Wednesday, July 13, 2005

Social banking

I read about a U.S. President who used to keep two jars on his desk, one marked "favors performed" and the other, "favors owed." This is how he kept track of who helped him, and who he helped.

Most people are not that meticulous in managing their social capital.

Furthermore, there has never been an easy or efficient way to manage one's social relations.

Until now. With software like LinkedIn, you can begin to manage, almost professionally, your network of social and professional contacts.

Management is mostly about measurement, so by managing a few key numbers, you can actually see how well you are doing. These measurements could be:
  1. number of connections
  2. number of endorsements
  3. number of second degree connections
  4. number of managers/executives in your network
  5. number of entrepreneurs or business owners, etc.

Using the search engine, you can also find out:

  1. How many professionals like you there are (in Canada, the U.S., etc.)
  2. How many LinkedIn users are working for a specific employer you are targeting (for job research purposes)
  3. etc.

The main idea about social banking is that we now have actual numbers to work with, and this tremendously facilitates the process of strategizing for one's social life, career or business.