Social networking media, so-called Web 2.0 sites, have been in the news recently for their networking and business development possibilities. Leverage them well, and your firm will uncover relationships and connections that will almost literally knock your socks off. Consider this: A friend from 7th grade recently contacted me through Facebook. I hadn’t heard from her since I was 13 years old, yet we are both legal marketing professionals. She is a consultant, and is now on my radar should my firm require consulting services.
While “getting back in touch” and determining networks have the potential to generate new business for professional services firms, displaying those networks publicly may not be in the best interest of your firm. Competitive intelligence professionals are just as fascinated with social media as business developers, yet for very different reasons and with very different perspectives. CI pros are using the information freely given on these sites to better position their own firms and to better understand their competitor firms. Although Facebook, LinkedIn and MySpace do provide value to business development programs, each firm must strive to balance the need for visibility and networking with safeguarding their firm’s competitive advantage.
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