“Schmoozing” and “rubbing elbows” are old-school expressions used among business professionals for networking—the art of introducing and meeting one another, and establishing rapport in the hope of furthering one’s entrepreneurial objectives. In today’s economy, the opportunities to hobnob with the corporate elite may be fewer and farther between, what with golf and lunch at the country club or cocktails and dinner at the lavish charity event becoming somewhat cost-prohibitive and impractical for the sign and digital graphics business owner.

 

Still, business networking is a viable and vital marketing method by which business opportunities are created through connecting with like-minded individuals who have common goals. Many professional people believe business networking is a more cost-effective means of generating sales and reaching corporate agreements than advertising or public relations efforts. That is not to say that one should abandon one’s tried-and-true marketing campaigns but, rather, to augment the company’s promotional hard work with novel and creative ways of meeting the right people at opportune times.

 

Noted business author Harvey Mackay wrote: “Networking is finding fast whom you need to get what you need in any given situation, and helping others do the same.” Mackay further describes a business network as having four main elements: Reciprocity, Interdependency, Sharing and Keeping at it. Since building your own personal network can be RISKy business, the resulting acronym is appropriate. 

 

Business professionals are increasingly using Internet-based social websites—Facebook and MySpace, to name the two most popular—as a means of growing their circle of business contacts and promoting themselves online. Enter the creation of websites specifically designed to foster and leverage business relationships in the virtual world... at no cost to the participant. Interested in finding out how? Let’s explore.

 

Making the connection

Over the years, there have been online forums and bulletin boards where sign and digital graphics-industry aficionados converged to share ideas, express opinions, and debate the issues facing our craft and marketplace. But now, there are even simpler ways to connect with potential customers, suppliers and business associates that may just be the key to unlocking the door to real business growth.

 

LinkedIn (www.linkedin.com) and Plaxo (www.plaxo.com) are two such networking sites that open up their address books and makes public key information about their members. Both companies were founded in late 2002. Today, LinkedIn reports to have more than 85 million registered users spanning 200 countries, posting information in six languages, and claims to be growing at a rate of one new user per second. In 2008, Plaxo was acquired by Comcast—a leader in cable, telecommunications and Internet services—in an effort to enhance its customers’ experience and reach across the Internet dimension. Plaxo’s website states that they pioneered the “smart address book” and hosts more than 50 million such accounts.

 

The founders and top management of these two companies are not newbies to the dot-com world, coming from such Internet giants as PayPal, Yahoo, Google and Napster. Reid Hoffman, LinkedIn’s Executive Chairman and co-founder, says his business network is “recession ready” and did, indeed, play a role in shepherding startups and struggling businesses through the economic downturn and current recovery. Hoffman shares, “The smart ones increasingly network outside of their respective companies, looking for the right leads or morsels of knowledge.” Hoffman trusts that survival instincts will lead professionals to nurture their networks, and even pay for their subscriptions in time: “A typical 30-something-year-old should easily have 50 to 100 contacts. A forward-thinking business owner? I’d bet you’d grow your network to 1,000 to 1,500.”

 

Because small and midsized business owners were typically people who, over the years, spent time and effort building up their Rolodexes and business card collection, then automated their system with contact management software, taking their address book to the next level, online and virtual, was a no-brainer. These tools make networking easier to do and makes the small business person appear well organized.

 

A change in LinkedIn policy on allowing marketing researchers to survey its members has resulted in the first-ever public study of the type of people inclined to become a business-networking user. Sixty percent have high incomes and hold executive titles. Twenty-eight percent are in management positions with annual incomes averaging $104,000. Sixty-six percent are decision makers or are involved in the decision-making process at their company. LinkedIn users earning between $200K and $350K were seven times more likely than those making less to have in excess of 150 LinkedIn connections. It’s interesting, also, to note that 62 percent of business owners with networks consider LinkedIn to be their preferred platform.

 

How it works

Online business networking is akin to the Kevin Bacon six-degrees-of-separation formula and penetrates three layers deep. This provides the opportunity for someone in need to contact the middle-person—one of your connections—and inquire about you before blindly calling you; and, of course, vice-versa. The result is usually a warmer introduction to a relative stranger rather than the forever-dreaded cold call.

 

Establishing your personal business network using LinkedIn or Plaxo is the easy part; building it takes some dedication and commitment. You won’t gain much ground if you sit back and wait for peers, colleagues and your current customers to find and connect to you. You should, periodically, search the user base for everyone you know professionally and send them an invitation to connect to you. You may also invite people who are not yet members to join. Be aware though, often inviting non-users to join may net disappointing results if they are unaware of the value of an online business network and aren’t willing to build up a network that ultimately enhances yours. Still, it is conceivable to build up a network of thousands of people within a short period of time by making smart associations with well-connected professionals.

 

To benefit from making the plunge into online business networking, you are going to have to develop a network that lives and breathes on its own. Here are some tips you may consider:

 

• Upload your address book from your e-mail program (e.g. Outlook, Yahoo, Gmail, etc.).

 

• Focus on nurturing your network by seeing what questions your connections are asking and helping them when you can.

 

• Check your network updates; they are e-mailed to you, frequently.

 

• When you find someone with whom you want to work, pick the strongest connection you have to introduce you. For this, you may need to try the advanced search.

 

• Write and solicit recommendations for the people you trust and respect.

 

The great thing about only connecting with people you know, trust and have experience working with, is that when you need to find that expert, get that answer, reference-check a potential great hire, get that introduction, or discreetly check on the activities of a competitor, then the trusted network of people you’ve proactively created can help you out. It’s like a tapestry—the stronger and tighter the individual threads, the stronger the overall piece of cloth becomes.

 

Simple steps to generate business

If all you do is establish a business networking account and occasionally accept someone’s invitation to connect, you are unlikely to leverage the asset. Your first step should be to complete your profile as comprehensively as practical—or at least with as much information as you are willing to disclose. You’ll be amazed at how quickly you’ll connect with clients, colleagues and school friends you haven’t spoken to in years. Make sure to include your previous jobs, your education background and upload a photo of yourself.

 

Next, find contacts who are already on your chosen business networking provider. You can do this by uploading their user list and it will tell you which people in your contact address book are already part of their network. These are the first people with whom you should connect.

 

Along with giving and soliciting recommendations within your network, post questions and answers to others’ questions in the Answers section. This is a good way to make new connections and establish your expertise at the same time.

 

Another great step is finding or creating an interest group. It’s a smart way to network on a smaller scale with a select number of like-minded individuals. For example, you can find groups that are comprised of local businesses, then exchange qualified leads or make others aware of good people you know who are looking for new jobs.

 

Finally, use the Applications and Google Presentations functions to further enhance your profile. You can initiate a blog or share a slide show presentation about your experience at a trade show or convention. You can upload your notes from a seminar you attended or literature about your business, or broadcast news about the goings-on at your company.

 

Final thoughts

The power of an online business network is in the network itself. As with most things in marketing, you will reap only what you are willing to put into it. Therefore, the more involved you and your connections are within LinkedIn or Plaxo, the more powerful a tool it becomes.

 

However, don’t just dive into business networking blindly. Do your homework about which networking platform is right for you and what you hope to accomplish for your business. There are others out there to consider—such as ConnectBuzz, which is based in Europe. Consider the impact that joining a business network will have on you—the reality that your daily email traffic will increase substantially and that you will have little control over what others say about your company on their blogs. Also, the information you share with others is now in the public domain and can be used by others at your expense—for example: the possibility of identity fraud.

 

Still, the rewards are likely to outweigh the risks. Nothing ventured, nothing gained, right? If you’re looking for a place to start, try the Sign & Digital Graphics Group on LinkedIn. Good luck!