strategic networking for business
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Which relationshipscan boost your
career and start-up?
Strategic Networking
Formerly Information Systems Research project on social networks
EBIN 2009/2010 Business Plan (EBIN group) Execution – with several twists and turns Dissertation: Strategic Networking for
Entrepreneurs
Now:
Benjamin F. Wirtz
Meeting 2-3 people at an event and learning more about their needs and challenges is far more valuable than collecting (or giving away) 20 business cards.
Many sales people get 80-90% of their business through networking organizations.
About 70% of all jobs are found through networking
A referral generates 80% more results than a cold call
Socially embedded employees are 40% less likely to quit their job.
74% of all buying decisions are made on a friend’s recommendation
Lecture Basics of social theory Why networking is valuable How to utilise networks
Workshop (hands on!) Analyse your goals and needs Check if/how your network can help
you Plan to align your network towards
success
Overview
The lecture bit
Talking to people Swapping business cards Selling yourself
The art of making and maintaining relationships
It’s all about exchange !
Strategic Networking
What is Networking ?
Crucial for exchange in networks: Trust (comes from positive experiences
over time) Perceived value of further cooperation by
others
Social capital = value of information, knowledge and resources, that an individual can potentially access, because others perceive cooperation (for exchange) as beneficial to themselves.
What is Social Capital ?
Strategic Networking
How can networking be valuable?
Social Capital
Goals
Information,
Knowledge, Resources
Value
affects
delive
rs
requires
enables
access toNetworki
ngcre
ates
Strategic Networking
Four eyes see better than two Different points of view New ideas Complementary information
Examples Students: Where to get a job Entrepreneurs: Market insights, feedback Managers: Moves of competitors, foresights
Benefits (I): Information Input
Strategic Networking
Humans specialise Complementary knowledge, skills Tacit Knowledge (based on experiences,
awareness) Hard to transfer, needs a lot of trust and time
Examples Students: How to write a successful
application Entrepreneurs: How to write a business plan Managers: How to negotiate good deals
Benefits (II): (Tacit) Knowledge
Strategic Networking
Strategic Networking
You don’t own the world ...and your friends neither But you can help each other out “Activate” social capital to get money, time
or goods
Examples Students: Getting invited for dinner Entrepreneurs: Investment, website
redesign Managers: Extra staff from another
department
Benefits (III): Resources
Strategic Networking
“Ideas that spread, win” (Seth Godin) Visibility (let others know what you need) Credibility Search (for resources or knowledge)
Examples Students: Get jobs by recommendation Entrepreneurs: Market your product for free Managers: Get promoted
Benefits (IV): Spreading Information
Strategic Networking
Networking by itself has no value at all
Diversity: You can’t do/have everything yourself
Dunbar’s number: You can’t have more than (roughly) 150 friends Cognitive constraint
Why a strategic approach?
Strategic Networking
What is Strategic Networking? Aligning your network towards achieving your goals
Strategic Analysing your needs and haves Planning your relationship portfolio
Tactical Planning networking events (which ones and why) Juggling socialising and working
Operational The Talking & shake hands part (exchange)
The workshop bit
Strategic Networking
Strategic Networking FrameworkAnalyse- Needs- Haves
Gaps
in a
ccess
to
Info
rmati
on a
nd
Reso
urc
es
Plan- Relationship Portfolio
Focus on valuable Relationships
Network- Search and exchange- Contact and relationship analytics
Impro
ved N
etw
ork
and R
eso
urce
Situ
atio
n
Strategic Networking
1. Define a goal (e.g. succeed with a business idea)
1. And make a rough plan how to achieve it
2. Define your needs1. Information Input (e.g. competitors, market
situation)2. Tacit Knowledge (e.g. how to run a start-up)3. Resources (e.g. funding)4. Information Output (e.g. to get a strong
partner on board)
Analyse
Strategic Networking
3. Analyse what you have and whom you know
1. Match to needs2. Plan A (easy) and plan B (backups or ideal)3. Is your relationship at the right level?
4. Create your Relationship Portfolio1. Know your “hubs” (people with lots of
contacts)2. Ensure diversity
Plan
Strategic Networking
Use tools to support networking LinkedIn (find suitable contacts) Plancast (meet them at events) Twitter (find out what they are up to)
Reflect if you are on target HandyElephant
It’s all planned – what now?
Strategic Networking
Networking Cycle
Prepare
InteractPost-Process
Strategic Networking
For shy/introverted people: http
://www.slideshare.net/sachac/the-shy-connector
Ground breaking paper: Granovetter (1973) – The Strength of Weak Ties
For short breaks: TED.com (e.g. Daniel Kahneman) Wikipedia: Expected Utility Theory,
Prospect Theory
Further Reading
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