Back in the early 1990s, public relations representative Bob Dilenschneider made it part of his marketing strategy to publish a know-how about networking. His photo is to the left. He went on to become an expert on aging.
His book way back then on power and influence provided insight into how those platforms for wealth and professional mobility were built, maintained, and scaled.
Among the dynamics was what he called The Favor Bank. That involved getting into the loop of making things happen.
You help Joe have his kid admitted into a prestigious prep school and Joe refers you to his mother who will be selling her house. That will continue to be mutually beneficial to you and Joe unless one of you makes too many "withdrawals" from The Favor Bank. That is, you request too many favors without having anything to trade in return.
Over the decades Dilenschneider followed his own advice. Carefully, he nurtured a network of brandname business leaders. They ranged from Fox founder Roger Ailes to former GE chief executive officer Jack Welch.
All went well. They extended Dilenschneider's own power and influence.
Then, horror. They died.
Broken networks are increasingly happening among aging power brokers. Access to whatever could lessen or actually get shut down.
Executive coach Henry Cloud warned about this in his book "Necessary Endings." Everything keeps changing. It's necessary to continually prune the old branches and plant new seedlings. Although first published way back in 2011, "Necessary Endings" ranks 9,457 on Amazon.
Those who are a genius at managing their careers do that proactively. Every few months they review both their professional and personal networks. Who on them continues to create value and who are stuck (which keeps others stuck)? Is there enough diversity (too many in the youth or over-50 demographic)? And what should they be doing to attract the kind of contacts they need?
During the upheaval of COVID-19, the time is ideal to review a network. They were never meant to be forever.
In marketing timing is everything. Complimentary consultation on your marketing communications in COVID-19 time. janegenova374@gmail.com.
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