TeamThink’s Blog

True Story: How I Saved Weeks Doing Research Using LinkedIn

June 2nd, 2009

In a previous post, I referred to a common question I’m asked about LinkedIn: Does it really work (i.e., will it help me generate sales)? Is there an ROI?

There is no simple equation to say “yes” or “no”. I liken the question to: Does advertising really work. The answer is “yes it can” although sometimes it’s hard to determine a precise correlation between an ad and a sale,  or its ROI. This may sound like blasphemy to many marketers. Of course we strive to understand ROI. But creating brand awareness via “less accountable advertising” can be a part of your marketing mix.

So back to LinkedIn. One notion I’ve suggested is LinkedIn’s value equation includes time saved to conduct research. Let me illustrate this point.

I’m looking to crack into the financial services sector with a social media offering. I identified a specific company I felt was a strong prospect to pursue – let’s call them Company X. Using LinkedIn I conducted a search on Company X and located a former employee with 2 degrees of separation.

1. So a phone call went into my colleague who knows this person.
2. She introduced me via email to the former employee – let’s call him Joe.
3. We had an email exchange and set up a phone call.
4. I spoke to Joe and not only got the inside scoop on Company X’s use of social media and its marketing department dynamics – but I took the opportunity to ask Joe how social media is being utilized in the financial services sector.
5. I learned lots. While Joe was at Company X, he was part of a team that conducted an in-depth competitive review on how competitors were using social media. I learned about successful social media initiatives at various banks, attitudes of marketers in the sector toward social media, top objections to selling Company X on social media services, top blogs in sector for consumer banking, and much more.
6. I’m now more prepared to sell to this prospective client.

LinkedIn was the sole reason I located Joe. This chat has saved me hours of research and has provided vital intelligence to help in the sales process. If you’re a VP of sales, how much more productive can your team be if they can identify valuable contacts using LinkedIn? Think about how you can compress the sales cycle.

So my question to LinkedIn pundits and curiosity seekers: What’s the ROI on this experience? Massive!

Entry Filed under: LinkedIn,marketing,Measurement,Social Media