One of the most common questions we get asked is “Why should we do webinars?” The premise behind the question is that they’re already doing other activities and they do not necessarily have time, or resources, to add more to their sales and marketing mix. It’s a fair question.
If you’ve attended any webinars, you’ll know, and appreciate, that many companies do webinars really, really bad. Let’s be honest – have you ever left a webinar minutes into it because you were falling asleep, or it just wasn’t giving you any value-add? We understand. These types of experiences can leave you not wanting to produce something if you can’t do it well. Doing something well takes time, and that’s often the one thing we’re all in short supply of.
How about we let the facts speak for themselves when it comes to why you should be doing webinars?
In a recent study conducted by MarketingProfs, the following facts were uncovered, based on the 46% of companies that were actively doing webinars:
Why does your company conduct webinars?
69% Generate Leads
69% Increase brand awareness
57% Build loyalty
40% Drive website visits
37% Build in-house database
28% Drive offline business
Do you find webinars effective for:
50% Generating cost effective leads
47% Generating quality leads
38% Producing large volumes of inquiries
So there you have it – point #2 above gives you the answer to the question raised in our headline. If you have time, continue reading this blog because we’re going to take it to the next level.
What’s really interesting about this research is that it doesn’t even address how webinars can be repurposed for numerous additional pieces of content. This is critical! Understand that a webinar is typically a live event. Once its broadcast, everything said on that broadcast is now part of the public domain. That means you can use this content to quickly and easily produce additional content without seeking any additional approvals. Let me repeat this – you can use this content without seeking any additional permissions. Examples of this additional content would include:
What other piece of content can you produce that can be as easily, and affordably, repurposed? The answer is – nothing.
Why do you want to create additional content? Because now you can use this content in your lead nurturing programs, in your social media outreach, in your sales objection handling, and in your website Call To Action banners. All of this content, and utilization, starts with a simple webinar.
Let’s look at it from a different perspective. Let’s be really pragmatic about this. You’re busy. You don’t have time to call all of your target prospects, let alone your existing clients. You’re busy delivering on client commitments. Yet, despite all of this, you understand you need to be regularly communicating with your target audience if you want to keep feeding the sales pipeline. Even more frustrating is the fact that you often spend cycles with email, social media, or on the phone explaining the same concepts over and over again to your clients and prospects. You’re not working efficiently or effectively. When we talk to our clients, they readily admit this truth. They also acknowledge they’re frustrated.
With a webinar, you can reach your entire audience – customers and prospects and partners – for an investment of approximately one hour of your time. Best of all, the content is archived and then becomes available on-demand, suddenly freeing you up from explaining concepts over and over again in the future. Now you simply send them a link to the content and then follow up to see if they have any questions.
Webinars are not a cost. They are an investment that generates substantial ROI. You can measure it in increased sales and marketing productivity, or increased lead flow, or increase sales volume, or increased revenue.
It’s time to letter your on-air personality out. See you on the airwaves.
There comes a time in many business’ life where they will need to hire outside service providers. Whether it be computer programming, or designing a new website, business consulting, logo designs or even legal, sometimes you just need an affordable resource for your business development requirements. It can be quite difficult for new entrepreneurs to accomplish these tasks with so many expenses and when funds are tight. Not only can some service providers charge very high prices, but also equally challenging can be finding good quality people to do the job. At My Lead Agency, we put an extra emphasis on affordability for that very reason. However, sometimes you can’t even afford a nimble agency like our own.
When a customer came to us recently with a modest budget and seeking our services, our creativity was called upon. In a nutshell, their budget was too modest, if you know what I mean. We decided to work with them, free of charge, to see if we could help them achieve their goals within their constraints. That's just how we roll.
Initially, they had tried placing an ad on a few local classified websites, to merely receive horrible results. The skill level that was needed was just not there. So it came as a shining beacon of light to them when we recommended expanding the search beyond the local realm. We suggested a few different freelance websites. We started to look into them, each having their own unique ways of functioning, all with their own advantages and disadvantages.
There seemed to be two distinct types of freelance websites. The first type, like crowdspring.com or designcontest.com, let’s you list your project details and how much you are willing to pay for the work. You then send this money to the website who holds on to it. The artists will then submit their work to you. The vendors advise that you should expect to get 30 or more submissions. Obviously the more you pay, the more likely people will want to work on it. You then pick the design you like, and only then does the winning artist get paid. If it so happens that none of the work is what you want, there is no cost to you. You get all your money back.
The second type of freelance website, such as guru.com, allows you to list your project just like the others sites; however you do not put a set price, although you may give a price range you are willing to pay. You then wait for artists to respond to your project with their price tag. It is up to you to then choose which artist you would like to do your project, and only then do they start working on the project.
Based on our customer’s requirements, the guru.com website seemed more fitting. Within the first day of posting the project they received about five responses. The next day it was up to about ten responses. Not only were prices very affordable, but also our customer was also able to view many different portfolios and personal websites. The quality of these artists was outstanding; some of them even worked for major corporations like Disney, or ran their own studios. The hardest part for our customer was choosing which artist they actually liked best. When they finally decided upon one, we helped them write up a project agreement for five different pieces (including some revisions) and they started to work.
The quality was great but the process was not without issues. Minor conflict arose when things needed to be changed and the artist liked them the way they were. All of this may have been avoided if our customer and the artist had been able to talk face-to-face and get these details figured out. Eventually, our client determined the artist had become too difficult to deal with them, so the project was cut short. It was a little bit frustrating for our customer as they felt like they were back to square one again. However, all was not lost, as they were able to go back to one of the artists they had debated using, and successfully finished the project with them.
Freelance websites are excellent tools for the budget conscious person; you can easily use them for small, one-off projects. Nevertheless there are strings attached. The lack of direct communication can be a unique strain to getting a simple project accomplished. These service providers can work for simple tasks but they lack the abilities to coordinate an integrated guerrilla marketing campaign. Said another way, I wouldn’t advise using them to augment your demand generation strategies, or any inbound marketing or marketing automation projects, but I would suggest they could be an effective resource for small, budget-friendly engagements.
Let's change up today's blog post and stand back a bit. Often, in these posts, we talk about the issues and tactics involved in demand generation. Closely involved in that process is the technology. However, today, I'd like to stand back much further and ask the question "When does the sales process really begin?"
I'm going to set it up, initially, and declare it begins two-fold: once involves getting found, and the other involves getting respect.
Let's start with getting found, as this is somewhat of an obvious insight based on the hot topics and trends around inbound marketing and marketing automation. If an individual has a pain, they will inevitably turn to Google to find ways of dealing with that pain. They may also turn to forums, communities, or web sites dedicated to specific issues or industries, but that is always secondary. Google is the go-to place for most people to start their journey. So what does that mean? That means you need to be found by the search engines. How does one get found? One develops and publishes an ongoing collection of marketing content (videos, podcasts, whitepapers, case studies, blogs, etc.) about the subject, or topics, related to the issue the prospect is researching. You pick out your keywords, and your key phrases, and you ensure they are continually and liberally part of each piece of content you develop. The search engines will reward your ongoing new content, they'll recognize your continued reference to these keywords, they'll discern that you're being published and referenced across the various online mediums, and they'll rank you higher in the search results. This means you're more likely to come up higher on the search results when the individual is beginning to research how to fix their issue. Ideally, that will result on them clicking on the referenced link provided by the search engine which should directly, or indirectly, send them to you and your website. That's Part 1 of the process. You'll rarely get to Part 2 if you don't do Part 1. No excuses. You gotta do it.
Okay, so let's discuss Part 2 of the process, because I think this is the most forgotten aspect. I also consider this equal to, and sometimes more important than, Part 1. What is it? It's the first impression you make! That's when the sales cycle truly begins. If you don't make a good first impression then you're never going to hit your sales revenue targets. Let me share an analogy I use with customers.
Have you ever shopped online for something? Of course the answer is almost always yes. Great. Now lets assume you find 3 websites that provide the exact same product at the exact same price at the exact same shipping fees. Which site to you buy from? The answer is simple as you think about it. You buy from the site that appears most aesthetically pleasing, that appears to offer great supporting content such as product reviews, or video demonstrations, or user forums, etc. Do you agree? You should, because studies have proven it over and over again to be true. So why do we do that?
We are conditioned from a very early age to eliminate risk. Therefore, the site that looks the most slick, the most complete, the most travelled by other shoppers, the most insightful, and offers the most service MUST BE the best vendor. Right?! Of course, we both know that's not always the case however that's what we think. It's psychological.
It's about eliminating risk by establishing credibility and trust with the prospect.
So let me ask you this question. What level of risk would I perceive if I went to your website right now? One more thing - if you're suddenly feeling exposed, check out this recent webinar on how to make great content for your website. It's a great way to fix the credibliity problem you may not have even known you have.
If you're reading this blog, there is a good chance that you have a vested interest in generating more sales leads for your business. Perhaps you're tasked with it, or measured by the leads you create, or are being constantly pressured to fill the pipe to overcome the challenges of an ineffective sales team. There are many reasons why we need sales leads, beyond keeping the lights on, but typically we're challenged by resources and budgets in our execution. Therefore, the promise of automated lead generation facilitated by marketing automation is very attractive. Could it be as simple as "set it and forget it" as I watch the leads come in? Certainly that is what is promised by many vendors. I can assure you it's more involved than that. The reality is that many businesses not only lack resources, but they also lack budget. Without budget, marketing automation can never be implemented simply because you can't afford it. With budget, you may still not be able to implement it because you lack resources to maintain and develop it. It's a classic chicken-and-egg scenario. Give me more people and more money and I'll make you more leads. Unfortunatley, management often responds by saying you'll get more money and more resources when you bring in more leads to pay for them. What's a marketer to do?
The answer is simple - take it one step at a time. Then, repeat if necessary. Let me explain.
Auto Responders and Email Marketing
For many of our clients in this situation, we simply suggest you start with tools like Campaign Monitor or Constant Contact. These tools rock for their ability to create online forms which can be embedded in your web site. Once a form is completed (because you had a kick-butt Call To Action), a series of emails can be sent to the opt-in subscriber on a periodic basis. It's the simplest form of lead nurturing. There truly is minimal, to no, intelligence such as lead scoring, or complex branching logic, or persona segmentations to dynamically adjust and nurture the new prospect. That said, it does do a great job of engaging them softly over a period of days or weeks or months such that you can ultimately follow up with a phone call and anticipate a somewhat warm reception. As a Marketer, you can control the messaging and monitor the reports to see how they're engaging with you. It's a nice start, and it's very cheap to implement.
Once you've gotten some ROI from the auto-responders, you can move onto Inbound Marketing. Vendors like HubSpot have pioneered this space. It's definitely more expensive than the auto-responders, and it's essentially on-par, cost-wise, with some of the very low-end marketing automation providers, however it gives you so much. The essence of Inbound Marketing is that it does what the auto-responders do, plus gives you some basic lead scoring, plus gives you incredible insight into the leads that complete your forms. Beyond that, the secret sauce behind Inbound Marketing is that it will help you get found by your target audience using tools such as social media, search engine optimization, landing pages, etc. It's a great tool for non-technical marketers who need to quickly and efficiently drive traffic to their site without the expense of telemarketing, or direct marketing, and in a way that is credible and develops a firm's thought leadership. We have a quick little video you can watch at this page to learn more.
Finally you've had success with the above two tactics, and you now have the budget to really invest in a deluxe implementation of marketing automation. Congratulations. Of course, now your decision is whether to go low-end, middle of the road, or high-end with your vendor selection. Tools from Act-On, to LeadLife, to Pardot, to Genius, to Marketo, to Eloqua will span the spectrum of both budget and capabilties. The only immediate advice I'd offer here is to balance your wants with your needs with your budget. Always remember - it's not a linear equation. When you double your monthly spend on a marketing automation vendor, you're not doubling your feature list or your ROI. Also recall that the more complex a tool is, the more maintenance and oversight is required on your end. Accordingly, the costs are not contained just to the service subscription but also to the associated staffing to maintain and leverage your investment.
Aim for the moon, start with a single orbit
Okay, it may be a corny analogy but the space race was not won with the first project. They built on their successes and ultimately achieved their goal, using the lessons learned from each incremental step and effort. This is a great strategy and one you should seriously consider.
Recently, I stumbled across a fantastic discussion on LinkedIn, in the group “Inbound Marketers – For Marketing Professionals” that asked this very simple question “What is the number one rule of content marketing?”. The discussion was started by Rey Tamayo of www.awiserstart.com, and it has over 200 posts at the time of this blog writing. That tells you that Rey has hit a nerve with this question. That also prompts me to ask “Why?”
For context, let me summarize the most prominent answers that appeared in the posts:
- It must be compelling
- Remarkable content
- Address the needs of the reader; it's not about you
- Utilize keywords and key phrases
- Fresh content
- Use understandable language; shoot for high school readability
- Solve a problem
Now these are just a summary of the more common responses, however the largest response expressed, over and over again, was “Relevancy”. I love it. Of course, you know they’re right. Need a simple example? How many times are you reading a social media discussion, only to see somebody post something that is completely off topic and self-promoting? It happens a lot. If you’re like me, you probably completely ignore such posts? Why? They’re not relevant to the discussion. They don’t add value. Further, whoever made the post has lost any credibility with you in terms of future conversations.
Perhaps this answers my earlier question of "Why". The implication is that too many people must feel that too much content in existence today is simply not relevant. Would you agree?
I fully agree the relevancy is critical, however I do not believe it is the number one rule of content creation. In fact, I think it’s merely an attribute. It’s something you strive for when you generate your content, as are the other attributes like being compelling or authentic or fresh. While all of these attributes may help your content to be consumed, they do not necessarily help you achieve your goals, which is why you’re creating content in the first place.
Think about it. What are your goals? Are they to...
- Generate awareness?
- Establish thought leadership?
- Increase your search rankings?
- Feed your social media engine?
- Contribute to your lead nurturing programs?
- Engage your target audience?
Upon reflection, I think you will all agree that these goals are, in fact, designed to ultimately generate more leads for your sales teams, or to help in the conversion of leads into paying customers, such that you hit your revenue targets. In other words, it's all about demand generation.
Therefore, I submit that the number one rule of content marketing is to generate content that will help you fill your pipeline and close more deals. That’s it. Easy. Simple. End of story.
How would you do that? Well – I posted about that on the discussion group and summarized it accordingly:
“Content needs to start with your Sales Funnel. Analyze your sales funnel. What is the leakage and the lag from sales stage to stage? What are the common objections you get at each separate stage? What are the frequently asked questions your sales teams get asked? Once that's done, you can map your current content inventory against how each piece supports the sales funnel stages. Do they address the sales objections? Do they address the FAQs? Will they help you reduce the leakage or the lag? Is the content serving the top of the funnel or the middle of the funnel? How can your content help your Sales team be more successful? How can your content increase your conversion rates? To answer your question directly, the number one rule of content marketing is to help Sales close more deals. Everything else - relevance, thinking like the content consumer, personality, etc. - are aspects to what content should be produced and how it should be created. If you don't know the content you need, if it doesn't help achieve your end-goal of sales (I'm assuming it's sales but you may have another end goal), then your content will not be effective. Hence, always start with your sales funnel and figure out what you need to make, how your audience wants to consume it (which channels - video, podcasts, white papers, etc.) and how it addresses the challenges of the sales cycle.”
Those who read my blog posts know I often have pretty strong opinions, but perhaps my opinion is wrong on this. What do you think? Better yet – what would your sales team think?
Not sure you realize this, but Valentine's Day will soon be upon us. Being a total non-romantic (at least in this post), the day is significant solely as it represents a milestone date that you, as a B2B Sales and Marketing expert, should be leveraging. In other words, whether it's Valentine's Day, Thanksgiving, or any other significant event in the eyes of your audience, you should be planning well in advance to launch a campaign around it.
We've all been there. Trust me when I say, based on my past track record, I should probably be the last person to write this post.
So what's your plan? Have you already created a lead generation campaign that will leverage this milestone event? If so, congrats; you're now excused and no longer need to read this post.
Still here? Welcome to the club. Alright, let's make sure this doesn't happen again.
Folks, it starts with a Marketing Calendar. I know we talk about it. We mean to do it. We may even have an Excel spreadsheet of the major events we're doing (i.e tradeshows). However, used properly, a Marketing Calendar becomes a critical tool in your strategic planning. Before you do anything in your annual marketing plan, look at the calendar, pick the dates out that are opportunities to leverage (i.e. Valentine's Day, or Thanksgiving), and then enter a Campaign launch date that is days, or weeks, prior to that date. Once that major milestone is in place, you can reverse-schedule your supporting tasks to ensure you actually launch on time.
Of course, when that's done, you should enter your events next. Those dates are often fixed and not controlled by you. Following that, you can add in your news releases, your blog posts, and your newsletters. What we're doing here, if you haven't picked up on this, is staggering the marketing milestones so that they don't overlap. We want to optimize our campaigns with our financial and people resources. When you have multiple campaigns happening concurrently, it's a recipe for team discord. Avoid this at all costs!
Now that your schedule is layed out, you can start adding additional marketing campaigns to supplement your activities. For example, a tradeshow may be an opportunity for promotional emails and incentives to drive event attendance.
Sounds easy enough, eh? Almost common sense. So...how many of you can not only show me your marketing calendar, but also claim to invite others in your extended organization to participate and contribute to direction, content, and measurability? How well do you actually meet your deadlines?
It's not easy. It's hard. I understand. But a marketing calendar that's shared by, and visibile to, the entire organization is a Marketer's best friend. You eliminate the question of "What does Marketing do?". You actually create morale because staff feel like Marketing is making noise and generating revenue. The conversation moves from "We need new leads." to "We need to close the leads we have."
So how do you make this mythical marketing calendar? For years I used MS Project or MS Excel and simply posted it outside my office. I updated it weekly with my team and shared it via email to my executive peers. When people asked me what we were doing I'd simply walk them over to the posted calendar (they soon stopped asking!).
These days, I prefer technology to create and manage my calendars.
For years I used BasecampHQ. It's a great product for simple project planning. That's all we really need. It is great for transparency because team members can be both internal or external. The subscription fee is relatively low. It's a good investment.
Currently we're using ManyMoon. We love it. We made the move because our email and team collaboration backbone is all built upon Google Apps (GA). Unfortunately, BasecampHQ didn't have great integration with GA but ManyMoon does. Being able to update projects and milestones and tasks seamlessly between your email, contacts, and projects is very efficient. The reaction from our clients is overwhelming. In fact, while we may be engaged to deliver a subset of their marketing activities, we encourage our customers to use our ManyMoon instance and update the shared calendar we have with them to include all of their marketing activities. It works well for both of us. We can see what they have coming up on the calendar - even if it doesn't involve us - and we can plan our campaign dates such that they don't create conflict for our clients. Conversely, our clients now have a single place to go to see their entire marketing calendar.
So what's your plan? Do you have one? Are you planning for success, or failing to plan?
Every organization, at some point, outsources part of their B2B sales or marketing activities. Sometimes it's just for a specific deliverable. Other times, it's for a more sustained engagement such as lead generation, web design, inbound marketing, etc. For those of us who have been there, the selection of the vendor can rest on many variables. Are they the cheapest? Are they local? Were they referred by a peer whom I trust? Do they have the skills? Do I trust them? Can I work with them?
In my experience, it's the last two questions that are the most relevant: do I trust them, and can I work with them.
Let's be honest with one another. We're always going to want, and negotiate for, the best price and the fastest delivery. Most of us don't mind paying a small premium for good service. After all, we're all business people and we understand nothing is free. The best phrase a vendor ever shared with me was " Your options are you can have it good, fast, or cheap. Pick two!" I think that sums up nicely the tradeoffs that always come with working with vendors. That being said, most marketers are constantly having their budget, and their effectiveness, scrutinized. As a result, you want to make the right vendor selection.
With that said, let's assume you'll negotiate for a reasonable price with a reasonable delivery. If the vendor can't do that then they clearly don't want your business.
So what does that leave to influence your vendor selection? Ah yes - the peer referral or the vendor location. Let's start with peer referrals. I love referrals. Most of my friends, professional and personal, understand my idiosyncracies. They appreciate that I have high expectations and that I don't always have patience. They value my single-minded focus on lead generation and measurable results. As such, when they refer me to someone, I can usually assume they believe the vendor's approach and personality will match my own. In turn, I can assume they've done work together and my peer truly has experienced great things from this vendor. My peer's very integrity rests on the results this vendor will deliver to me. I may be somewhat overstating it, but not by much. This is why word-of-mouth remains the most powerful lead generation tactic today; because we trust our peers.
But should a referral be your number one influencer in your decision making process?
Finally, the last thing to consider is location. Is the vendor local? Are they on the same time zone? Do they speak the same language? In the age we live in, telecommuting is the norm and long-distance project teams are typical. With that said, nothing beats a face-to-face meeting between client and vendor. It's one thing for me to say something to my vendor, but it's another thing for them to see my body language. It takes the relationship to the next level. It creates alignment.
So is location a prominent influencer on your vendor selection?
Alright - let me cut to the chase. I'll tell you what I've learned to be true. I've learned price is critical. I've learned integrity is paramount. I've learned referrals are a good way to short-list vendors. And I've learned to never sacrifice success to save a few bucks on my vendor.
But most of all, I've learned that my vendor selection comes down to trust and relationships. Do I trust this vendor? Can I work with this vendor? Does my gut tell me that I'll be successful with this vendor? Do I believe this vendor is earnest and engaged? Do they understand me and my requirements? Can I be brutally honest with them? And will I be okay if they are brutally honest with me?
The truth is that every sale starts and ends with trust and relationship. Look at your own sales cycles and you'll see these issues often play the largest role in why your customers choose you or your products or services. Everything else is important, but secondary.
So. Do you agree? Go ahead. Be brutally honest with me.
Recently I attended a webinar put on by HubSpot for their value-added resellers. The intent of the event was to help resellers retain, or grow, their client engagements by using the HubSpot reporting features. In short, the lesson was to review the continually improving progress reported by HubSpot with your client. If you do this, the client will see the value the reseller provides and will continue to engage them or broaden their scope. It's excellent advice and something that most of us forget to do. Let me explain.
A customer can be someone who pays you for your services, or a customer can be an internal person or team. Whenever I was hired as CMO, or as VP of Marketing, the first thing I would do is go to the VP of Sales, and the VP of Professional Services, and the CEO, and individually say to them "You're my customer. My job is to get you what you need to be successful. What do you need?". I made sure to instruct my teams to treat the internal departments the same way. When we did that, we immediately changed the conversation from being adversarial, or competitive, to one of co-operation. That lead to establishing alignment. If the VP of Sales wanted more leads then I would ask them to define a lead. If I didn't do this, I might think my team was delivering leads but Sales might think we're delivering unqualified suspects. That's a disconnect. Hence, the customer approach lead to a defining of what the customer wants which lead to a discussion of how the deliverable is defined which ultimately leads to how it is measured. Once you have alignment on that, you're effectively left to run your own show and focus on delivering results. After all, that's all a customer wants is results. Often they only care about how you achieve them if you are not delivering them. Since I want my team to focus on executing, and not on playing customer politics, it's in my best interest to ensure alignment and successful execution of our mandate.
Why is this so critical? The 2011 B2B Marketing Benchmark Report from MarketingSherpa asked the question "Which of the following marketing challenges are currently most pertinent to your organization?". The number one response, almost double the second highest ranked result, was "Generating high quality leads". It scored a value of 78%, which was 9% higher than the previous year. Understand, however, that this report neither defines "high quality" or "lead". Talk about a huge opportunity for a disconnect between Marketing and their customers.
So here are some questions as it relates to your lead generation activities activities:
- Do you know who your customer is?
- Do you know what they expect you to deliver?
- Do you have documented agreement and definition on that deliverable?
- Can that deliverable be measured?
- Does your customer agree with the method of measurement?
- Do you routinely report to your customer your progress against achieving that deliverable?
- Do you have regularly scheduled discussions to review, refine, and improve the progress?
- Does your customer understand your challenges and constraints? Do you understand theirs?
- Are you making an effort to over deliver, such that they see you are commited to mutual success?
Lead generation is not about the programs you run. We here at My Lead Agency do not think of ourselves as a telemarketing firm, or a website shop, or an SEO specialist, or an email house, or a strategy and branding agency; rather, we think of ourselves as specialists in delivering B2B sales - AKA lead generation - to our clients regardless of how we do it or what tactics we employ. Why does this matter? Because, in the end, your client doesn't want you to advocate a specific tactic all of the time. The cliche goes that when you have a hammer, everything looks like a nail. That's a recipe for failure. Your customer wants you to help them succeed using every tool in your tool belt. Your customer wants you to be "in the trenches" with them.
Stay focused on what your customer wants and success will follow. Get alignment. Measure the results. Collaborate with your customer on how to adjust and adapt.
I hosted a webinar yesterday for our partner OnPath. The guest panelists were Tim Washer (@timwasher) and Deborah Strickland (@deborahs) of Cisco. It was a fun 29 minute discussion (not counting Q&A) about social media and the lessons that Cisco - the 2010 B2B Twitterer of the Year - has learned. These people were really honest and transparent, and I might add, very funny. I hope we can work together again and I suggest you follow them on Twitter. With that said, the webinar attempted to tackle the following six questions in our relatively tight timeline:
- How does Cisco use social media and why?
- Does a higher volume of views, fans, followers, subscribers, translate into more sales?
- How many people does it take to manage a successful social media strategy?
- What can a small-medium size company do to get started? Do they need a plan or just jump into it?
- How do you coordinate the technology of scheduling posts, building lists, and measuring clicks with team collaboration?
- Should a company consider outsourcing these activities?
Sidebar: If GoToWebinar is listening, you folks really need to work on your conference call technology. The webinar started 7 minutes late because of major issues and tech support never get to us until after we had resolved the matter. That said, a big shout-out to all of those who patiently waited for the webinar to start. We didn't lose a single audience member! Thanks!
What Tim and Deborah shared can best be summarized as follows:
- Use humor to engage: whether it's in your posts, or in your content you create (videos, blogs, etc.), people react better, and engage more, with a touch of humor.
- Be transparent, be relational: don't just push your posts out there non-stop, rather you should be conversational and honest with your audience. It should be a two-way dialog but not necessarily an ongoing diatribe of your daily existence.
- Sit back and watch while you're getting started. You'll soon figure out who is worthy of watching and engaging with compared to who is simply shouting/spamming with no interest in being "social".
- Use services like Technorati to find cool blogs to follow, and then get active contributing.
- Look at your competitors and see what they're doing. There is a good chance that you should be following some of the same people they do.
- Create a schedule and stick to it. Consistency is critical.
- Social Media takes a lot of effort. Don't let others in your organization make the false assumption otherwise. Assume at least an hour or two per day. If you don't have the time, or the additional resources or budget, to make that commitment then consider eliminating something else from your existing marketing mix or daily obligations.
- Social Media does not necessarily result in a dramatic increase in lead generation activity. It does, however, positively impact your search engine optimization (SEO), your thought leadership, and your exposure. It's great to get a handle on what customers are saying about you or your services and products, and it absolutely allows you to respond to any concern they may have.
- There is lots of technology out there, so use it. The usual suspects like Tweetdeck or Hootsuite are good, but so are more analytical tools like Radian6 or PostRank.
- Outsourcing of social media is a challenging thing, as the vendor will never know your business like you do. That said, it can be safely done in controlled circumstances with sufficient checks and balances.
- Foremost, what I took away, was a comment that for social media to be successful, you have to have a goal. Once you start the program, always be measuring against your goals. What was very interesting was the observation that your goal may not be the same as what others in your organization believe the goals should be. That means you need to get consensus early in the process.
Of course, I'm just hitting the high notes. The actual webinar is worthy of a quick listen. The questions submitted by the audience were powerful and the answers were honest.
Thanks to @onpath for the opportunity to host.
If you want to hear it yourself, you can find the recorded version here.
Social Media is a major part of any B2B sales or marketing strategy that we endorse for our clients at My Lead Agency. It doesn't mean we always enjoy or embrace social media. Despite the typical verbosity of my blog posts, I don't always have a lot to say. I'm good with 2-4 character posts ("Yup", "Nope", "OK") rather than 140 characters, and blogging can sometimes be downright painful. I've got so much to do during the day that social media can sometimes be an afterthought. With that all said, is it effective for lead generation? Well, as it relates to inbound marketing, it's critical however we need to keep perspective; it's still only one tool in our bag of business development weapons. In other words, stay focused on developing a comprehensive and holistic approach to your lead generation efforts; do not get tunnel-vision and believe social media is the answer to all of your sales pipeline woes. Trust me when I say that many companies we work with have been barraged with sage advice preaching that social media will fill their coffers. With that as the inspiration for today's post, I decided to go have another look at the MarketingSherpa 2011 B2B Marketing Benchmark Report and see what the numbers say about this topic.
When asked to indicate the effectiveness of social media for their organization, the answers were as follows:
- 16% - Very effective
- 59% - Somewhat effective
- 25% - Not effective
What's interesting about these numbers is how MarketingSherpa chose to interpret them: "the majority of B2B organizations perceive this as either a very effective or a somewhat effective tactic.". Personally, I see the glass half-empty on this one. That is, that the majority of B2B organizations perceive this as somewhat effective or not effective at all. And, it should be noted, my "majority" is bigger than MarketingSherpa's "majority" when you add up the numbers. So, that tells you that the experience of most marketers is somewhat still out on the impact of social media. Of course, many pro-social-media pundits will simply claim that these organizations aren't effectively using social media, nor do they have the expertise or resources to implement it properly; and they would be right in most cases. That said, it's just another affirmation that social media, like any marketing tactic, must be implemented intelligently.
If I drill down further on this topic, MarketingSherpa asks the question "Which of the following social media tactics does your organization currently use? Check all that apply". The answers are intriguing:
- 87% - Participating on company branded or managed social networks (Facebook, LinkedIn, etc.)
- 64% - Microblogging on company branded or managed microblogs (Twitter, Jaiku, etc.)
- 64% - Blogging on company branded or managed blogs
- 62% - Sharing content on multimedia sites (YouTube, Flickr, SlideShare, etc.)
- 59% - Using social media to improve search engine rankings (SEO)
- 41% - Social media news releases
- 33% - Blogger or online influencer relations
- 30% - Sharing email content with social media sites
- 21% - Advertising on blogs, social networks or other social media sites
So my takeaway here is that companies engage what requires the least amount of effort, such as Facebook and Twitter. Everyone can do a small little update here and there. That's not too time consuming. However, blogging does take more time and effort, as does content creation and SEO. Influencer relations can take an especially long time, as you need to develop a relationship over time; that will only happen if you have something valuable to say or great content to contribute. MarketingSherpa actually has another chart that details the perceived level of effort required for each of these initiatives, which fundamentally documents our noted assumptions.
Alright, let's bring this blog post home and reference the chart that really means something to those within the organization responsible for revenue: Please rate the following tactics for their level of effectiveness in achieving social media objectives (1 star is the lowest level of effectiveness, 5 stars is the highest level). For brevity, I'm going to add up the percentages for those who answered 4-stars, or 5-stars, into a single percentage, as that percentage reflects a strong perception of the tactic's effectiveness in achieving the organizations's goals for social media. For our clients, that goal is almost always lead generation.
- 44% - Blogging on company branded or managed blogs
- 40% - Using social media to improve search engine ranking (SEO)
- 34% - Blogger and online influencer relations
- 30% - Sharing content on multimedia sites (YouTube, Flickr, SlideShare, etc.)
- 30% - Participating on company branded or managed social networks (Facebook, LinkedIn, etc.)
- 24% - Microblogging on company branded or managed microblogs (Twitter, Jaiku, etc.)
- 20% - Social media news releases
- 24% - Sharing email content with social media sites
- 17% - Advertising on blogs, social networks or other social media sites
So what's my takeaway from this? Organizations are not optimally using social media. While Twitter and Facebook are good, and often fun, they are not ranking well enough on achieving corporate objectives relative to the investment required. On the other hand, blogging, SEO, influencer relations, and content creation is more successful at achieving those goals.
In the end, deals occur because of relationships. One party trusts another to help them resolve a pain they have. Trust is built slowly, often after repeated demonstrations that a vendor has skill, and a track record of success, such that a Buyer's objections, and fear of risk, are mitigated. The vendor becomes credible. As is often the case behind earned trust, word-of-mouth implies credibility. When a trusted advisor refers a vendor to a friend (virtual word-of-mouth), the vendor is perceived as credible and trustworthy. That's what content does for you. It puts your knowledge in a consumable format. That content is then shared among friends. If it's deemed valuable, trusted Influencers reference and endorse you. Blogs also convey personality and are a more personal way of referencing and delivering content. Content builds SEO. Content becomes a sales and a marketing tool; it's embedded in your processes with things like lead nurturing or objection handling. And all of these factors generate inbound leads which then results in measurable lead generation success.
So there you have it. My musing for the day. Sorry I went a bit long. I did admit initially to being verbose with my blogs. I'd love to hear your feedback.