www.ceoworrldbiz Business Social Networking – a perspective Methods, processes and technologies Copyright © 2007 by Audacious Innovations. Published by European Research centre for Excellence European Research centre for Excellencewww.ceoworrldbiz European Research centre for Excellence www.ceoworrldbiz Except as specifically noted below, no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted or on the Web at www.copyright.com. Requests to the publisher for permission should be addressed to the Permissions Department, Audacious Innovations or email online at info@ceoworrldbiz. 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Audacious innovations offering presentdda Strategy that works Athens, Greece. www.ceoworrldbiz Acquiring Editor: European Research centre for Excellence (www.theerce.com) Director of Development: ceoworrldcom (www.coeworrldcom) Developmental Editor: ceoworld.biz (www.ceoworld.biz) Production Editors: Audacious innovations (www.ceoworrldbiz) Printed in the Hellenic Republic of Greece AUTHOR:www.ceoworrldbiz Amarendra Bhushan Dhiraj Audacious InnovationsManaggemen Consulting www.ceoworrldbiz “It's now implicit that the business social network is the expertise. Firms that attempt to exercise insufficient network communications to integrate realtiim project lead and services are risking technical and business breakdown. Improving the business network is vital, but ignorance can be monstrous gaffe.” Amarredr Bhushan Dhiraj European Research centre for Excellencewww.ceoworrldbiz European Research centre for Excellence If you aren’t part of the next wave of the future just yet, you probably want to ask yourself: “Am I interested in meeting new people online?” And if your answer is YES, hop in right now! Although BUSINESS SOCIAL NETWORKING is here to stay, but why wait any longer? THE DILEMMA Different nature of involvement with additional firms is a key element for growing global. Wideranngin the harmonization (control and coordination) of these new or old alliances is a very tricky and complex concern. So how to formulate business strategies and how will your alliance reacts to this issue is another anxiety. Employee gets addicted to the networking platform and here comes the pitfall. Such as wrong product placement, competitor’s advantage; competitors might come to know what are yours futures plans. Your preparation for marketing, customization etc… THE SOLUTION Modern international business management techniques are very indispensable in managing a lasting relationship with its international alliances. These alliances are empowered to take a wide array of decisions so as to complement the overall strategy of the business network. THE BENEFIT Different sections of the globe follow different standards in business dealings. The alliances need to adjust towards their business network and develop new methodologies in business dealings. 1/features that enable multiple users to create their own space within a website 2/mix of human connections and network effects 3/publish content, set preferences, promote personal profile and interests etc. 4/managing a portfolio of interconneected likeminnde individuals 5/expand their personal network of online friends 6/build up a core group of active participantswww.ceoworrldbiz European Research centre for Excellence More than half (55%) of all of online American youths ages 1211 use an online social networking sites, according to a new national survey of teenagers conducted by Pew Internet & American Life Project. A business social networking site is an online platform where a user or a company executive can create a profile and construct a personal or professional network that connects him or her to other company executive or executives of same firm. In the past few years, such sites have rocketed that connects tens of millions of internet users. The quicktemppere expansion in the popularity of these sites has generated concerns among some top executives, company officials, and business leaders about the potential hazards caused when personal or company information is made available in such a public setting. On other hand some optimistic decision makers say business social networking sites help them manage their contact more survive and lead to constructive project leads. The huge majority of company executive’s specially marketing professionals or business development mangers who use business social networking sites say they use the sites to maintain their current relationship with their colleagues and executives of other firms, and leads to make new friends. In addition to mingling people online, some utilize such networking platform for scheduling and coordinating business events with coworrker and friends. Business Social networking websites suggest a mixture of ways to converse with people both in and out of one’s personal business network. There are private messages that can be sent from one to another, but there are also more civic means of conversing within the social networking groups. Another one of the many reasons why you should connect a business networking website is because you literally have an extensive variety of diverse choices. As business networking websites amplified in reputation, so did the number of websites that could be found online. Although linkedin or ceoworrldcom is often deemed the most popular online social networking website, there are others that are just as simple or as much fun to use like Facebook or Xing.www.ceoworrldbiz European Research centre for Excellence Why You Should Join a Business Networking Site? Before the age of business social networking interface like Facebook or ceoworrldcom (The professional Network), linkedin (Professional Network), it was hard to convene other internet users or business associates online. If you tried, you would have to rely on chat rooms or instant messaging services like Yahoo or MSN. As nice as these wellliike Internet features are, they are not at all times measured secure. With chat rooms or instant messaging programs you were often given little comfort that a person was who they claimed to be. Without profiles, there was no way that you could discover more about a specific Internet profile, even if you wanted to. New Business Social networking websites have altered that. Not only have Business Social Networking websites made it safer to meet up people online, it also allows you to meet people with same or similar interests. Most business business networking websites allow you to craft your own profile; in fact, many even give you your individual webpage. These profiles or pages will let you to share information on yourself, your firm, including your likes and dislikes, areas of interests etc. Since all other network members should have the identical pages and profiles, it should be rather easy for you to meet up with other Internet users, especially those who enjoy or believe in the same things that you do. Another one of the many reasons why you should connect a business networking website is because you literally have an extensive variety of diverse choices. As business networking websites amplified in reputation, so did the number of websites that could be found online. Although linkedin or ceoworrldcom is often deemed the most popular online social networking website, there are others that are just as simple or as much fun to use like Facebook or Xing. In your search, for business networking websites, you will come across a number of diverse networks. Many of those sites will have a particular focal point. Unlike MySpace, which accepts just about any Internet user, there are online networks that aim to accept Internet users that have a particular hobby, view, or belief. If you are hesitant about joining a business networking community, specialty networking sites may be your best gamble. Perhaps, the greatest reasons why should join a business networking site is because most are free to use. Popular free networks (General) include Friendster, Orkut, and MySpace. Although you may not want to pay for something that you can obtain for free elsewhere, you will find that most paid networks offer you more membership benefits, when compared to free social networking sites.www.ceoworrldbiz Due to the fact that most business networking sites are free to use or at least free to try, you are encouraged to give them a shot. If you are unconvinced with what you see, you can easily cancel your membership, often at anytime. Now that you are accessible with the initiative of social networking sites and how you can make new friends, socialize and network through the Internet easily, you should realize the impact that your social life is getting! With more friendships and relationships built in the social networking site, you can be sure that your income can also be in turn boosted with traffic coming from there to your site! Social networks: How stable is this a business model? We are turning into an internetbaase world where everything is possible. With more social networking sites and most likely one popping up every week Although the problem I have pointed at (Social networks: Popular, Yes, But How to Monetize them?) gives the impression of being very minor in first contrast to the potential of social networking platforms. But question remains tangible. , I think it’s a challenge left to the brand managers and media developers. The web 2.0 promises many things and media is gearing up to make money. Should we just wait and watch…. Nevertheless there is undeniably a marketplace for services that facilitate social functions on intranets and corporate websites. If you remember at the Drupal community (an open source content management system) there was a project for an ‘Open Social’ module before the Google published the actual API. European Research centre for Excellencewww.ceoworrldbiz European Research centre for Excellence Just for archetype how a social network makes money (normally subscription price, selective statuses, promotions, affiliations, etc). In addition to its (Xing) strong revenues from subscriptionbaase Premium Memberships operates an innovative job listing tool (XING Marketplace). Xing announced earlier this month that it will incorporate online advertising onto the platform before the end of Q4 2007 as well. Imagine a CRM that integrates with LinkedIn, Xing and tells you that Mr X at the reception knows Mr. Y in company ABC where you want to pitch your product. Or an eshho that tells you that your friend bought the same product a month ago. But like most sites… everyone is in a ‘test’ mode and we really don’t have a thumb rule to follow. Social networking: Are You Still Being AntiSoccia Today? Social networking is all about chipping in precious content and making associates. Web 2.0 or not, human beings are social creatures and marketers are already betting their influence by declaring “Web 2.0 is crap”. In fact, there’s no healthier way to build up trustworthiness and formulate your personality recognized than to be consistently ‘alive’ and ‘happening’ on the Net. From the SEO perspective of outlook, you can also accrue more back links and afterwards more traffic to your sites. Social networking sites aren’t just for adolescents anymore. Today, these sites cross the scale of demographic groups. While adolescents are still more appropriate to bring into play them than elder individuals, there are now niche social networking sites as has been said, which target people who share common interests like Business or Sports. In addition to teenagers and adults, social networks are more and more becoming used by another group—businesses. That’s precise; lots of businesses are now infiltrating social networks to promote in some subtle manner—and then imitate their significance through systems that are already accessible within the social network. I’ll discuss how to promote without the inyourr­fac loom. The most wellknnow social network must be My Space, which possessed a membership foot of 100 million members in 2006 in second quarter. If the affiliate product you are selling has a broad appeal, you may want to use MySpace to bazaar your product, as you will be able to reach the largest crowd quickly.www.ceoworrldbiz European Research centre for Excellence What are the ways? One way is to setup a profile, purchase what is called an “adder robot” software and then begin adding friends to your list on a daily basis. Depending on your goals, you may want to add a personal profile for yourself and then talk about your business/product on your page; or you may want to simply create a profile for your business and use that to market your product. While you can send out bulletins advertising your product through MySpace, this is generally discouraged by the Myspace staff and could lead to you getting banned. It is probably a good idea to avoid this; instead, post related bulletins that don’t advertise your product, but talk about something similar. This will drive interested visitors to your page, where they can learn more about the affiliate product you are selling. Note however, that you will have to link to a nonaffiiliat page, as affiliate links are expressly forbidden on MySpace. Once you have had some experience marketing to the MySpace crowd, you will want to consider looking at other social networking sites. One other large site is of course Friendster. Facebook is another large social networking site, which caters specifically to college and high school students. Whichever sites you decide to use, keep the following in mind: Your goal should be to develop a network of people who, first and foremost, share a common interest. Take the time to read everything that is available, the rules, regulations and protocol, and get a feel for how members interact with one another on the site. Business networking is an addiction or a marketing strategy. In one contrast; Business networking is one of the most successful marketing strategies. The more populace you are the larger possibility of increasing leads or promoting your products and services. On other hand employee get addicted to the networking platform and here comes the pitfall. Such as wrong product placement, competitor’s advantage; competitors might come to know what are yours futures plans. Your preparation for marketing, customization etc… I now believe that internet networking is not just for those who can write. How good you are at business networking depends on several aspects. It is a manifestation of how well you connect your marketing, promotion skills, selling skills and leadership skills and other parameters. All of these skills are necessary when you are actively marketing yourself through networking platform.www.ceoworrldbiz European Research centre for Excellence I will make it easier to understand. Take an example your firm deals with Yacht Charter services. So the next question is to ask your self is how I will take advantage of networking platforms. As a yacht charter agent, I would recommend the following: First step will be. Install a blog on your website and start updating it at least once in a week. And request user to subscribe you feed. As and when your subscriber list increases your business grows. How? This serves as 2 purposes. First, it allows you to be in touch with clients on a weekly basis without having to call them on the phone each week. Second, it increases the overall content on your website which will allow you to generate more traffic to your website. Register to a networking site or group focused on the yachting or sailing industry. Through this you can get more focused audience. Start posting article, contribute to the group. This is very important for business people to recognize you. So participate actively.. Now the question comes. How will you come to know that you are recognized user? Answer is if other members will start asking you about your connection and person you are connected with. Unfortunately, many in business see networking as a one way affiliation Whaat’ in it for me? They forget to view people as people, because they are viewing them as objects. Business Social Networking evolution: How to attain? Business social networking is quickly becoming the essentially favored Web 2.0 marketing tool. If you are occupied in advertising or promoting your products or services online, there is abundance you can accomplish through business social networking sites to endorse your business, products or services. Though, the potentials are escorted by foreseeable drawbacks. But there are few things you can do in order to avoid drawbacks and hoist your efficiency when using business social networking sites. Research: explore few networking sites. If there is already an accessible group talking about and discussing your product, service, organization or closer to your nature or work you want to promote, it is advisable to stay for a while and make your presence on this site before venturing on to other networks. Settle to one platform: Various organizations have a preference to continue their existence on several networking sites; it can take up considerable quantity of time as wellwww.ceoworrldbiz European Research centre for Excellence as personnel resources. Just think on the amount of time you may spend updating your profile on each site. It’s far more effective to expend extra time and energy maintaining a high profile on one, carefully selected site rather than spend valuable time dealing with different networking sites. Content is king: Business social networks are most successful when your content is being distributed amongst the readers. Update your site and profile on a regular basis with new content sparkly new concerns that you are planning to work with. Visitors are faithful only if you give them something new and interesting to read on daily basis. Conquer on the First Impression: Research has shown that the first impression you make on a viewer really sticks. It is worse if you invite viewers to your site before it is ready. They might come to respect your invitation by once they get unimpressed. They will never come back. Is eentreppreneu a name who constantly has excellent thoughts? The first impediment we need to overcome if we want to succeed in the second group is to stop working for money. What does this mean? How new triumphant internet start up like the Expert Network work? Isn’t making money part and parcel of having good financial IQ? What I indicate by ‘stop working for money’ is not running for free. Rather, it means work so as to gain the necessary skills you need to be a successful eentreppreneu (or inventor, investor). Allow me to exemplify: If you be deficient in the contacts for operating a business, where would the most excellent place be to look for contacts? Of course, it’s yours competitor’s customers. How about product acquaintance? Then work with a company that will teach you all the ins and outs of the tricks of the trade. Not familiar with the production line of a factory? Work in one! Learn the ropes or administer the factory workers. Fear of talking to people? Get a sales job where you will be forced to talk to lots of people. It is also a great way to develop perseverance! Don’t you know that the best education you can get is in real life! Not at a lecture hall. The bottomliin is: not everybody has what it takes to succeed as an eentreppreneurwww.ceoworrldbiz European Research centre for Excellence It is not that easy. Many lack the perseverance, the creative mindset, the financial capabilities or the necessary people to get the job done and usually give up too early before any results can be seen! The fastest way to get those skills to succeed is to learn them hands on and you even get paid in the process! Don’t get absorbed with how much you are paid. When Donald Trump was selecting candidates in The Apprentice, their first task was to go to the streets and sell lemonade! Many would find it a degrading task. But to The Donald, it was very important: If you can’t even do something as simple as sell lemonade, how on earth can you handle a daunting task like running the Trump Empire? Again, let me emphasize: Would you trade time for short term money? (Money stops coming in when you stop) Or Trade time and money for a long term asset that generates you income? (Even long after you have stopped) God created us with a brain. All we need to do is look around us and observe problems to overcome because every problem is an opportunity in disguise. It is all up to you. You may or may not see the outcomes in the short term, but by using our brains and the resources around us, we can generate true value that others are willing to pay for what we have to offer. Things to consider while constructing Your Business Networking Site Profile (Sketch) TTh sine qua non! Before you start conversing, you may require developing your online profile page, depending on the networking site in theme or focus. Your business networking profile (The Expert Network) or profile page is vital when it comes to meeting other users for the reason that, in the majority cases, Users are looking to communicate with someone with identical goals, visions, beliefs, and interests as they do. Without a personal profile, it would be hard or impracticable to put in the picture what your interests are. That is why social networking profiles are not only important, but they are considered necessary. Even though it may appear easy enough to construct a profile, there are many business executives who are uncertain exactly what they should and should not include. Except few leading networking sites like linkedin.com, ceoworrldcom, xing.com.www.ceoworrldbiz European Research centre for Excellence The sine qua non is, you can reveal as much and as small information about yourself as you want and decide what you desire to share. However, you should at all times protect yourself by not disclosing personal information such as your credit card number, social security number, date of birth and address. One of the first things to include in your social networking site member profile is your name. Now, when it comes to your name, you need to be careful. You are advised not in favor of giving your full name, especially if your profile restrains a personal photograph of you. In addition to your name, you may want to put down your location. You are recommended to only post your first name in your profile. This will make it harder for anyone to attempt and contact you off of the Internet. While a personal picture is not obligatory, it is perfect. Many business executives get pleasure from taking to someone that they can spot in their minds, with no a picture this is difficult. If you are looking to utilize business networking websites just to meet up new friends you may not of necessity need to post a private picture. When it comes down to Internet dating, many individuals will not even view an online profile if a picture is not included but here the case is different. But you are advised to carefully choose that picture. Please do not post a picture that is too revealing or seductive in nature. You may also wish for to include information on yourself. This information may include your hobbies, issues, wants, haves, company information, product information that are important to do, your likes, and your dislikes. There is nothing wrong in giving Private IM Messenger id like skype, yahoo or msn. Many businesses networking websites will ask that you describe your favorite product, your goals in life; you’re most embarrassing product, service, and so on. As with your other personal information, it is important to stay as vague and possible and not use any full names, especially real ones. . Except few leading networking sites like linkedin.com, ceoworrldcom, xing.com. It is also advised that you carefully choose your location. A large number of online social networking sites require that you select a city, as well as a state. If it is allowed, you may only wish to list your state and not the city. If you are required to list the city and the state that you live in, you may want to think about using a nearby city or town, especially if you live in a small town. By keeping the above mentioned points in mind, you should not only be able to create an online business networking profile that is filled with valuable information, but you can do so while staying safe at the same time. Your safety on the Internet is in your hands, that is why it is important to think about safety, as well as Internet popularity.www.ceoworrldbiz European Research centre for Excellence Using Social Networking Websites to Promote Your Business The goal of business owners is to make money. This often results with the selling of a particular product or service. However, to sell that product or service business owners need to alert the general public. Customer cannot buy a product or a service if they do not know that it exists. That is why, as a business owner, you need to advertise your business. When it comes to advertising there are many business owners who literally cringe. Are you doing this now? There is a good chance that you are because many advertising methods cost money. As a business owner you want to make money not spend it, right? Unfortunately, if you believe that all forms of advertising take money, you are sadly mistaken. Although you may have to spend money to make your business what you want it to be, there are ways to promote your business and the products or services that you sell without having to spend any money at all. Is your curiosity peaked yet? There is a good chance that it is, rightfully so. One of the ways that you can promote your online business, without having to spend a dime, is by using something that is readily available online. That thing is an online social networking website. A large number of Internet users, in fact millions of them, belong to at least one social networking website. When it comes to social networking, there are many individuals who think of online friendships or online relationships. While these types of relationships are the most common, did you know that social networking is also used for businesses? In fact, that was originally how social networking got started. If you are a small business owner, especially one that operates an online business, there is a way that you can use social networking sites to your advantage. Although social networking websites are traditionally focused on those that would like to make online friends or develop online relationships, there are networking sites that are designed for business owners. These websites will not only allow you to share your business information with other business owners, but it will also allow you to develop close relationships with those that share an interest that is similar to yours. Essentially, this means that you could not only learn valuable business information, but you could also walk away with a new business partner or a new friend. As previously mentioned, social networking websites with a focus on businesses, are a great way to promote your business. However, this does not mean that you should completely forget about the other online social networking websites, the ones that are designed to make online friendships.www.ceoworrldbiz If you are looking to join an online community, you will need to create your own profile or profile page. If you are planning on joining a traditional social networking website, to gain access to millions of potential new customers, you are urged to be careful when making your online webpage or profile. One thing that Internet users hate is being solicited for business. This does not mean that you cannot use social networking to your advantage; it just means that you need to be careful with how you do it. Instead of creating a MySpace page or a Yahoo! 360 page for your business, you are advised to make one for yourself, but, of course, you will want to include information on your business. By joining a social networking website, especially one that is popular and has a large number of members, you should be able to generate interest in your business, including the products or services that you sell. Who knows, but that interest generated could turn into sales; thus making your social networking experience more than worth it. Meet Amarendra Bhushan Dhiraj! Amarendra Bhushan Dhiraj is the Chief Executive Officer and Director of European Research Centre for Excellence & Audacious innovationsConsuulting a consulting and market research Company specializing in technology, financial and business services markets. Consultant at Tetrain software solutions. Mr. Amarendra B. Dhiraj is a Partner in Mariners worldwide Inc. and associated with some of the worlds most media literate clients Cosmos Yachting, Pinkuin GmbH, Zitroone, Nomicos S.A, AB. Associates, etc. a frequent contributor to technology, business and financial industry publications and forums. He has been recognized by his peers as one of the most knowledgeable and innovative Management executives and is named as a “Europe’s youngest management Guru”. He specializes in advising clients on creating funding programs for a wide variety of ecommmerc assets, structuring efficient asset disposition methods, valuing performing and nonperfoormin portfolios, and the economic consequences of government policies and regulations impacting financial institutions and broker/dealers. He is an acknowledged authority on administrative, financial, and service departments, including marketing, communications, and strategic planning. European Research centre for Excellencewww.ceoworrldbiz Amarendra Bhushan Dhiraj Audacious InnovationsManaggemen Consulting www.ceoworrldbiz, info@ceoworrldbiz Our recent clients: European Research centre for Excellence