Posted by JasonB on February 19, 2010
Social Media sure has created a buzz for itself, ironically using social media to do so in many cases. There is tons of information about social media, yet I often get asked the simple questions like “What is social media” and “How or why should my company use it?” Alternatively, traditional B2B lead generation seems simple. You find some targets, pick up the phone and see who’s interested in what you offer. Does simple mean ineffective in today’s business environment? Not at all.
Let me try to kill 3 birds with one stone with an analogy about social media and explain (1) what it is, (2) why you should participate and (3) what to expect:
Pretend the internet does not exist. Pretend there is a large networking event coming up, such as a cocktail hour, and your company needs to make a BIG impression, as you need new business. You also know that there will be some great prospects attending this event, Presidents and Owners of large companies that can make your year if they do business with your company. These prospects will be talking about business, discussing needs, perhaps asking some questions of each other, requesting advice, and generally opening the door for your company to present its solutions.
Now imagine the best possible way your company could be represented in this environment to impress prospects and generate opportunities. Would you send your “closer” to this event, someone who doesn’t take “no” for an answer and will ask prospects the equivalent of “what can I do to get you into this car today?” Will you send your engineer, who has the most detailed knowledge of your process, but also has trouble talking with people? Neither.
Here’s how I imagine your best presence: You send someone who communicates well, but listens before they jump into a conversation. This person circles the room, first gaining an understanding of what prospects are discussing. When they encounter someone who has a general question relating to your industry, rather than try and “close” them, your representative politely answers their question, asking nothing in return, and hands them a business card in the event they have further questions. When your rep encounters a prospect with an immediate need, they eloquently describe how your company has helped other companies like theirs, and extends an invitation to present your solution at a later time. When your rep meets someone who doesn’t express either a need or a question, they communicate with that prospect on a personal level, trying to get to know them rather than appear to have an agenda. Best of all, if a prospect asks another event attendee if they know anyone who can help with a specific issue, that person points to your rep and says, “He’s provided us with some great advice and he knows what he’s talking about, I’d ask him.”
What I’ve described above is, in essence, social media marketing. Social media marketing is communicating with peers on a one-on-one level, but using the Internet to do so. It’s not “selling”, it’s “talking”.
You should participate because the conversations I described above are happening by the thousands, daily, by prospects who you want to attract. It’s worth mentioning that, like my analogy, these online conversations are not “sales conversations” by nature. They’re conversations involving the “asking for” and “providing of” advice…for free.
You should expect to generate interest in your company…not close business quickly. Much like marriage, dating comes first, and before that, friendships, and before that, communication.
B2B lead generation on the other hand is the more direct approach. In the example of the networking event, it’s as if you’re only jumping on the “immediate need” conversations. It is the quickest, most direct path to new opportunities. Where social media takes time, and is geared toward developing relationships, B2B lead generation (prospecting) tries to “cut to the chase” and convert leads into sales. It’s a focused effort on new business…finding the low-hanging fruit. B2B lead generation is a direct tactical approach to new business…it doesn’t beat around the bush.
When budgeting for either social media or B2B lead generation, consider your immediate needs. If they’re primarily to build relationships or interest, social media works great. If your need is to drive new business NOW, consider B2B prospecting. It’s more direct, and less “conversational”.
I hope this post has been helpful to those wondering where to allocate resources and what to make of this “social media revolution”. For any further questions about either topic, feel free to visit our blog at www.gatewaybizdev.com/blog.
Posted by JasonB on February 11, 2010
A Dedicated Account Manager
In order to successfully connect with a prospect, you need one Account Manager dedicated to developing a business-to-business relationship with them.
Outsourcing your B2B lead generation to a firm that uses dedicated Account Managers will dramatically increase the effectiveness of the campaign by developing one-on-one relationships with prospects.
Using multiple sales representatives to contact the same prospect runs the risk of losing potential partnerships, as the prospect will get the impression they’re being passed around your organization with little concern about them personally.
Collaterals That Stand Out
B2B decision makers aren’t always available by phone, and if they are they may not have time to speak with you.
It is imperative to consistently maintain contact with prospects. In cases where the decision maker is unavailable, you must have relevant collaterals on hand [such as videos, emails, and quality direct mail pieces] that can be delivered by a dedicated account manager through a variety of formats.
Prospects are receiving information from many of your competitors, which means your company’s collaterals must stand out to cut through the clutter. Standard html emails and voicemails can get buried amongst your competitor’s collaterals.
Effective Nurture Program
Outsourcing to a firm with effective nurture programs is essential in advancing any area of B2B lead generation. It allows a continuous and structured flow of communication, but should vary based on a prospect’s disposition.
Historically, 85%-95% of outgoing phone calls will not result in a live connect, and those who are reached may not yet be in the market for new business-to-business relationships. No matter the situation, even if the prospect won’t be in the buying cycle for 6 months, the nurturing program must communicate to the prospect accordingly.
The Account Manager will be delivering messages to the prospect to maintain awareness over an extended period of time. Outsourcing to a firm who tailors each nurture program according to the prospect’s disposition ensures your company will be in the forefront of the prospect’s mind when they enter the buying cycle.
The Result: an increased Return on Investment
Posted by JasonB on February 8, 2010
Have you ever met a “Serial Networker”…someone who constantly attends networking events, but never actually closes any business? I sure have. They are the first to grab their drink and start shaking hands. They’re great at making introductions, but never seem to convert those conversations into leads or business. Why? Because one aspect of sales hasn’t changed…you still need to ASK FOR THE SALE.
Social Media Is Effective, But It Will Only Take You So Far
Many companies have been jumping on the social media bandwagon. Although social media is a valuable way to introduce your company on a peer to peer level, it is not geared, by nature, to converting relationships to business. It’s more geared toward dispensing information in a helpful manner.
What On Earth Did You Do Before the Internet?
There comes a time when, to actually generate leads and business, you have to start “talking business;” the most direct way to do that is still to pick up the phone. Email can be deleted, avoided or buried among the many emails decision makers get daily. Chatting on Facebook won’t allow you to gauge someone’s tone or level of interest. Answering questions on LinkedIn gets you great exposure, but also allows competitors to place their thoughts right next to yours.
Social Media is an Introduction, You Must Build From There
Social Media is becoming increasingly popular, as it should – it’s quick and easy. Many companies, however, are depending too much on it and have forgotten to interact with people. You can be the most tech-savvy individual in the world, but if you haven’t picked up the phone to talk to a prospect, how are they supposed to feel comfortable enough to spend their money on you?
Stick With What’s Worked For Decades
Your father did it, your grandfather did it, and your grandfather’s father did it – why stop now? Relationships begin with conversation, and the best way to start a conversation is to pick up the phone.
Don’t be “that guy” at the party who shakes hands and invites people to visit his blog. Be that guy who shakes hands with someone, calls them the following day, and closes the sale.
Posted by JasonB on February 2, 2010
An Observation:
If you go to a Ford dealership’s website, they claim to sell the best vehicles for the money. If you go to a Honda dealership’s website, they claim the same.
A Question:
Who’s right?
The Problem:
Today, most corporate websites have become much like advertisements. Digital billboards if you will, touting corporate successes, achievements, and claiming to have the answer to your business needs with confidence. As consumers we have become deaf the “We Are the Best” message.
The Solution for Potential Buyers:
Today social media has allowed peers to easily connect with one another, and therefore provides a forum to ask the common question, “What company have you used for your [fill in the blank] service, and were you happy?”
- Business people trust the opinion of a peer more than a message from a potential vendor. Sites like LinkedIn are swarming with questions and answers from people who want to a direct answer from a real person about a topic or need.
What Should Your Business Do?
Participate in these discussions. Get your thoughts off of your website, and start dispensing helpful information on a peer to peer level. Finding these discussions can be a challenge, but done correctly, you and your company will begin to appear as a resource rather than a faceless entity. That’s what people want…real help, real answers, from real people. Creating a blog is a start, but participating in other people’s conversations helps even more. Just like attending a networking event and answering a few questions, social media allows your company to put real faces behind the company name…added an element of trust to your message.
Good luck, and as usual, let us know if we can help.
Posted by JasonB on February 1, 2010
Turnover rates in 2009 topped out at over 3% across the United States (bls.gov). Though your company may have been lucky enough to bypass layoffs, the massive increase in cutbacks means you may be marketing to the wrong person.
In order to ensure your company’s marketing dollars aren’t wasted, it’s important to cleanse your database.
How are you going to do it?
Contact each company you’ve decided to target to identify the proper contact.
You must ensure you are talking to the actual decision maker.
You’re not looking for a job title, but the actual person that writes checks for what your company is selling. The Decision Maker. This person will be tough to identify, as they are often busy a buried behind gatekeepers.
In order to make your cleansing calls more successful, start with some web research. Sites such as LinkedIn, Hoovers, and LexisNexis can provide insight into who does what in an organization. It’s more effective to say, “Is Steve in Operations available?” as opposed to “the head of the Operations Department.”
Speaking to the decision maker ensures your efforts are focused on the right person.
Remember, if you are using a list from 2009 your contact information will most likely be inaccurate.
Though cleansing may not be something you’d like to do, it’s necessary- otherwise there’s a 3% chance you are marketing to the wrong person.
