The High-Value Network: 6 Keys to Growing Your Business’s Most Valuable Asset

Maybe networking isn't rocket science. But for many of us, it's harder than it looks. My intention in this article is to make it easier for you to build a high-value network that makes a measurable contribution to the success of your business. In my own experience and in what I see of others' success, strong relationships drive many business benefits like referrals and introductions. My first three keys, Trust, Affinity, and Respect, are the foundations of strength in our business relationships. On the other hand, the influential sociologist <a href="http://en.wikipedia.org/wiki/Mark_Granovetter" title="Mark Granovetter">Mark Granovetter</a> would argue that most opportunities come via "weak ties" - more casual acquaintances we don't know as well. The value of weak ties is to connect us to people outside our immediate circles. I'd rather call these "bridge" ties. My fourth key, Bridges, encourages us to add and nourish network connections outside our zone of familiarity. Finally, my last two keys, Freshness and Reciprocity, speak to the frequency and quality of our interactions. When we put all six together, we have the ingredients for high-value connections that feed your business referrals, resources, and opportunities. Build your entire network on these six principles to increase your business's growth and vitality. The Six Keys to High-Value Networks <ol> <li>TRUST: Do you each feel the other would treat you fairly in business?</li> <li>AFFINITY: Do you share compatible or complementary values and styles?</li> <li>RESPECT: Do you see one another's business offering as excellent?</li> <li>BRIDGES: Do your connections interact with many people outside your own circles?</li> <li>FRESHNESS: Are you top-of-mind because of recent interactions or visibility?</li> <li>RECIPROCITY: Have you primed the natural impulse to "give back" by contributing something of value?</li> </ol> Try this out: Choose someone from your network who has recently contributed to the success of your business. For each of the six factors, rate your connection from "Weak," (zero points) to "Strong," (five points). Add up your ratings to get your Connection Value for that person. The maximum is 30. Now rate one of your weaker connections. What score do you get? Can you estimate the average Connection Value for your entire network? Increasing the Value of Every Connection Biznik gives you multiple strategies for strengthening all six factors throughout your network: 1. Build TRUST Biznik's combination of online community and offline events helps you weave trust into all your network connections. <ul> <li>Monitor your interactions online and at events. Every interaction gives you a window into someone's personality and values. Then give yourself permission to be selective! Only include people in your network who you would feel good doing business with.</li> <li>Look for opportunities to say you're going to do something, and follow through. For example, offer to email an article to someone you meet at an event. Then do it.</li> </ul> 2. Choose AFFINITY Biznik's rich community interactions, comprehensive profiles, and opportunities for expression provide many ways to screen fellow Bizniks for your network. <ul> <li>Watch for people you resonate with. Read articles, follow discussions, attend events. And reach out to people who share or complement your values and style. Sending a Biznik message is a great, low-key way to introduce yourself.</li> <li>Give yourself permission to only do business with people you LIKE, who like you. Why build a network of people who don't understand and appreciate you, when you can thoughtfully build a network of people who do?</li> </ul> 3. Establish RESPECT Biznik provides many ways to promote the quality of your business offerings. <ul> <li>Write an article or teach a class to share your expertise. Contribute to conversations related to your business, and add value whenever possible.</li> <li>Ask for Biznik Compliments from connections you've done business with. These show up on your profile for all to see. </li> <li>When you meet someone who has done business with someone in your network, ask them about their experience. Respect goes both ways. And scope out other people's Compliments to see what others think of their work.</li> </ul> 4. Seek BRIDGES Biznik enables you to actively seek and easily establish new connections with people who travel in different circles from you. <ul> <li>Monitor other people's networks. Does someone know lots of people you don't? Establish and strengthen your connections to these people to extend the reach of your influence.</li> <li>Enhance the likelihood of establishing strong "bridge" connections by raising your visibility across the whole community. Become a paid member, contribute online, and show up to events. When that future client or connection has encountered you half a dozen times before getting a referral from someone who knows you, they're much more likely to follow up.</li> </ul> 5. Maintain FRESHNESS Because Biznik's online tools and events help you you interact with so many people at once, you can easily stay "top of mind" with your network. <ul> <li>Attend events (or host them!) and meet with many connections in a couple hours. You'll keep that personal touch alive.</li> <li>Participate online. Articles, posts, and comments keep you fresh in your network's attention. Especially when you make it a point to add value with every interaction.</li> </ul> 6. Invest in RECIPRICITY According to another prominent sociologist, <a href="http://en.wikipedia.org/wiki/Robert_Cialdini" title="Robert B. Cialdini">Robert B. Cialdini</a>, reciprocity is one of the most powerful catalysts for social and business exchange. Give something of value to someone, and they're motivated to return the favor. Biznik provides rich opportunities to add credit to your reciprocity account. <ul> <li>Write an informative, useful article that provides tangible benefit. You'll be contributing to dozens, if not hundreds of Biznik readers. They'll remember you.</li> <li>Host an event. Whether you offer valuable information or simply provide an opportunity for people to make new connections, you're making an important contribution.</li> <li>Invite new members. Many people will feel grateful for finding this community, and they'll have you to thank.</li> <li>Make a thoughtful referral or introduction. It's an easy way to build reciprocity cred with two people at once.</li> <li>Contribute in the forums and comment on articles. When you add something of value, you plant a "giveback" seed for everyone who reads it.</li> <li>Solve a problem for someone. You have bite-size bits of information and expertise that can make a difference for someone else. Offer them. You'll establish a relationship where you are seen as a go-to source for value.</li> </ul> You Can't Fake This In a community where the rewards come from building quality relationships, you just can't fake it. Either you care enough to put the effort in, or you fall through the cracks. This means that when you do choose to participate, you place yourself among a self-selected pool of people who care. We value collaboration over competition, enjoy contributing to others' success, and appreciate receiving support ourselves. When each of us seeks value in every connection we make, everybody wins. High-value networks become the central driver for our business success. And as our community of networks grows, not only do we each thrive individually, but we create an entire culture of collaborative success. The coolest thing? I believe this new culture can transform business as we know it. But that's a topic for another article. Thanks to first-draft feedback from <a href="/members/dan-mccomb" title="Dan McComb">Dan McComb</a>, <a href="/members/steve-macdonald" title="Steve MacDonald">Steve MacDonald</a>, <a href="/members/bill-doerr" title="Bill Doerr">Bill Doerr</a>, and <a href="/members/lori-richardson" title="Lori Richardson">Lori Richardson</a>. For the best summary of Granovetter's "strength of weak ties" theory, see the first couple pages of his chapter in <a href="http://www.si.umich.edu/~rfrost/courses/SI110/readings/In_Out_and_Beyond/Granovetter.pdf" title="The Strength of Weak Ties: A Network Theory Revisited">Sociological Theory</a> (1983). For Cialdini's research, see his book <a href="http://www.amazon.com/Influence-Psychology-Persuasion-Business-Essentials/dp/006124189X/ref=sr_1_1?ie=UTF8&amp;s=books&amp;qid=1223264310&amp;sr=8-1" title="Influence: The Psychology of Persuasion">Influence: The Psychology of Persuasion</a>. Please take a moment to <a href="#" title="Rate it!">RATE</a> this article. And share your thoughts below. Thank you! 2008-10-06T03:49:43Z

2008-10-06T03:56:05Z

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the-high-value-network-6-keys-to-growing-your-businesss-most-valuable-asset

2008-10-06T03:55:59Z

Some connections are likely to increase your business success. Others aren’t. Learn how to tell the difference and transform your network into a high-value contributor to your bottom line.

The High-Value Network: 6 Keys to Growing Your Business’s Most Valuable Asset

2009-02-24T09:46:22Z