Posts filed under 'LinkedIn'
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.
- So a phone call went into my colleague who knows this person.
- She introduced me via email to the former employee - let’s call him Joe.
- We had an email exchange and set up a phone call.
- 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.
- 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.
- 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!
June 2nd, 2009
In my previous post about LinkedIn, I discussed the notion that business professionals question if you can use LinkedIn to generate sales. My basic premise is that LinkedIn will indirectly generate sales by enhancing your company’s brand (and your personal brand). So how do you create awareness using the tool? I’ve included some suggestions below:
Basic Tactics
The “Network Updates” feature is a regular summary that publishes activity in your network. Each time you update your profile the change is tagged. Your contacts will read about these changes in emails sent out by LinkedIn or when they visit the web site. What kinds of updates are published in this feature?
- Build Your Network: Work at inviting your contacts to LinkedIn or spend time periodically reviewing the contacts of people you’re connected to. You’ll be surprised at how many people in yoru network use the tool. Not only will reaching out to contacts remind them of you and your services, but your network will learn about the connections you’re creating.
- “What are you working on now?” Use this feature whenever you start a new project. The update is broadcast to your network and can illustrate to your network what type of work you’re handling. Perhaps you’ve developed new capabilities or services? Your network will never know unless you tell them.
- Updating your profile. When you receive promotions, take on new volunteer activities, receive a new degree/designation or write a testimonial your network will learn about the change.
- Request testimonials: B2B marketers know the power of testimonials. Not only will your network receive a notice about you, but they’l learn that someone is taking the time to write a positive note about you.
- Create a company profile page. This page should provide a high level summary of your services. The detail needs to be at your web site but with a concise summary of your services may spark enough interest that a contact or visitor clicks through to your web site when they’re viewing the page.
These are some basic tactics to be utilized to create awareness using LinkedIn about your company. (On a side note, it’s worth mentioning that building up your LinkedIn profile also increases your search engine rankings). So get started!
April 24th, 2009
Recently I’ve been fielding more questions about LinkedIn. Everyone wants to know if it’s a good networking tool. I think what people are really asking is “Can it help me generate sales?”
My answer is “yes” - but it should be viewed as much more than a sales tool. Rather, it’s a community that can be used to build long term brand value for yourself and your company - which will ultimately help to generate sales. Before I go on, here’s a list of how LinkedIn can be used if you’re not that familiar with the tool:
- Attain Knowledge: If you’re stuck for answers to a business problem or need a third party viewpoint on an issue, pose a question in the “Answers” section of the site. Asking engaging questions can yield a flurry of answers. The first time I posted a question, I had my first response in minutes and about 15 responses in less than 12 hours. Alternately you can scour the “Answers” section and find discussions on just about any business topic.
- Demonstrate Thought Leadership: Spend time answering questions posed by contacts in your network, or seek out discussions on topics where you can offer value. Recently added features allow you to post presentations that can be viewed from your profile page or connect your profile to your Blog so your network is updated each time you post to your blog.
- Research: Learn about companies that might be a potential partner, client or vendor; or learn about individuals you’ve met at a business function. You can see those in your network related to the person and get the lowdown on them - maybe it’s not really worth your time to follow up with that person?
- Broadcast Updates: Use the “What are you working on now” feature about your projects, a new job or a key business development (e.g., your company just obtained a round of financing). This helps your network keep tabs on you.
So how do you use LinkedIn to build your brand’s reputation?
Your Personal Brand Includes Who You Know
Who you know counts. Build your network carefully. When I first started using the tool, I thought it was about having a high connection count. Now I’m of the mind I only want people in my network who will speak positively about me. If someone is considering using my services, the best selling tool for me is someone they know. Someone they know could also kill a sale.
Your Personal Brand is Based on What You Bring to the Table
In a services business, people pay you for access to what you know. LinkedIn provides a compact forum to demonstrate thought leadership in a variety of ways. Viewers of your profile can access questions you’ve answered, link to your blog or view a presentation you delivered. They can tell a colleague about something you wrote or forward a link. Your personal brand is enhanced as you become a known resource. I see getting business as a services provider as an evolution: 1) Get them to like you, 2) Get them believe something you say, 3) get them to see you as their trusted advisor. Used effectively, LinkedIn is a gateway to satisfy all these ends.
Your Personal Brand is Enhanced by Your Activities & Successes
Of course you can post your professional background on LinkedIn. That’s tablestakes and readers of your profile should get a sense of your background when they visit your profile. However, once you’re connected to a colleague, they will rarely revisit your profile. That’s why I feel it’s important to use the “What are You Working on Now?” feature regularly. At a minimum, it reminds your contacts you still exist. More importantly they are reminded about the kind of work you do, the new types of projects you’re taking on or the fact you’ve completed a project. In summary, you’re more likely to get a referral when you’re on someone’s mental radar screen and those little updates on LinkedIn are an unobtrusive way to capture attention.
In my next post, I’ll discuss in detail how you can use LinkedIn to increase awareness about your products and services.
April 23rd, 2009
I recently made a presentation at the Calgary Marketing Club to provide an overview on social media and business to business marketing. Click here to download the presentation. The presentation provided an overview of three social media tools: blogs, LinkedIn and Twitter. I was unsure of the audience’s makeup prior to the presentation, so I decided to include a brief history on social media.
The experience made me realize that varying levels of understanding of social media among business and marketing professionals. I’ve been working in the Internet space for a good part of the past 10 years and take it for granted that others in business are as familiar with the many social media tools that can be used to market your one’s business.
So I think that offering insights and learning that I’ve accumulated over the years regarding key social media tools would be of value to readers of my blog. Over the next few weeks, I will take a look at the most popular social media tools that business to business marketers should consider including in their marketing arsenal. I will share thoughts on best practices for using these tools and search out case studies and success stories to stimulate ideas on how you might use these tool. I will focus on: the key tools that many business to business marketers agree are the top tools to generate leads and win business. They include:
- LinkedIn
- Twitter
- Facebook
- Blogs
(Note: Although the jury is still out on Twitter and there is no consensus on the effectiveness of Facebook.)
This discussion will augment the material in the presentation. Feel free to share your thoughts with me on this topic.
April 21st, 2009
