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Social Capital Social Capital How to Get It, How to Use How to Get It, How to Use It It By Andrew Chiodo President – Charisma PR

Social Capital - How to Get It, How to Use It

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Social CapitalSocial CapitalHow to Get It, How to Use ItHow to Get It, How to Use It

By Andrew Chiodo

President – Charisma PR

Social Capital Eliminates Risk for Buyers

By Increasing Your Perceived Value

TM

Social Capital Makes Customers WANT to Do Business with You

“Doing” NetworkingWhat Is It?The Process to create Social Capital 1.“Casting the net”2. Meeting and greeting3. Meeting and informing4. Exchanging basic information5. No filtering

How Does It Work?1.One person introduces self to another2.Chat and exchange of cards3.Chat and exchange of value propositions4.Agreement to meet or chat again5.Follow up6.Filtering - Deciding if there is mutual

interest/benefit

What Does It Take?1.Commitment to meeting new people2.Organizing to “see and be seen”3.Circulation and conversation4.Filtering contacts to determine which to

continue

Networking Builds Contacts

Forming Social Capital

What is It?The End Result1. Building the bank account”2 Getting to know each other – deciding

if this relationship has value for both3 Gaining/making the decision to have

mutual trust4 Exchanging value – information,

referrals, recommendations, business – back and forth

How Does It Work?1 Know, Like and Trust each other2 Active reciprocal provision of value3 Continuing mutual benefit4 Continuing support/active connection

What Does It Take?1 Commitment to reciprocity2 Keeping “partners” in mind3 Prospecting for all partners4 Filtering prospects to determine

which to refer5 Expecting 1-4 above from partners

Social Capital Builds Business

Social Capital Social Capital How to Build Relationships How to Build Relationships

The Great Wheel of Relationships©

WIIFM?

Standard Marketing Theory

BENEFIT COST

PERCEIVED VALUE

VALUE =

WIIFM?

Reality

Perceived BENEFIT Perceived COST

PERCEIVED VALUE

Perceived VALUE =

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

TrustProvide enough

ConfidenceCapabilityUnderstandingCaring

Get ItOffer

Simple (DON’T Complicate!)Honest“From the Heart”

VALUEUnique “You”

Better ThinkingDifferentNo WAYMISH

Way Cool“You Wouldn’t Believe!”

Ardent Advocates THEY Sell YOU Evangelism LOTS More Business!

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