24th April 2012

Can Social Media generate valuable sales leads?

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The answer is yes, if you choose the right platform. You must find the platform where your target market hang out. Where they are doing business and not discussing their weekend.

There are a number of platforms to choose from. But, here’s the easy part: you sell B2B, so there really is only one platform. One answer. And that’s LinkedIn.

This is the platform where over 150 million managers and professionals (including 3 million Australians) hang out and talk business.

The big question is how do you find YOUR VIP’s, your very important prospects, amongst so many people?

You start by first deciding who, exactly, your VIP’s are. Who, exactly, are the clients you want more of?

Then, you can start a relationship with them. Thousands of them. Just a low level LinkedIn relationship, like connecting with them, or offering them a downloadable White Paper will do.

Small steps, very low cost.

By using this powerful platform, you can turn it into a HUGE numbers game, because turning sales leads into clients is just that. And that hasn’t changed despite all the new tools.

Now, it’s easy to stay in touch with your VIP’s. And position yourself as the expert at the same time. Then, when they are ready to buy, you are top of their mind. And THEY will call (or email) YOU.

Now that’s a lead worth having.

Your VIP’S coming to you, as a buyer, before you sell to them. I’ll drink to that!

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21st February 2012

Social Networking isn’t easy – though I’ll shortly be saying the opposite at a conference!

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In fact it’s hard work. Bloody hard work! Even though I often tell my audiences it isn’t. Why? Because the rewards are high. If they knew how hard it was to get good results on LinkedIn, to make serious money, many would never start. Never have the opportunity to change their business.

Social Media is what CEO groups and big corporates pay me to talk about. They are already scared enough. Telling them the whole up front would just scare the punters!

Now it is much easier to make B2B networking, such as on LinkedIn, pay if you have a strategy and follow a plan. But it’s still a lot of work. Ongoing work as you need to drop a lot of breadcrumbs out there for people to notice you.

Most importantly, knowing where to focus your efforts is a big challenge for most businesses. There are so many shiny new toys to play with.

All of them offer you the world: getting my clients and audiences to choose is not easy. You cannot have it all with networking, how could you? What about the other 7 billion people out there. Will each of them also have it all?

Ridiculous.

Nothing of value is ever easily gained.

 

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16th June 2011

Spam in the Social Networking Era: Why a New Definition is Needed

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In today’s world, spamming is just too easy. Not only does technology now allow us to spam other Internet users, but it also provides us with an audience of sitting ducks.

What happens when something is so easy to do? Everyone does it!

And what happens when everyone does it? People get annoyed and start to actively resist.

In the world of social networking we are going back to the rules of traditional customer networks where instead of constantly trying to promote ourselves, we share and connect with our community members in a mutually beneficial way.

Continue reading “Spam in the Social Networking Era: Why a New Definition is Needed” »

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30th May 2011

Social Media and LinkedIn– Why Should I Care?

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Australia was initially slow in its take up of social media, but in the last couple of years, we have come to lead the world. The main growth is coming from Generation X and Baby Boomers as they catch up with the youngsters. And they have approached social networking and social media with a very different mindset – it’s all about generating value for their business or to do their job better.

One of the main drivers of business value is the attention Google now gives to content on social media in its search rankings. Essentially, Google rewards both fresh content and original content – and that’s where social media platforms, such as LinkedIn, slaughters the traditional website. Virtually all the content on LinkedIn is user-generated and so it’s fresh and original and there is lots of it. Businesses trying to generate content on their websites in order to rank highly on Google cannot compete with the sheer weight of what users generate every day.

The other core driver will increasingly be the formation of LinkedIn’s professional customer networks. Businesses not involved with such customer networks will be at a growing disadvantage, and excluded from buying decisions and information flows. These online communities are forming in many professional and management areas, and LinkedIn Groups is the platform they use (over 100 million people can’t be wrong!). Most are still full of spam (generated by old fashioned marketers ‘telling and selling’); a few are not. They are rigorous in prohibiting self-serving behaviour. Here’s a few groups (or professional customer networks) that don’t:

Get Booked Out: The Marketing Group
Sales Masterminds
Business Evolution

What should a business do to get started on social media?

Here are the 5 simple steps to get rolling:

1. Build a Strong Profile on LinkedIn

LinkedIn is the social networking site for business, and is the business card of today’s world – a card that is always available and always up to date. Increasingly, business people going to a meeting will check out the LinkedIn profiles of who they are meeting. Bit of a disaster if you don’t have one – they will rightly judge you as being behind the times. And of course, you need a profile for your company as well.

On your Profile, you can position yourself as a business leader – always write with your ideal prospects, your ideal clients, in mind.

2. Educate Your Organization

It is critical that that everybody is on the same page with social media. They need to understand the “why” of what you are doing. And the nature of this strange beast that you are getting them involved with!

Risk management is also vital – you need to set expectations about the benefits of social media and explain how the results are not immediate. You also need to set boundaries to ensure your people are using it properly and without damaging the company’s reputation.

3. Segment Your Communities

Though more applicable to social media, it is almost ridiculous to say this as it is fundamental to all marketing: you need to have very different messages for your audience, whether they are prospects, suppliers, employees, former employees or whatever.

You need to have dialogues with your various communities- dialogues that make sense to them, are about them and are appropriate for them.

4. Experiment and Learn

If you’re going to get into blogging, for Pete’s sake, start slowly. Same with LinkedIn, Twitter and the others. Don’t rush in and make your mistakes too large! This applies to all social media –start slowly with a clear plan. But, as Nike said, just do it! Not next year. Now.

5. Invest in Developing a Strategy

Well, why wouldn’t you? You do it in other areas of your business, so why should social media be any different?

Ask simple questions such as what do you want to achieve and what are your goals? And then you need some attempt to measure the impact and the resources required to achieve that impact.

However, measuring returns on social networking and social media is incredibly difficult. It’s like trying to measure the benefits of attending an industry seminar. Or measuring the benefits of having a cup of coffee with a former client. It’s somewhat qualitative, rather than quantitative.

But that doesn’t mean you shouldn’t at least make efforts to establish where leads and sales are coming from. And which tools are helping to build relationships with your very best clients. The idea is to be aware of the time investment in each area. And it’s all about time unless you outsource it to professional providers.

So you need a strategy. One that is coordinated across all areas of your business.

Now, here’s the big point. What every business owner needs to know before they walk into the social media quagmire …

Social media is all about time – your time and your staff time. Now, one of the reasons why social media and social networking are so seductive is their low price- in fact, it’s free. Therefore they seem to have no costs attached to them, and many businesses get hooked in, and start this journey by doing too much. They spread their scarce resources too thin, and end up with little except frustration. They have discovered the fundamental truth of social media and social networking: it is incredibly time consuming.

More dangerously, they start to challenge the value and significance of Social Media. They think that it doesn’t work for their industry. That it is just a fad and a waste of time.

An alternative and more strategic approach: talk to an outsourcer that has two fundamental characteristics:

1. Is strong on strategy. And has a demonstrable track record of implementing great strategies for SMEs. Not for giant corporations like Nike or NAB.

2. Has access to expert people who don’t cost an arm and a leg. Social media requires an incredible amount of expert time to engage, which is the whole point. So it needs to be low cost or it will consume your entire marketing budget. (We use interns, a great resource in this brave new world).

Lead Creation is one of those outsourcers. Not sure if there are too many others.

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19th May 2011

The Leverage Era

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Marketing and its new tools have changed everything. We now have huge leverage. The ‘levers’, the giant ‘crow bars’ we control are now much longer for us all – we can move the world with these giant levers.

Everyone, not just marketers, can now be leaders.

‘Tribes’, or professional customer networks, that could not have existed before are now being assembled – the technology has eliminated geography. We can now work with, travel with and buy with a whole range of people that we never could before.

Whatever the status quo, changing it gives you the opportunity to be remarkable.

You have all the tools and levers you need. To change your industry. And your profession.

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22nd April 2011

‘Tribes’ guru doesn’t use LinkedIn!

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Seth wrote the bible of customer network building which, funnily enough, he called Tribes. Seth has the ability to see things differently and clear away the fog; to put complex ideas into simple words. And this is what he has done with the theory of ‘Tribes’.

But he seems to have missed one major implication of social networking technology. He has built his own customer networks in ‘isolated’ technology like Ning. And while such technology delivers the tribe owner complete control, there are significant reasons why social networking platforms are better. With LinkedIn for professional customer networks and Facebook for more social or consumer-oriented networks, there are various benefits to social networking:

1. It enables tighter and better sideways communication with members.
2. The technology for connecting is better – the investments made by LinkedIn and Facebook are huge.
3. We have multiple reasons to be on LinkedIn, but we only have one reason to visit Seth’s network- this underpins the whole theory of social networking. It’s also because our lives are incredibly complex and we are all trying to discover ways to simplify them. Going to multiple web sites on a regular basis is simply beyond the head space for most of us (and certainly this little vegemite!). Most people will avoid it where possible, or rule it out completely. But we will visit the big sites such as LinkedIn and Facebook because we have multiple reasons to do so. We do things other than visit our ‘tribes’ when we are there. For example, we research, connect with or chat to friends, we prepare for a sales visit, etc.
4. LinkedIn and Facebook can almost function as blogs now – and they will increasingly be used as such (both as microblogs and major blogs). When we no longer need to have separate technologies for blogging and connecting, the ‘tribes’ will simply communicate and ‘blog’ with one another, inside LinkedIn.
5. If the social networking sites start to play ‘silly buggers’, the founder of the customer network will move it to another platform. Such migrations have become easy.

LinkedIn and Facebook, despite well founded fears about their growing power, are the future and the foundations of professional customer networks.

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21st April 2011

Why stories win Groups on LinkedIn

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Great online customer networks, such as LinkedIn, need a narrative about what they are building, how they are doing it and why. This is so others can learn what made them successful and emulate that success.

Professional customer network builders and members need to share the stories of successful collaboration. This narrative might include some or all of the following:

1. That great ideas will win out eventually. They will beat the mediocre, especially with a large, passionate and focused customer network to spread them.
2. That self-help is a critical element of the modern ‘tribe’ just as it was when our ancestors wandered Africa. A great customer network helps us to help ourselves and achieve our goals, both professional and social
3. That great customer networks on Social Networking, such as LinkedIn groups for example, are like free industry or professional associations – they have all the benefits and more. Lots more. Without the huge costs and the stultifying bureaucracy that is so often a part of associations.
4. That successful online groups contain fans, passionate people who are enthusiastic about being members. It is not only about numbers. It is not all about being the biggest.
5. That size is important, but not at the expense of quality and passion (look at the large number of junk groups on LinkedIn who seem to exist purely as a ‘who is biggest’ game). But why is size still an important element?

• Bigger customer networks or groups can marshal greater resources and services
• With numbers you can create smaller subgroups that focus on particular specialties
• And finally, you can create exclusive inner networks as part of the larger professional customer network- it is a powerful motivating force for people. We want and need to be in the inner circle

It is time to tell and spread the stories.

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14th April 2011

Absurd Social Networking

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Hundreds of AssNabs (Absurd Strategic Social Networking Articles and Blogs 1) have been published. These articles typically lead off by asking:”Is Social Media a fad?” “Has it gone too far?” “Have we wasted money?”

Their answer is universally the same: that people have wasted money and that social media and social networking are just additional tools in the marketing tool box. Part of the marketing mix. That they are not a substitute for an integrated multi-channel strategy. And that geriatric media still has its place.

Well, whoopee. I apologize for the bluntness, but AssNabs constitutes, quite simply, an enormous media clump of misleading nonsense. Whoever said or believed they were a complete substitute at this early stage in the evolution of a revolutionary technology? Except the snake oil salesmen selling ‘magic pills’, who always appear when new technologies arrive, and who always do a lot of damage during the short time they’re around (most sellers of Pay Per Click ads are one egregious example – time they vanished!).

The AssNab is your classic ‘straw man’ argument. Putting up a proposition or argument that is patently ridiculous, so the author can knock it down and use it to justify their position. Silly but great for creating yet another media article or blog post to get you column inches or a better Google ranking.

But before we look at the absurd analysis in all the AssNabs, let’s first revisit what social networking and social media do that is powerful. What can they achieve?

Consumers now pick and choose the messages they receive

Well firstly, they put the consumer in charge – they empower people to pick and choose the messages they receive. And provide channels for people to share their passion for their favorite brands, or maybe attack a brand that messes them about.

Social networking, integrated with social media, clearly foretells the end of mass marketing as we know it – the imminent demise of traditional advertising, both print and broadcast.

Clearly it has not delivered all of the above yet, but we are now talking no more than 10 years before people are empowered, before the world has changed completely. In the meantime, let’s look at the straw man argument of the AssNabs.

[1] Slightly rude, but it’s a nice way to show how damaging AssNabs can be: – that they can turn around and bite you on the bum if you believe the rubbish they spout.

What do these hundreds of articles say? Something like: “people selling the social media message preach that advertising no longer works and that we should stop it now. Stop spending money on media advertising altogether. You should spend your whole budget on social media or online ads.”

Did anyone really say this apart from those few snake oil salesmen? No, they didn’t. The article is just creating a false dilemma. All this, or all that.

A classic false dilemma that I recall from my history days was the one that Hitler gave to the German people back in the early 1930s when the country was in chaos. That to fix Germany in these chaotic times, it was either us (the Nazis), or it’s the communists. This totally ignored that they were many other more moderate choices in between.

So, what’s the classic false dilemma in these articles: It’s either traditional marketing or social media – nothing in between. Absolute rubbish. The answer lies in the middle, with the weight shifting month by month to online.

Clearly, many people took a wait and see approach and are still waiting. Others have started to use it as part of a bigger strategic plan, and integrating it into their traditional marketing. And clearly, anyone who put all their marketing eggs into the social media and internet basket lost money. It was simply not ready to deliver results. However, it is now.

What do the AssNabs usually go on to say: “Social media has not replaced advertising (well, duh). And that it now coexists peacefully with traditional media, it’s just another channel”.

Absolute rubbish. It is not coexisting and it is anything but peaceful! Social networking, not social media, is waiting to take over and will. The analogy would be saying people can co-exist peacefully with a virulent cancer- you can for a while. The claims in AssNabs partly sound plausible because they confuse and mix up two very different technologies – social media and social networking. Clearly, social media is currently coexisting with mass media because it is just another media channel.

Hence, the All Spice man on a white horse campaign. A brilliant use of the new channel which provides the ability to reach people and for people to interact. But it’s not social networking, it’s social media! For an article on this amazingly successful ad and why it is not relevant to business … To see how and why they are different and why social networking is having the most impact on the world …..

AssNabs continue their strategic journey with: “You can’t build a successful multi-channel marketing plan with a Twitter feed alone”. (Well, duh!). So has social networking lived up to the hype? No it hasn’t, but it has a role to play.

Sorry, it has more than just a role. It is currently the star of the play. And when over 80% of the world is on the networks, it will then be the star of its own one-man play (to continue their theatre analogy!). Companies and businesses need to have a clear understanding of the major role social networking is about to play. To understand the likely end-game with this particular new technology. That it’s power is driven by the power of the herd instinct, our need to belong. By ignoring the forces at play, these types of articles just increase the fog surrounding business people when they think of this new technology.

Then the AssNabs take their strategy-free discussion to yet another level of absurdity: “Social media is of course social, it’s not commercial. So it works well with social causes and political movements. But it is not a commercial or marketing channel and you cannot sell through social media.”

There are some big assumptions underlying this statement. Firstly, the implication that selling must interrupt and so is of necessity annoying. Those of us who used permission marketing in the late 90’s and until recently knew that it didn’t need to be. The idea was ‘to become an invited guest, not a pest’. This technique is still valid, it is just being overtaken by the technology of social networking.

With social networking, as with all modern marketing, it is all about positioning and engaging. It is not about jamming your message down our throats.

Done well and with a clear strategy, social networking can be very, very commercial.

To illustrate, think of the politician who works in their local community, attends the opening of every door, and is always helping. Versus one who comes in 3 months before the election and blasts the electorate with ads. Whose support is longer lasting? Who spends less? Then add a whole new technology that puts her many and fervent supporters into a Tribe using Facebook. You have a politician who will be around for a while.

Every business has the power to do this. You can, and we do, sell on social networks.

But back to the second point the AssNabs make about social networking not being commercial. That social media (and they nearly always say media, not networks) is social and it does best when it does good, when built around a cause. Agreed, it is always easy to get people to rally to a cause to help people or to better the world. The harder part, the day-to-day grind, is finding ways to assemble a tribe of people for more boring and challenging tasks. Such as helping them to manage their business or be better at their profession– not nearly as exciting as raising money for tsunami relief. But just as meaningful and powerful for business and commerce.

AssNabs also ignore any business to business marketing, probably because they believe it is not commercial. Those of us who work in this field day in and day out know that the most powerful uses of these new technologies are precisely in the B2Bworld. Why? Because the social networking platforms are all about building relationships over time. And it’s in B2B suppliers of all kinds where relationships are a major driver of profits, probably their main driver. There are no better technologies for building better relationships than the professional customer networks that are forming on LinkedIn and Facebook.

The AssNabs assume that a business has to approach B2B relationship building in a certain way: Getting your staff to do bulk re-tweeting, article sharing and link creation. Taking the techniques of sell and tell onto the new media platforms.

Well, if this is your approach, who would want to form relationships with you? Who would want to be a part of your tribe when you are just spamming them and it’s all about you?

Social networking for business is not about being aggressive or telling and selling. It is all about selling in a way that will grow your tribe. That it will build relationships and grow value over time.

The wonderful AssNabs usually finish with: “You need for you to measure return of investment very carefully. Social media is free, but it comes with a big time cost – your time and your employees”.

Well, first of all, effective social media isn’t free, as it clearly doesn’t get done on its own (though some people seem to try to do it using robots, both software and human ones. Not a good look). And it needs to be done by relatively senior and professional people, so it’s not cheap. Because it is time costly, and often the time is spent doing multiple tasks with potentially multiple benefits, it is extremely hard to measure return of investment.

For example, how do you measure the return of investment on having a coffee with a former client? Or with an old school friend who could and might buy your services one day. Or of attending an industry conference?

What is the ROI of a community that wants to stay in touch with your business?

But the bigger question, and the way more powerful one, is what’s the return of investment on a tribe? It’s almost impossible to measure the profits you’ll make on a tribe that you have assembled – the benefit is the development of a community that is engaged and happy to stay in touch with you and your business.

With online advertising it’s easier, as the ads have a cost and you can track conversions very easily. But is still hard if you use the advertisements to grow your tribe or to grow engagement, which of course is what they should mainly be used for (with clearance sales being a notable exception).

Of course, you do need to attempt to measure ROI. You do need to have some measures. Business is used to seeing hard figures for ROI for their advertising or marketing spend. It is easy to say what a brochure cost, or a magazine advertisement. But at least quantify the time costs. And be aware of the longer term benefits, they will dwarf the quarterly sales improvements.

Many marketers and business owners will remain mystified by social media marketing if AssNabs continue to get published. Social media and social networking are not just about NFPs and causes. They are not simply about providing entertainment or worse, messages selling your business.

The new networks are about engaging and building professional customer networks, networks of people that want to stay engaged with you and your business. That’s marketing in the new era.

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6th April 2011

The Age of Leverage

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Historically, there has been little leverage in people’s lives. There was leverage within the wandering tribes of Africa and within the villages that formed later. But just simple leverage from people specializing in particular functions. And the leverage that did exist was fully exploited, and there was not much of it.

Leverage today is limitless. The only limit is our imagination.

In fact we don’t fully understand the size of our ‘levers’, and how their use can impact our lives and our businesses.

One simple example: On social network platforms like LinkedIn, as our professional customer networks grow, and most of us develop 300, 400 or 500 connections, professionals will be able to reach almost anybody in 3 to 4 degrees of separation. For many of us, it may even be 2 to 3 degrees if we have a thousand or more connections. It stuns me how many people I can quickly reach with just over 1200 first level connects on LinkedIn.

Who knows what the impact of this leverage will be on how we do our jobs, and on how we do business.

But it will have an impact.

 

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29th March 2011

Start with the End Goal in Mind – Spam free customer networks

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So many articles and blog posts about social media say how we are becoming less tolerant of interruptions on such platforms -LinkedIn for example. And they assume that people will simply filter out the annoying messages and ignore the brands that do it.

They assume that this is the sort of marketing that people will continue to do, without understanding that it is just a ‘way station’. That smarter marketers have already evolved from ‘One-Stop Tell and Sell’ to long term engagement strategies. And some short term ones that engage quickly!

It’s much better to just disallow interruptions from the beginning. Always.

Assemble ‘tribes’ of people who don’t want it, who won’t tolerate its absurdity. Such networks will naturally grow, flooded by ‘spam refugees’ hearing about a better place. An online community where there are no interruptions, where marketers are not allowed to annoy and interrupt.

It is such a naïve assumption to assume that the only way to sell on social media is by interrupting and annoying people. It’s old thinking.

Spam-free professional customer networks are already a reality.

Here are some great examples that were only started in 2011 on LinkedIn and are growing rapidly:

Get Booked Out: The Marketing ‘Tribe’
Sales Masterminds: For Sales managers
Small Business Evolution: For small business owners

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