using social media strategy and roi metrics to increase b2b sales

Using Social Media Strategy and ROI Metrics

To Increase B2B Sales

Skip ReardonDirector 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

2010 2011 20120.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

B2B Product MarketersB2B Service Marketers

Source: John Bell, Olgivy, 2011

NOTE: Social media is NOT just for marketing!!

The Marketing Mix Has Changed …Or Has It?

• Consumer model• Cost (of ownership)• Communications• Convenience

TODAY• Community

1960’s• Product• Price• Promotion• Place

TODAY• People

1990’s

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/ServicesSocial Media Tools

To ConsiderThat rely on local customers Facebook, Twitter, Google

PlacesThat rely on your expertise/IP, networks, new relationships

LinkedIn, Facebook

That can be shown or demonstrated for best effect

YouTube, Facebook, Twitter

That target a more mature demographic

Facebook, LinkedIn

That target a younger demographic

Twitter, Facebook

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…..

Skip Reardonsreardon@SixDisciplines.com

Twitter: SreardonLinkedIn: Skip Reardon

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Questions & Answers