presentation provided for the National Association of REALTORS International Division.

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  • Social networking is only one component of the Web 2.0 toolbox of blogging, micro-blogging, vlogging, social bookmarking and tagging. It’s just one part of the interactive web.Social networks are online communities – collections of people – that are connected to share contacts and resources. (For an excellent video explaining what social networks are, visit the BradHanksSeminars channel on YouTube to view Lee Lefever’s Common Craft video, “Social Networking in Plain English.”) Different social networks cater to different users, and attract a wide variety of people.As a web component, social networks are the largest and fastest growing application in the history of the world wide web.
  • Estimates place the number of registered users on social networking sites at over 500 million. This is a global phenomenon, that shows no sign of slowing down. In fact, the popularity of social networking caused Time magazine to remark that “…social networking sites are now more popular than porn sites.”With over 75% of the adult population having visited a social networking site, and 53% of those visitors joining and maintaining a profile on at least one site, it’s easy to see the reach of these venues for our present consumers. But with the rate of growth for these sites growing ever more rapidly (some sites grow in excess of 1 million new users per month), this may be the venue where future consumers for our services are found. Certainly they’re becoming popular sites for the Gen X and Gen Y consumer to identify with those they wish to do business with.Given these astronomical numbers, social networking sites offer a great opportunity for individuals and companies to extend their brand, delivering their marketing messages (subtly) to an advertising weary populace. Many have successfully penetrated the insulated consumer using social networks to connect with consumers and create a relationship that leads to business.Finally, social networking affords businesses the opportunity to expand their promotional efforts with little to no cost. A great benefit considering the market pressures faced by most brokerages and agents.
  • But there are a number of other uses for social networking for business: Communication – allowing us to maintain those threads without having to oversee and manage a tremendous database of information Hiring – the talent acquisition industry has recognized the value of these networks in providing a pool of prospects Project collaboration Knowledge management Public relations – what better way to notify your customers (followers) of what you’re doing? Product / service R & D – the collaborative nature of social networks has turned this process on its head.
  • There are a variety of ways social networks are being used by those members. Many are using these platforms to search for jobs, seek a mate, connect with old friends or make new ones. These networks are great places for sharing experiences with your connections, from sharing videos and photos to collaborating on projects and brainstorming.But many have starting using these sites to develop business. They are subtly marketing their services, prospecting for new clients and maintaining (enhancing) relationships with existing customers. For those few that are using it effectively for their business, there are tens of thousands that aren’t. They are: Blatantly promoting their services before creating the connection and relationship Applying Sales 1.0 to a Web 2.0 world Simply not educated in how to use these sites for maximum impactHere is where we can help our associates. By identifying the value these social networks can bring to positively impact a business.
  • There are literally thousands of social networks and social media sites available today, with more coming online daily. This is just a sampling – the veritable tip of the iceberg – of the number currently in use. How many can you identify?
  • Interesting statistic coming from their user survey: 71% reported more time spent online for business networking in 2008 versus 2007.
  • LinkedIn is the largest social network that caters to a business audience. It has over 30 million registered users, with an average age of 42, average career tenure of 9 years, and an average household income of $109,000. The users that are on LinkedIn understand that it’s a site for business – no Lil’ Green Patch or Mob Wars invitations here!Originally, LinkedIn was designed with the idea that the average user would have no more than 200 connections, based on the estimate that the average person knows about 250 people. LinkedIn underestimated the adoption of their service, and severely underestimated the number of super connected networkers that would embrace the concept.Beyond a network of 1st, 2nd and 3rd degree connections, LinkedIn also has a number of tools and benefits for members. LinkedIn groups allow members to join others (without being connected) that share common interests or backgrounds (alumni groups are most popular). In addition, LinkedIn’s Q&A feature allows members to brainstorm with the entire LinkedIn network (or targeted individuals), fostering collaboration and the ability to become recognized as an expert by the community (Expertise Area on profile). Finally, LinkedIn’s ability to direct traffic to your websites and blogsites is a tremendous plus, along with the SEO enhancement a profile creates for the user. Go to LinkedIn (hyperlinked logo).
  • Even though these sites are being embraced by consumers and businesses around the globe, real estate has again shown its tendency to be a late adopter of technology and new tools. Less than 10% of NAR’s membership is participating in social networking (ActiveRain membership – 116,000; LinkedIn – 162,000), and less than 10% are blogging. This is due in part to some REALTORS feeling intimidated by the concept of social media, the belief that these are not tools which can enhance business, or simply because they don’t know where to start. But one thing’s for certain, with the popularity of these sites growing with consumers, those REALTORS that aren’t on board soon will be left behind.But even those that are using these sites are using them far from their full potential. Of those on social networking sites, 80% have fewer than 100 connections, and most do not engage in any other activities other than establishing connections. Still fewer know the proper methods for promoting their services or prospecting for new business. And of those that are blogging, less than 1% have an established readership of their posts. Most are lost in the blogosphere without any idea on how to be heard through the din.
  • REALTORS need more than webinars or an occasional live lecture program which comes in and turns on a fire hose of information and then rides off into the sunset. They need spaced repetition, in a variety of formats, which also allows for some hands-on training.And they don’t just need training on the use of social networks – they need to have an understanding of all the tools in the Web 2.0 tool box. Some will gravitate to and excel with certain tools. As Daniel Rothamel likes to say, “You don’t need all the tools. Just the right ones.”But beyond training and understanding how to use these tools, REALTORS need to develop these components into their overall marketing strategy, delivering a consistent message and extending their reach. They need to use these tools to develop their business. And we need to bring the training and understanding to them.
  • Nar The Business Of Social Networking

    1. 1. The Business of Social Networking Brought to you by:
    2. 2. Your Facilitator Brad Hanks, ABR, CRB, CRS, GRI, e-Pro • 20 year veteran of real estate industry • Agent, broker, manager, f ranchise executive • Connected and using social media for business The Business of Social Networking 2
    3. 3. What is Social Networking? • One of the many tools in the Web 2.0 toolbox • Online communities that allow people to connect and collaborate – Share connections and leverage resources • The largest and fastest growing application in the history of the web The Business of Social Networking 3
    4. 4. Why is Social Networking Important? • Over 550 million people participate • Where consumers are and where future consumers will be • Social networking extends marketing reach of traditional methods • Low cost method of promotion in a time when we need to trim expenses The Business of Social Networking 4
    5. 5. How is Social Networking Used? • Many uses of social networking in business: – Communication – Hiring – Project collaboration – Knowledge management – Public relations – Product / service R & D The Business of Social Networking 5
    6. 6. How is Social Networking Used? • Millions use it for job searches • More use it to connect socially – Sharing videos, photos, status updates • Many use it for business – Marketing, prospecting and promoting – Most don’t use it effectively – This is where real estate professionals need assistance The Business of Social Networking 6
    7. 7. Social Networking / Media Sites The Business of Social Networking 7
    8. 8. • The world’s largest social network – Over 210 million registered users – If Facebook were a country… – Largest photo sharing application – Over 100 million users log on multiple times per day • But how do you use this in business? The Business of Social Networking 8
    9. 9. • One of the oldest social networks, started in the U.K. prior to 2000 – Largest user segment aged 35-54 (58%) – Predominantly European membership – Nearly half are self employed – Over 70% categorized as professional or senior management – 37% in $40-119K household income range The Business of Social Networking 9
    10. 10. • Largest professionalsocial networkingsite – Over 41 million registered users – Average user: age – 40; career tenure – 9 years; income - $109,000 – All use it for business • Offers groups, Q & A, portal to websites The Business of Social Networking 10
    11. 11. • World’s fastest growing social network – Amazing growth at 1,382% year-over-year growth – Over 10 million users – 60% of first time users don’t return 1 month after creating account – Micro-blog site allowing only 140 characters per post • Think it has no value? Think again! The Business of Social Networking 11
    12. 12. The Challenge • Less than 10% of real estate professionals use social networking or blogging – Most are intimidated or don’t see the relevance – Many don’t know where to start – Many will be left behind if they don’t start soon • Vast majority of those using these tools are underutilizing them The Business of Social Networking 12
    13. 13. The Solution • REALTORS® need training and guidance – Live and webinar delivery – Lecture and hands-on – Spaced repetition learning to reinforce • On ALL tools in the Web 2.0 tool box – Blogging, micro-blogging and vlogging – Social networking, tagging and bookmarking • Companies need social media strategies The Business of Social Networking 13
    14. 14. Questions Brought to you by: The Business of Social Networking 14
    15. 15. Upcoming Events • “Recruiting and Building Your Brand Using LinkedIn” – 1:00 p.m. EDT, Monday, May 4 • “LinkedIn for REALTORS®,” 3:00-4:00 p.m. EDT, Monday, May 11 • “Social Media Boot Camp: Basic Training on Social Networks” – 1:30-4:30 p.m. MDT, Tuesday, May 12, Boulder, CO • “Social Media Boot Camp: Special Ops – Explosive Network Growth” – 8:00-11:00 a.m. MDT, Wednesday, May 13, Boulder, CO • “Social Media Risk Management Strategies” – 9:30-10:30 EDT, Friday, May 15, Washington, DC The Business of Social Networking 15
    16. 16. Thank You For Attending! For more information visit: www.BradHanksSeminars.com, www.ConnectingPeopleWithSuccess.com, email Brad@BradHanksSeminars.com, or call Brad at (303) 882-1650. The Business of Social Networking

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