Q&A: Unlock the power of social capital in your organisation
Social capital may be your greatest untapped resource, says Carmen Murray, CEO & founder of Carmen Murray Communications. Here’s what you can do if your business isn't harnessing the power of social capital.
Social capital may be your greatest untapped resource, says Carmen Murray, CEO & founder of Carmen Murray Communications. “Is your business thriving? Are your staff collaborating and maintaining meaningful relationships? If not, your business probably needs a social capital boost. Social capital is key to creating confidence between groups of individuals. It helps organisations operate efficiently. Additionally, it helps businesses increase staff retention.”
Carmen Murray Communications is a data-driven content marketing business that uses tried and tested analytical data intelligence “to conceptualise freakishly effective marketing strategies”. But what exactly is social capital, and what can you do if your business isn’t harnessing the power of social capital?
Define social capital in the organisational context?
While there are many fancy definitions for ‘social capital’, the concept is remarkably simple. Social capital is the value of social networks that link similar people and bring together people who are different based on rules of reciprocity. The more the use of social capital within your business, the bigger the rewards. Before you jump onto Facebook, Twitter or Instagram, it’s important to note that social capital is not the same as social media. However, social media does provide effective routes for generating social capital.
How do you incorporate social capital into your communications mix?
Although CEOs and organisational leaders actively recognise the importance of investing in relationships and trust, many are frequently uncertain as to how to implement the concept of social capital. This is where content strategists play a pivotal role. Because content strategists already possess large internal and external networks; as well as solid communication, relationship-building, and reputation-building skills, they can confidently deploy their social capital-building abilities and act as influential leaders. Experts in content strategy are best positioned to increase their roles in generating and managing social capital, particularly as it pertains to business strategy, because they manage crucial relationships inside organisational networks. Using their multiple chances and skills, content strategist professionals may generate positive outcomes of goodwill and build a reputation of immeasurable value to their clients and organisations. In addition, they can assume a leadership position in discovering new forms and channels for generating social capital, and begin to emphasise the return on investment for their own companies.
How can social capital help companies function?
You may wonder what the social capital craze has to do with your company’s growth. Consider a corporation where weak links exist between groups of individuals who must collaborate. This makes it challenging to communicate, complete projects on time, and collaborate. Trust, which comes through social connection, is necessary for employees to feel comfortable sharing ideas and raising problems. An essential aspect of corporate social capital is that it is not drained by use. As an organisation grows, it reinforces itself. It will, however, diminish if not utilised. In other words, relationship maintenance promotes social capital. The good news? Social capital can be built.
Main image credit: Supplied.
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