Tag Archives: spiceworks

Traditional lead generation model

19 Apr

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Social Media Marketing and going to the gym ( part two)

11 Apr

Hey Everyone,

I wrote a post a while back called social media engagement and going to the gym ( An analogy)

http://community.spiceworks.com/topic/152233-social-media-engagement-and-going-to-the-gym-an-analogy?started_from=new_topic

I received a few hundred responses from IT marketers ( spiceworks clients and prospects I am trying to get invovled inside Spiceworks) saying they see the benefit of engagement but it’s so hard to attribute ROI to any kind of social effort.

Obviously Spiceworks is not just a social media platform but social engagement is a big part of our approach.

So in the Spiceworks spirit of listening to our clients/partners.

Here is my sequel post with a process that a couple of Spiceworks clients have used to show management the value of how social engagement drive’s $100,000’s of dollars to the pipeline and closed business. ( especially in a pure 100% IT platform like spiceworks)

 

The ROI of Social Media within the IT buyer community :

So often we hear people struggling with how to manage the return of their social media efforts. I do sometimes struggle with this when a IT vendor says I can’t spend time or $$ on social media until I can get exact ROI. ( Hmmmm what is the ROI on the beautiful fountain outside the HQ that costs $160,000 a year to run?:) ( True story from a previous software company I worked at by the way)

I sometimes think IT marketers are so focused on the ROI of a one-time ad, web page or action, and therefore they miss ( ironically) $100,000’s worth of opportunities because they don’t see that social media is ongoing conversational engagement. They forget that you need to go to the buyers first, provide them value, and spend time with them before they may take action.

There are 7 Million IT buyers ( 1 – 1,000 employees) who control over $900 Billion dollars of spend globally

4 straight forward tips:

• Engage
• put some roots down
• understand who your buyers are and where they live, work and play.
• Do so and not only will people engage and respond to your efforts, they will purchase your products – and that is the best ROI a brand can get right.

So let’s take you through a proven process for IT vendors, Direct market resellers and VAR’s can use to monitor and track ROI conversations on Spiceworks:

Step 1: Set up a Spiceworks vendor page, run banners, send an e mail out to your specific target audience and start searching conversations topics in your area of expertise. ( Virtualization, Web filtering, security, backup etc)

Step 2: Browse the community and engage in the conversation, get known, be a resource.

Step 3: If someone expresses interest in you and your company , ask them permission to send some info, pricing, documentation etc. Continue the conversation. Shoot the person a note your info about your online store, discount, promotion, webinar, whitepaper, vendor page. RFQ button.

Step 4: If the person is interested, input them into your CRM ( lead source, create a opportunity associated to that conversation)

Step 5: Measure whether they end up buying! You can now track the origin and attribution of that lead, how many days it took to close, what other actions they took place prior to buying (vendor page follower, requested a quote,additional conversation in the community etc).

Step 6: Measure the percentage of time it takes on average to engage in these types of conversations and divide by average hourly rate of paying someone to do this type of activity or compare this to the $1,000,000’s being spent on cold calling teams, adwords, airport sponsorship, golf tournaments, full page print ad’s etc.

Let’s say it cost you $10,000 to get a person ( re the conversation) into the sales pipeline and they bought $50,000 worth of Hardware/software.

Step 7: (Revenue-Cost)/Cost = ROI so given this example: ($50,000 – $10,000) / $10,000 = 400% ROI. That ain’t bad going.

Here is a very funny Video discussing C –suite ROI:
http://www.youtube.com/watch?feature=player_embedded&v=qNL8vAnZ-BY

I would love to hear from the IT buyers on this as well as our partners.

I would love to hear your feedback.

Respectfully,

Kenny

Social Media Marketing is Like Going to the Gym

10 Apr

I overheard someone I work with making an analogy about the gym and social media effectiveness. So often we hear people struggling with how to manage the return of their social media efforts. Sometimes I struggle when an  IT vendor says, “I can’t spend time or money on social media until I can get exact ROI.”  (Hmmm, I wonder what is the ROI on the beautiful fountain outside the HQ that costs $150,000 a year to run.)

Oftentimes I believe that IT marketers think social media marketing is like a gumball machine where they see an immediate return. They set up and run a program on Facebook, LinkedIn or Spiceworks and then leave it alone.  They are left wondering why they didn’t get a lot of followers or engagement. In their mind they got nothing back.

IT marketers seem to be so focused on the ROI of a one-time ad, web page or action, that they actually miss ( ironically) hundreds of thousands of dollars worth of opportunities because they don’t see that social media is “ongoing” engagement. They forget that you need to “go to” the buyers first, provide them value, and spend time with them before they may take action.

Here is a conversation between me and the fitness professionals at my local gym earlier this week:

Client: “Hey it’s Kenny Madden here. I joined your gym three months ago and I just weighed myself. I have in fact loss zero pounds since I signed my membership. I want to cancel my membership right now.  Where the heck are my lost pounds? I am paying you guys $35 a month and I want  my weight down or else.  What are you going to do about it?”

Gym Rep: “ Sir, I understand that you are upset but let me check our records and I will see what we can do.  Yes, I see you started your membership with us  four months ago but you have not actually come into the gym yet.”

Client: “So what! What has that got to do with anything? I paid you some serious money and I want to lose those pounds. I was told every dollar of membership would help me lose five pounds a month.  I am not sure what your trying to pull here but I don’t like what I am hearing!”

Gym Rep: “Sir I appreciate that you are busy and upset because of your lack of weight loss but I assure you, we see great results when our clients actually come into the gym, work out, use the pool, get to know folks in the gym and start working at building relationships within the confines of the gym.   I have actually seen several members who come in once a week.”

Client: “This is ridiculous, I paid you the money so I wouldn’t have to do any of that stuff. I don’t have the time or resources for that. In fact I am thinking about hiring several other people to go and do my exercising for me instead of giving the money to you guys.”

Gym Rep: “Sir, I think you will find you have to actually come here you to lose weight, stay for the long term, set small incremental goals, make sure you are the right gym and you can develop a program that will achieve all your goals.”

Client: “Hmm I will get back to you.”

  • Engage
  • Put some roots down and stay for the long term
  • Understand who your buyers are and where they live, work and play
  • Do so and not only will people follow you and respond to your campaigns, they will purchase your products – And that is the best ROI a brand can get.
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