Social capital in the relationship economy

Friday, November 5, 2010

It’s the relationships, stupid. (With apologies to U.S. Pres. Clinton)

Today’s economy is driven by many factors, and not just the usual suspects such as the price of natural resources or the heartbreaking costs of war. Today’s economy is also driven by relationships, and ‘who you know’ is more critical than it’s ever been.

Today, ‘who you know’ can accelerate your career, promote your products, introduce your client to a new audience or get you a rental for your vacation. Traditional means of sourcing information have given way to the information obtained through connections, friends, and followers on Twitter.

Equally, this access has improved the way in which we interact with all the people in our lives, and not just the obvious friends-family-work connections. Today you can pose a question of your favourite sports or movie star, ask a company about its products, or get up-to-the-minute updates from a journalist at the scene of an emerging event.
Many people smarter than me have written about the need for personal branding. For those for whom this has just been a vague concept, well, its time has come.

People who are successful at creating strong personal brands will be at the forefront of the relationship economy and best positioned to take advantage of the opportunities that will undoubtedly present themselves.

How to raise your social capital:
• Tweet, like, link. Participate on the “big three” Twitter, Facebook, Linked In.
• Network. Learn how to be good at networking. Remember basic business etiquette: introduce yourself, shake hands, hand out business cards, learn about other people and their interests.
• Participate. Go to events, fundraisers, professional development opportunities. Be active in your community.
• Volunteer. For your community, a non-profit, your profession.
• Donate. Because it’s important.

Can you add to this list?
 

 

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