Latest / Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint / Your Network is Your Net Worth: Mastering Social Capital for Business Growth

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Your Network is Your Net Worth: Mastering Social Capital for Business Growth · Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint

• 0:00
  Hello and welcome to the show. I'm recording today's podcast in
• 0:04
  the kitchen and that's because the house is being cleaned.
• 0:07
  So I need a quiet place to record.
• 0:09
  And I guess the kitchen is the most quiet place for now since
• 0:12
  the kids are home and running all over, all over the place.
• 0:15
  So expect to hear interruptions in the background and the lovely
• 0:18
  noise that you can hear the back that is the neighbour's
• 0:20
  generator because our transformer is currently
• 0:23
  undergoing repairs. You know how things can be in
• 0:26
  Nigeria, so if this is your first time listening to the
• 0:29
  show, this is not about my domestic life.
• 0:31
  The goal of this show is free business education, so you are
• 0:34
  in the right place. And if by the time you're done
• 0:37
  with this episode, you get lots of value from it, please share,
• 0:39
  promote and talk about the show so that your friends and family
• 0:42
  members in Nigeria and abroad can benefit from the questions
• 0:45
  that we tackle. They can do that by subscribing
• 0:48
  on Spotify, YouTube, Apple, or any podcast player of your
• 0:51
  choice of their choice. Rather then if you have any
• 0:54
  sales or marketing questions, bring them to me.
• 0:57
  You can call SMS or WhatsApp me on 08064662140.
• 1:04
  Now today on the show, I want us to look at social capital in
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  business and entrepreneurship. The reason why I want us to look
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  at this today is because I've been making a series of
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  introductions to podcast listeners.
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  Well, you know, people reach out, you know, they have
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  problems, you know, this and this, that and that.
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  And sometimes I think there's a way I can help and I'm open to
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  make to making some introductions.
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  So in the past 24 hours, I've made some introductions to some
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  folks, some podcast listeners. And it has given me the
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  impression that some of you have very little appreciation for
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  social capital in business. You guys don't understand what
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  it is. And for those of you who
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  understand what it is, you guys do not appreciate why it is
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  important or why you should take it seriously.
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  So in the last 24 hours, I've made two introductions.
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  I've made one introduction to because there's a podcast
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  listener who is a CEO of a pharmaceuticals business and
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  I've made an introduction so that he can appear on a radio
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  show. You know, I spoke to one of my
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  contacts in another radio station.
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  I basically just guaranteed him a slot on the air for a certain
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  time, you know, that sort of thing.
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  I made the introduction, but then it turns out the guy didn't
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  call and he's like 24 hours later.
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  Then the second introduction that I've made is someone who
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  wants to get into the business of producing marine engine
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  engine oil. If I didn't know that such a
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  thing as marine engine oil exists.
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  Because I just figured that engine oil is just made
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  according to the different, you know, how large the, the engine
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  is. So, you know, I, I know that
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  cars have different engine oils from motorcycles have different
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  engine oils from generators. But I had no idea that marine
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  equipment, that's equipment that you use on high seas, whether
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  it's your, you know, shipping boat or your drills that you're
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  using to mine oil and gas, that they need different engine oils.
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  So there's a podcast listener who is new and who wants to get
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  into that space. So I made an introduction as
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  well because there are a couple of courses that he needs to take
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  because he has currently bought some equipment.
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  They're coming in from India. It'll take a while before it
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  lands. In the meantime, the guy wants
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  to know one or two things because you can't buy this
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  expensive equipment. And yes, your boys have been
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  trained up, but then you, you don't now know anything about it
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  because it will be somehow because your boys can come and
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  say today, this is the problem, this is the problem, you know,
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  and you, you won't even know heads or tails about where to
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  troubleshoot. So I made a couple of calls and
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  I found him someone who has knowledge in these sorts of
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  things and who is willing to train him up on these sorts of
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  things. So in the past 24 hours, you
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  know, those are the introductions that I've made to
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  podcast listeners or rather made for podcast listeners.
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  And I've done that for free. So why do I do this?
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  The reason why I do this is because I have got some social
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  capital over the years, been doing this for at least five
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  years. And by that I mean the podcast.
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  And before then I've been involved in several businesses
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  in one way or another. So I have built up some social
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  capital. And apart from that, I'm trying
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  to help because I like to help. But like I said, the problem is
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  some of you don't know what social capital is.
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  You don't appreciate what social capital is.
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  You don't take advantage of these introductions.
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  You don't take advantage of these opportunities.
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  And so when I try and hook up some of these things, I end up
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  looking on Sirius and I'm left looking like a fool.
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  Think about it, The guy, the radio show, I make the
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  introduction, if not through me and the guy had to go on his own
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  could have had to pay the current market rates, you know
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  which are high. I called, I set the whole thing
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  up. I was able to get him good
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  rates. 24 hours later the guy hadn't called.
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  So the marketing manager now called me to say look how far
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  this your guy didn't call. I don't appreciate these kind of
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  things. We negotiated everything or not.
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  Please next time if this kind of person is not interested, I beg,
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  don't waste my time. And that's how the conversation
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  ended. So you can see that I am the one
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  now trying to do some good. I end up looking on Sirius.
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  I end up looking like a fool. I am burning my own social
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  capital because some of you do not understand and are not
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  properly taking advantage of some of these things.
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  So that's the reason why I'm making today's podcast episode.
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  So First off, we need to understand, Sir, what is even
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  social capital? Social capital just means
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  goodwill, good relations, and trust that people or businesses
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  have built over time. So let me repeat, social capital
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  just means goodwill, good relations, or trust that people
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  have built over time. Now, the different aspects
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  involved when it comes to social capital, like networks, because
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  like I said, I know one or two people.
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  I can make one or two phone calls whenever you guys reach
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  out to me or whenever my paid clients reach out to me to say,
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  look, this is a problem I have, blah, blah, blah.
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  There are one or two people that I can call to see how we can
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  work things out. Now, why is all this important?
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  Why is social capital important? Networks and all these things,
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  relationships, the reason why they're important.
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  Please, you guys should pay attention.
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  For those of you who don't appreciate what social capital
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  is, is because it leads to enhanced collaborations.
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  People can now collaborate on things faster, sharper.
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  Think about it. You're coming new into the oil
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  and gas base. You don't know what's up, but
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  you know somebody who can make an introduction.
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  The person makes an introduction.
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  If you take advantage of it, things can be moving sharp,
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  sharp, sharp for you because somebody has made an
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  introduction. The same thing with the guy who
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  was able to hook up on the radio.
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  If you only do it by yourself, it might take some time.
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  It might be more expensive. You know someone who can make
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  some introductions. Some things can move sharp,
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  sharp, sharp. You jump on it, things can also
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  move sharp for your business or for whatever agenda that you're
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  trying to pursue. So social capital is important
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  because it leads to enhanced collaboration.
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  It also gives you easier access to resources.
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  For the guy that we're talking about on the radio show, putting
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  him on the radio at a cheaper rate.
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  He's getting access to resources and he's getting access to those
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  resources at a subsidised rate. OK, the subsidy is not too big
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  sharp, but at least we're able to remove something and then
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  goodwill, social capital. Another reason why these things
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  are important is because it leads to stronger reputation and
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  an enhanced brand for everybody who is involved.
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  If I try and hook you up, this thing works out well.
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  My brand becomes stronger because other people now say
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  Tavi Shima is a correct guy. He's a stand up guy.
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  If you're in trouble, if you need this Buzzard guy, he'll
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  sort you out. My brand becomes stronger.
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  If the pharmaceutical guy gets on this radio show, everything
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  works out well. He's able to get some leads,
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  he's able to get some business, he's able to get some
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  visibility. His brand also grows.
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  The same thing for the guy who wants to get into engine oil
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  production, oil and gas, if he goes for this thing and he's a
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  correct student, he's a stand up guy.
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  He applies our brand collectively grows me that did
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  the hookup, the tutor because he has got a new student, the other
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  guy because he has gotten some enhanced knowledge base.
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  He now is be able to, you know, position himself as a pro
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  because it's not just that he bought fancy machines to start
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  this business, but he also knows what's up.
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  So it's good for everybody. Everybody ends up having
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  stronger reputation and a stronger brand as a result.
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  This is the reason why social capital is important now.
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  What should you do? You listening to the podcast
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  right now, whether you've reached out to me in the past or
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  whether you're going to reach out to me in the future, whether
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  it is me that makes the recommendation or whether it's
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  Popsy or Momsy or somebody in your church or somebody in the
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  office or somebody in the mosque.
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  This is what you should do. Take advantage of other people's
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  social capital when they're willing to put it on the line.
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  So if you're if you know the chief Imam and chief imam says I
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  will call Abu Baker. So, so, so and so take advantage
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  of that opportunity. Don't let it be that Chief Imam
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  makes the introduction and then, you know, oh, I'll call him
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  tomorrow. And then, oh, my car broke down
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  and then, oh, I was quarreling with my girlfriend and then, oh,
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  you know, this and this and that and that.
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  Take advantage when other people are willing to put their social
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  capital on the line. Also when you do that, you
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  should try and either not either, you should, when you
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  take advantage of that, try and build and enhance on the other
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  person's social capital. So if somebody, if Chief Imam
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  calls you and says, OK, I'll introduce you to Abubakar, so,
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  so and so Alhaji Abubakar, when you go to Alhaji Abubakar's
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  office, you have to be on point so that the thing will reflect
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  well on Chief Imam. Use this thing and build Chief
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  Imam's credibility, build his own social capital, enhance it,
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  reinforce it. Because if you go there looking
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  like a fool, the thing will bounce back on Chief Imam.
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  So take advantage of these things, but then put your best
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  foot forward. If anybody's willing to make
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  these introductions, the reason why I'm making this podcast
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  episode is because some of you don't understand.
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  You don't know what's up. I can say so confidently because
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  I was like you guys a couple of years ago back when I was in the
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  wedding space. I was working on the project
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  with doing some interviews for Bella Niger.
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  I had to interview one guy, I can't remember his name now
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  anyway, but he was in the video space.
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  He's one of these people who started using cinematography
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  principles and applying it to wedding videos.
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  So I, you know, interviewed the guy.
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  So me and him, you know, had small rapport.
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  And then one time I did something, so I called the guy
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  up. Now I'm like you, bro, what's up
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  now? How you did say, I beg, I want
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  to do this. This is this.
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  I beg can't introduce me to so, so, so and so.
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  And the guy told me straight up. He said, no, no, no, I don't do
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  introductions. I don't do referrals.
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  And I was like, anyway, I just freed the conversation by
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  online. I was angry with the guy for a
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  very long time. It's like dude, this is a simple
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  thing, why not just hook up this introduction?
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  I had a conversation with him later about it and he said it is
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  because in the past he has made introductions and the thing has
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  ended up rubbishing him. So on principle, he introduces
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  nobody. Now that I've started making
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  introductions, and now that some of these things are bouncing
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  back on me, I can now see why he would not make the introduction.
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  Some people will say Dangote is stingy, that Dangote does
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  introduce you to contacts. Some of the gist I've heard.
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  How would he be stingy? I won't be surprised if he too,
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  has had some situations where he tried to introduce one or two
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  people and the thing now blew back on him.
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  You know, ended up looking like an idiot.
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  This thing happens all the time. There's one of my former
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  clients, Magnisi. She's in the leather.
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  They make exquisite high end leather bags.
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  She's been a resource person for Smedang.
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  She's been a resource person for echoers and for some
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  entrepreneurial thing. You know that they meet in Paris
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  once in a while, spoken on international stages.
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  And I met someone who's running a networking group for women and
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  she was like, oh, I'd love to introduce this, but I'd love to
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  interview this person. I was like, oh, I can hook it
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  up. She goes to the same school that
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  my children's, you know, our children go to the same school
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  and she's a former client. I can hook it up.
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  I called Magnisi. She was willing to talk for
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  free. And then the babe never called.
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  That kind of thing bounces back on me and I'll look like I'm on
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  serious and I'll look like a fool.
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  Please, when somebody is willing to put their own social capital
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  for you on the line, take good advantage of it.
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  Make a good show. Call the person, attend the
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  meeting, do whatever it is. Put your best foot forward.
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  You are building your own brand. By doing that, you're giving
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  yourself access to new networks. By doing that, you're building a
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  stronger reputation for yourself.
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  And if you put a good foot forward, you would also be
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  enhancing the relationship of the other person who referred
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  you. That is what will make the
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  person happy to refer you again in the future because the best
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  will not OK, this is my guy or this is my babe.
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  Every time I introduce them, they come correct?
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  So take advantage. Not many people are willing to
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  risk their social capital by making introductions.
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  So when you meet someone who is willing to risk their social
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  capital, do not betray them. Don't make them end up looking
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  like a fool. So that's all for today.
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  I hope you guys now understand what social capital is, why
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  social capital is important, and how you can use other people's
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  social capital to even end up building your own.
• 14:20
  Oh, sorry about that. The neighbor is banging
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  something in his kitchen and you know how we build our houses
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  here in Nigeria now. So any kind of noise just just
• 14:29
  builds in anyhow. So that's all for today.
• 14:33
  If you've got sales and marketing questions, bring them
• 14:35
  to me. Call SMS or WhatsApp on
• 14:37
  08064662140. Thank you very much for your
• 14:43
  time and attention. I'll catch you, dear listener,
• 14:45
  at the next episode.