Social Status - How to Grow Using Social Media

This month, I “met” ten business connections online via social media—that’s as many as I met in the “real world.” Even when I went to a live event and made new contacts, I not only entered them into my database, but also searched for them on LinkedIn and Facebook. No, I’m not a stalker. I’m just one of the many social media users who have discovered that this new range of technological tools, once only the playground of the young and early adopters of technology, has become a broad, deep, and powerful new business enhancer. Note that I use the word “enhancer.” Social media must be a part of your marketing plan, not a substitute for the media that came before it. A digital immigrant (born long before the PC era), I still strongly believe that paper-based communications, the telephone, and face-to-face connections are still critical elements of a sound marketing and public relations strategy.

Over the past year, social media sites have seen phenomenal growth and engagement rates. Facebook has more than 150 million active users, and the fastest growing segment is people over the age of 30. Close to 2 million “tweets” are reported each day on Twitter. More than 77% of active Internet users read blogs. And LinkedIn boasts a highly affluent database of decision-makers.

Social media is any form of online media that enables interaction — two-way communication, collaboration, commentary, and sharing of images like photos and videos. Facebook, LinkedIn, Twitter, YouTube, blogs, and wikis are all examples of social media. The reader also has an opportunity to be a participant.

The question is, “how can we harness the potential of social media to help our businesses?” Below is a collection of ways “true believers” have used social media.

Networking and Communication

Businesses that rely on “people connections” for their livelihood are discovering the power of social media. “Through my 1,675 LinkedIn connections, I can reach more than 12.8 million people,” says Matt Schwartz, president of MJS Executive Search in Tarrytown, New York. How can you build a network like Schwartz has? “I search for people who I am connected to or indirectly connected to who would be worthwhile to know better,” says Schwartz. Through LinkedIn, he reaches out to people directly, or asks one of his connections to make the introduction. He customizes his note – something few people do, but should to the prospect by including a specific day and time he will call them. Schwartz estimates that social media has saved his company more than $10,000 per year over more traditional research and networking approaches. Social media is all about leveraging relationships to get in the door with prospects.

Time-pressed professionals have discovered that social media has opened a 24/7 gateway to meeting, greeting, and chatting. Sites such as Facebook, LinkedIn, and Twitter keep you in front of clients and prospects. For example, when someone is your friend on Facebook, your face becomes a regular on his homepage; especially if you update pictures, status, profile, and connections regularly.

Steve Schwartz, a professional LSAT tutor, started the 2009 LSAT Study/Discussion Facebook group. It rapidly became one of his largest traffic sources, with 140 members. The group had searched Facebook to find an online community and automatically came together with a shared affinity for something— preparing for the LSATs. Schwartz used the group to soft-sell its members. He offered free LSAT tips to the group members and hosted the study and discussion group. He established himself as an expert in this community and as the go-to guy for tutoring and LSAT prep classes—his for-fee services.

Social media enables professionals to learn about and target exactly the types of prospects, partners, and colleagues they want to interact with. Contacts can be easily qualified because social media sites can be searched by interest category, by geography, by company, and a host of other variables. No name tags or appetizers are involved and you can even network in your pajamas.

Relationship Cultivation