Harnessing Social Networks to build capital!

I came across a timely article in mortgage news daily today in which I am sharing with you.  The importance of harnessing online communities for relationship building / maintaining and marketing purposes becomes imminent and clear every day.  The small businesses and entrepreneurs who are early adopters of this tactic will be nicely rewarded.  Openness and transparency are the keys to unlocking the door of this new and exciting world.  It’s going to take time, effort and love to build your social network.  And there are many rules to follow as well.  If you don’t follow the rules, as in any society, you will be ostracized and become an outcast.  So it is very important to know the rules and follow them.  As Tara Hunt points out in her book, “The Whuffie Factor” monetary capital will start to flow from social capital or “whuffie”.  “Whuffie is the residual outcome –or currency-of your reputation”.  Leveraging these networks for reputation currency which will one day turn into monetary currency is the goal!

If you are in the Bay area on Thursday Nov. 19th, please be sure to check out my social networking seminar for realtors with industry pro Jerry Kidd.  See you there!

Here is the article:

Social Media Marketing – Using Twitter & Facebook to Grow Your Business and Maintain Relationships

by David Bayer

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“Social media marketing is here to stay” could very well be chalked up as the understatement of the year. Social media marketing has been on the rise for the past several years. Unfortunately, many small businesses, corporations, and independent freelancers have been slow to get on board the social networking train.

Saying “no thank you” to social marketing opportunities reminds me of the new commercial out for PS3. The advertisement begins with a disgruntled girlfriend who can’t wrap her mind around the fact that her boyfriend has indeed purchased PS3, but will not (for whatever reason) proceed to the next logical step: connecting to the internet. The girlfriend is speaking to a technical advisor with PlayStation who brings to her attention the fact that without connecting, he can’t possibly make use of all the wonder that PS3 offers, such as movie downloads, online gaming, and so much more. The final line of the commercial says it all, “What is wrong with him?”

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