Relationship Economics

Featured post by Jay Deragon from LinkToYourWorld.com

Ever wonder where all this “networking activity is going?” For months I have been formulating my own predictive models and attributes using numerous sources of information. At the risk of sounding  a little “futuristic” allow me to provide a picture of what I consider to be a realistic model which will emerge in the not to distant future. First I will categorize my findings into what I call “Relationship Economics” and provide appropriate definitions.

First the word “Relationship” being defined as connection or association; the condition of being related. Second is “Economics” being defined as the study of resource allocation, distribution and consumption; of capital and investment; and of management of the factors of production. So I will define the collective meaning of Relationship Economics as: The people and things we are connected with or have an association to which distribute or consume our “capital” which influences our individual production outputs. We will use the term “capital” meaning that which we give or take that creates numerous forms of value.

Practical Relationship Economics Examples: We have relations with people and things. Both either take or give to our “capital“. People and things take or give us time (capital). People give or take information and knowledge (capital). We work with people to make money (capital). We strive in business to create or loose money (capital). We use machines and technology that either give or take value (capital). We interact with “things” that either give or take value (capital). We participate in institutions that both give and take value (capital). Our governments provide the means to gain or loose our freedoms (capital). In essence we have relationships with people and things that give, take or both in terms of our individual abilities to be “productive with our capital”. Collectively “Relationship Economics” is about people and things we give or take which influences numerous forms of value, our “capital“.

When you think about the primary means of most interactions we have with people and things it is technologically based. Whether your working, playing or relaxing you ultimately interact with some form of technology, everywhere and in everything. For the most part technology increases the value of our interactions with people and things. It is hidden and assumed.  Initially any new technology takes your time (capital) to learn how to optimize it. However, once proficient you begin to appreciate the value but expect more from it.

When we engage in human relations it takes time to learn whether the interaction creates value and whether the values are in common. When relationships become “disconnected” the primary basis is usually differences in value given or taken and differences in “values”. The primary difference between our interactions with people and things is one of values vs. value. Technology produces value while people dictate the “values” that technology enables for either the building or tearing down of relationships and the related capital.

Relationship Economics is just beginning to take shape and its future has significant rewards. The future,not to distant, will naturally emerge into a convergence of collective technologies which connect us to everything, everywhere. Imagine the following scenarios:

We will have our own network “ Link to Our World” in which we define what is interfaced into our world. Our mobile phone, PDA, Automobile, Television (s), landline telephones and any device in which we receive or transmit communications will be integrated and connected to our Link to The World. Our World portal will have a set of “button” interfaces with people and things categorized by a matrix of relations. Said buttons will appear on our desktop, our mobile phones, our PDA, Televisions, our car screen and any other communication device we use. Some of our devices will contain voice recognition software so we’re able to multi-task safely, i.e in our automobiles, boats or planes. I think you get the picture, everything and everywhere we are able to connect to people and things.

So How Do We give and receive value?

Many of us currently sell products and services in exchange for economic value. The future of Relationship Economics will be based on “value taken vs. value given“. The oldest exchange of value is that known as tithing and it is largely tied to religious organizations. Another exchange of value is that of “tipping for services rendered“. Another old paradigm which the masses have adopted as socially acceptable and expected. Fast forward.

In a world connected to everything everywhere we as individuals are enabled to profile and exchange our value and our values. Already, in today’s market, we’re seeing an exchange of value in terms of relationship introductions and the process of using the means for job recruitment. Job recruiters make money off of placement, an old model of exchange for value which HR departments have adopted as a better method to internal staffing and screening. Now combine the old models of value exchange with a new model. A model in which in the “networked world” we buy tokens of economic value globally. When some one provides us value it is assumed and expected, but not written in contract form, that we would be rewarded according to the perceptions of value by the receiver. The receiver would simply credit our token account with a value they deem appropriate for the benefit gained. In turn we would do the same for those that deliver us value.

Since the technology of the “networked world” provides us with the luxury of efficiency and effectiveness we are able to produce value to whatever degree we choose. The choice is individual. Some will work overtime because others will compensate them for their ability to produce. Others will receive and not compensate, they will be quickly identified as takers, not givers and the entire network will know the difference. The Global exchange of value ignites competitive propositions but the rewards provided are an individual choice, not unlike today’s market of products and services. Deliver value and you gain customers, Deliver defects and you loose them, period.

Relationship Economics will create new mediums, new measures and accelerated exchanges that will displace traditional mediums and totally disrupt and displace existing paradigms. A new world order driven by value exchanges and relationships will emerge and mankind will learn to adapt or lose. Those that don’t adapt and create value will be quickly identified and set apart from the larger network. Value migration will build momentum and create significance, individually and collectively.

More details on this prediction and the related models later. For now: Far fetched or realistic?

Q: I’ve just been promoted to a project manager within my company and I want to make a strong first impression. What do I have to do to ensure that my project gets completed on time and under budget?

Steve, CA

A: You will first want to make sure your systems are set up so everyone involved in the project will know what roles and tasks they are responsible for in the group. This can be done by having a collaboration software program that you administer. You can delegate tasks and make sure everyone is completing their tasks on time through group scheduling. Your collaboration software will improve workflow and enhance communication between everyone involved.

When doing some research on effective marketing techniques, I ran across a website called Vontoo voice messaging that sends out voice messages to people who have opt-in to hear these sorts of marketing messages.

The opt-in feature is one of the biggest benefits because the people who have sign up have said “Yes, I want to hear what you’re telling me!” As you tailor your marketing message, it’s always easier to deliver it to people who are willing to listen. The more that you can reduce the costs on delivering messages to people who don’t care to hear them, the better your bottom line will be. For the most part, these people who have opt-in are probably current clients of yours who have told you that they will accept your mail pieces, newsletters, and other marketing material.

This seems unique in the fact that your marketing message is being delivered in the same format as text message marketing, yet it’s told by voice.

We know that only so much can be communicated in a text message and much of the meaning can be lost because there’s little personality or tone. Voice messaging makes up for it by allowing personality and non verbal communication within the message.

Vontoo’s website has a section called “Success Stories”. The one that I found most interesting, and I think you will too, is from a guy named Jerry who owned his own company. He recorded his message that he wanted to send out to his current clients letting them know that they had store credit and if they wanted to use their credits they need to come in and buy. Out of 90 people he contacted through voice message marketing, a dozen clients came in to purchase a total of $2000 through $3000 of supplies. It cost him $9 to set up his marketing message and he made thousands of dollars!

That’s a great return on your investment.

I will continue to follow this trend and write about the results that I discover.

Featured post by Terry Kaufman from Your English Solutions

Communication is effective when a message is clear. As a communicator, you are responsible for the language you use. It is your job to be sure that people understand you. The obstacle is that native English speakers often assume that everyone speaks and understands English.

This assumption can be dangerous and unproductive when you communicate with non-native speakers. Poor communication with non-native speakers may create feelings of alienation, hostility, and resistance due to the ineffective use of English. Those feelings could create an unfavorable working environment.

Here are 7 rules for a successful communication approach when you interact with non-native English speakers:

1. Never assume that non-native English speakers understand and speak English. Do not presume that they are capable of using English as fluently as native English speakers. Address differences in language and communication difficulties to create a communication-friendly environment.
2. Show non-native speakers that you are making an effort to speak their language. You do not have to be fluent in the language they speak. Try to learn important words and expressions to make a positive impression. If non-native speakers see that you are trying to speak their language, they will make an effort to speak your language.
3. Prepare differently. You cannot interact with a non-native speaker the same way you communicate with a native English speaker. Be aware of specific difficulties and prepare ahead of time. Before a conference call, meeting, or presentation, send a prepared written document to the non-native participants. Detail important items and action plans in clear and precise English.
4. Be creative. During a conference call, meeting, or presentation, it is important to improvise. Creativity is a key element in successful communication with non-native English speakers. Be attentive to their body language and non-verbal communication. Look for signs that they do not understand. If you sense that your message is not clear, be creative and use different words or sentence constructions. Do not hesitate to clarify by asking, “Is that clear” and “What questions do you have?”
5. Use a thesaurus. A thesaurus is the most useful tool a native English speaker can use with a non-native speaker. One vital element of effective communication is the ability to systematically use different words if one word is not clear. If there is a word that a non-native speaker has difficulty with, replace it with a synonym.
6. Keep a journal. Communicating with non-native English speakers is a learning process. It takes time to see which methods and techniques work effectively. If you write down your interactions, you can see the techniques that work and the problems to avoid.
7. Smile! A smile is universal and communicates more than words. When you are sincere, a smile represents patience, warmth, kindness, and empathy. Those are important qualities you must have when you communicate with non-native English speakers.

Featured post by Jay Deragon from LinkToYourWorld.com

Consider for a moment the amount of data about you that resides in multiple technological matrices.   

1.      Our government has considerable identifying data on us personally as a requirement of citizenship. Name, location social security number, date of birth, gender, law enforcement records and the list goes on.

2.      Our medical institutions have vast arrays of data on our health history, medications, physical conditions and the list goes on.

3.      Our educational institutions have data on our learning experiences, intellectual capacities as well as specialties and the list goes on.

4.      Our employers have our history of employment, financial information, personal information, occupational categorizations and the list goes on.

5.      Our financial institutions have details of our spending, deposits and related personal information.

6.      Our cell phone providers have similar personal data on us individually plus our communications history and now GPS tracking capabilities.  The list of services and products providers we use daily is significant and each has a set of data on us as individuals, our behavior patterns and related affinity data.  Just think about your computer, the web sites you visit and the emails you send and receive.

Enter Social Mediums

Most all of the social networks we use require a set of baseline information about us to register for usage, consider the data collected on you.  Our subsequent activities within social networks is a stream of data which identifies numerous affinities that create a digital profile of us that operators then use collectively for their own analysis and planning purposes.  Each of the previous six examples of data collected on you represents silo technological matrices.  Social mediums are yet another matrix of data marks that identifies you and your affinities, preferences and privileges.  Social mediums are one of the largest emerging singular matrices that collect the most dynamic points of data on individuals.

Data is collected and creates information.  Information is collected and creates knowledge.  Knowledge is gained and creates intelligence. Intelligence creates power to those that use it.  Already in some networks the technology is recommending communities, people we may be interested in connecting with and tools we should consider using. Smart technologies are already analyzing our behavorial  patterns.

Enter the Era of Convergence

What one event sparked the demand and need for technological convergence? 9/11 attack on the world trade towers.  This event awoke the United States Government to the need for technological convergence for the purposes of identifying and tracking an enemy they could not see, they could not hear and they could not fight using traditional methods of intelligence gathering.  All of the above silo technological matrices have been and will continue to be converged together as a priority of national security. Fueled by the deep pockets of the American taxpayer and intensified by political influences of the intelligence establishments.

Many Americas are already screaming about privacy concerns of this new apparatus of intelligence catering.  Our privacy has always been and will continue to be invaded; it began during the information age and will only be accelerated in the coming ages of technological advancements.

While governments are converging technological matrices private sector initiatives will follow form in years to come.  Much debate will be created over a multitude of issues and we the people will hear a lot of noise and scare tactics aimed at preventing the private sector having access to a converged technological matrix.  Greed and power will win because the collective economic value of converged matrices is wider and deeper than any other proposition in the history of mankind.

Will it happen in our lifetime?  What say you?

Q: My company is about to release it’s new product. How will we know if it will be successful in the marketplace?

Tom, NY

A: The first thing to consider is the market research you did beforehand. What did it tell you? Do you have a buyer for this product? Is there demand for it? The large corporations always go through market research before they mass produce a product. Without knowing the size of your company, I don’t know how much market research you’ve completed. The best way to tell if it is successful is through your sales revenue. If it meets or exceeds your projections, then it is successful.

Featured post by Jay Deragon from LinkToYourWorld.com

Jupiter Research just released a report titled, “Networked Media: Thriving In An Intermediated World.” The report points out that 57% of 18- to-24-year-old Internet users get their news from portals versus 21% from cable news sites–and online users now trust portals nearly as much as traditional news media. “To thrive on the Web, news sites must become more network-focused and aggregate content from other sources while distributing their own content through intermediaries,” said David Schatsky, president of Jupiter Research. “By paying closer attention to the tendencies of the end user, these sites will be able to evolve and meet the needs of a wider online audience.” “Not only must content producers embrace intermediaries to serve their own audiences and reach out to new ones” explained JupiterResearch analyst Barry Parr, but “they should exploit opportunities to become intermediaries for their core audiences.”

The researchers again seem to be missing a major shift occurring in the world of social networks.  The end user is in fact the intermediary, not the traditional portals of content.  As social networks mature individual will become their own portals of information, news and media.  Individuals first have affinities to other individuals so the tendency is for people to check in on people and see what is going on in their lives. 

The medium of social networks enables the individual to become the broadcast portal, one to one then to millions. David Schatsky, president of Jupiter Research one comment speaks volumes if we put it into context of the emerging market. He says “By paying closer attention to the tendencies of the end user, these sites will be able to evolve and meet the needs of a wider online audience.”

The emerging market portals are the individuals personal networking portals currently dispersed throughout numerous social networks.  Soon the individual will be aggregating all their profiles and activities within numerous networks into their own network portal.  Thus creating the means for what we’re calling The Relationship Economy.

This shift will be significant and disruptive and turning researchers and media on their heads.  Individual allegiance moves away from portals, firms and toward networks and network platforms where individuals create collective affinities.  What seems obvious to those outside an existing system is not seen by those within existing systems.  Systemic change comes from the outside and it is the individual who has been left out of established systems.

What say you?

WWW.RELATIONSHIP-ECONOMY.COM

It’s true, even in corporate America there is drama and it’s about damn time that someone writes about it.

I am not a drama junkie, but a website I recently came across called CEOSmack.com will fill you in on the talk of the town.

I thought it was funny and well written to give those who enjoy the business celebrity news and gossip something to read.

This is from their about page:

Think of CEO SMACK as a cross between Business Week & People Magazine. We follow the daily professional and (sometimes personal) activities of corporate celebrities.

If you are a Founder, CEO, CFO, COO, CIO, CTO, CPO, CMO, CLO, or any other C So & So…CEO SMACK is watching.

I’ve added them to my Google homepage and I’m looking forward to reading their hilarious writings and seeing what pictures they add.

Keynote speakers provide inspiration and motivation to your business. They bring in their expertise to produce solutions to your business needs. Some speakers are funny, some are intelligent, very few are both. They should be able to give the audience members new ideas, practical tips, and inspiring stories that will motivate them take on your business challenges in a new way to drive results for the bottom line. When your company’s in a rut, it’s time to bring in a keynote speaker to provide the juice to your teams morale.

If you’re looking for keynote speakers for your next company meeting, seminar, or conference look no further than Andy Cohen.

Both intelligent and funny, Andy’s speeches leave an impression on everyone who attends. Using magic as a metaphor, he is able to include the audience into the presentation to create a truly interactive, engaging speech.

Tackling the issues that face your company, Andy delivers speeches on communication, leadership, and management. In each of these topics he will include real examples that the audience can relate too and act upon.

You can reach Andy by visiting his website at AndyCohen.com

I’ve been to keynote speakers that have made the audience fall asleep during the presentation and I’ve also been to keynote speakers that were alive with passion and everyone was hanging on each word coming out of his mouth. The boring ones are a waste of time for the employees, and the company. The ones that are great leave everyone wanting to work harder to achieve company goals.

There are many topics you can choose from when deciding on a keynote speaker. Your job in management is to choose the best keynote speaker that will deliver results that will help your business grow.

A weekly roundup of the best blog postings related to business issues:

Using Sales to Get market Information at Value Acceleration.

Networking 102 by Brock Henderson.

Virtual Interview with Social Entrepreneur at Social Entrepreneur.

Leadership and Chaos by Dave Tropeano.

Lying to your customers by Do Your Meetings Start and End on Time? at Got Boondoggle?

Your Audience Don’t Care If You Succeed Or Not at The Public Speaking Blog.