June 2017

Podcast: Play in new window | Download (Duration: 24:07 — 22.3MB)

Subscribe: Apple Podcasts | Spotify | Email | RSS | More

Today let’s talk about chapter 3 of the book, THE POWER OF PEERS by Leon Shapiro and Leo Bottary.

This chapter is entitled – THE PATH TO PEER ADVANTAGE. This chapter is far deeper than the first two so there’s quite a lot to get to. I want you to listen carefully and make some applications so your business can benefit. And I want your life to benefit, too.

We participate in 4 basic methods of peer engagement: connect, network, optimize and accelerate. Mostly we do this simultaneously in a variety of ways.

Connecting and networking are mostly individual pursuits with less structure. Accelerating and optimizing are group efforts the authors call peer advantage, which makes them more strategic and structured.

We use Facebook and Linkedin (among other platforms) to connect and network. When we do this we exchange information, extend our reach by introducing ourselves to more people, we contribute to the conversation, we share a common interest during some given period of time, we rely on a high volume of peers we don’t know, we share with others in an open/unsecure area that lacks safety/privacy and we participate when we want to (it’s optional).

Dean Acosta is an Emmy Award-winning former journalist and press secretary for NASA who has led corporate communication teams at some Fortune 500 companies. Today he’s the global head of corporate communications and media for Phillips 66. He connects in different ways and for different reasons. Dean admits that he doesn’t buy anything online without first checking reviews. From Yelp to Amazon to Open Table Dean and his wife rely on reviews to make their choices. He also uses Facebook to stay connected with his fellow Seton Hall University alums. The Waze app helps him navigate traffic. Social connections serve him daily.

Dean is also a member of professional organizations like the Arthur W. Page Society, a professional association for senior public relations and corporate communications executives. He’s also a member of a group called Page Up where he can participate in a weekly online gathering of questions and answers. He has leveraged this group for his work at Phillips 66.

Dean is like many of us – he’s got many connections across a wide range of areas of his life, professionally and personally. Connecting and staying connected have never been easier.

Networking is about purposeful relationships. When we network we value the power of a personal relationship to achieve individual goals – both our own and the goals of those in the network. When we network we’re seeking out our peers to help us get a job, recruit clients, create business partnerships and more.

When people network we tend to not only exchange information, but work with others to create opportunities. We select peers based on specific, qualifying criteria. When we network we also recommend peers to others based on trust. We work with peers toward achieving a singular goal. By networking we understand there’s a higher degree of expected reciprocity. And we enjoy a moderately safer environment for exposing vulnerability. We also realize that participation is optional when we’re networking.

Networking gets trivialized because people tend to associate it with schmoozing at events or exchanging business cards. Jimmy Fallon credits networking for his rise from struggling stand-up comic to becoming a star on Saturday Night Live, and eventually host of The Tonight Show. He first benefited from the contacts of his agent, which led to auditions for Saturday Night Live. When he got that job he made sure to forge a relationship with the show’s creator, Lorne Michaels. When Conan O’Brien left Late Night, Michaels tapped Fallon for the job. Fallon reached out to Jay Leno for advice. All along the way Fallon was earning respect because he was a good listener and true student of comedy. In February 2014 he was promoted to host The Tonight Show.

Networking is about building relationships with a purpose. There’s a sense of reciprocity and that’s something you earn. It requires us to be selfless in our pursuit of our self-interests.

We need each other. When we put other people ahead of ourselves by helping them…they’re more likely to help us in return. This is so pervasive there are many organizations worldwide dedicated to helping people build their personal networks.

It’s the renewed purpose here behind Bula Network. To serve small to medium business owners with greater connectivity so together we can leverage joint relationships for improving our businesses and our lives. It’s the whole point of THE PEER ADVANTAGE.

There are a variety of organizations across the globe serving leaders and executives. Young Presidents’ Organization (YPO) is one of the more prominent ones. In fact, just a few weeks ago we had Scott Mordell, the CEO of YPO on Leo’s podcast – YEAR OF THE PEER. Click here to watch Leo’s chat with Scott. It’s a terrific conversation.

Social media gives us instant, immediate and convenient connections. It’s less time consuming and less expensive giving us a great compliment to live events. Linkedin CEO Jeff Weiner understands the power of networking. His vision is that all 3 billion of the world’s workers will have a Linkedin profile and that every company, including non-profits, will have one, too. He wants a digital representation of every available job worldwide.

For professionals Linkedin is the place to go for networking. Not only can you have a profile, but you can also share what you care about and find others who care about the same things.

Optimizing growth is the point. Watch the Blue Angels perform and you’re left breathless at their precision and excellence. They achieve that excellence year in, year out with different pilots because of a process they call the debrief – a prime example of optimizing. After every flight – performance or practice – the pilots gather for a debrief session. They review every aspect of the flight, down to the smallest detail. They take turns talking about the errors each of them may have made. They also make firm commitments to the team that those errors will be fixed the next time. The debrief requires an acknowledgement and commitment among peers to get better with every single flight. What happens in those meetings stays in those meetings. Pat Houlahan says it best, “It’s not about who is right, it’s about what is right.”

They start the season practicing flying 45 feet apart and end the season flying in performances just 18 inches apart. Those early debriefs can last 4 hours each time. Eventually they dwindle down to 2 hour sessions and by the time the pilots are flying just 18 inches apart the debriefs are down to 15 minute sessions. Optimizing is about chasing perfection in the pursuit of excellence.

That can happen in business, too. It’s not just for precision flying.

You optimize when you work together in teams to bring excellence to a goal. Here’s what happens when we optimize: we work as part of a committed group to achieve a collective goal, we work in small groups or teams, we engage in an environment that’s moderately safe to share exactly what’s on our mind, we buy into the structure of the group as well as the collective goal and we realize that participation isn’t optional – it’s essential.

People who work together to optimize don’t just participate in the learning process, they drive an overall standard of excellence because they help one another become better! That’s how we accelerate growth.

Industry specific groups can be very valuable. We typically join them because we assume we’ll learn more and get the best advice from people who already understand the nuances of our industry. But there’s a problem. A common practice in one industry may be completely foreign to another. Stepping out of our industry into another one can offer us a perspective to help us achieve something new.

People who accelerate tend to be very particular about surrounding themselves with people who share their passion and determination to achieve a goal. They tend to understand the importance of engaging with peers who have points of view and experiences unlike their own. They’re committed to helping others because that’s how they help themselves. When people are committed to accelerate they also appreciate the unexpected, positive outcomes that are realized in deep discussions. They also value a safe, confidential space where they can share their aspirations and fears. Plus, they accept that participation is mandatory and that members hold each other accountable for what they do inside and outside the group meetings.

And you’ve just heard an ideal definition of THE PEER ADVANTAGE by Bula Network. It’s about accelerating your growth as a business owner so your business grows and so does your life! Visit The Peer Advantage to find out more. You’ll be glad you did.

There’s big value in putting an owner of a manufacturing business in the same environment as the owner of a professional services firm, and the owner of a digital agency and the owner of a custom home builder. By broadening the definition of the word “peer” there’s a diversity that brings high value.

Growth is about getting uncomfortable. I go to the gym every day. Some days I take it easy. I’m not 20 any more so wisdom prevails. But some days I know I have to push myself or I won’t benefit. Growth and improvement demand a degree of being uncomfortable.

Why does the peer advantage work? When peers engage in cycles of learning, sharing, applying and achieving there’s growth. Individually and collectively. Here’s why groups that optimize and accelerate are so effective.

Learning

It’s the 1st stage of the process. Sadly, for too many businesses it’s last.

Learning is about demonstrating the capacity to produce quality results repeatedly. Peer groups foster application of deep learning through collaboration.

Sharing

Peers engage in rich dialogue and also ask hard questions – and challenge each other to tackle complex issues. Peers reinforce and give one another permission to new ways of working.

Applying

Peer groups hold individuals accountable for practicing their craft and fine-tuning new ways of working. This peer-to-peer accountability is essential to the success of application of what’s been (and is still being) learned.

Achieving

Good behaviors replace bad ones. Achieving inspires believing. Believing fuels the hunger to learn and grow. It feeds on itself. It’s about walking the talk.

Those five factors for peer advantage will each get their own chapter, but here they are in quick review.

Select the right peers – it involves surrounding yourself with the right people.

Create a safe environment – deep conversations can best happen when you’re surrounding by people who won’t judge you, but will listen to understand.

Utilize a smart guide – every group needs a leader, somebody expert at facilitating the group’s discussions.

Foster valuable interaction – deep conversations happen by design, not accident.

Be accountable – being a member of a group that optimizes and accelerates well is to be part of a group where members don’t tell you what you should do, you tell them what you plan to do. Group accountability gives peer advantage its punctuation.

Generally, people connect more than they network. They network more than they optimize or accelerate. CEOs and business owners, whose time is extremely valuable, should invest their energy in these peer engagement activities in the opposite order. They should accelerate, optimize, network and connect.

Invest your time where you get the biggest value. Ask any high achieving, high performing business owner or CEO in a group. Peers will broaden and deepen your knowledge while helping you lead your company more effectively.

Subscribe to the podcast

To subscribe, please use the links below:

• Click Here to Subscribe via iTunes
• Click Here to Subscribe via RSS (non-iTunes feed)
• Click Here to Subscribe via Stitcher

If you have a chance, please leave me an honest rating and review on iTunes by clicking Review on iTunes. It’ll help the show rank better in iTunes.

Thank you!

Podcast: Play in new window | Download (Duration: 18:42 — 17.4MB)

Subscribe: Apple Podcasts | Spotify | Email | RSS | More

Today we’re going to summarize chapter 2 of THE POWER OF PEERS by Leon Shapiro and Leo Bottary. This chapter is entitled, “The Pervasive Nature Of Peer Influence.”

Birds of a feather flock together. We’re all in the same boat. Great minds think alike.

We have a number of phrases and sayings that speak to the significance of peer influence. Bruce Cleland and his wife, Izzi, found out their 2-year-old daughter had leukemia. The survival rate was 55%. Bruce immersed himself into the world of blood cancer treatments, which led to a deep involvement with the Leukemia & Lymphoma Society. Two years later, Bruce’s daughter was in remission.

To honor his daughter and show his appreciation to the Leukemia & Lymphoma Society he rallied 38 people to run the New York City Marathon to raise money. With a few corporate sponsors (but mostly through individual donations), Bruce was able to raise $322,000. That was only after spending 5 months training and preparing. The group gathered regularly at a local restaurant or bar to compare notes and talk about their progress. Everybody was committed to the group and the cause. Because of that mutual support the group succeeded.

That 38-member team was just a start. That was the beginning of a successful endurance-sport fundraising program which came to be Team In Training, inspiring over 650,000 participants to achieve their goals and raise $1.3 billion for blood cancer research. That survival rate of 55% is 95% today!

Together anything is possible.

It Starts When We’re Young

Our folks knew the power of peer influence. That’s why they always wanted to know who we’d be with when we left the house. It’s why they wanted to know our friends.

In 2005 Gary Ladd, a professor of psychology and human development at Arizona State University, published a book, “Children’s Peer Relations And Social Competence: A Century Of Progress.” Peer relations are more balanced than parent-child relations. As children we’re largely influenced by these relationships.

Considerable research has proven that our level of self-confidence and self-efficacy is largely determined by peer influence. As we interact with our peers we learn things about others and ourselves that serve us with greater confidence.

Our peers also hold us accountable. Teachers threaten to punish the entire class if one class clown continues to disrupt the class. They do it because it works. We would all sit there thinking how unfair that would be, but the pressure on the evil doer to be held accountable to the entire class changed the dynamic of their behavior. Hopefully.

Peer influence drives learning. Lecturing is giving way to facilitating where students are more engaged.

1. Students engage as colleagues not competitors. There are many benefits to collaboration and a sense of abundance.
2. Students learn the value of dialogue. Dialogue trumps debate or discussion, providing students with richer and more meaningful conversations.
3. Students learn to trust one another. Sharing and listening without fear of being judged builds trust. That allows for deeper, more honest conversations.
4. Students get a taste of what abundance looks like. Students know that no matter how much they contribute to the group, they’ll always get more in return – and as they do, the group grows stronger.

Peer influence happens in the workplace, too. The Handbook Of Interpersonal Communication (by Knapp and Daley) defines peer relationships as “relationships between co-workers at the same hierarchical level with no formal authority over one another.” Peers serve as important sources of intellectual and emotional support.

The boss says something in a meeting, then the employees begin to talk about it. According to the book Seeing Red Cars by Laura Goodrich, they’re trying to make sense of it, but too frequently it results in people making assumptions and engaging in banter that doesn’t have much to do with taking action.

Author Ken Blanchard notes that up to 70% of all organizational initiatives fail. Leaders can’t impose their will, but they can create conditions that allow employees to make the organization successful and achieve those strategic goals more often.

Edelman Trust Barometer has tracked public trust in institutions for the past 15 years. In 2015 the barometer showed a decline in trust levels across the board. When we don’t trust our institutions, or government – we turn to each other. To our peers.

In 2003 Fred Reichheld, a partner at Bain & Company, created the Net Promoter Score (NPS). It’s determined by answering the ultimate question:

On a zero to ten scale, how likely is it that you would recommend us (or this produce/service/brand) to a friend or colleague?

The real power is found in our willingness to listen to our peers.

This influence isn’t always conscious. Are you a Mac person or a PC person? It’s more than technology. It’s community and you likely relate to one or the other. And if you relate to one, then you don’t relate to the other. At least not as much.

A study of buskers in a New York City subway showed that when people saw others giving money to the busker, they were eight times more likely to contribute than those who didn’t see other people contributing. As a lifelong retailer I can attest to the power of peers during a storewide sale. When shoppers see others pressing around the cashier counter making purchases they’re positively influenced to make a purchase themselves.

We have a yearning to be part of a community. Peer influence impacts that, even if we’re not consciously thinking about it. And it crosses all cultures.

The degree and how its manifested can differ from country to country, society to society – but the concepts and foundation are the same anywhere you go.

The power of peers is word of mouth at scale. We’re less inclined to trust institutional experts than the opinions and experiences of peers we’ve never met. We jump on Twitter and Yelp and listen to what others have to say. So powerful is this influence that in 2006 Time magazine name “YOU” as the person of the year.

Amazon, Linkedin, GlassDoor and many other online communities leverage the power of peers. We find ourselves collaborating through these communities. Even as members come and go, the communities remain strong.

Peer influence impacts winning. One of the most extraordinary examples of this is the women’s basketball team at the University of Connecticut. In 2015 the team won their 10th national title in 20 years. What makes them so dominant? Their head coach, Geno Auriemma, suggests it’s culture and having highly competitive players who are committed to each other. Players see other high-level players making sacrifices for the team. It influences all members of the team to put the team ahead of their own personal goals.

Having the support of a team is powerful no matter if you’re running your first marathon to raise money for a cause or if you’re part of a national title team of basketball players. At home, in school, at work or in sports – peers matter. Sometimes their influence is right up front, easily seen. Other times, it’s subtle and we don’t even recognize it. Peer influence doesn’t care if you’re the CEO or business owner because no matter where people work, or go to school, peer influence happens in person and online.

Your peers are critical to your success and happiness. They include everybody from those colleagues you see every day to perfect strangers who share a common interest (even if it’s just for a moment in time).

Conclusion

I hope you’re beginning to more clearly see the power of peers. Mostly, I hope you’re beginning to see how powerful it can be to help you grow your business and your life.

I’m working to help improve the business and lives of just 14 business owners to join me as I facilitate the charter groups of THE PEER ADVANTAGE.

Subscribe to the podcast

To subscribe, please use the links below:

• Click Here to Subscribe via iTunes
• Click Here to Subscribe via RSS (non-iTunes feed)
• Click Here to Subscribe via Stitcher

If you have a chance, please leave me an honest rating and review on iTunes by clicking Review on iTunes. It’ll help the show rank better in iTunes.

Thank you!