word of mouth as a business attractor
DESCRIPTION
How word of mouth can be used to attract audiences and stakeholders to a business.TRANSCRIPT
WOM as an AttractorJoanne Jacobs
COO, 1000heads@joannejacobs
Scope of the presentation
• B2B lead generation
• WOM – what it involves
• WOM in B2B
• WOM as an Attractor
B2B Lead generation
Where are we? B2B Lead Generation What WOM involves WOM in B2B WOM as an Attractor
Some definitions…
• B2B: Not needed (I hope)
• WOM: Word of Mouth– Use of social contexts
to optimise business practice/effectiveness
– Not limited to PR and advertising
– Involves the use of online and offline tactics for achieving information sharing
Image source: http://www.flickr.com/photos/drachmann/327122302/
B2B & WoM
Image sources: http://www.flickr.com/photos/10510706@N06/5515026288/http://www.flickr.com/photos/markhillary/6960053391/
Trade shows still considered best source of quality leads in
B2B market
(Harrison, 2011)
B2B & WOM
Image sources: http://www.flickr.com/photos/esparta/1609874001/http://www.flickr.com/photos/wiredwitch/7719805018/
Email still considered the best means of
generating high quantity leads
Trade shows
• High cost of booth space, booth setup and production of marketing collateral
• Speaking opportunities generally sold with stand space – but are you good public speaker?
• Attendees tend to be localised markets
• High time cost for variable return on investment
Image source: http://www.flickr.com/photos/valtech-sweden/5529237443/
• Variable reliability
• High capital costs for development of contact lists
• Useful connections can be ‘lost’ to enterprise or personally applied filters
• Low cost but also low value connections made – equivalent to advertising
Image source: http://www.flickr.com/photos/theimpulsivebuy/4655144030/
How lead generation is changing
As BYOD and social technologies are
more widely adopted in the workplace,
there is an expectation of
traditional WOM being supplemented by social technology
support.
Image source: http://www.flickr.com/photos/birgerking/4731898939/
New Lead Generation
• Virtual exhibitions
• Social messaging
• Intelligence-led approach to lead generation
• Open problem solving challenges
Image sources: http://www.flickr.com/photos/dmjcalma/7711477178/http://www.flickr.com/photos/hackny/5684846071/http://www.flickr.com/photos/sizemore/4100688684/
WOM Optimises Lead Generation
• Problems with existing lead generation activities can be addressed with WOM augmentation
• Changes to business technology policies facilitate greater use of social
• Changes in skills of employees and suppliers lead to natural growth of social in lead gen
Image source: http://www.flickr.com/photos/55935853@N00/3305085042/
Lead Generation Optimisation
WOM improves lead quality
WOM improves lead quantity
Image sources: http://www.flickr.com/photos/socialspice/5713714538/ , http://www.flickr.com/photos/screamingmonkey/5571045553/
Case studies
• HubSpot blog and resources to improve business practices
• Forrester Research uses a mix of content to encourage new leads
• Louis E Page (mesh fencing supplier for businesses) saw 850% increase in leads from establishing their blog.
Image source: http://www.flickr.com/photos/uggboy/4975524773/
What WOM involves
Where are we? B2B Lead Generation What WOM involves WOM in B2B WOM as an Attractor
WOM: Storytelling
Storytelling is a highly effective tactic
in triggering emotional and comparative responses in audiences.
WOM-as-storytelling generates a baseline of experience which
can inspire sharing of alternative
experiences among audiences.
Image source: http://www.flickr.com/photos/87188386@N07/7984677406/
WOM: Storytelling
Stories are 6-7 times more likely to be remembered than
classical corporate messages
SOURCE: http://www.intuitivebrands.co.uk/uploaded_images/SCM_-_Storytelling_June_08.pdf
Image source: http://www.flickr.com/photos/51643976@N02/5650076652
WOM: Recommendations
Human nature to share experiences.
Natural to seek advice on best value.
WOM as recommendations
taps in to tacit knowledge
Image source: http://www.flickr.com/photos/davedehetre/4744350867/
WOM: Idea exchange
Collaboration a powerful problem
solving mechanism
Sharing ideas across business disciplines enables optimisation
of processes
WOM can be used to inspire creative problem solving
Image source: http://www.flickr.com/photos/crdot/6427627719/
WOM: Tracking
Tracking engagements in online channels helps
identify trends, issues as they arise
Few read the manual. Nearly as few search it. Most just
ask others how to do things.
Tracking conversations facilitates optimisation of
business processes, increases productivity
Image source: http://www.flickr.com/photos/naturesdawn/2749673811/
WOM in B2B
Where are we? B2B Lead Generation What WOM involves WOM in B2B WOM as an Attractor
More than simple marketing
• Standard marketing is all broadcast – crafting and controlling messages about the brand
• WOM should be implicitly enjoyable because it is win-win; the right information imparted to the right client at the right time.
• 2-way communication increases opportunity for developing understanding
Image source: http://www.flickr.com/photos/ehnmark/463965443/
WOM as Triage
• Different social channels/presences now being managed
• Multiple vectors to access staff
• WOM can act as a central processor of inquiries to ensure that information needs are met in a timely and responsive manner
Image source: http://www.flickr.com/photos/computerhotline/4611181320/
ACSE Triage
Image source: http://www.socialfish.org/wp-content/uploads/2010/11/ASCE_triage.pdf.jpg
WOM as Problem Solver
• Ideas exchange for intra- and extra-organisational processes
• Storytelling for forward planning
• Tracking behaviours internally and externally to identify opportunities for business process improvement
• Aggregation of recommendations for new business, day-to-day problem solving among stakeholders
Image source: http://www.flickr.com/photos/zyllan/3647600981/
Madison Electrics problem solving
See more at: http://meproducts.net/sparks and http://www.marketingsherpa.com/article/case-study/product-development-effort-boosts-sales#
WOM as an Attractor
Where are we? B2B Lead Generation What WOM involves WOM in B2B WOM as an Attractor
WOM as an Attractor
Quality Leads– Demonstration– Personal selling– Framing– Problem solving
Image source: http://www.flickr.com/photos/ben_grey/5887528403/
WOM as an Attractor
Quantity leads–Asynchronous–Targeted–Personalised–Triaged
Image source: http://www.flickr.com/photos/amberdebruin/5657767508/
Summary (1 of 2)
B2B lead generation is changing as protocols for communication change
WOM is emerging as a clear opportunity to optimise B2B lead generation
Image source: http://www.flickr.com/photos/43102195@N08/5344607573
Summary (2 of 2)
Because WOM can facilitate issue resolution and problem solving, and can
generate insights, ideas and recommendations, it identifies lead
opportunities as well as invoking upselling
As an attractor, WOM is successful in generating both quality and quantity leads because it is more targeted, more personal
and more timely.
Image source: http://www.flickr.com/photos/alosojos/316727429/
What’s next? • Identify lead targets
– Where are they online?– Who are they?– How will engaging with you improve their productivity/lives?
• Identify opportunities for product/process improvement– What are the obvious weaknesses?– How might you use social to improve experiences?
• Allocate time to engagement in schedules– If ROI of social is 10 times that of cold calling then you should spend at
least the same amount of time in social as you do in business calls.
Image source: http://www.flickr.com/photos/31878512@N06/4704140020/
Joanne JacobsChief Operating Officer1000heads Pty LtdEmail: [email protected]: 0419 131 077Twitter: @joannejacobsSkype: bgsbjjLinkedIn: http://www.linkedin.com/in/joannejacobs
Unless otherwise specified, all images in this presentation are Creative Commons under an attribution licence.