Got Social Equity? The quality of your network impacts your net worth: MOMeo’s 30 Day Challenge continues with Gina Bell
When I started to think about the topic of momentum, I kept coming back to social equity, the strength of my network, and the quality of relationships within it.
Social equity is one of my favorite topics to teach, and has a great deal to do with why I’m able to move forward quickly and with such confidence.
Social equity is simply the standards and mutual value of your personal and social relationships. The key to positive social equity is the element of mutual benefit.
When your social equity is high, the people within your network truly care about you and your success – as you care about theirs.
There’s a great deal of mutual benefit. As a result, transitions (in life and business) are much easier to manage, because it’s effortless to garner support in many areas.
They are relevant in that they are interested in your area of expertise.
They are responsive in that they read and comment on your communications.
They are loyal in that they stay around as you and your company(s) grow and evolve.
And, they care – what you do and who you are really do make a difference for them; they notice and it matters.
Does this describe YOUR network?
When you have a relevant, responsive, loyal and caring network it’s almost impossible to fail. I often refer to positive social equity as an insurance policy for your success. The diversity of your network is just as important.
There are specific relationships that are essential to long-term, high level success. For example, if your network only includes customers and prospective customers, there are critical gaps you must consider.
Here are six specific types of relationships, in addition to your network of prospects and customers, that you should spend time developing high social equity with (and why):
- Family and Friends who “get” what you do. These are friends who support, not sabotage, success. When you share your plans and ideas, they fuel your excitement rather than burst your bubble. They don’t look at you like you’re crazy.
- Mentor(s) to inspire and lift you to new heights of success.
- Coach(es) to teach and motivate you to keep growing and moving forward.
- Masterminds/Associations of like-minded and motivated people moving in the same direction as you, to connect, collaborate, commiserate and celebrate with.
- Complimentary Experts/Service Providers. These are business owners who share your target audience but serve them in a way that is complementary, as opposed to competitive. These individuals or companies are perfect for co-promotion, collaboration, joint ventures, referrals and more!
- Industry Experts to stay informed, remain innovative, and strengthen your expertise.
So as you build your own networks and strive to develop high social equity, remember the seven types of equitable relationships and the essential ingredient of mutual benefit.
I’d love to hear how your relationships are supporting your success. Please feel free to comment!
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Gina Bell is a multi-passionate entrepreneur, successful coach and author, President and CEO of Gina Bell, Inc. a company devoted to teaching success-driven women entrepreneurs how to build “equity-rich” internet-based businesses so they can enjoy all the fun, freedom and good fortune they desire.
Gina is also Founder and President of the International Association of Women in Business Online {IAWBO} as well as the Networking Masters International to name a few of her companies and projects.
Gina is host of Women in Business Online Radio Show, author to the forthcoming book Equity-Rich Women Online: How to Love, Leverage and Leap Your Way to Wild Success; and co-author to the AWE, Association of Web Entrepreneurs Emerging Trends Guide 2009 and the Power of Mentorship for the Home-Based Business alongside prominent transformational teachers like Bob Proctor and Dr. John Demartini from “The Secret”.
Gina is known as a Catalyst for Growth and consults with multi-passionate and creative entrepreneurs from all over the world teaching them how to build equity rich online businesses and how to leverage “catalyst” strategies that enable them to up-level their success quickly and with (a lot) less struggle.
You can learn more about Gina, her companies and programs at GinaBellinc.com
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Gina, I love the way you have captured this. I've often felt that focusing only on your client network is like only seeing the tip of the iceberg. When I work with clients especially those coming into new businesses after a career, they often feel like they don't have any networks, but of course they do! Thanks for explaining it so well.
Gina Bell is a 'gal', yes she reminds me of a 'gal' as she is just so real when she engages you and passionate about everything she does. I can well relate to the topic she speaks about as it happened to me when I met Gina and some awesome friends of hers. For some reason they could relate to me without even knowing that I had Platinum status back home in the corporate world and so it wasn't difficult for me to relate to them in return. Gina is extremely professional in everything she does and is not afraid to share her experience and knowledge without wanting something in return. Not once will she pitch to you like many others who engage you and then at the end conclude the conversation with '…well if you want to know more sign up here and PAY…..' No, she rather gives and let's you decide if you want to continue your learning with her by signing up for her powerful and valuable programs. Thank you again Gina for providing such valuable insight to a new concept I've learnt today, social equity!
Hi Sherri, I like your tip of the iceberg analogy and its so true. I've also noticed that budding entrepreneurs get so focused on making new connections and finding new clients they forget about the network that already exists for them. Shifting the focus back to what already exists for them is very empowering. Thanks for taking the time to comment :~)
Arlene you're making me blush ;~) Thank you so much for your glowing feedback. It makes my heart sing! Happy to introduce you to this concept. Just the smallest shift can produce the biggest breakthroughs. ~ Gina xo
Gina – Thank you for explaining what Social Equity means to you. To be honest I was confused by the term and this was the article I needed to understand. I agree on what you're saying here! The network that's building around me has many of those relationships, if not all seven. Great work Gina.
HI Gina,
What a great article. This is a struggle for me as I have been building a group on Facebook, and no one seems to respond or discuss anything. The group is very small yet, of course. But it is nonetheless disappointing as I really enjoy sharing the info that I find. That's another reason I jumped right in on the ERW ning site to hopefully stimulate conversation and connection. (: Have a healthy day, ladies!
Hi Linda! So glad the article provided clarity for you. Having identified all of these relationships in your own network puts you in a very powerful place as long as you remember to nurture them by adding value and increase to their lives/businesses AND being willing to ask them for help when you need it. The element of mutual benefit creates a win-win flow of give and receive. ~ Gina xo
Hi Jennifer, keep up the great work. Sharing the nuggets that you find is an important part of creating value. Now you need to engage them in conversation. Some ideas to think about are asking thought-provoking questions, conducting a survey, creating themes around what you post; hosting a contest and so on… Be persistent and consistent holding that intention of adding value and increase. In no time your group will come to life. ~ Gina xo
That totally describes my networks and has always been my focus, now even more so. So I say quality comes first before quantity, and at some stage, quantity helps build critical mass so that it tips in your favour. Bookmarked this post for my clients, thanks Gina! Tia @TiaSparkles
Gina, what a great perspective on momentum. It is so true that we must focus on the quality of the relationship that we have with the people who are actually LISTENING to us! It is about the win-win if we want to succeed and you have outlined a great way to get started on building this essential framework. Well put! Thank you
Hi Tia, isn't it empowering to have such a strong network? I love your thoughts on quantity eventually helping to build critical mass… that's the sweet spot isn't it!! xo
Hi Britt! You are welcome and thank YOU for taking the time to post. I agree, focusing on the people who are actually listening to create and nurture win-win relationships is essential. TTYS :~)
Networks – Community. Different words, same meaning
Love how it’s all coming back full circle from the days of knowing our neighbours to knowing our global neighbours!
Networks – Community. Different words, same meaning
Love how it's all coming back full circle from the days of knowing our neighbours to knowing our global neighbours!