Networking is about establishing relationships. Regardless of the company you work for or the line of business you’re in, relationships play a crucial role in building successful empires. In the business world, ‘relationship currency’ is thought to be more valuable than money.
Relationship currency, as defined by Vice Chairman Carla Harris of Morgan Stanley, is the currency generated by the investment you make in the people in your environment.
As tempting as it is to divorce the idea that “It’s not what you know. It’s who you know.” It’s true—relationships, rather personal or professional influences everything from promotions, pay increases, and gaining meaningful employment.
Although education is highly valuable, it doesn’t always get your foot in the door, and neither does hard work, which can go unnoticed. Building meaningful connections with customers, employees, and other entrepreneurs is how you create both business and investment opportunities capable of generating profit.
I researched the top thought leaders on this subject, and here is what I discovered.
Secret #1 Affiliate Marketing
Affiliate marketing generates profit by collecting a commission for promoting other people’s products/services. Many companies have affiliate marketing programs. Reach out, negotiate, and create a link for customers to make a purchase. It works on all social media platforms. Make $ while you sleep!
Secret #2 Collaborate
Collaboration is an essential business tool that creates mutually beneficial relationships. Think Nike and Jordan, or Run-DMC and Aerosmith. Collaboration is key to unlocking additional promotional opportunities and gaining inside knowledge. Give it a shot!
Secret #3 Create Meaningful Connections & Nourish Existing One’s
Word of mouth is still the most effective form of advertising. That is why having relationships with clients, customers, and employees who have first-hand knowledge and experience of your product or service is essential. Both can generate or diminish profit. Nourish those relationships.
Secret #4 Get Active on Social Media
My suggestion is to get active on LinkedIn if you haven’t done so already. The platform functions as an advanced job board that allows you to post and apply for jobs. The platform also caters to a professional audience and will enable you to showcase your expertise.
Be sure to test out your new networking knowledge by registering for our virtual small business chat here.