Business development via social media

socialmedia_Jan20_BIn today’s digital world, social media has become a vital tool that effectively helps accelerate business development and the relationship-building process between different organizations. And with solid communication being at the core of business development, let’s take a look at how social media can help drive partnering processes for the better.

In most cases, a business development manager already has an idea of the kind of company with which to partner. Their next step is to contact that company via a phone call or email. However, this can be an unreliable way to reach out, especially when your potential partner has never heard of you. Social media speeds up this process by identifying the best person to contact, as well as determining if you have any mutual connections.

Simply put, social media lets you understand the background of different companies and gives you an idea of the different players involved, before you even engage in a dialogue. With this in mind, let’s take a look at four ways you can utilize information available on social media to enhance your business development success.

  1. Social media is an extra pair of eyes
    Social media allows you to see first-hand what potential partners, competitors, and customers are doing, which is a major asset when it comes to your business development and performance. This can also reveal business-relationship possibilities or even warn where it is best to stay away. It’s crucial to position yourself and your company as industry experts by sharing mind-blowing content as well as highlighting recent successes.
  2. There’s no universal message in social media
    The way people behave and connect across different social media platforms varies, therefore it is important to adjust accordingly. For instance, you might use Twitter to promote ongoing marketing campaigns, share content, and direct customer service requests. You may use Facebook for larger marketing initiatives, such as showcasing a company’s culture and resources. It’s important to remember that there’s no universal rule to utilizing social media and that it is beneficial to be flexible. Think about what your individual goals are and work out which social media platform is the best avenue to explore.
  3. Leverage employee relationships
    If you’re looking to connect with an individual in a specific company, make it a habit to check and see if anyone in your company has a pre-existing relationship with that person. Social media channels like Facebook and LinkedIn make it fairly easy to spot mutual connections, so it is a good idea to get into the habit of checking. Whether you ask your colleague to help make an introduction or to arrange a meeting, a mutual connection gives you the competitive edge in effective business development.
  4. Use social media as a touchpoint
    Social media is not only essential to business development, but also complements other more traditional practices, such as when you’ve sent an email or voicemail to a business prospect that has gone unanswered. It’s understandable that people get so busy they can delay, forget or pass over an inquiry, but instead of passively waiting for a reply, why not make it standard practice to follow up separately via LinkedIn or other social media platforms? This way you can build additional opportunities with potential partners, increase the likelihood of a response, and even forge a future business relationship.

The fundamentals of business development are strong relationships with a partner or companies with a good reputation, who will have a positive impact on your business, such as marketing an initiative collaboratively. Social media can get this whole process started, so the next time you’re looking to contact a business prospect or potential partner, start by visiting their social media channels to get the heads up to help you in your quest.

Looking to learn more about the benefits of social media in business? Contact us today.

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