Leverage Social Media to Increase Revenues
Social Media Marketing
Many will argue that sales, particularly B2B sales, has always been a social activity. After all, selling has always revolved around relationships (i.e. WHO you know) and hence the focus on networking, establishing rapport, and leveraging existing relationships. Traditionally this was done via face-to-face business meetings, industry conferences, athletic clubs, civic organizations, social clubs, etc.
In the last few years the notion of social sales has changed dramatically with the adoption of Web 2.0 and social media marketing. For starters, social media marketing has greatly increased the scale and reach of our relationship networks and peer networks. Web 2.0 technologies have also changed the way in which we collaborate online, with most B2B buying decisions starting, progressing, and often even closing online without any face-to-face meetings.
The statistics are impressive:
- 41% of companies on Facebook report generating leads
- Companies using Twitter generate twice the amount of leads
- Companies with an active blog generate 67% more leads
- Linked in generates 67% more leads that Facebook, Twitter, or blogs
GETTING STARTED WITH Social Media Marketing
Making Buying Decisions
BehaviorIn reality, social media is itself a response to fundamental changes in customer behavior and their buying process. They now have access to unlimited information about your company, your products, and those of your competitors. They will all but ignore your marketing message, instead turning to the people they know and to their peer networks to educate themselves, diagnose their news, evaluate vendors, and make a buying decision.
The new reality
ConversationConversations occurring within social media have become more influential to the buying decision than traditional sales and marketing tactics. As Paul Greenberg puts it, the conversation is in control of the customer, which means the customer has the means and the networks necessary to get what they want and formulate their opinions - without the company or the sales person. Social selling is based on this new reality.
Its Who You Know
EngagementWhile sales remains a relationship-driven business, the power of "who you know" is trumped by "what you know about who you know." The new social customer is demanding relevance from sales people, expecting them to know about them, their companies, and their needs before engaging. This has heightened the need for comprehensive sales intelligence that brings together both traditional data and social media."
The biggest mistake we see companies make when they first hit Twitter is to think about it as a channel to push out information.
Tim O'Reilly & Sarah Milstein – Co-Authors of The Twitter Book