Archive for the ‘Brainstorming’ Category

Let Social Media Help You Identify New Mentors and Expand Your Business Network

By Kurt Rathmann, CEO of Shride Ventures

I have a ritual I perform every month or two. Some find it a little strange. Others find it helpful and have even adopted it themselves.

For several years, I have maintained a spreadsheet of information on those I consider mentors. It includes things like when we last spoke, what we talked about, what questions I have for them the next time we talk, and personal details, like what their kids are up to.

Every few months, I take a Sunday to myself to sit down and reach out to almost everyone in the spreadsheet. I will schedule short, 20-minute calls with them throughout the upcoming week just to catch up. If there are any burning questions I have been wanting to ask, I will be sure to do so. But whether or not I have questions, I call.

I started building this list years ago, well before the thought of starting a business had occurred to me. I found it helpful to my career in general, but I was especially grateful for it each time I started a new business. Those listed were among the first people I shared my idea with, and they ultimately propelled me forward, at times forcefully pushing me into this dream.

So, whether you have a business idea to share or not, the best time to start building out your network is right now. Today. And one of the main tools for this can and should be social media, specifically LinkedIn.

Use LinkedIn to Attract New Mentors and Connections

LinkedIn offers a great way to not only nurture existing mentor relationships but attract new mentors and connections. You will accomplish the latter by successfully communicating your own persona to that new audience. It is an underutilized tool, especially when you consider this dual purpose.

On the mentor side, there are simple strategies you should employ. First, match up your list of mentors with their LinkedIn profiles. Second, consider their connections and their potential to be a part of your network. Third, reach out to them and ask them to connect. You may want to add a note, pointing out the mutual connection you share. Invariably, you will expand your network, reaching potential partners, investors, and customers.

To maximize the effectiveness of this approach, take inventory of your own profile, especially the descriptive section under your name. What can you say about your new business, or businesses, that will catch the eye of that new connection and trigger a positive reaction?

To accomplish this, highlight what differentiates you from the crowd. For me, it is being a serial entrepreneur with a deep expertise in the cloud-based accounting space. Your success in this area will determine how well you attract partners, new sales opportunities, or investments.

Nurture Those Relationships

Just because you have created a new network does not mean it will automatically become an asset. You have to nurture the connections in your network. Whether you meet them in person, connect with them on the phone, or exchange emails, here are some tips that will help you accomplish that goal:

  • Listen deeply to their ideas, and then follow up. Let them know if you have taken their advice.
  • Thank them for their time. Find ways to show your gratitude.
  • If you think it may help them, make connections to other people in your network.
  • Share your wins with them. If you have good news, give them a call or send a quick text. Who cares if you just talked to them last week? Let them share in your excitement.
  • Get personal. With most of your mentors, it does not need to be all business, all the time. Allow them to really get to know you.
  • Most importantly, pick up the phone and call.

Set a cadence to check in with your mentors, even if you have nothing to say. Some of the most meaningful conversations I had with mentors came about when I wondered what we would even talk about. The freedom of conversation can take you in surprising directions.

It is in these moments when you will discover the depths of their knowledge and the surprising talents they possess. You will learn about their personal lives. They may take part in brainstorming with you on your business, stepping out of problem-solver mode. It is in these calls and face-to-face meetings that a real bond can form.

Kurt Rathmann is a serial entrepreneur, cloud accounting pioneer, small business advisor, and technology futurist. Kurt also is a trusted advisor for small businesses. He has a proven track record when it comes to scaling companies, fueled by a passion for creating innovative solutions that challenge the status quo.

Posted in Brainstorming, Kurt Rathmann, LinkedIn, Listening, Relationships, Transparency | Comments Off on Let Social Media Help You Identify New Mentors and Expand Your Business Network

Engage Your Most Dissatisfied Customers for Radical Thinking

By Dr. Philippe Duverger, Assistant Professor at Towson University

I agree with Tom Quinn’s recent post on the SMM Magazine blog—By Invitation Only: Letting Your Customers in Behind the Velvet Rope—where he advocates for a by-invitation-only brand community that leverages customer engagement in a private and exclusive environment. Facebook Pages and other initiatives that inform and lead your consumer base (customers and potential customers alike) to follow your brand and try your services and products is a different strategy than listening to your most valuable customers. Both strategies are valuable and have their place in the social media environment.

A social media strategy using Twitter, Facebook, blogs, and other open-to-the-public environments will raise awareness, trial, and traffic. But it will also allow competitors to listen in on the conversation. If you are in need of radical service ideas and want to mine your customer base or test new ideas, you should create a secluded environment where only trusted and creative clients can participate.

This is where the dilemma exists. Should you invite only your loyal customers to participate in idea generation through online brainstorming sessions? Or should you invite your most dissatisfied customers? I advocate for the latter strategy.

Your most dissatisfied customers are probably thinking about switching providers. They are more likely to feel underappreciated or have experienced sub-standard service from you. They might have logged a complaint, only to receive an unhelpful administrative response, which further enraged them, thereby increasing their dissatisfaction. So it is more likely that they can tell you what is wrong with your business.

You might not want to hear it, or you might dismiss the complaint as a rare occurrence or subjective to the customer’s unrealistic expectations. And you might be wrong. That customer could be a visionary who will feel compelled to find a service provider that will satisfy her needs. If none of your competitors provide it, the customer might decide to provide it herself (assuming she has what it takes), become your competitor, and drive you out of business. Too far, you think? Take entrepreneurs like Richard Branson (Virgin Group), Kemmons Wilson (Holiday Inn), or Howard Schultz (Starbucks). They all have a common characteristic: they did not like what was available in the market and went on to create it for themselves.

Interestingly, Starbucks recently engaged in a Web-based brainstorming exercise where anyone—including its competitors—could participate and watch. Starbucks collected thousands of ideas. Great… except that only one radical idea would suffice to make a winter-coffee company an all-season coffee and smoothies company. The Frappuccino, according to Schultz’s memoirs, was a customer’s idea and now accounts for almost half of Starbucks’ revenue.

Certainly, among the tens of thousands of participants, there are bound to be creative consumers, satisfied or not. But the most dissatisfied and creative ones either won’t participate or will be outnumbered by the conservative, happy, and loyal customers.

Cyberbullying is explained by the balance theory where a customer posting a radical idea might preface it with a complaint, leading others to defend the brand by bullying the culprit out of participating. The solution? Segregate your behind-the-velvet-rope communities between radical thinkers and those who only have improvement ideas. Or, more practically, have a radical-thinking community composed of your most dissatisfied customers. And then listen.

Posted in Blogs, Brainstorming, Competitors, Conversations, Customer Experience, Cyberbullying, Engagement, Facebook, Listening, Philippe Duverger, Relationships, Strategy, Tom Quinn, Twitter | Comments Off on Engage Your Most Dissatisfied Customers for Radical Thinking