five Ways to Boost Your Business Using the Connection Economy

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Source:   —  April 22, 2016, at 4:57 AM

I might keep a tiny sharper focus on this and declare that for nearly every small-business owner, the potential for cost is created by making or strengthening connections.

I believe it was Seth Godin who, a few years ago, coined the duration “connection economy.” The idea is that cost is generated by making connections, rather than pumping widgets out of the tail finish of an assembly line.

I might keep a tiny sharper focus on this and declare that for nearly every small-business owner, the potential for cost is created by making or strengthening connections. Mammoth social media platforms love Facebook do, in fact, deduce much their cost by the sheer no of creations they create. I’ll point out that these enterprises attain billion dollar valuations before they do anything with their connections to actually make money.

But, in any case, the cost of connections in this connection economy is indisputable. The question, then, is whether or not you're participating in and benefiting from the connection economy. Let’s see at touchable ways you can get advantage of the connection economy today.

For many -- if not all -- tiny businesses, connecting with customers, prospects, suppliers, and others via social media can deliver tremendous value. Note that even via this brief list of connections, I’m suggesting how you can “segment” your social media contacts.

To utilize social media in the connection economy, you necessity to realize who you're trying to reach and what your goal is when you reach them. In other words, it wouldn’t create any sense to consider established customers and brand new prospects in the same way. Further, you might set up social media relationships with suppliers as a way to make better your competiveness; suppliers may, for example, utilize their social media channels as pipelines for insider tips and other useful industry information.

Taking this a bit further, Alignable is one social media platform whose purpose it's to create and enhance relationships between businesses. Connecting with similar tiny businesses can be extremely helpful, for example, when you’re trying to define which cloud services would best suit your business.

When you’re using your social media accounts, you’re broadcasting information about your tiny business and trying to spur people’s interest. When customers declare something about you on a review site -- or their own social media accounts -- they're taking over the microphone. You necessity to recognize these instances as opportunities to create connections.

I frequently scanning the hotel reviews on the travel sites. I always notice the hotel owners who reply to criticism and those who ignore it. These kinds of sites are a major component in the connection economy -- don’t let the connection “drop.”

An necessary attribute of the connection economy is to recognize that it’s not just about your direct connections, it’s also about the onlookers and others who'll hear things via word of mouth. Get advantage of the review sites and even create strategies that'll tend to point your customers toward posting reviews.

Forums are probably the most overlooked Ave for engaging prospects in the connection economy. Some successful tiny businesses have started because their owners first established themselves as experts on the forums. However, the point I wish to stress here is that you should be engaged in on as many excellent forums as there are that relate to your business, and your posts should be very helpful and knowledgeable.

Carve out a tiny time each week to browse relevant forums and see for posts that pose questions or discuss problems. The connections you create can be very valuable in the long run.

Old-fashioned local networking shouldn't be overlooked in this age of high-tech, web-based connections. For many tiny business owners, their local connections are by distant their most important.

Have you noticed that all the highly successful local business leaders are heavily involved in community business groups along with other local events and organizations? Do you think this is merely coincidence? Do you think they'd achieved their level of success before they got involved with the community?

I don’t think so. Many newcomers start out as unknowns, but by working with community groups they create names for themselves as both knowledgeable and trustworthy. Establishing yourself in your local community will pay huge dividends over the years. These are investments you’ll create more with your time than with your money.

Connecting with all the individuals in your business and personal lives is extremely important. First of all, your family and near friends should be among the biggest boosters for your tiny business. This means that you should be certain they realize what you do and have even experienced it themselves.

They should be shopping at your store or using the service you allow whenever possible. Then, when they know people who necessity what you provide, you’ll obtain a recommendation.

This is extremely necessary with your employees. You necessity to expand these connections so well that they go beyond mere employees and become brand advocates who are prepared to keep in a excellent word for your tiny business even when they’re “off the clock.” This means you should treat your employees well, give them opportunities to advacnce and have input regarding the direction of your business: If you don’t hear to your employees, you can’t expect them to speak up for you.

I’ve touched on several dimensions of the connection economy. Please note that how you handle each of these can have either a positive or negative impact (expand or reduce value) on your tiny business. For example, ignoring horrible reviews or posting “salesy” comments on forums can drive customers far from your business. Your work is to be engaged in in all of these places and utilize all of these strategies in positive ways that add to your stature and the quantity of business you generate.

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