Being There When It Counts with Rick Itzkowich
I recently returned from Dubai where I was one of 12 speakers who spoke on the topic of LinkedIn at the “You Learn Twit Face” Social Media Conference. Attendees showed a lot of interest in learning more about LinkedIn – specifically, how to make money using it.
I usually start my presentations by asking how many people have heard of LinkedIn. Most of the hands go up. Next, I ask how many people have a LinkedIn profile and most of the hands stay up. Lastly, I ask how many people are making money using LinkedIn and only a handful of hands stay up. I find this to be the case everywhere I speak.
Nine of 10 people don’t understand (or even have a clue) on how to use LinkedIn. At best, they compare it to Facebook or Twitter. At worst, they dismiss it as another site to park their resume. Comparing LinkedIn to Facebook or Twitter is like comparing man vs. ape -- genetically similar but really quite different. And thinking of LinkedIn as a job site is akin to viewing a computer as a simple word processing tool.
So how do you make money on LinkedIn?
Buy building relationships. The overall proposition of Facebook and Twitter is to build a large list of followers/friends. On LinkedIn you are building a network. You make money on LinkedIn based on the strength of your network. You determine the strength of your network based on the following formula: V + C + R + I = P. The acronym equation stands for: Visibility + Credibility + Reach + Influence equals Profitability.
Let me explain. The Referral Institute has the VCP model which consists of three distinct business stages. People need to first know who you are: Visibility. And then they need to trust you: Credibility. It is only when they both know you and trust you will they feel confident in doing business directly with you and/or indirectly refer business to you, hence: Profitability.
The R + I (Reach and Influence) parts of the formula are what truly make LinkedIn so powerful. The number of people in your network determines the reach of your network. The quality of the relationships determines your influence within your network.
So you make money on LinkedIn by building a large network of people over which you exert a lot of influence. The best way to do this is by focusing on adding value to your network. The more value you bring to your network, the more influence you will enjoy. And the more influence you enjoy, the more you will be able to turn it into financial gain.
The two best ways I know to add value to your network are to share useful information and to connect people. Your goal is to position yourself as the “go to” person in your network when anyone needs anything. When you do this, you’ll be in an excellent position to monetize your LinkedIn network. The reason for this is because every time you help someone in your network, you build a new form of currency called Relationship Capital (RC). RC is based on the law of reciprocity and the fact that humans are very social beings. The more we help others, the more others will want to help us. And when the time calls for us to ask for help, we will receive it ten fold.
So how do you get started?
You need a strategic approach to building both your network and your credibility. Make it a point to build a diverse network of people who add value to each other. Build others' credibility by recommending them. Position yourself as an expert in your field by answering questions and participating in group discussions.
By the way, the reason I was invited to be one of the 12 conference speakers in Dubai was based on the principles I outlined here. A local BNI Director, Pam Russell, knew me (in addition I have 787 BNI connections on LinkedIn -- Visibility). She referred me to the conference organizers. After viewing the recommendations I have on LinkedIn and contacting several people in my network for references, the organizers decided to invite me. This turned out to be a very profitable business trip. Plus, I laid the foundation for several additional business ventures that will continue to pay off in the near future.
What’s your next step toward using LinkedIn for profitability?
This month's QuoteAction is by Author and Founder/Chairman of BNI-Business Network Int'l, Ivan Misner
"People don't care how much you know until they know how much you care."
Your action is to do something special and unexpected for someone in your life.
Enjoy an Extraordinary Month!
Click *here* to find out more about QuoteActions and some of the other innovative products and services offered by THE NATIONAL NETWORKER.
As the creator of QuoteActions, a unique relationship building system, Rick Itzkowich finds his articles, podcasts and blog messages regarding keeping your brand "top of mind" in high demand.
His, latest product LinkedIn Power Success System , is a must for those people wanting to earn money using LinkedIn.
Rick is also the Co-founder and Vice President of Productive Learning & Leisure, a personal development training company for corporations and individuals.
Rick can be reached at rick@productivelearning.com.
For more information please visit Rick's TNNWC Bio.
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