by tradesmeninsights | Oct 27, 2009 | Marketing Tips, Social Marketing, Traditional Marketing
This probably doesn’t come as a surprise to most, but most Industrial Marketing budgets have been cut this year. It’s also no surprise that Mar/Com departments are still charged with bringing in leads. But what I want to warn everyone about is, don’t be focused on just the number of leads (yeah, I’m assuming that they are ROI, qualified in some manner). You need to separate the suspects from the prospects from the shoppers. Shoppers are getting ready to buy, and these are the ones that need to be identified and passed on to the sales department. There is nothing wrong with the suspects or prospects, they just need to be nurtured along and up the customer development ladder. Matt Sonnhalter had an article in BtoB Magazine, pointing out that you need to make sure to look for the right decision maker.
Tough times make us focus more on ROI, but we should be doing that all along. I’ve listed several other articles that I thought might be of interest on this topic and I’d like to hear how you’re doing on your ROI.
Increase your sales revenue by 20% using existing inquiries
5 highlights from GlobalSpec marketing trends survey
Use social media to generate professional tradesmen leads
Industrial marketers focus on social media
Industrial community responds to online marketing
by tradesmeninsights | Oct 7, 2009 | Marketing Tips, Social Marketing
I recently put on a Webinar on how social media could be used by B-to-B, and one of the most common questions is what tools should I use? Should I concentrate on Facebook, LinkedIn or is Twitter the best for me? When I ask them why are they doing social media, I get a silent pause. One of the first things we talk about is the “Why” you want to participate in the social media scene. If you can’t answer the Why, then the How doesn’t matter. Don’t get into social because you think it’s cool or that this will be the “silver bullet” that will save your business. You need to treat social like any other marketing program. Define expectations and outcomes. Adopt a phased approach to meet these business objectives. Here are some questions to answer to better understand your goals:
- Why are you participating?
- How can social media improve your customer relations?
- Can social media help you build/reinforce your brand?
- Do your current customers use social and which sites do they frequent?
- How do you define success?
- What kind of metrics are you going to set in place to monitor your success?
- How can social media help you gain more knowledge?
- What kind of social media policy do you have in place?
Like any other program, success is based on developing a plan and then implementing it. If you want to be cool and hip, do your homework and you’ll find out that people respond when you have a plan.
What are your thoughts?
by tradesmeninsights | Oct 6, 2009 | Marketing Tips, Marketing Tools, Social Marketing, Traditional Marketing
Sales leads and what to do with them has been an age old problem. Today though, there are programs and processes available to help you monitor and mine those precious sales leads. I’ve been associated with Russ Hill from Ultimate Leads for over 20 years. He “gets” the closing the loop issue and I’m glad to share with you some of his thoughts.
According to the CMO Council/BPM Forum survey in Marketing Today, corporate officers who were polled in an online survey believe revenues at their companies could increase by more than 20 percent by improving their prospect cultivation and management techniques. Marketing and C-Level executives are dissatisfied with the way they generate new business, yet more than half lack formal process to correct the problem.
And my guess is that they are not alone. According to the Advertising Research Foundation, 67 percent of industrial product inquiries are from real prospects with real needs, yet 72 percent NEVER hear from a sales person.
Clearly these executives are onto something. Does this sound like your sales team?
Haley Marketing Group cites recent studies indicating that more than 50 percent of sales people stop working a prospect after the first call. The percentage grows to 65 percent after the second call and 80 percent after the third call.
A whopping 90 percent of sales people call it quits by the fourth call. Here is the troubling part – some 70 percent of prospects won’t make a decision until after the fifth call. Are these sales slipping through your fingers too?
To some degree these numbers are easy to understand. Most sales people are like gunfighters interested in the “quick kill.” The study suggests that while companies may be good at generating large volumes of business leads, most opportunities languish because sales people all too often focus on only closing the most promising and qualified short-term opportunities.
Marketing and C-level executives are dissatisfied with the way they generate new business, but still more than half lack a formal process to correct the matter.
Sales and Marketing teams often point fingers at each other as companies struggle with reaching their sales goals. Sale people complain about receiving too many or too few unqualified leads and marketing complains about poor follow-up, lack of feedback, and wasted dollars. In our 25-years-plus years of experience in sales lead management and CRM services, this lack of synergy can usually be traced back to three specific things:
1) A lack of training about each function’s role and challenges
2) Utilizing agreed upon methodology for generating, qualifying and following up on leads
3) Getting everyone to keep their “eye on the prize.”
If Marketing’s job is to identify target markets, communicate the “right” company message and generate viable sales opportunities, then it is Sales’ job to cultivate and sell those opportunities. Who qualifies a lead and when should it be handed off to sales is an important question. Sales and marketing need be in agreement to be successful. Failing to address this important issue can trap management in something I call “the Transition Zone.”
When marketing and sales management work together to establish mutually agreed upon processes and goals, then train their teams to continuously work to both improve practices and to work together, good things can happen – more business can be captured from existing opportunities, ROI improves…and that is good for everyone.
So, the next time you are considering where to look for new business, take a fresh look at your existing prospects and sales leads. Improving your opportunity management practices may be your first and best means of growing your business.
by tradesmeninsights | Sep 30, 2009 | Marketing Tips, Social Marketing, Traditional Marketing
With the economy being what it is and growth for ’10 in the construction, industrial and MRO markets being minimal at best, what could/should manufacturers do to work together? Here’s an idea. If you’re two non-competing companies that serve that same market, why not do a cross promotion for both Product A and B? For those manufacturers who belong to a buying group, this should be a “No Brainer.” They are already preferred suppliers and they should welcome this kind of promotion. Here are 3 reasons why you should consider such a concept:
- Creates buzz at both the user and distributor level. From the user perspective, they could offer better deals on specific packages if bought in conjunction with the promotion. Distributors can have more of an “event” atmosphere .
- More reach – Both companies can promote the event on their respective web sites and print ad campaigns.
- Better utilization of assets – Direct mail and e-mail can use combined creative and share the costs. Imagine if you have an e-mail list of 50,000 user names and the other manufacturer had the same. Let’s also assume there’s a 20% overlap in names. The bottom line is you now have 80,000 names to send to. Having these joint events at both user and distributor levels allows you to share the costs as well as the limelight.
I’m sure you could add to this list, and I’d like to hear from you. Let’s think outside the box.
by tradesmeninsights | Sep 29, 2009 | Marketing Tips, Social Marketing
The great thing about social media success isn’t measured by how big your bank account is. According to Soumitra Dutta and Matthew Fraser in an article that appeared in the August Chief Executive, “The elimination of entry barriers puts small companies with little-known brands on the same level playing fields as the global brands.” They also point out that “CEOs have long functioned in closed, bunkered environments and aren’t used to the rules of social media, they are used to leading from a top-down authority, manage vertical hierarchies, and assert power through the implied threat of sticks.” All these traits go directly against the grain of what social media is all about.
This, in my view, is an advantage to the small guy. I’ve been associated with plenty of Entrepreneurs in my 35-plus years in this business, and what’s so refreshing about most of them is that they already exhibit the traits of social media long before it was invented. Think about it.
- They want to be in front of the customer.
- They listen to what the customer wants and says.
- What you see is what you get – which bodes well for developing that personal relationship.
- They can react to the marketplace quickly.
CEOs of big, publicly held companies are so entrenched in wanting to control everything and continue to have a one-way conversation. There are personal agendas of those under a CEO that can get in the way as well. As you go up the ladder, people don’t want to take a risk or lose control. There are a few strong-willed CEOs that get it, but they are the minority for sure.
So if you’re the little one, you have the advantage in my book. Don’t give up. Your contacts are talking to you, not someone else.
I’d like to hear some success stories from some of you independent business owners who are the backbone of our country.
by tradesmeninsights | Sep 23, 2009 | Marketing Tips, Social Marketing
Today we are continuing an article by Nicky Jameson on how Tradespeople can use social media to generate new business.
Yesterday, Nicky talked about establishing trust with consumers. Today she will cover building a positive word of mouth and how to establish yourself as an authority.
2. Use social media to build positive word of mouth
Whether you are involved in social media or not, people are already talking about you. They are discussing your services and your brand for good or worse. For tradespeople, it’s even more crucial when people are discussing your industry.
How many times have we heard what to us seems like the “experience from hell” listening to a friend’s home renovation story? As consumers who will probably need to use a tradesperson in the future, we cross our fingers and silently thank our stars we’re not the victim… then we wonder how we go about finding a great tradesperson ourselves. The problem is that the “rogue traders” ruin it for the thousands of honest, reputable tradespeople.
If you as a tradesperson have a blog, are on Twitter or have a Facebook page, contribute to a tradesperson’s forum or use another social network, that’s a big help for us and a big advantage for you. First, we search online to see what people are saying. If we like what we find, we’re likely to call you… and when you do a great job, we spread the word…. On Facebook, on Twitter, in our other social networks. In fact, we don’t wait until someone asks us, we’ll generally tell our friends via Twitter, Facebook, forums etc… because our friends trust our recommendations. They in turn share our positive experience, and word of mouth spreads.
What’s more, those recommendations stay online indefinitely. Of course, it can work both ways. The adage that one unhappy customer tells 9 other people has huge implications when you bring in the social media mix. Overall, though, social media is an opportunity for you to take advantage of exponential word of mouth.
3. Use social media to establish yourself as an authority
While not every builder is going to be a Mike Holmes, as a tradesperson you probably have helpful tips and information your clientele (present and potential) need.
You have the answers to questions like:
- How do I hire a tradesperson?
- What questions should I ask the tradesperson?
- How many estimates do I need?
- How do I know the tradesperson can do the job I want?
- Should I ask for credentials?
With Social Media, it’s easier than ever to create and distribute valuable content for your clients.
Here’s an example:
Pete loves the idea of social media. He has a home construction business and over the years has noticed that people ask the same questions over and over again. He found out he could do video so easily he did a short video on just one of the topics people were asking about and posted it on YouTube and posted a link to his website.
He was overawed at the result. Over 500 people accessed the video in 2 days and clicked back to his website. The response was so good that he decided to do a series of short videos, answering the top questions people asked, and even asking people to submit their most pressing questions.
He had phenomenal results. Pete now does a regular video tip every other week, uploads it to YouTube and his website, and has got some good business from it, because people click his link and go to his site. Best of all, he’s established trust and is seen as an expert standing by his audience.
You can video to share tips and valuable information with your clients. People can watch and share your video with their friends who can then share them with their friends. Thanks to the power of social media tools and social networks, your video and content can go viral in less time than you might think.
Social media gives you almost unlimited opportunity to expand your relationships with fellow tradespeople and your customers. People do business with those they like and trust and using social media extends your ability to establish relationship and trust.
Nicky Jameson is an online Copywriter who specializes in improving B2B websites. She’s also a blogger on using social media for business. Nicky blogs at http://nickyjameson.com and her website is http://copywritingstudio.com
