Social Capital and Networking
By: Lauren Marsicano
Insta: @networkingmaverick
Social Capital and Networking
We’ve covered many important networking topics, but I have yet to cover one of the important concepts of building a strong network - social capital. What is it? And how do you build it? Let’s get into it…
What is Social Capital?
We’ll start with an analogy: Let’s say you see someone at the grocery store who’s carrying almost too many frozen waffles boxes in their arms. (Because. let’s be honest, there’s no such thing as too many frozen waffles boxes.)
Ok, I know this seems a little silly. But stick with me.
So you see this person struggling. What do you do? Maybe you grab some of their boxes to lighten their load. Maybe you bring them a shopping cart. Maybe you show them how to hold the boxes in a more stable way. Regardless, you’re going to help them out.
Definition
By helping that person with their waffles, you’re exercising social capital, which is defined as any positive product of human interaction. In business and networking, social capital is essential. In networking, social capital is the value that personal relationships and networks have in catalyzing your success in business.
Networking and Social Capital
Networking is a long chain of social capital to which we keep adding links. Creating beneficial interpersonal relationships is the basis of networking. Let’s look again at our waffle box example:
When you offer to take some of the waffle boxes, that’s providing aid.
Bringing the person a shopping cart is providing a resource.
Showing them how to better hold the boxes is giving advice.
Offering aid, resources, advice–– all aspects of good networking practices!
Social capital comes in two main forms:
Bonds are connections to people based on a shared sense of interests and goals. For example, a local small business association would be a good example of a bonded group.
Bridges are connections between people or groups that together discover shared interests or goals where there may not have been any before. For example, a local small business association that works with the local government to encourage shopping small would be a good example of a bridged group. Creating bonds and bridges is essential to creating a strong community and network.
So, how can you apply this to your business?
Social capital is such a broad term, making it difficult to see its practical applications. But, no worries. I got you.
Here are some ways you can apply social capital to your business and network:
Meet with your staff (or self-reflect) on what your goals and values are as a business. Social capital bonds rely on communication and shared values!
Look out for reviews on your business. Not everything will be positive, and that’s okay! Turn negatives into social capital by learning from bad reviews and implementing change.
Have a strong social media presence. Technology is how we as a society are connecting nowadays. To create strong bonds and bridges, have a curated, front-of-mind, active social media presence. Engage with your consumers, and build your customer base through social capital!
Create bridges and bonds by using social networking platforms, such as Meta (formerly Facebook). Through social networking platforms, you can grow your network and your community, making connections through shared interests and goals.
Recap
Social capital is any positive product of human interaction.
Offering aid, resources, and advice are all great ways to build your network and social capital.
Creating and nurturing bonds and bridges are the best ways to build and maintain social capital.
Build social capital to create a strong network.
Want to know more about how to use social capital in networking? Listen to this episode of the “Social Capital Podcast” to get all of my best networking tips.
So, social capital is a big deal in networking and business. And now you have the knowledge to use it to maximize your network. You deal in social capital every single day when you interact positively with those around you. As long as you help others with their waffle boxes, you’ll keep adding links to that social capital chain.
Happy Connecting!