The Currencies of Networking.

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I listened to a webinar today put on by Keith Ferrazi a master networker.  He wrote a book published in 2005 called Never Eat Alone. I think I bought it at Borders. That was before the world melted and we moved to the New Normal except for Borders.  That was a very long and short time ago.

On his Webinar he had Reid Hoffman the Founder of Linkedin.  I enjoy using Linkedin.  It is my primary social media channel.  When Social Media was getting launched my peers embraced Facebook but I loved Linkedin.  Anyway it became my preferred social media channel although I engage with many others.

During the webinar Ferrazi and Hoffman defined the various currencies of networking. They talked about professional currency for instance. I related to that because I talk about the various benefits of networking in my networking presentations.

Networking provides a variety of currencies. One of the primary benefits of networking is financial Currency. It is the most obvious and what most people really want.   Over the course of time I have read about other definitions of financial currency.  One is that your network equals your net worth.

The oldest one I know is that it is not what you know but who you know.  That’s the top down theory and it works.

The problem with reaping the benefits of financial currency is that it takes time and we all want the quick fix.   Financial currency will come if you plant the seeds and wait for the bounty to come.  You have to realize that one event is a stepping stone to other people, other events and future opportunities.

Somebody long ago or about 3 or 4 years ago sent me a quote saying that The Opposite of Networking Is Not Working.”  They must have been a prophet.

I also learned very quickly that one of the primary benefits of networking is Social Currency.

What the heck is social currency? Well it starts with understanding that money isn’t meaning

Success is not significance. The Great Recession has equally taught everyone no matter how rich or poor that financial currency can be fleeting.  Even millionaires clip coupons these days.

People with a lot of social currency realize you are not defined by how much money you have or where you work. A key of a person’s success and overall value is their relationships.  You are defined by your character and who you help in life in the New Normal.  That currency is deposited in a different way but it has a high level of return immediately upon deposit.

Often social currency and financial currency go hand in hand.  People who have a lot of social currency are often involved in mentoring, philanthropy and similar activities.  Often I find that they appear to also be very financially successful.

If you have strong relationships people become your apostles and advocates and become your business development people.

Social currency becomes most valuable when financial currency is a little weak and we may be surrounded by the worries inherent in the New Normal. That is when its value truly comes to the forefront.

What kind of networking currency are you depositing today?

Connect with Hank on LinkedIn, Twitter, or Facebook:

    

Watch his video on “The Power of Networking.”

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One thought on “The Currencies of Networking.

  1. Phil Sallaway

    I have met Keith several times, great guy who pays it forward. He volunteers helping LA Foster Youth. He started out from very humble begginings.

    Phil Sallaway

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