Using Social Media Strategy and ROI Metrics To Increase B2B Sales

Report
Using Social Media Strategy
and ROI Metrics
To Increase B2B Sales
Skip Reardon
Director of Digital Marketing
Here’s What I’ve Heard So Far Today
During the next 60 seconds…
• 2,000,000 searches on
• 500,000 “Likes” on
• 90,000 tweets on
• 7,600 searches on
• 600 videos uploaded to
Social Media Investment Trends
14.00%
12.00%
10.00%
8.00%
B2B Product Marketers
6.00%
B2B Service Marketers
4.00%
2.00%
0.00%
2010
2011
Source: John Bell, Olgivy, 2011
2012
NOTE: Social
media is NOT just
for marketing!!
The Marketing Mix Has Changed
…Or Has It?
1960’s
•
•
•
•
Product
Price
Promotion
Place
TODAY
• People
1990’s
•
•
•
•
Consumer model
Cost (of ownership)
Communications
Convenience
TODAY
• Community
Social Media Tools
• Understanding the primary tools
–
–
–
–
Facebook
LinkedIn
Twitter
YouTube
– Why? B2B decision makers are the most socially
engaged in the world - when compared to average
internet users.
A Few Recommendations…
If Your Business Offers
Products/Services
Social Media Tools
To Consider
That rely on local customers
Facebook, Twitter, Google
Places
LinkedIn, Facebook
That rely on your expertise/IP,
networks, new relationships
That can be shown or
demonstrated for best effect
That target a more mature
demographic
YouTube, Facebook, Twitter
That target a younger
demographic
Twitter, Facebook
Facebook, LinkedIn
The Traditional Sales Funnel
The Social Media Funnel
Social Media Strategy
• What is your social media strategy based on?
• What do B2B leaders do when we have
questions? We SEARCH
– “How can I help you solve your business
problem?”
• 2,000,000 Google searches per minute!
• ….and search is becoming increasingly social
Social Media Strategy
“How Can I Help You Solve Your Business Problem?”
• Yet only 29% of sales reps are really prepared to
understand customers’ business problems
• 40% of survey responders: biggest challenge – getting
sales to challenge and collaborate more with
customers
• How can we solve this?
–
–
–
–
Create relevant content to solve business problems
Make your experts available
Revise your approach to relationship building
Remember– it’s ALL social selling
Measuring Social Media’s Impact
• What are the
metrics/measures?
– Relevant Awareness/Engagement :
website visitors, page ranking, followers,
FB Likes, LI’s Shares, Google’s +1
– Advocacy/Conversion: comments, RTs,
reviews, WOM
– Loyalty: repeat products/services sold,
cross-sales of products/services,
testimonials, referrals
Measuring Social Media’s Impact
• How can we measure them?
– Websites/blogs: Google Analytics
– Facebook, LinkedIn, Twitter,
YouTube - all have built-in
analytics
• 3 M’s
– Monitor – watch and track
mentions
– Measurement – of engagement
data
– Metrics – KPIs for social media
measurement
What Actions Do You Take?
Lagging Indicators
• Quantitative campaign
measures over a period of
time
– Website visitors, “Likes”,
Shares, followers, comments,
subscribers, reviews, page
ranking
• But - ROI should not be the
sole measure of performance
Leading Indicators
• Short-term measures of
success that offers some
predictive insight into
future outcomes.
– Sales leads, direct orders,
inquiries
A Look Toward The Future
• “Skate to where the puck is going
to be…”
– Social will “no longer matter”
– It’s “just” communications
– Mobile – smartphones, tablets
– Social impact on e-commerce
Finally, A Quick Recap…
Strategy
• Create relevant content to
solve business problems
• Make your experts available
• Choose social media tools
wisely
• It’s ALL social selling
Execution
• Apply freshness and
frequency to content
• Monitor measures
frequently
• Make changes mid-stream
when something is not
working – it takes time
• Revisit strategy regularly
• Rinse, repeat…..
Questions & Answers
Skip Reardon
[email protected]
Twitter: Sreardon
LinkedIn: Skip Reardon
Facebook: SkipReardon

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