Win Clients and Accelerate Sales with Social Media
-
date post
19-Oct-2014 -
Category
Business
-
view
3.967 -
download
2
description
Transcript of Win Clients and Accelerate Sales with Social Media
© 2011 David Teten. More at ffventure.com and teten.com
The Virtual Handshake: Winning Clients and Accelerating Sales with Social Media
http://www.flickr.com/photos/intersectionconsulting/3469011188/
David TetenPartner, ff Venture Capitalffventure.comblog: teten.com@dtetenNew York, [email protected]
Intro Social Media Tells Network Next Steps
© 2011 David Teten. More at ffventure.com and teten.com
• Introduction
• Social Media
• Tells of People and Companies You Want to Know
• Growing Your "Network 2.0"
• Next Steps
Intro Social Media Tells Network Next Steps
© 2011 David Teten. More at ffventure.com and teten.com
David Teten Biography (teten.com)• Partner, ff Venture Capital, early-stage technology venture capital fund• Founder and Chairman, Harvard Business School Angels of New York• Founder and Chairman, Navon Partners, startup focused on sourcing deals for private
equity funds• Managing Director, Evalueserve, through September 2008. 2,500-person finance-focused
research and analytics firm. • Founder and CEO, Circle of Experts (investment research firm), sold to Evalueserve• Founder and CEO, Teten Executive Recruiting, sold to Accolo, #42 on 2007 Inc. 500• Founder and CEO, GoldNames, domain name investment bank, based in Israel• Technology/Defense Investment Banking, Bear Stearns (#1 group at Bear investment
banking by revenues) • Lead author, The Virtual Handshake: Opening Doors and
Closing Deals Online (TheVirtualHandshake.com)• Harvard MBA 1998, Yale BA, both with honors.• Contact: [email protected]
Intro Social Media Tells Network Next Steps
© 2011 David Teten. More at ffventure.com and teten.com
Why should I care about social media?
•Because 3 out of 4 Americans use social technology. (Forrester, The Growth Of Social Technology Adoption, 2008)
•2/3 of global internet population visit social networks (Nielsen, Global Faces & Networked Places, 2009)
•Visiting social sites is now the 4th most popular online activity—ahead of personal email.
(Nielsen, Global Faces & Networked Places, 2009)
•Visitors spend 5 million minutes per day on Facebook.(Facebook)
http://www.slideshare.net/mzkagan/what-is-social-media-2005829 . http://www.flickr.com/photos/sreejithk2000/2385193167/sizes/l/
Intro Social Media Tells Network Next Steps
© 2011 David Teten. More at ffventure.com and teten.com
But I don’t use social media, and neither do my clients!
• The reality: you and your clients are in the matrix whether you like it or not. • Your clients search for you on Google before doing business with you. • You are already a member of gated online communities, which you may or may not be fully leveraging: your alumni network, your local “Moms” or “Dads” mailing list, your church/synagogue/mosque • You can accelerate your sales process by leveraging potential clients’ digital footprints. These help you to source leads, filter them, and then run a better educated sales process.
http://www.slideshare.net/mzkagan/what-is-social-media-2005829 . http://www.flickr.com/photos/sreejithk2000/2385193167/sizes/l/
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
• Introduction
• Social Media
• Tells of People and Companies You Want to Know
• Growing Your "Network 2.0"
• Next Steps
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Firms Fail to Capitalize on Their Internal and External Networks
Forrester Research/David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online. http://www.flickr.com/photos/pagedooley/2494191157/sizes/l/
• Knowledge is not readily searchable
• Knowledge is not retained when employees leave
• Relationships are not visible• Relationships are primarily tied to
colocated people• Millennials expect and embrace
social technologies
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
“Social media is a communications
medium that relies on its audience to create, modify, or
distribute the medium’s content
- Nick Gonzalez, SocialMedia.com
http://www.flickr.com/photos/briansolis/2735401175/sizes/l/, http://blog.socialmedia.com/how-should-we-define-social-media/. /
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
• Searchable
• Cheap
• Crosses boundaries of time and space
• Passive presence
• Ease of forming groups
• Reduced time and expense
• Greater visibility
Benefits of Online Networks
http://www.flickr.com/photos/uaeincredible/3333223048/sizes/o/
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
The Future of Online Networks
• Online business relationships mainstream
• Technology available now
• Early adopters reap maximum benefits
• Technology required to overcome some barriers, but education is solution
• Systems that address privacy and time concerns will be leaders
http://www.flickr.com/photos/extraketchup/748452643/sizes/o/
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Sales Cycle and Social MediaSales Cycle How Social Media is an Accelerator
Marketing • Become more attractive online• Become a searchable magnet for potential clients who need
your servicesIdentify leads • Systematically update CRM system
• Identify clients who have changed status and are now potential buyers
Background check
• Review professional and personal lives• Talk with client’s network: customers, competitors, suppliers
Reach out • Identify commonalities
Negotiate deal • Gain insight into counterparty’s negotiating style, motivationsClose sale • Exploit all of the advantages you’ve built
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Transition: Web 1.0 Social Media
Parameters Web 1.0 (Read) Social Media (Read-Write)Governance Top-down Bottom-up
Communication Channels People to Machine Machine to Machine and People to People
Information Discovery Search and Browse Publish and Subscribe Information Retrieval Transactional Relationships
Information Aggregation Portal, Commercial Aggregators Micro-Aggregation
Marketing, Selling Push, Contextual Conversational, Personal Content Control Publishers, Aggregators Content Authors Content Structure Documents, Pages Tagged Objects Applications Closed, Proprietary Open, Standard-based
Technology HTML, Solaris, Oracle XML, AJAX, RSS, PHP, MySQL XQuery Partially sourced from: “Web 2.0 the Living Web and Putting “We” in the Web”, Bebo White, University of San Francisco (http://www.rthk.org.hk/mediadigest/20060915_76_121128.html)
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
• Corporate• Personal• Your digital trail
The Virtual You
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Search Engine Optimization
• Scan your targets’ sites to understand their language
• Use keywords INconsistently
• Name what you’re selling (e.g., ‘resume’)
• Optimize top of the page
• Google Keyword Suggest
http://www.flickr.com/photos/olibac/2894715308/sizes/l/
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Toolkit• Email groups file • Profiles file • Standard emails
http://flickr.com/photos/neilt/2517652/sizes/o/
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Powerful Emails
• Direct E- mail
• E-mail Signature
http://www.flickr.com/photos/misbehave/2352753067/sizes/l/
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
• Introduction
• Social Media
• Tells of People and Companies You Want to Know
• Growing Your "Network 2.0"
• Next Steps
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Growing Companies
http://flickr.com/photos/laserstars/908946494/sizes/o/
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Private Equity News
• Dealbook.blogs.nytimes.com• PEHub.com• PENews.com• PrivateEquityInfo.com
Venture Capital News• Techcrunch• Mashable• Mercurynews.com/vc
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Companies that Hired People/Firms Like You
http://flickr.com/photos/foundphotoslj/1134148114/
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Databases
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
• Introduction
• Social Media
• Tells of People and Companies You Want to Know
• Growing Your "Network 2.0"
• Next Steps
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
= D * ∑ (Chn *Con *Rn * Sn *In)
Ch = CharacterCo = Your Firm’s Competence R = Relevance of the contactS = Strength of your relationshipI = InformationN = Number of peopleD = Diversity
Network Valuation Formula
N
n=1David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com)
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Average Strength = Minutes Available / Person
Number = # Peopletherefore…
Balance of Strength and Numbers
Average Strength * Number = Total Minutes Available
vs.
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Ch = CharacterCo = Your Firm’s Competence R = Relevance of the contactS = Strength of your relationshipI = InformationN = Number of peopleD = Diversity
Network Valuation Formula
David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com)
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Biography Analysis Software
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Ch = CharacterCo = Your Firm’s Competence R = Relevance of the contactS = Strength of your relationshipI = InformationN = Number of peopleD = Diversity
Network Valuation Formula
David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com)
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Website
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Ch = CharacterCo = Your Firm’s Competence R = Relevance of the contactS = Strength of your relationshipI = InformationN = Number of peopleD = Diversity
Network Valuation Formula
David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com)
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Relationship Capital Management Software
Relationships ranked by Strength
See which colleagues have best
relationships to target
Privacy Access Layer configured for firm’s culture
Email traffic patterns, address books, billing systems, employment
history, etc.
Contact Network Corporation (ThomsonReuters)
Leverage Software, Contact Network Corp., others….
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Corporate Analysis Software
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Ch = CharacterCo = Your Firm’s Competence R = Relevance of the contactS = Strength of your relationshipI = InformationN = Number of peopleD = Diversity
Network Valuation Formula
David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com)
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Multiple Media
http://flickr.com/photos/re-ality/41676755/sizes/o/
• Phone
• Instant messaging
• Internet telephony (Skype)
• Web conferencing
• SMS
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Online meets Offline
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Ch = CharacterCo = Your Firm’s Competence R = Relevance of the contactS = Strength of your relationshipI = InformationN = Number of peopleD = Diversity
Network Valuation Formula
David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com)
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com Socialtext
Socialtext Wiki Case Study: Dresdner Kleinwort Investment Banking
problem • Heavy dependence on email communication & meetings for decision-making
solution • 5,000 wiki usersbenefits • Reduced meeting times by 50%
• Reduced email traffic by up to 75%• Adoption outpaced corporate intranet usage
within six months• Wiki today: 6,000 pages & 100,000 hits per month
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
From Cold Calling to Warm Cold Calling
http://www.flickr.com/photos/23439761@N03/3258313816/sizes/l/
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Data from Business Cards
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Data from Email and Files
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Data from the Cloud
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Targeting
• Directly-relevant companies
• Fast growth companies
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Ch = CharacterCo = Your Firm’s Competence R = Relevance of the contactS = Strength of your relationshipI = InformationN = Number of peopleD = Diversity
Network Valuation Formula
David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com)
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
• IERGOnline.com
• Executive-Forum.org
• INMobile.org
• Some LinkedIn groups
Sample Gated Communities for Executives
Senior executives prefer to interact online behind barriers to lower-level personnel, just as they do within traditional networks.
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Sample Gated Communities for Investors
Private Capital Public MarketsACG.org FTAlphaville.FT.com/longroomAngelsoft.net SumZero.comFinemrespice.com/subrosa ValueInvestorsClub.comVillage.Albourne.com Village.Albourne.com
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
• Groups.Yahoo.com
• Groups.Google.com
• Grouply
Virtual Community Platforms / Social Network Sites
(c) 2008 Anderson Analytics, Linkedin, SPSS, http://www.marketingcharts.com/interactive/linkedin-users-have-high-personal-financial-success-6743/linkedin-anderson-analytics-busy-decision-makers-august-2008jpg
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Intro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Mailing Lists and Discussion Forums
• Customize standard intro• Lurk before you leap• Dive in, but
don’t splash
http://flickr.com/photos/kaibara/1231278142/sizes/o/
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – DiversityIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Ch = CharacterCo = Your Firm’s Competence R = Relevance of the contactS = Strength of your relationshipI = InformationN = Number of peopleD = Diversity
Network Valuation Formula
David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com)
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – DiversityIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Take One Step
• By industry • By geography • By personal
characteristics
http://flickr.com/photos/extranoise/169187125/sizes/l/
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
• Introduction
• Social Media
• Tells of People and Companies You Want to Know
• Growing Your "Network 2.0"
• Next Steps
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Social Media is a better platform
Parameters Face-to-Face Social Media
Character Judge by a handshake SEC filings
Competence Personal resources Enterprise resourcesRelevance Semi-random Focused, searchableStrength Limited channels Multi-media
Information Poor visibility Detailed, current data
Number Small Large
Diversity Restricted by time, space
Crosses time & space
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Step 1: Google Yourself
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Step 2: Choose the Center of your Online Life
http://www.flickr.com/photos/pathfinderlinden/157712296/sizes/l/
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Step 3: Be a Data Hound
http://flickr.com/photos/misterdna/49841409/sizes/l/
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Step 4: Join the Right Club
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Step 5: Find People to Meet
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Step 6: Reduce Email Use
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Common Mistakes
http://flickr.com/photos/misterdna/49841409/sizes/l/
• Confusing professional and personal
• Not converting online to face to face
• Not linking / adding widgets between sites
• Failing to search engine optimize• Spamming• Looking needy• Searching for companies
instead of people
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Continuous Learning
Free copy of the book available at
TheVirtualHandshake.com
Tells Network Next StepsIntro Social Media
© 2011 David Teten. More at ffventure.com and teten.com
Any questions ?
Slides at teten.com/sales