Social Capital - How to Get It, How to Use It
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1. The document discusses how to build social capital through networking by meeting new people, exchanging information, and building relationships based on trust and mutual benefit. 2. It explains that effective networking involves regularly meeting new contacts, getting to know them, and deciding if the relationship provides value for both parties through the exchange of referrals, advice, or business opportunities. 3. Building social capital takes commitment to maintaining relationships over time by keeping partners in mind, continuing two-way value exchanges, and filtering contacts to determine which relationships to invest in and refer business to.
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Social Capital - How to Get It, How to Use It
- 1. Social CapitalSocial Capital How to Get It, How to Use ItHow to Get It, How to Use It By Andrew Chiodo President – Charisma PR
- 2. Social Capital Eliminates Risk for Buyers By IncreasingYour PerceivedValue TM Social Capital Makes Customers WANT to Do Business with You
- 3. “Doing” Networking What Is It? The Process to create Social Capital 1.“Casting the net” 2. Meeting and greeting 3. Meeting and informing 4. Exchanging basic information 5. No filtering How Does It Work? 1.One person introduces self to another 2.Chat and exchange of cards 3.Chat and exchange of value propositions 4.Agreement to meet or chat again 5.Follow up 6.Filtering - Deciding if there is mutual interest/benefit What Does It Take? 1.Commitment to meeting new people 2.Organizing to “see and be seen” 3.Circulation and conversation 4.Filtering contacts to determine which to continue Networking Builds Contacts Forming Social Capital What is It? The End Result 1. Building the bank account” 2 Getting to know each other – deciding if this relationship has value for both 3 Gaining/making the decision to have mutual trust 4 Exchanging value – information, referrals, recommendations, business – back and forth How Does It Work? 1 Know, Like and Trust each other 2 Active reciprocal provision of value 3 Continuing mutual benefit 4 Continuing support/active connection What Does It Take? 1 Commitment to reciprocity 2 Keeping “partners” in mind 3 Prospecting for all partners 4 Filtering prospects to determine which to refer 5 Expecting 1-4 above from partners Social Capital Builds Business
- 4. Social CapitalSocial Capital How to Build RelationshipsHow to Build Relationships The Great Wheel of Relationships©
- 6. WIIFM? Standard Marketing Theory BENEFIT COST PERCEIVED VALUE VALUE =
- 7. WIIFM? Reality Perceived BENEFIT Perceived COST PERCEIVED VALUE Perceived VALUE =
- 8. PERECEIVED VALUE of any relationships • Based on lack of fear – or TRUST • No “surprises,” unknown behaviors or results • Successful long-term relationship - high WIIFM quotient be high – both sides have to feel (perceive) a BENEFIT Relationship types – • Personal interests • Structured social interests • Business interests • Referral partners with whom you exchange
- 9. Trust Provide enough Confidence Capability Understanding Caring
- 10. Get It Offer Simple (DON’T Complicate!) Honest “From the Heart”
- 11. VALUE Unique “You” Better Thinking Different No WAYMISH
- 12. Way Cool “You Wouldn’t Believe!” Ardent Advocates THEY Sell YOU Evangelism LOTS More Business!
- 13. How to Use Your Social Capital Always work on Trust Always Give to Get Make Sure to Keep Focused on VALUE Never UNDERESTIMATE the “WAY COOL” factor
Editor's Notes
- The pages in this section of the developmental relationship marketing Web site contain copies of slides used by David B. Wolfe in presentations on DRM. This material may be copied for personal use and internal use by organizations but no use is permitted for commercial purposes except by written permission of David B. Wolfe. The Marketing Revolution "The 1990s are not proving a good decade for marketing." Thus began a recent article by Peter Doyle in European Journal of Marketing. Kevin Clancy and Robert Shulman, former heads of Yankelovich Clancy Shulman, wrote in The Marketing Revolution there is a marketing revolution coming “because failure is self-evident and everybody -- stockholders, directors, CEOs, customers, the government -- is angry because marketing, which should be driving business and marketing, doesn’t work. Jag Sheth, head of Emory University’s Center for Relationship Marketing and Raj Sisodia, head of George Mason University’s Executive MBA program stated in a recent issue of The Journal of Marketing that while manufacturing costs have dropped from around 50% to 30% since the 1940s, and G & A costs from 30% to 20%, marketing costs have risen from 20% to about 50%. A 1995 McKinsey report declared “Doubts are surfacing about the very basis of contemporary marketing.” What has gone wrong? Have marketers been traveling the wrong road to get to their destination of a better understanding of consumers and achieving more effective marketing?” Arguably, yes. Many are seeing relationship marketing as a big part of the solution to marketing’s present woes.
- Intro
- Transaction marketing arose from the mass production mentality that originated in the motor vehicle industry. TA is based on belief that optimum sales are achieved by creating marketing and sales pressures that “push” product into the marketplace. In TA, attention to consumers’ preferences is minimal in order to maximize marketers’ direct control over the flow of product into the marketplace. Recently, the influences of new information technologies have converged with the influences of an older, more affluent consumer population -- whose members generally are more demanding of personal attention -- to generate a shift in marketing focus that is biased toward consumers’ preferences. The term relationship marketing has been given this “new” idea in marketing. But though RM may sound new, as Rogers and Peppers point out in The One-to-One Future, it signals return to the "general store" mentality in days when shop owners had intimate grasp of customers’ needs and motivations. Still, RM, if not substantively new -- is stylistically new. It combines the efficacies of high tech mass production and new information technologies with low touch attention to customer preferences. Yet, more is required to give customers levels of attention our grandparents received from the merchants they patronized. High tech information systems can do wonders in capturing valuable information on individual consumers, but low tech human understanding is required to turn that knowledge into productive applications. Developmental relationship marketing gives researchers and marketers the tools to know more about consumers on an individual basis without advance targeted research. It couples generic information about human behavior that has largely been missing in market research and practice with more conventional information to produce a new way of predicting and responding to consumers’ needs and motivations.
- Transaction marketing arose from the mass production mentality that originated in the motor vehicle industry. TA is based on belief that optimum sales are achieved by creating marketing and sales pressures that “push” product into the marketplace. In TA, attention to consumers’ preferences is minimal in order to maximize marketers’ direct control over the flow of product into the marketplace. Recently, the influences of new information technologies have converged with the influences of an older, more affluent consumer population -- whose members generally are more demanding of personal attention -- to generate a shift in marketing focus that is biased toward consumers’ preferences. The term relationship marketing has been given this “new” idea in marketing. But though RM may sound new, as Rogers and Peppers point out in The One-to-One Future, it signals return to the "general store" mentality in days when shop owners had intimate grasp of customers’ needs and motivations. Still, RM, if not substantively new -- is stylistically new. It combines the efficacies of high tech mass production and new information technologies with low touch attention to customer preferences. Yet, more is required to give customers levels of attention our grandparents received from the merchants they patronized. High tech information systems can do wonders in capturing valuable information on individual consumers, but low tech human understanding is required to turn that knowledge into productive applications. Developmental relationship marketing gives researchers and marketers the tools to know more about consumers on an individual basis without advance targeted research. It couples generic information about human behavior that has largely been missing in market research and practice with more conventional information to produce a new way of predicting and responding to consumers’ needs and motivations.
- What is “Business Development” mean to YOU? Does it mean “making lots of calls?” How many people think so? Does it mean “going to lots of events?” Again, how many people think so? OR?????
- What is “Business Development” mean to YOU? Does it mean “making lots of calls?” How many people think so? Does it mean “going to lots of events?” Again, how many people think so? OR?????
- What is “Business Development” mean to YOU? Does it mean “making lots of calls?” How many people think so? Does it mean “going to lots of events?” Again, how many people think so? OR?????
- What is “Business Development” mean to YOU? Does it mean “making lots of calls?” How many people think so? Does it mean “going to lots of events?” Again, how many people think so? OR?????