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Internetworking

Learn how to navigate and use online social networking sites to the benefi t of your business.
by KAREN LELAND - November 2008

Published in Business :: Business

ILLUSTRATIONS BY ROBBIE PERCHALUK

Expanding your contact base can work wonders when you're building or promoting a business, and online networking sites are the perfect platform to do just that.

Brant Bukowsky, cofounder of LakeRentals.com, knew his company was a perfect match for The Weather Channel, but how was he going to get the chance to pitch his idea? Enter LinkedIn, an online networking site, through which Bukowsky was able to locate Steve Hassett, vice president of new ventures at The Weather Channel Interactive. Bukowsky sent Hassett an InMail (the self-contained email system), and, three months later, the media giant acquired LakeRentals.com. "I don't know that we would have been aware of the opportunity if I didn't have a profile on LinkedIn," Hassett says. Welcome to the world of online social networking.

For small business owners and entrepreneurs today, building a presence on social networking sites can make all the difference. But how do you make the most of sites like LinkedIn, Facebook and MySpace-and which ones are right for what you're trying to market? Let's begin with the first question.

Th e first step to succeeding on any site is your profile. "Your profile is a public version of your resume," says Ajay Kulkarni, an MIT Sloan School of Management graduate who is launching a start-up to help entrepreneurs manage their important professional and personal relationships. "Overall, your profile is your personal brand," he says. "I believe most LinkedIn users underestimate the value of their profile."

It's important to provide a detailed list of your business background, including specific titles, areas of expertise and products or services you offer. "When people come to read your profile, you want them to have all the information they need to feel comfortable enough to contact you," says Jason Alba CEO of JibberJobber (a website that merges job-searching and networking) and author of I'm On Facebook-Now What??? and I'm On LinkedIn-Now What???.

Once you have a profile, the next step is to make contacts. One way to do that is to recommend people in your network by commenting on their pages. "When you leave an endorsement on someone's profile," Alba says, "[they're likely to] return the favor and write one for you."

But what is a good recommendation?

According to Kulkarni, "It should clearly state when you worked together, in what capacity and what exactly that person accomplished. In addition, you should feel free to ask people to write recommendations for you. It's a great way to fill in the gaps in your profile and develop a wide base of credibility." And if you don't like what someone writes, send it back. "'This person is smart' hurts you more than it helps," Kulkarni says.

One feature unique to LinkedIn that can further build your credibility is to answer questions that another user has posted-assuming it is in your area of expertise. These answers are visible to all users, so they need to be good. "Answering questions brings awareness to who you are, and brands you as an expert in that area," Alba says.

Another tactic is to send personal notes to individual business people you think might be important contacts. "Don't be afraid to email someone whose profile you are interested in," says Jocelyn Brandeis, cofounder of JBLH Communications. "Just be careful to keep it light." She suggests letting the person know you're interested in their business, have a service or product you think they could use and the possible ways you may be able to help each other. Out of the last 70 people Brandeis has contacted, only one has declined her offer to connect.

Large corporations are also capitalizing on social network-ing-and acknowledging how helpful it is for smaller companies: Visa Inc. recently created the Visa Business Network application on Facebook, which helps small businesses use the site to find new customers and converse with colleagues. As incentive to join, they offered the first 20,000 US businesses a $100 advertising credit on Facebook for downloading the application necessary to join the Visa network. In this example, both the startup company and the big guy win.

So which site is the best for you? LinkedIn is the most professionally oriented, while Facebook and MySpace tend to be more social. On Facebook, entrepreneurs can form groups and invite people to join them, thereby gathering a following for their restaurant, product, etc. MySpace is the ideal place for musicians, artists and other creative types to post samples of their craft . Although a bit less business-like, Facebook and MySpace each have more than 100 million users-not bad when you're trying to get the word out about your company. So what are you waiting for? It's time to create a profile.

NETWORKING NEWBIES

Ajay Kulkarni, an MIT Sloan School of Management graduate who is launching a company to help entrepreneurs utilize online networking, tunes us in to a few up-and-coming sites.

www.efactor.com
A site for entrepreneurs and investors. "They are trying to combine the online and offline worlds by actually setting up physical lounges in cities. It sounds interesting."

www.ning.com
Allows users to create their own social network. "It's popular among hip-hop musicians who are slowly shifting from MySpace to stay in touch with their fans."

www.dopplr.com
"This is a great way for business travelers to compare travel schedules with their contacts."

Published in Business :: Business

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