Your Network Is Your Net Worth: Building Your Relationship Currency

Abstract

The Internet, and specifically social media, has unquestionably changed the way entrepreneurs do business. In many ways it has disrupted the traditional model of business, allowing companies to connect immediately with their consumers, become more responsive to opportunities and threats in the market, and drive and grow business. It has become a way of networking by allowing people to develop and grow their business networks faster and more efficiently online. While the traditional model of networking- going to events, passing out cards, and hoping to make that vital connection -still works, social media is now a critical element of networking that cannot be ignored. Social media platforms such as Facebook, LinkedIn, YouTube, Twitter, and Instagram have taken the traditional networking model one step further, allowing savvy participants to connect to, literally, hundreds or thousands of contacts in a relatively short amount of time. Social media also allows companies to continually interact with their contacts to develop long-standing relationships. While nothing beats face-to-face, personal interaction, especially in business, social media has elevated this model, increasing the likelihood that you are meeting people who are interested and engaged in what you are talking about.