Asset of The Future | A Sales Guy

How Much Is Your Name Worth?

Ten years ago I tried to buy my last name, keenan.com Another Keenan owned it. He refused an offer of $5,000. I wouldn’t pay more for it. He has since sold it to a company called Keenan. I suspect I will never own my last name. That bums me out. Jim Keenan is also owned by someone else, although it’s an individual. I suppose, for the right price, I could have jimkeenan.com.

I don’t own my name and I don’t like it.

I think it is critical we own our online brand and that includes our names. I have bought my two daughters names and will be buying my, soon to be arriving, third daughters as well. I am securing their Facebook pages, their Twitter accounts and more. Will they use them? Who knows? But if they do, they will have their names.

Names are becoming a market. We can share names offline. We can’t share names online. User names and web domains are acquired on a first come, first serve basis. Once gone, they are gone forever. Depending on your name it could be very expensive to get after the fact. If your name is John Williams, expect to pay big. Deshawn Breznican, on the other hand, will probably be available for a while.

In a world were our online presence is the biggest asset we have, owning our names will be one of the critical investments we’ll need to make.

Have you invested in your name yet? The longer you wait, the more expensive it will be.

I wonder if we will see more Deshawns, Chantels and Matravius’s in the coming years. That would certainly solve the problem.

If I can’t get jimkeenan.com maybe I’ll change my name. How many Matravius Keenan’s can there be?

March 11, 2010 | Filed under: Asset of The Future, Web 2.0/Social Networking, What I Think! | Comments |

When Banks Aren’t Needed

: Image via CrunchBase

I’ve been arguing for awhile that social media is changing everything and peer to peer lending is an example of this.

Peer to peer lending sites like Prosper pair people looking for a loan with people looking to lend.

Prosper in its own words:

Peer to Peer Lending—Rewarding for Borrowers and Lenders

* Peer to Peer lending is a financial community made up of individual people seeking lower rate loans and investment opportunities with higher returns.
* Borrowers apply online for a loan. Lenders bid on loan listings. Registered lenders have access to the borrower’s credit information. They can view the purpose of the loan, the borrower’s Prosper Rating, and more.
* If the loan gets enough bids, funds are placed in the borrower’s bank account. Payments are automatically deducted from their bank account.
* Lenders enjoy the rewards of this alternative investment: they receive monthly payments of principal and interest.
* The high costs of banks are removed because we connect people directly: everyone benefits.

I dig this concept. In many ways banks are no different than any other type of “agent.” They are middlemen. They loan our deposits to others and make money on our money. I like the idea of cutting out banks.

Prosper creates a more personal component to lending. I can see how loans could be evaluated by the people who know the space in which the money is being used. Rather than have a “loan officer” determine if the 10 grand you’re asking for to start a hair salon, people who know something about starting hair salon’s etc decide if the loan is worth giving.

I can also see people incorporating their social profiles or their online presence which could increase the comfort level and relationship component of the transaction. Just like the relationship bankers have with their clients but deeper.

To the extent that the Prosper network can grow to million of users it could can have a huge effect on the access of capital. It spreads capital, rather than it being aggregated in an industry.

I’m also intrigued with the lending component. Prosper has the ability to provide an alternative asset class to a portfolio. They currently tout returns of 6 to 14 percent. Micro-lending or peer to peer lending is a unique way to add debt beyond bonds to a portfolio.

The downside to prosper as I can see it is on the lending side. What concerns me is those looking for a loan. Why are they choosing Prosper? Why aren’t they going a traditional route, if they have good credit? Why are they willing to accept a higher interest rate? I do think Prosper and other Peer to Peer lending companies will attract a higher risk clientele. Felix Salmon has a good post on the downside. I especially like his “adverse selection” assessment.

I haven’t tried Prosper yet. But I am curious. I’m intrigued by the peer to peer lending concept.

What about you. Would you loan someone money this way? Would you borrow money in this fashion?

The problem with peer-to-peer lending (blogs.reuters.com)
Prosper.com Lands Capital One Co-Founder and Investment (pindebit.blogspot.com)
Prosper Releases Peer-to-Peer Lending Market Survey (eon.businesswire.com)
Borrow Money With Prosper & Lending Club (bargaineering.com)

February 15, 2010 | Filed under: Asset of The Future, Entrepreneur, Web 2.0/Social Networking, What I Think! | Comments |

Revelation vs Resolution

Everyone is looking forward, making New Years resolutions and planning for 2010. It is the thing to do. I am too. But, as I’m looking forward, I couldn’t help but pause and take a look back. I wondered; was there anything different, unique for me about 2009. The obvious came to mind. I started this blog, my girls had a number of firsts, the economy was rough, but as I thought about it, it occurred to me; 2009 did have a very unique element to it. I made more friends online than I made offline. My network grew.

I have always been a big fan of networking. I believe there is tremendous value in engaging and knowing lots of different people. I have gotten most of my jobs, started businesses, hired employees, acquired new customers, and more all from my network. Despite, my appreciation of networks, over the past few years, mine has suffered a little. I’ve moved, gotten married, had kids, started a new job, and work out of the house. None of these things are conducive to building or managing a network, especially working from home.

In 2009 my network grew. Not in the traditional sense, by handshake and physical meeting, but online.

Twitter, Facebook, and this blog have been instrumental in introducing me to new people. These aren’t just fans or followers, but people I respect for their knowledge, people I enjoy for their person and people who have been helpful. The experience in meeting these people has been no different than meeting people offline. The fact that I’ve never met them in person has had no impact on the value of the relationship.

I’ve really enjoyed getting to know these people. They are making a real impact in my life. I’m working with some. I’m collaborating on sales efforts with others. I’ve assisted others in selling and promoting their products. It’s just like my offline network.

My network grew in 2009. Not in the traditional way, but in a new way.

I don’t think this is an anomaly, I suspect next year my online network will be even bigger, not only for me but everyone online and this is a great thing.

Did your network grow in 2009?

January 4, 2010 | Filed under: Asset of The Future, Personal Brand, Web 2.0/Social Networking | Comments |

Don’t Follow Me on Twitter

I have 884 Twitter followers as I write this. It’s not a lot, but it’s not a few. I have a very active and engaged Twitter following. They are good peeps. Thanks all!

I follow 324 people. That’s not a lot either. But, it’s a 324 people who have impressed me with their tweets and their online engagement.

I use Twitter for information and to build relationships. Relationships and information are how I determine who to follow, who to RT and who to engage. I don’t fish for followers. I don’t follow people in hopes they follow back.

When someone follows me, I check out their profile, read their recent tweets, check out their bio and their blog and then determine if I want to follow them back. It’s pretty simple.

Lately, somethings been happening that is bugging me. I’ve been getting followed a lot and when I go check out their profile they are no longer following me. There have been times where I liked someone, and followed them back, only to have them have to refollow me, because they stopped following me after they started following me. I don’t like when people manipulate the system like this. It is in authentic.

In social media, authenticity is everything. Trust is paramount. I don’t trust anyone who appears inauthentic. Baiting me to follow you is inauthentic.

Don’t follow me unless you like my tweets, you like this blog, or you find me engaging. I don’t need my email cluttered with follower bait.

I’ll follow you if you tweet good stuff, and are engaging; whether you follow me or not. To me it’s not about the follow, it’s about the engagement and that’s authentic.

December 28, 2009 | Filed under: Asset of The Future, Web 2.0/Social Networking, What I Think! | Comments |

25 Reasons Your Social Graph Will Matter

If you’re a regular reader of this blog, you know what I think of an online presence. I believe it will be the most critical asset a person owns. It will be the asset of the future. It will be worth more than any other asset you have. If I haven’t convinced you yet, maybe this will get you there.

Your online presence will matter because;

Social media creates social capital. Social capital is a predictor of income and wealth
Gen Y will out number baby boomers by 2010, 96% of Gen Y has joined a social network,
Social Media has overtaken porn as the #1 activity on the web
There are over 200,000,000 million blogs, at least 100,000,000 million of those bloggers tweet or blog daily
33% of all internet users read blogs,
33 Million Americans have rated a product, service or person using an online rating system
78% of consumers trust peer recommendations – only 14% trust advertisements
80% of employers use social media to find candidates
45% of Employers use social media to screen or vet potential candidates
35% of employers decided NOT to offer a job to a candidate based on information uncovered on social media sites
18% of employers HIRED a candidate BECAUSE of their social presence
25% of college admissions use social networks as part of the admissions process
43% of people in the US Google (doogle) a first date
12.5% of all couples married in the U.S. last year met via social media
42% of all adults have said they or someone they know has been helped by following medical advice and health information found online
At lease one person, using social media, avoided highly invasive spinal surgery
Those with lower social capital, have a higher mortality rate -they die earlier
There are over 1 Billion Internet devices
There are 6 billion internet searches on Google a month
1.6 Billion people access the web via their mobile phone – that’s 1.6 billion people a click away from info about you anytime anywhere
The number of text messages sent and received every day exceeds the total population of the planet
355 Million users on Facebook
Avg. time spent on Facebook: 20 minutes a day
19 Million people on Twitter
83 Million people generated some form of social media in the US

BONUS reason- Since 1985 our “core networks”, our offline networks of friends and family have shrunk by 1 person.

Personal networks are moving online. Social capital will be created and leveraged using social media. Social capital correlates heavy to someones overall success. Without social capital, there is little success. Developing and managing their social graph will be the most important thing someone can do

An online presence will be the most valuable asset a person will have, worth even more than their home.

Are you convinced?

UPDATE: Made a mistake on the statistic “50% of employers HIRED a candidate BECAUSE of their social presence” I’ve changed it to 18%. Thanks to Marty for getting me to double check stats.

December 7, 2009 | Filed under: Asset of The Future, Web 2.0/Social Networking | Comments |

Social Capital: Use It Or Lose It

Researching for my book, I came across this quote:

“Unlike other assets social capital doesn’t depreciate with use. It depreciates with LACK of use.”

– Adler, Kwon

It’s absolutely true and it’s getting even truer with the rise of social media.

A friend of mine was telling me the other day that since getting married and having children she’s let her network get away from her. What prompted her to tell me this is she is ready to change jobs and realized she has very few options. She said she doesn’t have the social capital she once had. She’s struggling to find opportunities. When she does, she is just another number as she has no relationships or contacts with in the company.

My friend is finding out the hard way, what happens when you don’t maintain your social network and manager your social capital.

I think the importance of a social network is becoming increasingly important to success. In the past, networks consisted of the people we worked with, our clients, our school buddies and our neighbors. Those who were really smart extended their networks; they joined clubs or associations. The difference between then and now, however, is networks of the past were heavy. They had a lot of friction. Information moved from person to person via phone or in person. It was slow and lumbering and had to forcibly be put into action. Information stayed locked in the network until it was actively released.

Networks were an advantage in the past, but they weren’t critical. Today, they are quickly becoming critical and they will be online social network. I think those without online social capital will be at a decided disadvantage.

Everything is online today; the jobs, the people, the information. This is creating tremendous velocity. Information moves from tribe to tribe and person to person with little friction. Recruiters are finding potential candidates without ever having to place an ad. Companies are hiring their fans and followers, those who participate and engage with them long before they need to hire. Companies Tweet an opening and receive hundreds of responses. Companies and hiring managers are no longer comfortable without online information to vet candidates. They look for candidate’s blogs, tweets, LinkedIn profiles, forum participation etc to get to know them. Not finding information on people is becoming less acceptable.

Traditional networks just can’t compete. The old network is quickly being moved online and it’s changing everything.

If social capital depreciates when you don’t use it. I can only imagine what happens if you don’t have any social capital at all.

My friend has learned the hard way. I wonder how many others will too.

December 1, 2009 | Filed under: Asset of The Future, Personal Development, Web 2.0/Social Networking | Comments |

How Has Social Media Affected You?

Many of you know I’m writing a book with co-author Leslie Poston based on a post I wrote a while back; Online Presence – Asset of the Future: Why Your Social Graph Will be Worth as Much as Your Home

The web and social media are fundamentally changing the way we interact and connect as a community. Most notably it is changing how we network. Peoples network has been a valuable component of our lives for years. It has helped us get jobs, get movie recommendations and even set us up on blind dates. As social media grows and our presence online increases, our off-line network is quickly being replaced by an online network. This new online network is going to be far more influencial and life effecting than anything we’ve seen to date. Our online presence is quickly becoming the center of our world and will impact the most important and sensitive aspects of our lives.

Leslie and I have come across some amazing stories of how social media has impacted peoples lives. We have found compelling medical stories where peoples lives were saved and unnecessary surgery was avoided because of social media. There are those we’ve found who have met their soul mate. We’ve found stories where people have gotten their dream job. Then there are the stories of those who used social media to help others in need. We are coming across amazing stories, stories of average, everyday people whose lives have changed because of the power of social media. Some changed in monumental ways, others in small but impacting ways.

We are excited to share with you the powerful story unfolding in social media and the Internet. There are millions of people who are asking why? They are asking why do I care about Facebook, Twitter, LinkedIn, Blogging and the rest. They are skeptical, they are hesitant, they don’t see what many already have and that is social media is changing the way we connect, and the way we network. Social media is quickly moving from being a nice to have to a must have and our book; Online Presence-Asset of the Future: Why Your Social Graph Will be Worth as Much Your Home is going to share how and why social media matters in our lives.

Tell us your story. We want to know how social media is changing how you think, work, share and engage. If you have some research you’d like to share or a great story send us an email to onlinepresence@assetofthefutre.com

Don’t be shy, we know there are more good stories out there. We’ve just begun to scratch the surface.

October 25, 2009 | Filed under: Asset of The Future | Comments |

The Healing Power of Your Social Graph

Sarah Cortes lay on a rock, unable to move and speak. When she hit the water, she knew something was wrong. The sharp pain that ran up her spine, was not a good sign. She felt comfortable she could navigate the 50 foot cliff jump, but once she hit the water confidence quickly turned to fear. Able to slowly swim to shore and drag herself onto a rock, Sara lay there waiting for paramedics.

An hour later she arrived in an enormous trauma center. After several tests, MRI’s, and CAT Scan’s it is determined Sarah has a fracture of V12 and surgery is recommended. Uncomfortable with the recommendation and more importantly, if surgery is the only option Sarah wanted to be in Boston near her home, Sarah requests a transfer. That is when her ordeal accelerates from bad to worse.

In an effort to defend their position and their recommendation the hospital staff begins to feed her inaccurate information, denies her access to Dr’s outside of the hospital and do everything they can to make sure she has surgery at their facility. Fearful, confused and frustrated Sarah turns to her Twitter network for help. With in 1 hour she is able to find an “accepting neurosurgeon” in Boston (the requirement to be transferred) and demands to be released. Despite finding an “accepting neurosurgeon” she still struggles to gain the hospitals support for a release and transfer.

With the help of Twitter and Text Sarah final wins her release. The result, her Boston physician determines surgery is NOT needed. The new treatment; 6 months in a brace with full mobility. Sarah barely averts an operation requiring 6 months of bed rest and total immobility.

Our online presence is an asset. I’ve said this before and will say it again. It will be the most valuable asset we will have, worth even more than our home. It will affect our offline social status, where we work, the jobs we have, the people we date and even the medical treatment we receive.

Like any asset, it is more valuable when you invest in it. Are you investing in your online presence? You should be.

September 26, 2009 | Filed under: Asset of The Future, Personal Brand, Personal Development, Web 2.0/Social Networking | Comments |

A Sales Guy

Keenan 411

How Much Is Your Name Worth?

When Banks Aren’t Needed

The Healing Power of Your Social Graph

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