In our work across the professional services landscape, we hear the following client refrain on a daily basis: “Ours is a relationship business.” And so it goes that we also hear: “Who you know often matters as much as what.” Driving home this point, a recent New York Times article and accompanying graphic illustrates the interconnected and small world of Wall Street investment bankers, lawyers, hedge fund managers and private equity firms. It also diagrams the college ties that bind them.

These types of social networks are ageless. But the concept of online social networking is all the current rage—in part, because it’s very big business. So we asked ourselves, what effect, if any, will social networking sites have on the professional services (or relationship) business? With this question as a guide, we look this month at three of the most popular social networking sites and offer some insights about their implications for your marketing and recruiting efforts.

View full article