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Tuesday, 12 September 2023, 10:51 am
Press Release: Smarketing Lab
A changing of the guard is gaining pace in New Zealand
with the rise of ‘younger’ decision-makers in their 20s and
30s who rely on digital media like LinkedIn to network, job
hunt and inform decisions. It’s a development that is
leaving behind older business owners and managers and
causing a generational shift in power far sooner than
previous generations.
Assia Salikhova, the Managing
Director of Wellington business development agencySmarketing
Lab, says many business leaders in their fifties, even
some in their 40s, need to catch up with the rate of digital
transformation. In contrast, others think it is something
they can ‘just’ delegate.
“New Zealand has
traditionally been a networking, word-of-mouth centric
business community. Today, that networking activity has
shifted online to platforms like LinkedIn, where more than
60 per cent of users are young people between the ages of 24
and 34.
“The network has 930 million users (2.5
million New Zealanders), and 80% directly influence
decision-making. Bearing in mind, we live in a world where
borders and distance are no longer barriers to business. My
point is that Kiwi business owners and decision-makers
cannot afford to neglect digital platforms like LinkedIn if
we are to shift the dial on business growth and GDP, yet we
are.”
Salikhova says it is the first time the extent
of the digital divide between generations, at least from a
business perspective, is becoming evident.
“Imagine a
company that is more than 50 years old with a good
reputation, a widely recognised brand and good quality
products going into decline because the upper tier of their
customers in government and corporate who use them as
trusted suppliers (and often spread ‘word of mouth’), but
those people are retiring. The new generation of younger
buyers, the new generation of customers, is increasing, and
many have never heard of the company because younger buyers
rely on social media to research suppliers.
“In the
last three years, in 80% of conversations, a business owner
says that he only uses LinkedIn to check out suppliers,
without realising that is what many of their prospective
customers are also doing. The world is getting more
connected, and people are relying on LinkedIn as a third
party to assess the credibility of a
business.”
Salikhova says it is concerning that
established business owners and leaders allow themselves to
lag behind because they have a tremendous value to offer
incoming generations.
“LinkedIn is no longer just an
online CV; it’s become the nerve centre for professional
networking. Representing what we like to call the “4 Rs” of
business—Reputation, Recognition, Relationships, and
Revenue; LinkedIn provides a platform where any
professional, regardless of age, should have a
presence.
“Networking isn’t merely about advertising
or making acquaintances. True networking involves building
relationships, offering support, and sharing expertise.
Platforms like LinkedIn emulate this by providing a space
for professionals to engage in meaningful interactions.
Unlike traditional networking where you might spend years
meeting potential leads, LinkedIn offers tools to find
individuals or businesses that align perfectly with your
offering.”
Salikhova says that, in effect,
word-of-mouth has gone digital. And if someone wants to
assess if LinkedIn is worth their attention, there is a
simple question to ask: “Is networking beneficial for my
business?” If the answer is ‘yes’ then yes, you must be
on LinkedIn.
“The age-old adage, ‘Your network defines
your net worth,’ has never been more accurate,” says
Salikhova. “In the digital era, word of mouth has
transitioned online. By actively participating in LinkedIn
conversations, sharing insights, and offering advice,
businesses can organically grow their network to enhance
their net worth.
“LinkedIn provides an economical
alternative to traditional networking methods. While
conferences and business lunches come with costs, LinkedIn
offers the opportunity to connect with professionals
globally.”
How to make better use of
LinkedIn:
1. Showcase your professional
identity
With 930 million users globally,
it’s essential to be found on LinkedIn. A simple search on
the platform can determine whether a company appears
consistent, professional, or obsolete.
2.
Build trust and credibility
Trust forms the
cornerstone of any business relationship. A LinkedIn
profile, similar to being a member of the Chamber of
Commerce or a registered company, enhances your business’s
perception.
Think of your LinkedIn Profile as an
enlarged business card. And like any good networking, people
are more interested in you than the brand. Hence, a personal
LinkedIn profile is equally, if not more important, than a
company one.
“There might not be a formal
accreditation system, but in a digitally connected world,
being on LinkedIn validates your business. For instance, a
company as renowned as Panasonic might be globally
recognised. Still, if you’re a small business with niche
expertise, LinkedIn can be your stage to proclaim that
expertise. Google also indexes LinkedIn profiles for
search.”
3. Leverage LinkedIn for global
outreach
In the age of digital globalisation,
even if we might not know our immediate neighbours,
platforms like LinkedIn have removed geographical
barriers.
“It’s indexed profiles and articles mean
a business can enhance its search engine visibility by
optimising its LinkedIn content. Interestingly, while 50.2%
of Kiwis are on LinkedIn, many profiles still need to be
completed. The more specific your expertise, the more global
audiences will be willing to pay for your services, if they
can find you.”
Salikhova says that to bridge the
generational digital divide, embracing LinkedIn is not just
an option; it’s a necessity.
“Whether you’re an
individual or a business, investing time and resources in
cultivating a robust LinkedIn presence can yield dividends
in the long
run.”
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