Is the Network Effect Impacting Your Efficiency as an Entrepreneur?
Curated from: entrepreneur.com
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The network effect
The network effect in marketing is where an increase of users or people change the increased value proposition of the service or good.
For example, as Instagram Reels, inspired by TikTok's idea of short-form entertainment content, grew in popularity, so the value of Instagram to share content and communicate new ideas increased.
However, it can also create a false reality of effective customer relationship management.
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How the Network Effect impacts your business operations
Media reports state that 80% of B2B buying decisions were based on direct and indirect communication. Only 20% were based on pricing and other logistics. In business, it's about building relationships.
Yet entrepreneurs who get involved in social media marketing often forget to retain their business relationships in the real world efficiently. Millennials still prefer communication outside of your Instagram or LinkedIn story updates.
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Reach out to your existing customers
Call, message or have an in-person meeting with your existing clientele. Ask them if they need assistance.
Show interest in them. A chat can have a more profound effect than saying hello through your social media stories.
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Show up to various networking events
Webinars are popular and have become the new normal.
Go to various meet and greet events in your city to network with people and use these events to reshape your existing clientele.
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Follow up with new connections
If you had an interesting conversation at a networking event, send a follow-up message.
Show them that you are really interested in having another discussion with them and ensure that you can add value.
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Make your social media reflect your brand
Add a personal touch to most of your social media content.
Reflect your values, beliefs and mission to your community with your LinkedIn, Facebook and Instagram profile.
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Listen to your customers
Have a real interest in what your customers are saying. Listening can build closer relationships with your networks.
Talking regularly to your customers can create a voice effect. Your customers will be able to hear your voice when they read your social media profiles.
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