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4 Ways to Build Your Social Capital

Get outside the cave, and into a network.

By Dr. Ivan Misner

Social capital works for everybody, not just people who purposely set out to become networkers.

A colleague of mine works in a profession—writing and editing—which entails minimal day-to-day interaction with others. He handles a limited number of projects, usually no more than two or three books at a time, and works long hours and days in isolation; he occasionally surfaces to communicate with an author or publisher about details. You might say he works in a cave with only a few air holes.

How does a cave dweller build social capital?

One day, this particular editor, feeling his isolation, crawled out of his cave to look for company. He joined a small band of writers and formed a professional writers’ organization. Energized, he joined their efforts to build the organization, attract new members, publish a newsletter, schedule presentations and speakers, arrange conferences with editors and agents, and even throw a few parties to lure other writers out of their caves, too.

All of this work was done by volunteers who were excited to build a service organization that would help writers network with one another and achieve success.

The organization grew and became the largest writers’ networking organization in the nation. While this was happening, my friend the editor made several new friends among the organization’s founding members. One of them told him of a job opening that turned into a 12-year position; this gave him steady income to support his family.

Another friend, a low-volume publisher of high-quality books, gave him several editing projects and, after his salaried job ended, gave him a full schedule of freelance work.

Many of the authors this publisher referred to the editor returned repeatedly with more projects. I was one of these authors, and have since worked on over a dozen books with the cave-dwelling editor.

Although the editor didn’t know it when he began this low-key form of networking, he was building social capital when he thought he was only having fun. Over the years, this social capital began flowing back to him in many different forms, with no direct connection to the benefits he had helped provide to other writers.

Relationships Are Currency

How many times have you seen an entrepreneur (maybe even yourself) go to a networking event, meet a bunch of people, then leave and never talk to them again?

Too often, right?

And it’s not because he doesn’t like them or ever want to see them again, but because he’s a busy—busy—person with so much going on that he can’t even remember what he had for breakfast, let alone reconnect with individuals he just met.

It’s a shame, because such new contacts are where future business is born. Don’t be misled; it’s not the number of contacts you make that’s important—it’s the ones you turn into lasting relationships. There’s quite a difference. Try making ten cold calls and introducing yourself. How well did that go?

Now call five people you already know and tell them you’re putting together a marketing plan for the coming year and you would appreciate any help they could provide, in the form of either a referral or new business.

Better results behind Door #2, right? Of course. You already had a relationship with these folks, and depending on how deep it was, most of them would be glad to help you.

So here’s the question: How can you deepen the relationships with people you already know to the point where they might be willing to help you out in the future? Here are four quick steps to get you moving in the right direction.

Give your clients a personal call. Find out how things went with the project you were involved in. Ask if there’s anything else you can do to help. Important: Do not ask for a referral at this point.

Make personal calls to all the people who have helped you or referred business to you. Ask them how things are going. Try to learn more about their current activities so you can refer business to them.

Put together a hit list of 50 people you’d like to stay in touch with this year. Include anyone who has given you business in the last 12 months (from steps 1 and 2) as well as any other prospects you’ve connected with recently. Send them cards on the next holiday.

Two weeks after you’ve sent them cards, call them and see what’s going on. If they’re past clients or people you’ve talked to before, now is the perfect time to ask for a referral. If they’re prospects, perhaps you can set up an appointment to have coffee and find out if their plans might include using your services.

See how easy that was? After a few weeks, you’ll have more than enough social capital to tap into the rest of the year.

Social capital is the international currency of networking, especially business networking. If you take as much care in raising and investing your social capital as you do your financial capital, you’ll find that the benefits that flow from these intangible investments not only will be rewarding in themselves but will multiply your material returns many times over.

Called the "father of modern networking" by CNN, Dr. Ivan Misner is a New York Times bestselling author. He is the Founder and Chairman of BNI, the world's largest business networking organization. For more writing by Dr. Misner, visit his blog at www.BusinessNetworking.com.

Tags: June 2011 Edition, networking, social capital

12 Responses to “4 Ways to Build Your Social Capital”

John Murray Says:
June 1st, 2011 at 10:41 am
A superb article and one that I have just sent the link to Penny Power of Ecademy. Penny is a HUGE advocate of Social Capital and great to see Dr. Ivan reiterating also the key main points that Penny regularly discusses also.

Keep up the good work – watch out for Ashford BNI M20 – will be the next £1M Chapter!

John Murray
Education Coordinator
Ashford BNI M20
Alysha Dominico Says:
June 1st, 2011 at 3:15 pm
Thanks for the article; from a writer’s point of view, I like how you led with a story, and you got into the guts of the message with strategies to start today.

Thanks for giving us something to share with our networks.
Hannah Poole Says:
June 1st, 2011 at 5:14 pm
Powerful article!! ….you never know who you’ll meet or where or what that may lead to -!
Karleen Greenidge Says:
June 1st, 2011 at 7:48 pm
This is an excellent article. Most persons look at the short-term view, because we want immediate results, instead of having a long-term vision of where a relationship could go. Also, if we look at ways and means of helping others achieve their goals, at some point, what goes around would come around to us, positively.
Thanks for taking the time to give that testimony!
Tommy Bearint Says:
June 1st, 2011 at 9:50 pm
simply good stuff!
Poonam Bhat Says:
June 2nd, 2011 at 1:09 am
A perspective on Social Capital that is very relevant to all of us. Even more so, for those of us who are extremely busy and therefore must take the time to build relationships.
It is indeed the International Currency of networking.
And for some of us who have experienced this at a smaller level, what goes around does in fact come around.
Great article,superb perspective…..Thank you.
Ethnie Weekes Says:
June 2nd, 2011 at 7:17 am
Excellent advice. I need to start working on this. It seems foolproof.
Sondra Francoeur Says:
June 2nd, 2011 at 9:38 pm
Thank you for the excellent article. I am very grateful for SuccessNet and the quality of information we get each month with our membership.
Wendy DeWitt Says:
June 3rd, 2011 at 12:18 am
Having a list of 50 top people to stay in touch with is brilliant, doable and gives an organized and approachable path to staying in better touch with people. Love that.
Lungile Bali Says:
June 7th, 2011 at 3:07 am
You’ve just opened an eye as I was taking social networking for granted, but now you’ve made me see and understand its values. As an insurance advisor this is an excellent tool yes indeed this is a “Social Capital” so to speak because a person can never decrease his/her income by doing this and instead will reap good rewards.

As from today I will learn to socialize effectively and try to make good relationship with friend, business partners and our clients in general.
Duncan Hannay-Robertson Says:
June 9th, 2011 at 3:35 pm
I totally agree. Networking is the exploratory part. The aim is to find the people you want to follow up with. Once you have followed up then its time decide who to work with and finally start strengthening the relationship. There’s enough business out there for all of us. The important thing is to connect with those you have the most chemistry and build on that. Thank you again for the tips and reminder.
Patrick Riggenbach Says:
August 18th, 2011 at 5:24 am
Giving attention is the easiest form of giving love.
Have a nice day

12 Responses to “4 Ways to Build Your Social Capital”

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