Monetizing Influence Marketing – A Case Study #socialselling #MarketingAutomation

chiefmarketerThe world has changed, buyers now have the tools at their finger tips to allow them to research you and your competitors products services without the need to talk with your sales force.

I Sell Stuff, What is the Relevance? I don’t do Marketing

While the word Marketing is in the title of this, there is a clear reason (winning more deals) why Sales would be interested in this from both a Demand Generation as well as an Enterprise Sales pursuit point of view.

Are all Your Bases Covered?

Research from LinkedIn shows that in any Enterprise sales 4.7 people are involved, do you have all the bases covered? When the decision is made and recommendations are made and votes on solutions asked for. Are all the votes for you?

There are influential people in and outside of your accounts that people turn to for advice, these people could be making or breaking your sales. Their opinions could kill your company and you don’t even know it. They also have informal networks, they used to work at company A and now work at Company B, but still have mates in Company A. Realise that calling on a person in company B, when you are selling to Company A could be a bit revolutionary.

Which companies are influencing them? It could be a journalists or Gartner, but there are also other companies such as Deloitte, PWC etc. Or bloggers like me, might have an influence. I’m often approached by people as to my recommendation.

Your company and you have already lost that sale before you even get in the car to drive to the meeting.

Influencer Marketing Vs Social CRM

Companies are investing heavily in Social Selling, LinkedIn licenses and maybe Social Media Listening have been purchased, see previous blogs. Why is this different? From this chart you can see the different types of Influencers and how many companies will use different resources to talk with them. For example, Journalists will be covered by PR, Analysts by Analyst relations etc. Contacting Influencers is a discussion for a different day, want to explain how you can make a quick impact to you Marketing but more importantly how to win more and bigger deals.

Onalytica Slides jpeg

 

Practical Case Study

So what have we done and what are the results so far?

Marketing Vs Sales – “Fluff” Vs “Wins”!

This project is no different from any other. Stakeholder buy-in is key. But there are two parts here, who are the Influencers in the “online world”, these are the ones Marketing are interested in. But to truly monetize this and this Blog is about Social Selling after all, how can we, sell more!

Don’t Care About Marketing Fluff, What about My Accounts?

Starting with a proof of concept to get the buy in to stakeholders. Marketing Manager, (IT literate) Sales VP and IT Literate Regional Director / Sales Manager. People we knew who would be receptive to such a project. We picked a small sample for the POC to enable us to focus. One product area and 10 accounts.

The only investment from the business was to listen to what we could do and give us a list of 10 accounts.

Project Results

First we created a list of the top Global influencers in the chosen subject area and tagged them by Twitter, Blog, Country of operation. This will allow us to “slice and dice” Influencers and allow us to work out the best contact method. More on that in another blog.

Within a week we delivered back 71 named individuals as the first pass who were influential in those 10 accounts. (We were also able to provide to the business Market “share of voice” reports to the Business based on the Subject areas we were tracking and share of voice vs our competitors.)

The next phase is to get the list of Influencers from the sales team and cross match this with the list of 71.

How many new contacts I will discuss in the next blog.

Will also talk about how we can

  • Track the influencers, going back in time if need be to see how positive or negative they are to my company.
  • Measure the content we have against what all Influencers are saying in the market, therefore testing it’s relevance / resonance.
  • Create a Influence map to see if there are are Influence networks, formal or informal. We can then check if we are part of that conversation.
  • Make the right contact with the influencers.
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7 thoughts on “Monetizing Influence Marketing – A Case Study #socialselling #MarketingAutomation

  1. I agree with your analysis.

    Your segmentation chart however is missing something: on the social web, journalists/analysts/influencers/clients/prospects …. are all connected one to each other and you can’t really manage them as different silos. That’s a mistake I see in many large companies.
    Also many journalists are also top bloggers (sometimes with two identities).

    More generally speaking, any “LIST strategy” in “social NETWORK” is a mistake.

    Our recommendation is to uncover the natural organization of the ecosystem you’re targeting, to uncover “clusters” of influence (tribe) and to engage with these tribes, leveraging the social graph.

    If you learn that this specific analyst is “followed or engaged” by many of your prospects or that one of your tech evangelists drive the discussion with journalists xyz, this is critical.

    I also recommend to distinguish “branding” (using the Coporate profile of companies to engage and publish content), thought leadership (CXO talking to CXOs, Experts talking to Experts) and social selling (passive and active – where even the chi-chat may be leverage by the Sales Rep in the relation).

    Like

  2. Pingback: Using Gamification to Build Communities and Create Leads #SocialSelling | Blog by @Timothy_Hughes

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