Now more than ever, smart, strategic, profitable revenue growth is critical to organizations of any size. Make no mistake about it—performance trumps all. You as an individual, your team, and your organization all have to consistently deliver quality products, exceptional professional services, and an unparalleled customer experience. Otherwise, the rest is a moot point.
A strong social network can help extend the market capitalization of your performance.
Its applications are invaluable in the following three areas:
- Within the organization where you need the support of your colleagues to deliver on the promises you make in the market
- With distribution channel partners who can help uncover previously untapped market opportunities or extend your reach with exponential value-added services; and
- With great customers. Social networks can help you focus on your core competencies while you explore innovative business and revenue models.
These opportunities can come from unlikely sources, and the most efficient way to tap into them is to through as diverse a social network as possible.
As Michael Rene, former chief strategy officer at Choice-Point, explains, ‘‘It is difficult for large, complex bureaucratic companies to innovate. It is much easier for small, nimble, highly focused niche players to not only improve an existing product, process, or go-to-market strategy, but to also truly come up with a marketable, customer-driven innovation.’’ Your access to these pockets of brilliance is exponentially enhanced with a broad-based social network. In the next chapter, I highlight sources of value creation.
To learn more, read the revised and updated Relationship Economics paperback edition with 40 percent new content, including an all-new chapter 10 on social media and business relationships (Wiley, Feb. 2011).