Business Networks or Social Networks – Which do You Prefer?

LinkedIn is a business network that allows you to socialise.

Facebook is a social network that is trying to commercialise.

Both are digital networks that allow you to do certain things and not do other things.

Besides these, there are real world business networks made up of businesses who trade with each other on regular basis – sometimes for decades. Many of these real world business networks are very tightly knit eco-systems where trust, co-operation and accepted rules of conduct make it very easy and cost effective to do business.

Imagine a world where every time a business had to buy raw material or other supplies from another business they had to go through the full due diligence process of establishing mutual trust, understanding and rules of the deal. Commerce would come to a stand-still in such a world.

Now try and imagine the value of these hidden business networks that we just take for granted.

We assume that the coffee we buy from Starbucks in the morning somehow gets grown, picked, sorted, transported, roasted, ground and brewed to arrive in the cup.

The vast business network that silently works behind-the-scenes to make this morning cuppa possible – just in the coffee industry – is worth nearly $24 Billion and employs more than 35 Million people.

In the retail sector, the business network is worth more than $1.5 Trillion. The number of people employed in this sector globally is impossible to count because in many countries the retail trade is so fragmented.

Automotive industry – the second largest such network on the planet – is estimated to be worth close to $1.3 Trillion. In fact just the top 6 commercial networks on the planet are estimated to be worth nearly $4 Trillion.

Given their enormity, it is a wonder that these business networks are neither well understood, not well managed.

While each business network has a vague understanding of the ‘rules of engagement’ for players within the network, there is no common understanding of these across the board.

The key question is that while the rules of engagement on LinkedIn or Facebook or other social networks are relatively clear and easy to follow – are there some guidelines which can help businesses navigate the world of hidden business networks successfully?

In other words – are there ways businesses can engage in networking with each other that produce superior results?

That is an interesting question that I answer in my book THE 5-STAR BUSINESS NETWORK.

 

 

Care? 'Share'

FREE - Get An Extract From Any Of Our Books!

All you have to do is - comment below. Your opinions are vital for building a vibrant global community of professionals. In time, you will be proud of your contributions:

  • Share Your Opinion

  • Participate in The Conversation

  • Contribute to The Community

FEATURED COMMENTS WILL EARN A FULL COPY OF ANY OF OUR BOOKS.

What are you waiting for?  Share Now, and Win.

 

chiefstaff

  • Peter says:

    It depends on what your ultimate goal is in sharing content – do you wish for engagement among a closed group or the potential to reach everyone?

    Facebook, for example, is a closed network and as a result, friends basically “opt-in” to your content, indicating a sort of buy-in, and a large amount of engagement potential. (These are people who want to see your content, and thus much more likely to like, share, and comment). That said, the potential to spread your message outside your network can be quite low.

    On Twitter, as an open network, you can theoretically reach the entire Twitterverse if your content is good enough. Obviously, the more followers you have, the greater your reach will be (a good rule of thumb is to calculate your reach as being three times your follower base).

    Put more simply, you’ll want both, but the emphasis will depend on your content goals.

  • Melind says:

    The revolution of social media is really important. A basic principle could be that social media allows people to stay in touch with each other more easily, as well as reconnect with people they may have once known but have lost contact with. A secondary principle will be that social media allows people sharing what they, find or like in an intrepidly fast way. A few words, a photo or a small video could go “viral” in matters of seconds and be popular and be seen by thousands, even millions all over the world.

  • Richard says:

    I prefer those social network which help people in increasing their business outputs, or in resolving their business issues. That is the reason I don’t like FB which only provides entertainment. It is not a valuable platform in any way.

  • >