Making the most of LinkedIn

Have you ever received a LinkedIn connection request from someone and wondered, “Who the heck is this person?”

You also may have found yourself asking whether you should accept a LinkedIn invitation from someone you barely know.

As social media begin to invade our business lives, many advisers are asking themselves these questions and wondering how many connections are enough. In particular, they want to know the maximum appropriate size for their networks. That’s a great question, and one that is particularly important when developing a LinkedIn strategy.

TWO APPROACHES

In just eight years, the business-oriented LinkedIn network has grown to more than 100 million people around the world, most of them affluent and influential. Advisers can use LinkedIn simply as a branding tool to broadcast their message and build as large a following as possible, reaching out eventually to people they don’t know. Alternatively, advisers can use LinkedIn selectively, connecting only with people they know professionally. Both approaches have their uses, so let’s dig a little deeper into each one to determine which might best fit your practice.

Those looking to build a large platform and create a vast number of connections are best served by becoming what is termed an “open networker.” These LinkedIn users encourage connections from any other member, whether or not they have had a previous business relationship. The trademarked abbreviation LION (Linked- In open networker) is typically placed somewhere on this individual’s profile page to indicate that he or she is open to any and all connection requests.

While not used by the majority of LinkedIn users, the open-networking approach allows users to build a vast following. This means that each time you post a status update or link to an article you have written, far many more people receive the information. It means that each time you post a job opening at your firm, thousands more people have the potential to see it. It’s free public relations at its best.

With the open-networking approach, the more connections, the better. With this approach, however, you lose the ability to have the people you know introduce you to the people they know. There is simply too much clutter there to be able to prospect efficiently and effectively using LinkedIn.

Alternatively, most users follow LinkedIn’s own networking philosophy, which is that a person should connect only with individuals they know personally (such as colleagues, business partners, former classmates, etc.). This approach allows you to connect online with people you know and gives you an opportunity to build deeper professional relationships.

MAGIC NUMBER

So what’s the magic number of connections with this approach? Obviously, the more connections you have, the greater the number of people you may be introduced to. LinkedIn makes that easy by indicating second- and third-degree connections, and tells us precisely who can make an introduction to that person. Yet we should still ask ourselves three questions before connecting with someone: Do I know this individual personally or professionally? Do I like and want to be associated with him or her professionally? Will we benefit mutually from being connected?

Determine which strategy best fits your practice. Are you an established, well-known adviser who wants to build an even larger following or are you looking to build your practice the old-fashioned way by being introduced to prospects through current clients and connections?

Both ways are effective, so which one will you run with? How large a base will you build?

Many of our clients have found that the latter approach (connecting only with those they know professionally) works best. It allows them to build a network of true LinkedIn “connections” rather than just “followers.” And it has allowed these advisers to interact with their well-defined markets by providing valuable insights and resources via status updates and group discussions. Further, by limiting their connections to those with whom they have a relationship, they are able to use LinkedIn for perhaps its most valuable purpose — meeting people through people. What a great way to connect with an ideal prospect.

Kristin Andree is president of Andree Media & Consulting. She can be reached at [email protected]