Social Media’s Role in Identifying and Acquiring Customers

 

If you are a B2B or a B2C organization, your next potential client is most likely searching on Google right now for information regarding your services. That might be a pretty scary statement to read if you don’t have an online presence other than a website. Getting found on the Internet is no longer limited to Google Ads or maintaining a website. In order to have a strong online presence, every business large or small must utilize social media.

 

The first step in Building Customer Advocacy through Social Media begins with both Marketing and Sales engaging with customers in Social Media Channels.

·      Marketing Role: Identify and engage in discussions regarding product/application solutions to potential/target clients via LinkedIn discussion groups, online forums and Twitter# tags

·      Sales Role: Networking among peers of target industries to identify potential/target clients

Social Media has quickly jumped to one of the top ways to identify, acquire new and keep existing clients. A recent survey by Dimensional Research reported that 90% of Customers said their buying decisions were influenced by online reviews from social media: Twitter, FaceBook, Yelp and Company Sites. This means Marketing and Sales need to work together on the 4 Functions of Social Media in order to identify new clients and Acquire new customers.

 

 

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Don't Think You Have Enough Customers to Warrant a Customer Advisory Board? Think Again!

A Customer Advisory Board (CAB) or Council, is made up of your top, most strategic customers – whether that equals 7, 12 or 20, they are the driving force of your success. Having a CAB program in place gives the leadership team the perfect forum to meet with these important decision makers.

How Many Customers Should You Have Before Forming a CAB?

We’ve delivered CAB meetings with as little as 5 customers to as many as 22 and found that the smaller groups are just as powerful as the larger ones. A good example is a $3B client of ours with 9-10 customers who account for 90% of their revenue. They typically have 5-8 members in attendance at their CAB meetings. Alternatively, another example would be a much larger $20B client with hundreds of top customers. Their CAB meetings typically have 20-25 attendees and we include breakout groups and roundtables, allowing all members an opportunity to provide feedback and share in smaller groups. These very different companies get the same benefits: robust discussions, collaboration, brainstorming and clarity on our client’s strategic direction.

Would a Customer Survey be as Effective as Holding a CAB Meeting?

Nothing really takes the place of face-to-face meetings for better understanding your customers and building relationships. So if you’re considering surveying customers as an alternative to a face-to-face meeting, just know that your results will be much different. Without a ‘live’ audience to provide context to, you’re more likely to get just a ‘snapshot’ on something more specific. You won’t benefit from the dialogue among customers that occurs at face-to-face meetings; there won’t be peer-to-peer sharing and learning; and last but not least, a survey doesn’t offer much in the way of relationship-building opportunities.

Building a CAB program and holding in-person meetings (once or twice a year) creates a “safe” environment for an open, interactive exchange of ideas. While surveys serve a purpose, don’t use them in lieu of a face-to-face meeting – use surveys for more quantitative feedback. Hold in-person CAB meetings to allow members to build on one another’s thoughts and work on solutions together. This peer exchange will also create an emotional commitment, strengthening relationships and improving retention.

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Is the Revenue Decline at Oracle a Blip or a Sign of Major Industry Shift?

What’s happening at Oracle isn’t isolated.  It is a symptom of what looms largely ahead for the information technology industry.

According to the Wall Street Journal's Don Clark and Steve D. Jones in WSJ's CIO Journal, Oracle blames its sales force for the decrease in sales…WOW!  But, it’s true. Oracle, and the other technology companies who have been kicking everyone else around, have made their bread and butter selling to IT leaders.  These IT leaders are also by definition, "leaders in IT."  As buyers, they understand and can translate the bits and bytes of technology offerings. They make the final purchase decisions and oversee implementation and support.  They also get to be their own judge and jury by defining their own success criteria, which are typically the factors most relevant to IT (uptime, response rates, etc.).

With technology solutions migrating from in-house applications which are purchased and managed by the IT department, to cloud and other delivery platforms outside the data center, purchase and evaluation decisions are being made by the business unit leaders the IT leaders have traditionally supported.  And also by definition, "leaders in business" have a completely different way of analyzing, managing, and buying the services that support their business.  My favorite quote so far which highlights the difference between IT and the new untraditional buyers of technology comes from Michael Hickins, the Editor of The Wall Street Journal's Morning Download, “Indeed, many of them are heads of marketing who used a credit card to pay for cloud based marketing automation or reputation management applications."  According to Nucleus Research Inc. analyst Rebecca Wettemann, "Among that customer set, 'there’s some trepidation' about dealing with Oracle."  Again, WOW!

Change of this magnitude and pace may rewrite the entire IT ecosystem and power structure.  Oracle out, Workday in?  Not yet sure where to place the bets, but the opportunity couldn’t be bigger for those who can translate the facts and figures of technology services into a vision that inspires the hearts, souls, and ROI targets of business (versus IT) buyers.  As such, I will be sure to use my AMEX to pay for our new IT system and make sure I get all my Delta Frequent Flier miles too.

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On-Line CABs Great for Users, Limited for Executives

Recently, a great question surfaced on LinkedIn about CABs: “Has anyone here implemented a successful online CAB group? If yes, how successful has it been?”

I find that online CABs can work well in certain areas, but have limited effectiveness in others.  For instance, with user groups and focus groups where you’re seeking incremental insight, online collaboration can be a great tool for getting input on feature/functionality or refining a product/service. 

On the other hand, if your CAB is more strategic in nature, and your members are the level of Senior Director or above, a face-to-face environment is more appropriate.  When seeking advice on your strategic direction, the conversations progress into deeper discussions – about business challenges and understanding your customers’ priorities, industry trends and sharing of market insights.  Face-to-face engagements build a certain degree of trust and provide a safe environment for sharing and networking, which we find results in a genuine “bonding” of the group.  Members appreciate the professional accomplishments and relish the personal relationships they develop.  Council meetings feel like “reunions” and customer members become advocates. 

Having said this, once these types of relationships and trust are built in a face to face meeting, online meetings can be effective supplement for small working groups between the face-to-face engagements. 

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Should Your B2B Organization Consumerize Marketing Efforts?

I recently read an article over on the Software Advice website that discussed whether or not B2B Organizations should Consumerize their Marketing Efforts.  While there are many practices that are transportable between B2B and B2C, (and some of these marketing tactics should be applied to the B2B world aggressively), the suggestions cited in this article are limited to simple and low price point offerings. For typical complex B2B offerings that require many stages of conversations and levels of signoff, these simply won’t work.

In addition, points and “gamification” may in fact represent a conflict of interest and forbidden by the purchasing organization. This is a strong case for why these two worlds must be approached so differently. All marketing isn’t the same. Some B2B marketing is similar to B2C especially when the user is the decision maker, but it can also be very different.

Business-to-business (B2B) companies are fundamentally different from business-to-consumer (B2C) companies. But far too often B2B leaders try to apply B2C strategies and tactics in their companies with disappointing, even disastrous results. B2B success requires a completely different playbook.

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Why a Customer Advisory Board is NOT the Same as a Focus Group

With the myriad customer engagement programs so popular today, Customer Advisory Boards (CABs) and Focus Groups often get “bucketed” together, yet they have clear and very different objectives.

Here's a "quick reference" chart detailing some of the key differences: 

Participant Attributes

The diagram below shows the core attributes of participants for CABs and Focus Groups, and another reason why these two programs are so different.

 

 

 

 

 

 

 

 

 

Sample Discussion Topics

And finally, here are some sample topics most common among the two initiatives.

Customer Advisory Board

  • Strategy
  • Direction of industry
  • Organization's goals/objectives to develop alignment
  • Discussions on: what services or offerings are missing; pricing/business models; overall product roadmaps; go-to-market programs (sales, marketing); account management

Focus Group

  • Reaction to logo/tagline
  • Emotional state (look and feel)
  • Usability study
  • Behavioral patterns/processes
  • Product feature/functionality

As you plan your customer engagement programs for 2013, be sure to target the right program format for the input you are seeking.  If you want to gain a deeper understanding of your customers' business, build closer executive relationships, and gain strategic mid- to long-term market insight, a Customer Advisory Board is the answer.  If on the other hand, you need qualitative short-term feedback on a product or branding message; or opinions/perceptions on a concept, service, packaging, etc., then a Focus Group is the right program.

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Top 3 B2B Marketing Challenges from 2012

The end of the year always sparks a time of reflection, while the beginning of the year represents a new journey. The three articles below are my top picks for Marketing's biggest challenges faced in 2012 and a playbook that contains the best strategy to face these issues while providing the biggest opportunities for all B2B CMO's in 2013. 

Marketing’s Broken Foundation Measurement

Data is the foundation for analytics. Analytics is the foundation for marketing driven by data and insights.

Think Like a CFO to Gain C-Suite Credibility

Information technology is about driving business results through revenue growth, leveraging economies of scale, and optimizing business decisions through analytics.

Have we Lost the C Suite by Measuring the Wrong Things?

If the latest surveys are to be believed, B2B marketing is on the verge of a “crisis of confidence” within the C suite.

The B2B Executive Playbook

The B2B Executive Playbook describes four steps that can simplify strategic planning, focus product development and sales and marketing efforts, and, most importantly, create a clear path to market leadership.  When implemented properly, it will also add sustainability and predictability to a B2B company’s top and bottom lines. 

 

 

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How a Customer Advisory Board Can Help You Prepare for 2013

A Customer Advisory Board (CAB) is a high-return, high-profile event that can heavily influence your company's competitive standing. A successful CAB provides a powerful format that turns customers into true advocates and provides executives with the information needed to align customer programs with company strategy. A formal Customer Advisory Board should be in your marketing and strategic arsenal for 2013.

A well structured Customer Advisory Board is a proven and dynamic program that helps executives and decision makers develop a deep understanding of market conditions while simultaneously building relationships with key customers. A CAB is the perfect avenue for B2B Companies that have more than 60% of their sales with their top customers to receive relevant feedback that can be used in strategic business planning. A Customer Advisory Board not only helps your organization retain your most profitable customers, a CAB will help increase revenue opportunities within your customer base.

A Customer Advisory Board creates a platform where you can leverage happy customers and drive innovation through customer co-design and collaboration. The end result is an overall market alignment in offerings, communications and strategy that will prepare your organization for profitability in 2013 and beyond.

 

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What is a B2B Executive Summit?

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Just Listen: You Might Just Learn Something!

I spent some time earlier this week cleaning out some old files and came across an article by Matthew Swyers that was published nearly a year ago on Inc.com. It shares the story of when and how he learned to keep quiet, and advises that if you really want to learn something, listen more than you speak. In this week before our presidential election, it really resonated with me. I find myself wanting to say this to so many people throughout the day…. to the news anchors on television who constantly interrupt their guest commentators, to my friends and acquaintances (and perhaps even a few family members) who have a need to sway my opinions and debate everything that is said. And yes, I even find myself wanting to say it to our politicians…shut up and listen to what others have to say. You might just learn something!

I was reminded of this advice again this afternoon during a planning call with the leader of an upcoming advisory council session. He is already anticipating how his advisors might respond to some of his questions, so he is planning a lengthy presentation to pre-empt their thinking. He’s planning his rebuttal too! He wants to be sure they understand what he has already done, what solutions have already been tried without success, and why their anticipated suggestions won’t work. After all, he knows his business and industry better than anyone else. He knows what he’s doing. Doesn’t he?  

Maybe…but maybe not as well as he would like, or he wouldn’t have formed a customer advisory council and invited his customers to help him! After all, that is the over-arching purpose of an advisory council… to develop a deeper understanding of the market from your top customers, while simultaneously strengthening your relationships with them. This market insight, when incorporated into your strategic planning, ultimately leads to sustainable, predictable, and profitable growth. And that cannot be done if you’re talking the whole time!

So shut up and listen! Ask questions. Let your customers answer. Ask for clarity if you don’t understand, but let them do most of the talking. You may or may not like what you hear and you may or may not take their advice. But listen to what they have to say.  You might just learn something new, something important, or something that changes the game. But you won’t learn it if you’re not listening… so shut up and listen!  

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