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 December 21, 2009
1) Make Sure Your Content is Clear and Concise
Posting basic facts about your company wont grab the attention of decision makers in the buying cycle, you need to have an angle.
-Post Helpful Content
When people are in the search phase of the buying cycle, they will search online for a company that fits their needs for a B2B partnership. In order catch and reel other companies in, the information on your blog needs to be useful, relevant, and helpful.
-Be Original
Nobody likes a “copycat.” Compile and post unique information relevant to your company. This will, in turn, differentiate your company from others and will ensure optimal B2B lead generation.
2) Make Sure Your Posts Are Consistent
Consistency is key to attracting subscribers. They will sign up to receive future posts if they’ve seen consistently good content.
Constant posting will result in improved search engine ranks. Companies pay thousands to search engine optimization forms to increase their ranks. However, much of the same ranking improvements can be realized by posting regularly. Search engines like new, fresh, relevant content and reward sites by moving them toward the top.
3) Utilize Your Social Media Outlets to Share Your Post:
Blogs can be fed to sites like Facebook and Twitter, and shared at sites such as Digg, Delicious, and Reddit. Feeding your blog to multiple outlets will leave opportunities for increased B2B lead generation and social networking.
-Don’t Put All Your Eggs In One Basket [Or Your Company's Website]
When companies are in the buying cycle, they’re not going to go directly to company websites. Often times, companies will research online through blogs and forums for advice from their peers on which company will fit their needs the best.
4) Pinpoint Your Market by Listening to What Potential Clients Need
Be sure to decipher where your target markets are in order to feed your blog to the correct social media outlet. For successful B2B lead generation, you must reach them through the correct outlet. Some of your readers may utilize LinkedIn more than Twitter, and some may use forums rather than Facebook.
-Know Your Competition
It is important to give yourself some time to read other company’s blogs. This will give you an idea of what tactics are and are not working, and will help to make you one step ahead of the competition.
5) Make Sure All Eyes Are on Your Company: Utilize Your Keywords
Keywords help “categorize” your content and ensure people looking for such topics find your message. Every outbound piece of content from your organization should contain the words and phrases most likely to attract a decision maker. These words will be what decision makers’ type into social sites to search for information, and what search engines will look for amongst the millions of websites and blogs. If your chosen words match those that decision makers use to find solutions, then you’re headed in the right direction.
Posted by JasonB on December 15, 2009
Although it may not be your company’s style to “tweet”, Facebook, or blog, you need to think about making yourself accessible to other companies who may benefit from your business, and you theirs.
Inbound marketing is a style of marketing that focuses on getting found by customers. And today, Social Media is a leading tool for inbound marketing.
Why Change Now?
Adapting to the variations in marketing tactics doesn’t mean you have to give up your current marketing strategy, it just means you need to be available through a few social media outlets.
Social media makes your company accessible online gives other companies and opportunity to seek you for your service.
1) Improving B2B Relationships
B2B marketing makes up a significant portion of overall online marketing activity. Roughly one-third of all commercial searches on Google are business to business related; more than 50 percent of Google’s target advertisers are B2B, and almost 38 percent of Yahoo’s target advertisements are B2B related.
Being available online helps your company to extend its lines of communication and stay in close contact with current and potential clients. Using online videos, pictures, and event calendars can help engage possible B2B relationships.
2) Increasing Visibility
When a potential buyers are in the market for a new product, they will often post a question online asking their peers which products are the best. You need to make sure that when that time comes, your name is mentioned first. You never know where your customers are online; LinkedIn, Twitter, Facebook, etc. Companies who start or participate in these discussions in an informative and helpful manner get instant credibility and a foot-in-the-door with decision makers.
3) Achieving Maximum ROI
Adapting to inbound marketing will not only increase your visibility online, it will generate more leads for your business. Getting exposure early in the buying cycle will increase your networking opportunities and profitability.
You Don’t Have To Do It Alone…
Social media is always changing so consider having a specialist maintain your sites and work with your company to help determine key steps and strategies. Your specialist can also help you stay ahead of the competition. Specialists can help you:
1) Maintain your social sites.
2) Find relevant conversations pertaining to your company or industry.
3) Author content for your blog and share with online communities.
Many people jump on Google to find the answer to a specific question or to prospect business relationships. Being a part of several key social media sites will help to increase your search engine optimization thus making you more visible online.
It’s time to take the plunge and begin social media marketing to take your business to new heights.
Posted by JasonB on May 29, 2009
In a previous posting, we talked about the general appropriateness of Pipeline Management and Web Marketing in B2B applications. The question you may now have, however, is what component of each will provide the best results for my organization?
How you answer the following questions will help you decide which combination will generate new customers for your business:
Does your industry have long or short contracts?
Some industries live and die by long contracts. Others seem to switch vendors at will. If your industry has a long, complex contract cycle, then the prospecting and nurturing components of Pipeline Management, combined with web video, will work best for you. Prospect to identify decision makers and contract-due dates. Once these individuals and dates are found, switch to a less intense nurture program, placing compelling messaging (web video, for example) in front of those prospects at appropriate intervals throughout their contract term. This will help you stay top of mind with the right person.
If your industry has no contracts or vendor turnover is common, Web Marketing, including social media, will allow you cast your net in the right pond to find prospects. In a world without long-term contracts, businesses are in the “search phase” of the buying cycle more often. This means they’re online, searching around, often looking for peer input about a solution. You need to ensure your business is present during this frequent searching phase. You can do that in a few ways. One way is to publish a blog, which should be aimed at dispensing useful, relevant information that benefits your target audience. The buyer wants to be in control of the vendor/prospect conversation and the more you can place them in the driver seat by providing highly relevant information, the greater the chances they will engage with you.
Search Engine Optimization and Pay Per Click will also work well in the no-contract environment. The frequency in which your audience is looking for a new vendor or solution should directly impact the amount of resources you allocate to being found online. Key word searches and social network monitoring can help you identify how often people search for what you offer.
Do you know your prospects, or still searching for businesses that could buy what you sell?
Simply put, if you know who you’re going after, life is easier and less expensive for B2B companies. The farther you get from the decision maker at a business that could use your service, the more complex things become.
Even with social media, in B2B marketing, the goal is to add targets to your list of qualified prospects.
If you have a list of companies that could use your service or know the profile of a company that could use your services, Pipeline Management is the quickest solution. If your Pitch-to-Close ratio is high enough whereby you can afford a fulltime prospecting resource, go for it. Granted, the better the prospecting resource, the lower your overall cost per sale.
Recognizing that most companies fall somewhere between, I’m going to touch on the other end of the spectrum. Let’s say there are thousands of companies that are a fit for your product/service. Almost every major city could have dozens or hundreds of prospects. If this situation resembles your organization, your first step is to profile your best existing clients. Go after companies like them, using prospecting, in every viable market. Only cherry-pick with prospecting. The rest of your resources should be allocated toward web marketing, as hundreds of decision makers could be entering the buying cycle any given month. It may take you a while to find that person using prospecting, but you can find where that prospect will go to find information online. Identify what industry portals, blogs, forums, and keywords your prospects are using, and place compelling, useful content in their path.
Large vs. Small Value of Client
How much is a new client worth to your company? $10,000 annually? $100,000? Pipeline Management provides direct contact between an organization and a prospect. However, with larger buying decisions, decision makers are searching for peer opinions and input online more than ever. Statistically, peer blogs and industry web sites are used more frequently than corporate websites to gather information about a solution.
If your product or service requires a significant investment from a prospect, then you need to focus more of your resources on web marketing, as again, your prospect will be spending more of their time online, collecting information prior to making a decision. Publishing a corporate blog would be important in this situation, but also participating on other industry blogs and forums will be critical for gaining exposure and credibility. The more industry related sites displaying input from your company, the better.
Web video, the fastest growing social media segment, can be a great tool for companies selling to prospects that have a low annual value. Web video can be paid for once, and then used indefinitely at no charge. It often has no, or very low, delivery cost. It also has a much higher response rate than more traditional marketing pieces. With this tool, companies can present a compelling message to thousands of prospects for very little cost.
Please keep in mind, the scenarios above may not be applicable to all businesses. Every business and industry is unique, and some marketing tools may work better than others in certain situations. That being said, remember this; Step 1 in your decision process of what marketing program to use for your organization should always be to identify your potential buyer, and where they look for information to help assist them in their job. Step 2…put a compelling message in that spot!
Good luck. Comments are always welcome.
Posted by JasonB on May 22, 2009
We’ve been asked, and have seen the debates online, about which is more effective at generating new business in the B2B environment – traditional Pipeline Management (prospecting and nurturing leads using tools such as direct mail and phone calls), or Web Marketing (using search engine optimization and social media such as blogs and web video). Our answer is that you need an active program for both.
Why? Because for most organizations, prospects can be divided into 2 camps – known and unknown. For known targets, Pipeline Management is an effective way to drive awareness of your product or service with companies you know you want to do business with. You know their names and may even know the key decision makers. Increased awareness will ensure that your organization is top-of-mind when these prospects enter a buying cycle and begin to look for a vendor.
That said, there are likely a significant number of prospects out there that you are not aware of. You can’t directly communicate with these organizations because you don’t know specifically who they are. For these prospects, Web Marketing is an effective tool. Via Social Networks, Blogs, Forums, you can create a presence for your business where these prospects are discussing relevant industry topics and are looking for solutions from peer groups.
Yet technology is blurring the lines between traditional and contemporary methods. For example, direct mail, traditionally used in Pipeline Management, can get lost in the clutter of other competitors’ materials going to a target. But, integrating a web video (social media) into an email sent to a prospect will help a company stand out amongst the competition.
Keep in mind that an active Pipeline Management and Web Marketing program is right for most organizations. There are, of course, exceptions to the rule. For example, if you have a very unique product or service and your target audience is small, then you may need neither. Your sales resources may provide adequate coverage for all your prospects. In future blogs, we’ll provide a perspective on how the unique characteristics or your organization should impact the design and selection of the right prospecting program.
