Using Your Competitor’s Marketing Budget to Create Leads #Socialselling

GoldHow I am using my Competitors Marketing Budget to Create Leads?

Times are still hard and , if like me, you are being asked to do more for less, then this blog is designed to help you.

For 18 months now, I have been using my competitors marketing money to create leads. In fact my competitors are one of the most lucrative demand generation channels.

In May 2013 I ran I pilot for the IKO Social Media listening tool and it very quickly paid for itself.

In summary, you define your customers, competitors and partners. It then looks for connections on LinkedIn, Xing and other B2B Social connection sites.

Now if you and I link on LinkedIn it is unlikely there is any business there. But when my competitors link to prospects or customers, there probably is.

There is Gold in Them there Hills

Implementation of IKO was pretty quick, setting up my customers, prospects and partners took me about 2 hours then overnight IKO tracked the connections.

I’m pleased that my competitor Marketing departments are working very hard to create leads for their sales people.  The sales people go on those meetings and make connections on Linkedin. I then pick up on the connections.

The systems sends you an email each day telling you the customers and prospects your competitors have linked to.

It also makes suggestions of “leads” which are companies my competitors have linked to, but I might not have markers as customers or prospects of mine.

…. And There is More

IKO also allows you to track individuals (they cannot see you are doing this as they can on Linkedin).  This has enabled me to track, competitor sales people, watch competitor activity and track customers in “must win” accounts.

Not Just Lead Generation

We use IKO to track and de-risk the pipeline and forecast, tracking the Stakeholders involved in a sale.

We also track competitor movements during a sale which enables us to get wider and deeper in the account as well as understand who is “for” and “against” you. Thus increasing win rates.

Using Social to Help you Over achieve your Quota Quicker

Social Selling is not just about Salespeople using Twitter and having a buyer centric profile on LinkedIn. Social Selling is how we can use modern technology to enable us to increase win rates and enable us to over achieve our quotas, quicker.

 

Tim Hughes was part of a team that rolled out Social Selling across 600 sales people in Western Europe.  He writes and speaks on Social Selling and has been mentioned in Forbes as one of the top Social Sellers globally.

Tim has no connection with IKO Systems and has not been paid to write this article.  The opinions are mine.

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