Social media has become one of the main channels of modern communication and expanding network. But knowing how to use social media to build business relationships is really important. To diversify and grow one’s network, social media is an important platform. From a research, IDC has found that 75% of B2B buyers and 84% of executives use social media to make purchase decisions. But the communicators have not been able to make good use of it because of lack of actual understanding of networking. According to LinkedIn’s 2018 State of Sales Report, 89% of top salespeople consider networking platforms to be critical to closing deals. That said, it can be challenging to reach out to people you do not know. So here are some advice backed up by the product executive at LinkedIn for building a stronger business network with the help of social media.
Do not obsess about seniority
Too many people focus on trying to network with senior people. Instead of reaching out only to executives, prioritize building relationships with one’s peers and with people who are early in their careers. This network will grow with you, and connect you with opportunities and seniors down the line. Research at LinkedIn shows that response rates differ significantly by the seniority of the recipient. People earlier in their careers respond most often to an initial message, while VP’s and C- level professionals respond the least to people they do not already know.
Be brief but personal in you first message
People do not have the patience to read long messages that look and feel like spam, especially if it is the first time they are hearing from you. So keep it brief – what are the bullets you want to convey? Write those three sentences. In a research it is found that messages under 100 words perform best, and response rates decrease significantly as word count increases beyond 5000 words, so keep the message short and easy to read. Of course, the content and tone of the message matters too. The messages should be meaningful like having a handwritten touch and the reader should feel like being spoken to as a human while reading the message.
Ask for advice and take advantage of transitions
Often the best way to ask for advice is to be direct. It can be simple as saying, “I’m kicking around some ideas and would love to bounce something off you. Can I buy you coffee?” And if you are in a transitional period – starting at a new company, switching industries, or moving to a new city – recognize the opportunity to reach out to people, ask for their advice, and absorb their wisdom.
Pay it forward
The best way to build a relationship is to help someone with joy and with no expectation of anything in return. It feels good, it trains your own sense of generosity, and it informs you of what the person values. It also sets the stage for you to ask them something in future. You do not have to offer to help in every circumstance, but make yourself available as a resource to people, particularly to people who are just starting in their careers.
As you build your online network, do not neglect the people you already know. Your network is rooted in existing real life relationships, so put effort into connecting more regularly with the colleagues, clients, partners and mentors who have firsthand experience of working with you day-to-day and week-to-week. Social media opens up incredible possibilities for strengthening your professional network if used smartly.
“The Best Ways to Use Social Media to Expand Your Network”- is an article published on Harvard Business Review written by Doug Camplejohn on how to build a strong business network on social media.
Banks/FIs deserve accolades for expanding their SME portfolio over the past years and thus exceeding the SME disbursement target given by the Central Bank. However, the financial industry is still saddled with some concerns when SME lending is in question. Banks find it hard to consider SME loans as a core focus segment because of the higher cost of monitoring and underwriting, as SMEs are scattered all across the country and are unstructured in terms of account management. Therefore, underwriting of SMEs is expensive and time-consuming since the cost and underwriting process for all borrowers (irrespective of size and value) are similar. FIs can come up with scoring models for SME businesses by deploying technology leveraging on the huge set of customer data. Also, more than just funding, small businesses require business management tools and advice on how to
diligently manage working capital and FIs are the best fit to help them out in this scenario.
Lastly, this is worthy to mention that the whole financial industry played a crucial role in building SME ecosystem and educating the market at this level, with prudent guidance from the Central Bank. Now, expanding the SME market reach in a low cost manner, by deploying technology should be the priority of Banks or FIs.
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