Brain Vibe

marketing muses to stay engaged

Understanding the Real Social Media Persona in B2B

Buyer Persona and ProcessWhat do you really know about your social media followers, friends, and network?

Interestingly, most marketers only have a high level understanding of the real persona those connected to them through social media.  Relegated to a PR mesurement, anonymity is the norm; influence (Klout) and perception are the KPIs.  And, to be honest, I wonder if a high level understanding of the social media persona is really understood – let alone connected to a B2B marketers prime target audience.

If you are like many, the most you get to show for your social media effort is a warm and fuzzy around your brand.  To be honest, the B2B CEO doesn’t care about overall brand perception in the market, he or she cares about the targeted set of buyers that connect with your value proposition.  If that is 10% of the market, then you better have 8% – 10% market share, 80% footprint with the customer, and a net promotor score of highly likely with over 60% of your customer base.  That is the goal in the mind of the B2B CEO, realistic or not.  At a minimum, it is what resonates and is understandable in the corner office.

For B2B marketing, brand awareness and perception just isn’t good enough.  On top of that, those metrics you track in social media don’t connect to the demand creation activities.  Corporate communications and demand creation remain silos within the marketing organization as they always have.  ROI of corporate communications remains a perceived high cost factor in the marketing budget with little connection to revenue generation, except anecdotally.

The reality is that the majority of your followers, friends, and network overall are silent.  Any social media measurement means nothing when assessing your influence on your marketing buying processes.  Structured around influence and reach, the only thing today’s current measurements really tell you are who can you leverage to SHOUT OUT your message?  The only ones that care about this are your PR agency as this is what they are paid to do.  Your marketing department is responsible for generating revenue directly and indirectly.

It is time we get better at understanding of the Social Media Buyer Persona of our customers, not the Shouters.  The reality is that many times in B2B the social media influencers are the vendors and consultants, not the buyers.  If we really want to know our buyers we need to understand what they read, what they share, and what they do to step into engagement.  It is more than the tag on the link to the blog or marketing campaign landing page.  We need to extend beyond our controlled digital environment and link to the digital environment that our customers interact with to understand.  We aren’t there yet.

The buying process is currently beyond what we track today.  It is time to think about how to connect the anonymous social media and digital environment to our B2B marketing waterfall.

Advertisements

Filed under: b2b, crm, customer relationship, Decision Cycle, social media, social media marketing, Web Analytics, , , ,

Does Data Quality Matter in Social Media?

Data driven marketing is reliant on high quality data, but with the introduction of social media and its pervasiveness in the marketing tool kit, it is easier to engage with your market without having to have correct emails, addresses, or profiles. It begs the question, does data quality matter anymore for marketing in a Web 2.0 world?

I think the answer is, “Yes, but…”

Direct marketing and bottom of the funnel mindset is what most B2B marketers work in as they have been more closely ties to sales goals.  Where sales won’t accept a lead without knowing who it is and the appropriate contact information at a minimum, it has to be collected at every opportunity.  Without this information, marketing also doesn’t have an adequate single view of the customer to profile and segment reliably.  In this context, data quality is critical as it determines if a lead is passed, how to pass the lead, and align the lead to existing opportunities or account profiles.  Name, company, location, phone, and email are the cornerstone to this.

Social media is not outreach, it is in-reach.  It isn’t lead generation, it is relationship generation.  You don’t collect details on your connections and contacts.  You cultivate engagement and conversation.  Without the need to maintain a list of connections in your CRM and the ability to leverage social media organizers like HootSuite to communicate to your community, contact information is somewhat irrelevant.

So, where is data quality necessary?  Having a single customer view that is inclusive of social media profiles and engagement. At some point, us B2B marketers do need to move relationships out of the 2.0 world and into face to face engagements, particularly for complex sales.  At this transition point, the social media profile becomes an invaluable part of the customer view.  Just as CRM captures order transactions, direct marketing interactions, and sale interactions, it also needs to show social media interactions.  Why? The social media interaction is probably more telling of your relationship with your customers than traditional interactions.

The catch? Linking a limited profile from LinkedIn, Twitter, or Facebook to a standard contact profile in CRM can be problematic.  Your CRM system may not have the ability or capability enabled to link the 2.0 world with your customer data. You may not have a social media platform that is capturing what is needed to integrate your customer data between online and CRM.  Or, it does, but integration needs to be established.  Those are just a few examples.

Ultimately, data quality will matter for social media as B2B marketers mature in their use and linkage of 2.0 activities to best practices for lead creation, nurture, and pipeline generation.  We live for now in customer relationship silos, but the real advantage and benefit of social media to show ROI for marketing will be improved integration and profile management across the entire relationship.  As soon as integration is introduced, just as in the past, data quality plays a critical role.

Filed under: b2b, CMO seat, crm, data quality, marketing technology, social media, , ,

B2B Lead Nurturing is Not Linear

Lead Nurturing Lead PassIt is much easier and cheaper to work with people that know you than it is to build a new realm.  That is what many marketers and companies are realizing as they shift marketing investment.  Lead nurturing is now more important than ever.  Yet, if you analyze your database, what does lead nurturing look like?  When is a lead qualified to truly enter into the sales cycle?

Demand and lead generation steps have typically progressed from response to lead pass without adequate filtering or analysis that a lead is ready to engage in the sales process.  This has hurt marketing’s credibility in generating real value to the pipeline.  It has put the work on sales to ‘clean’ the database and have them focus energy on leads that aren’t interested or ready for personal connection and may be of lower value than cold calling.  Additionally, some companies try to alleviate this by adding a telemarketing stage prior to a lead pass to personally assess and qualify a lead for the pass.  This can be a costly investment for marketing if again, it is putting leads into this step of the process before leads are fully baked.  Yet, that doesn’t have to be the case.  Properly analyzing and defining leads or groups of leads by their activity within an account can offer sales insight that puts them closer to the opportunity.  This is where lead nurturing can be a strategic effort rather than a tactical process.

Traditional lead tracking reports show a linear funnel from response to disposition within a campaign or program which mimics the linear aspect of the lead process.  In reality, leads have most likely been associated across campaigns, social media marketing interactions, organic web visitations, and even events or interactions with sales and other organizations.  How leads interact, where they go, the frequency, and topic concentration tells you a lot about how ready they are to enter a sales engagement process.  Additionally, compared and correlated to other leads within the same organization, you get a good picture of account readiness and opportunity.

This analysis in many cases is conducted to create target segments as launch pads for new campaigns.  Leveraged within a lead nurturing process, it can be the used as the decision point for when it is best to pass a lead to sales.  It becomes what qualifies the lead to move on vs. relying solely on a single response point on its own or in a linear context.  In fact, analyzed properly, reports and dashboards can be provided to sales that provide a picture of high opportunity areas within their accounts that they may not have seen.  For instance, an up-tic in white paper readership and participating or scanning of social media marketing content on products within an account might provide account managers early warnings that companies are assessing new solutions.  By having a report that provides context on the customer relationship provides sales a greater ability to pick up on the lead nurturing process without having to wait for marketing to pass the lead themselves.

Today, leads are classified as meeting minimum requirements of responding to a campaign and having check boxes of information filled out.  Lead nurturing is really about understanding interactions with your customers and how those interactions are indicators for next steps in the relationship.  Analyzing and recognizing patterns within your contact and account databases is more than identifying segments for targeting new messages and offers.  Used strategically it can be a transition point in your lead pass process improving your ability to generate business and reduce resources and budget through better focus.

Reblog this post [with Zemanta]

Filed under: business intelligence, crm, Lead management, , , , , , , , , , , ,

B2B CRM: The Right Contact Mix for Your Customer Relationship

You’ve spent years gathering contacts into your databases.  You’ve implemented a data quality practice that is now starting to give you a solid picture of your universe.  It is now time to classify your contacts.

Invariably, your database is more than just purchasing/decision maker contacts.  All departments have gathered people’s information depending on the purpose.  It offers a window into your business dealings.  It also offers a window on your ability to market and sell.  Just as you consider vehicles, content, and message to deliver to your database, you also think about who you are reaching and who can be converted.

SOA and MDM initiatives are great because they bring together a full picture of interactions with the customer as well as who is part of those interactions.  But, not all contacts are created equal.  Just as not all customers or companies are created equal.  It is the first thing that is considered when determining targeting strategies.  The size of a database is typically determined based on the silo it is intended to help.  Marketing wants decision makers, finance wants accounts payable, customer support wants end users, investor relations wants analysts and media.  By themselves, these data silos serve a purpose.  Together, they can show a picture of where your awareness, message and brand really are.

A good  test once consolidation of data bases is done, or even within your CRM system alone if it receives lists and feeds from other internal sources, is to classify contacts based on their primary interaction with your company.  Everyone in your database has had a reason to connect.  Bringing these reasons into a standardized category will help determine the value they bring to a marketing program, customer relationship, or evangelist role.  Monitoring the ratios of these groups within a cusotmer relationship and firmographic data can give insight into the ability to grow a relationship, if it is at risk, or there is no relationship and the company serves another purpose.

While as marketers we typically look at the entire size of our database to determine if we have enough contacts to convert to leads, if those leads are weighted towards a low number of companies, or they are not the right contacts, then our efforts can be wasted.  With the cost to acquire customers and contacts expensive, having a mechanism to determine when to purchase lists and how much to purchase will refine the amount of resources and budget needed.  In addition, messaging and engagement strategies can be modified to align to the type of relationship outcome you intend.

So, rather than thinking about personas when you need to target, think about them strategically and as an indicator of the strength of relationship with your customer.

Reblog this post [with Zemanta]

Filed under: business intelligence, crm, data quality, marketing operations, , , , , , , , , , ,

Driving Marketing Effectiveness and Efficiency from Within using Social Media

I wonder if the real value of social media for B2B marketing is not the external use to drive sales and customer relationships, but to improve marketing capabilities and become more efficient.

In 2007, the company I worked for set up a social network and everyone was commanded to create a profile and connect with our fellow marketers.  The reason behind it was that we were expanding the team to China and it was a way that our new collogues could feel integrated with the marketing groups in the US and Europe.  It was all very ‘friendly’.  To be honest, I groaned and only created my profile because I was required.  For me, personal life is not what I wanted my marketing leadership to see or the people that worked for me.  My profile was tame to the point of boring.

It goes to show that they didn’t really get the value.  Outside of the fact that it was a requirement to share you personal self, there was a real missed opportunity to drive marketing effectiveness and efficiencies.  

Improve Effectiveness through Sharing

Each quarter regional and program teams were required to review campaigns and programs.  For several weeks marketers prepared their slides to show what was working, what didn’t, and next steps.  These were long conference call sessions where people presented and we all listened in.  Mostly, unless you were involved in the program or campaign, your phone would broadcast the meeting while you worked on what ever it was you had to do.  Not a lot of value there.

Social media would have provided the perfect platform to post presentations and create forums for questions and discussions on how to apply what was learned to other sectors of marketing.  Discussions on the calls were limited to those that were involved which was required for time sake.  But, using Twitter or micro-blogging on a social network would have provided key points to marketers to read as well as offer the ability to shoot over questions.  Reviews didn’t have to merely operate within the allotted time slot and webcast, they could be extended, shared, and saved for all to learn from later.

Create Efficiencies in Project Management

Any major project conducted was stored within an internal project management and knowledge management solution called ProjectLink.  All documents and images were posted there along with managing the change/revision process.  These project environments were huge, messy, and primarily acted as a glorified shared folder.  You had to dive into files to truly understand the project and there was no conversational stream to provide insight or background on why something was decided upon.

Setting up a project group using social media could alleviate workflow, sharing, and archiving problems by containing project management.  Instead of using email and IM, forums and micro-blogging could provide the communication streams.  Content could still be stored, but it would also have notes and comments attached for review and reference of other team members or other marketers.  A big benefit is that it could also provide a platform to share assets and content across marketing projects and groups to re-use and re-purpose allowing for reduction of duplicative work.

Efficient Workflow with Other Organizations

Marketing was a pretty silo’d organization.  While there was a significant amount of conversation with sales and product management, the reality is that in the end, marketing would go off and do their work.  Even in the hand-off process at the lead management stage, the CRM system controlled the process and created a wall of sorts between marketing and sales.

Opening up the door between marketing and key stake holders in other organizations is what social media is made for.  As marketing might share amongst themselves in a social network, they could invite others to their groups or set up new groups to facilitate relationships.  In the sales process, key accounts could be manages through a joint relationship between marketing and sales through asset and content sharing and communication support.  Hooked in with conversations that marketing is having with customers would add significant value to closing business with social media.

Efficient and Effective Marketing Operations

Marketing needs to consider how social media from an internal perspective can help them be effective and efficient internally.  Today, too many forms of communication, and silos within the organization drag down ROI. Implementing social media capabilities will spread knowledge, drive operational efficiency, and break down walls between marketing and other organizations.

Filed under: crm, marketing operations, performance management, , , , , , ,

Topics

Linking

Bookmark and Share

Blog Archive