How To Build Your Social Capital

Social capital is the value of your connections — personal, professional, and online — enhancing reputation, resources, and opportunities for growth.

What do you think when you see the words “social capital”?

For some, social capital may refer to the number of friends and acquaintances in their corner—the personal side of things. For others, it refers to the value of their business contacts and other professional relationships. Then there’s social media: More and more, social capital applies to your clout on social media—how many people you reach and how many you influence. The stronger your social media presence, the greater your social capital, and the more powerful your brand.

In truth, “social capital” refers to all of the above. It involves, as an article for Investopedia puts it, “the potential ability to obtain resources, favors, or information from one’s personal connections.” A company with employees who are well-connected will be able to accomplish more than an isolated business since connection brings with it a stronger reputation. The same is true for an individual: You can use your connections to meet people who can help you reach your goals.

You’ve heard the saying “your network is your net worth,” right? Well, it’s true. Social capital can be just as important to growing a business or your brand as actual financial capital. The more leads, prospects, clients, customers and pieces of information at your disposal, the higher the chances of you being successful.

This begs the question: How do you grow your social capital?

Network In Person And Online

First and foremost, it is important to never close off any doors to networking if you are truly serious about expanding your web of useful contacts. You must network both online and in person. Seek to meet people with a spirit of curiosity, not as if you’re clearly wondering, “What’s in it for me?” Go to networking events with an open mind and a willingness to listen, engaging in two-way conversations and not just monologues about yourself. One-way talking is not how people end up knowing, liking and trusting you.

Here’s a pro tip: Whenever you network in person, follow it up with an online interaction to extend that relationship. As soon as you come back from a coffee meeting or happy hour, go to LinkedIn and request the connection. Otherwise, a warm lead turns into a cold one very quickly.

Leverage The Power Of LinkedIn

LinkedIn is an ideal way to make meaningful connections—personally and professionally. Tens of millions of people use the platform each day, eager to engage with others, especially in their industries or subject areas of interest.

If you connect with a contact online, and you share mutual interests, then you should find a way to meet in person. And vice versa: If you identify those mutual interests in person, the conversation can be continued online (and in person again, of course). You can discuss past jobs, new hobbies and much more.

You never know where a LinkedIn conversation will lead. It may turn into a client referral, you could make a new friend, or you might just learn a new tidbit.

The way to increase your social capital by using LinkedIn is through activity. Post regularly, engage with others frequently, and generally make your presence felt online. If not daily, you should be active every other day. Once a month is not enough.

One way to maintain your activity level is to promote other content on LinkedIn. For example, if your company website puts out a new blog post, post it on LinkedIn. If you’re covered by a local newspaper or an op-ed column of yours is published in a national publication, promote it on social media too so others are aware of your thought leadership and you can build your following—or clout, as the kids like to say.

Reach Others Through Podcasting

Podcasting is another way to build social capital. The podcast has become an extremely powerful platform for individuals and companies to share their stories, connect with listeners and grow their respective brands. I have my own podcast, The PR Maven Podcast, where I interview some of the most interesting people in my field to reach new audiences.

And through social media platforms like LinkedIn, I can showcase the podcast for people who would not otherwise stumble upon it. Content leads to more content.

Get Real Face Time

Be careful not to get carried away with the virtual world, although it is indispensable these days. Ultimately, face-to-face connections are the most powerful connections because humans are born to connect in the same space (as opposed to a Zoom call). Actual hormones like dopamine and oxytocin are released when you interact with others—these are often called the “happy hormones.”

For a company or an individual, building a bank account of social capital is vital to earning a strong reputation. Social capital is integral to your brand. And it can make you happier too—that’s what I call a win-win.


This article originally appeared on the Forbes Agency Council CommunityVoice in July 2024.


FAQs

1. What is social capital?
Social capital refers to the value found in personal and professional relationships, as well as influence on social media. Social capital is the accumulation of goodwill that you receive when people know, like, and trust you.

2. How does social capital benefit a business or individual?
Strong social capital enhances reputation, provides access to resources, and can lead to valuable connections and opportunities.

3. How can I grow my social capital?
Network actively in person and online, building genuine relationships by engaging openly and following up with connections on platforms like LinkedIn.

4. Why is LinkedIn important for building social capital?
LinkedIn allows for meaningful connections and regular interaction, helping you stay visible and relevant in your industry.

5. Can podcasting help increase social capital?
Yes, podcasting can connect you with new audiences, sharing your insights and strengthening your brand’s presence.

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