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TODAY’S PRESENTERS
The Power of Social Capital
Deborah SeidmanPresident
Green Silk Associates, LLC
www.greensilkassociates.com
Heidi WoodenManaging Director
The Wooden Hub
www.thewoodenhub.com
OBJECTIVES
Understand the value of developing and managing professional networks to grow and sustain your business
Understand the factors that underlie highly effective networks
Examine the roles of reputation management and trust
Explore how to optimize your professional networks to grow and sustain your business
The Power of Social Capital
WHAT IS SOCIAL CAPITAL?
Social capital refers to connections within and between social networks. – Wikipedia
Social capital represents the relationships that bind the organization together, including relationships with customers (Nerdrum & Erickson, 2001)*
“The dealings we have with one another that affect our common welfare and produce well-being”
The Power of Social Capital
*Source: “Critical Success Factors in Team-Based Organizing,” by Michael M. Beyerlein and Cherly L. Harris, The Collaborative Work Systems Fieldbook
WHY IS SOCIAL CAPITAL IMPORTANT?
“Better connected people enjoy higher returns.” *
The Power of Social Capital
*Source: The Network Structure of Social Capital, Ronald S. Burt, Graduation School of Business, University of Chicago
HOW CAN YOU BUILD SOCIAL CAPITAL?
Important Factorso Network structure (the content of social capital)o Relationships (the quality of social capital)
The Power of Social Capital
Formal Structure Informal Structure
Retail Banking
Max
Leslie
Susan
Sam
Angelica
Hugh
Randall
CheckingHarooon
Nathan
SavingsAnthony
Consumer BankingKaren
Chris
Vijay
Paul
InvestmentsKate
Geoff
MortgageElla
AutoAlex
LendingRyan
Senior Vice PresidentJohn
ORGANIZATION/NETWORK COMPARISON
The Power of Social Capital
Alex
Ryan
Ella
Geoff
Susan
Haroon
Vijay
Nathan
Randall
Max
Hugh
Angelica
Sam
Paul
Kate
Leslie
Chris
Anthony
Karen
John
TYPES OF NETWORKS
The Power of Social Capital
Strategic
Personal Operational
• For perspective; long-term view
• For breadth of information; coaching; mentoring
• For getting today’s work done efficiently
Source: “How Leaders Create and Use Networks” by Herminia Ibarra and Mark Hunter, HBR, January 2007
NETWORK CHARACTERISTICS
What makes a network effective?o Diverse resources – levels, locations, experienceo High quality relationships that can be tapped when
needed
The Power of Social Capital
DEFINING THE NETWORK
Name Problem-solving
Information Expertise Access
John √ √ √
Vijay √
Susan √ √
Angelica √ √
Haroon √
Kate √
Ella √ √
Max √
Nathan √ √
Alan √
The Power of Social Capital
UNDERSTANDING YOUR NETWORK
The Power of Social Capital
Karen
Senior
Peer
Junior
Customers
Employees
Vendors
Karen
Formal Structure Informal StructureRetail Banking
Max
Leslie
Susan
Sam
Angelica
Hugh
Randall
CheckingHarooon
Nathan
SavingsAnthony
Consumer BankingKaren
Chris
Vijay
Paul
InvestmentsKate
Geoff
Mortgage
Ella
Auto
Alex
LendingRyan
Senior Vice PresidentJohn
BRIDGING
The Power of Social Capital
Alex
Ryan
Ella
Geoff
Susan
Haroon
Vijay
Nathan
Randall
Max
Hugh
Angelica
Sam
Paul
Kate
Leslie
Chris
Anthony
Karen
John
NETWORK CHARACTERISTICS:OPPORTUNITIES TO BRIDGE
John Vijay Susan Angelica Haroon Kate Ella Max Nathan Chris
John √ √ √ √ √ √ √ √Vijay √ √
Susan √ √ √ √ √Angelica √ √ √
Haroon √ √Kate √
Ella √Max
Nathan
Chris
The Power of Social Capital
ENHANCING YOUR NETWORK
Relationships and Reputation Trust Network development
The Power of Social Capital
RELATIONSHIPS
Assess the quality of your network relationships.o How do they perceive you? What is your reputation?o Is there mutual agreement on how you will relate to
each other?o Is there reciprocity?o How honest/candid are the communications?
The Power of Social Capital
REPUTATION MANAGEMENT
Your business reputation is vital to your social capital both offline and online
Leverage social media monitoring for reputation management
How to monitor & manage your brand, product(s), service(s)
The Power of Social Capital
THE SOCIAL MEDIA MONITORING PROCESS FOR
REPUTATION MANAGEMENT
LISTEN
ENGAGE
CONTENT RE-CREATION
GENERATE BUZZ
COMMUNITY BUILDINGSocial Media Process
The Power of Social Capital
TIPS FOR RELATIONSHIP DEVELOPMENT
Show an interest in the other person Go first; take the initiative Say what you mean Show appreciation
The Power of Social Capital
Source: The Trusted Advisor by David H. Maister, Free Press 2000
MAINTAINING RELATIONSHIPS
Check in from time-to-time Keep their interests in mind Make it easy for them to connect with you Earn their trust
The Power of Social Capital
EARNING TRUST
Trust = Credibility + Reliability + Personal Connection
Risk
The Power of Social Capital
Adapted from The Trusted Advisor, by David Maister
TAKING ACTION
The Power of Social Capital
Mindset Time Independence Investment Cycle Time
Giving Back Innovation Community Access
Barriers Enablers
TIPS FOR DEVELOPING NETWORKS: WHAT TO DO
Mindset – accept that networking is an important business requirement.
Time allocation – reallocate your time; master delegation
Establish connections – find reasons to interact with those outside of your typical sphere of influence
Give and take – establish reciprocity
The Power of Social Capital
UTILIZING SOCIAL MEDIA TO ENHANCE YOUR NETWORK
The Power of Social Capital
• Identify the right social media platform(s) for Social Capital
• Key Players :
•Quality vs. Quantity
•Share, Build Trust, ReciprocityoIt’s better to give than receiveoBecome a trusted advisor
•The Value of InformationoContent is KingoInteraction is critical
Internal Online Social Networks
LEVERAGING SOCIAL CAPITAL
Now that you’ve developed social capital….
What’s next?
The Power of Social Capital
STAKEHOLDER/INFLUENCER MANAGEMENT
Recognize and network with social media profile influencers (external and internal)
Leverage influencers and stakeholders to support the buying process
Commitment and time allocation is vital Follow up, Follow up, Follow up Always say the magic words “Thank You”
The Power of Social Capital
MAPPING THE STAKEHOLDER LANDSCAPE
Assess stakeholder engagement for a key business challenge or opportunity
Identify how to leverage the network to influence key stakeholders
The Power of Social Capital
STAKEHOLDER MANAGEMENT PRIORITIES
The Power of Social Capital
SupportLow High
High
Susan
John
Alan
Katrina
Vijay
Seth
ACTION PLAN
The Power of Social Capital
Who Activity Method
John Make him aware of the project’s potential to meet his needs
Ask Seth to promote our new product idea as worthy of investment
George Connect with him as a potential ally
Invite him to lunch to build rapport
SUMMARY
Key learning points Reflection on the workshop Wrap up Thank You
Deb Seidman Heidi Wooden
President Managing Director Green Silk Associates, LLC The Wooden Hub1 (917) 445-2443 1 (877) 446-4699www.greensilkassociates.com www.thewoodenhub.com
twitter.com/thewoodenhub facebook.com/thewoodenhub
The Power of Social Capital