Win Clients and Accelerate Sales with Web 2.0 Technologies

The Virtual Handshake: Winning Clients and Accelerating Sales with Social Media David Teten Partner, ff Venture Capital ffventure.com blog: teten.com @dteten New York, NY info@teten.com© 2011 David Teten. More at ffventure.com and teten.com http://www.flickr.com/photos/intersectionconsulting/3469011188/

Intro Social Media Tells Network Next Steps • Introduction • Social Media • Tells of People and Companies You Want to Know • Growing Your "Network 2.0" • Next Steps© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps 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: info@teten.com© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps 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)© 2011 David Teten. More at ffventure.com and teten.com 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 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.© 2011 David Teten. More at ffventure.com and teten.com 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 Firms Fail to Capitalize on Their Internal and External Networks • 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 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/© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps “Social media is a communications medium that relies on its audience to create, modify, or distribute the medium’s content - Nick Gonzalez, SocialMedia.com© 2011 David Teten. More at ffventure.com and teten.com http://www.flickr.com/photos/briansolis/2735401175/sizes/l/, http://blog.socialmedia.com/how-should-we-define-social-media/. /

Intro Social Media Tells Network Next Steps Benefits of Online Networks • Searchable • Cheap • Crosses boundaries of time and space • Passive presence • Ease of forming groups • Reduced time and expense • Greater visibility© 2011 David Teten. More at ffventure.com and teten.com http://www.flickr.com/photos/uaeincredible/3333223048/sizes/o/

Intro Social Media Tells Network Next Steps 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© 2011 David Teten. More at ffventure.com and teten.com http://www.flickr.com/photos/extraketchup/748452643/sizes/o/

Intro Social Media Tells Network Next Steps Sales Cycle and Social Media Sales Cycle How Social Media is an Accelerator Marketing • Become more attractive online • Become a searchable magnet for potential clients who need your services Identify leads • Systematically update CRM system • Identify clients who have changed status and are now potential buyers Background • Review professional and personal lives check • Talk with client’s network: customers, competitors, suppliers Reach out • Identify commonalities Negotiate deal • Gain insight into counterparty’s negotiating style, motivations Close sale • Exploit all of the advantages you’ve built© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps Transition: Web 1.0 Social Media Parameters Web 1.0 (Read) Social Media (Read-Write) Governance Top-down Bottom-up Machine to Machine and Communication Channels People to Machine People to People Information Discovery Search and Browse Publish and Subscribe Information Retrieval Transactional Relationships Portal, Commercial Information Aggregation Micro-Aggregation Aggregators Marketing, Selling Push, Contextual Conversational, Personal Content Control Publishers, Aggregators Content Authors Content Structure Documents, Pages Tagged Objects Applications Closed, Proprietary Open, Standard-based XML, AJAX, RSS, PHP, Technology 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)© 2011 David Teten. More at ffventure.com and teten.com HTML, Solaris, Oracle

Intro Social Media Tells Network Next Steps 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© 2011 David Teten. More at ffventure.com and teten.com http://www.flickr.com/photos/olibac/2894715308/sizes/l/

Intro Social Media Tells Network Next Steps Toolkit • Email groups file • Profiles file • Standard emails© 2011 David Teten. More at ffventure.com and teten.com http://flickr.com/photos/neilt/2517652/sizes/o/

Intro Social Media Tells Network Next Steps Powerful Emails • Direct E- mail • E-mail Signature http://www.flickr.com/photos/misbehave/2352753067/sizes/l/© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps Private Equity News • Dealbook.blogs.nytimes.com • PEHub.com • PENews.com • PrivateEquityInfo.com Venture Capital News • Techcrunch • Mashable • Mercurynews.com/vc© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity • Introduction • Social Media • Tells of People and Companies You Want to Know • Growing Your "Network 2.0" • Next Steps© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Network Valuation Formula Ch = Character Co = Your Firm’s Competence R = Relevance of the contact S = Strength of your relationship I = Information N = Number of people D = Diversity N = D * ∑ (Chn*Con *Rn* Sn*In) n=1© 2011 David Teten. More at ffventure.com and teten.com David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com)

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Balance of Strength and Numbers Average Strength = Minutes Available / Person Number = # People therefore… Average Strength * Number = Total Minutes Available vs.© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Network Valuation Formula Ch = Character Co = Your Firm’s Competence R = Relevance of the contact S = Strength of your relationship I = Information N = Number of people D = Diversity© 2011 David Teten. More at ffventure.com and teten.com David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com)

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Biography Analysis Software© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Relationship Capital Management Software Relationships See which colleagues ranked by have best Strength relationships to target Email traffic patterns, address books, billing Privacy Access systems, employment Layer configured history, etc. for firm’s culture Leverage Software, Contact Network Corp., others…. Contact Network Corporation (ThomsonReuters)© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Corporate Analysis Software© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Multiple Media • Phone • Email • Instant messaging • Internet telephony (Skype) • Web conferencing • SMS • Twitter© 2011 David Teten. More at ffventure.com and teten.com http://flickr.com/photos/re-ality/41676755/sizes/o/

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Socialtext Wiki Case Study: Dresdner Kleinwort Investment Banking problem • Heavy dependence on email communication & meetings for decision-making solution • 5,000 wiki users benefits • 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© 2011 David Teten. More at ffventure.com and teten.com Socialtext

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity From Cold Calling to Warm Cold Calling http://www.flickr.com/photos/23439761@N03/3258313816/sizes/l/© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Data from Business Cards© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Data from Email and Files© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Targeting • Directly-relevant companies • Fast growth companies© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Senior executives prefer to interact online behind barriers to lower-level personnel, just as they do within traditional networks. Sample Gated Communities for Executives • IERGOnline.com • Executive-Forum.org • INMobile.org • Some LinkedIn groups© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Sample Gated Communities for Investors Private Capital Public Markets ACG.org FTAlphaville.FT.com/longroom Angelsoft.net SumZero.com Finemrespice.com/subrosa ValueInvestorsClub.com Village.Albourne.com Village.Albourne.com© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Virtual Community Platforms / Social Network Sites • Groups.Yahoo.com • Groups.Google.com • Grouply • LinkedIn • Xing (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© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Mailing Lists and Discussion Forums • Customize standard intro • Lurk before you leap • Dive in, but don’t splash© 2011 David Teten. More at ffventure.com and teten.com http://flickr.com/photos/kaibara/1231278142/sizes/o/

Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Take One Step • By industry • By geography • By personal characteristics© 2011 David Teten. More at ffventure.com and teten.com http://flickr.com/photos/extranoise/169187125/sizes/l/

Intro Social Media Tells Network Next Steps Social Media is a better platform Parameters Face-to-Face Social Media Judge by a Character SEC filings handshake Competence Personal resources Enterprise resources Relevance Semi-random Focused, searchable Strength Limited channels Multi-media Detailed, current Information Poor visibility data Number Small Large Restricted by time, Crosses time & Diversity space space© 2011 David Teten. More at ffventure.com and teten.com

Intro Social Media Tells Network Next Steps Step 2: Choose the Center of your Online Life© 2011 David Teten. More at ffventure.com and teten.com http://www.flickr.com/photos/pathfinderlinden/157712296/sizes/l/

Intro Social Media Tells Network Next Steps Common Mistakes • 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© 2011 David Teten. More at ffventure.com and teten.com http://flickr.com/photos/misterdna/49841409/sizes/l/

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Win Clients and Accelerate Sales with Web 2.0 Technologies

by David Teten on Jan 24, 2009

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Win Clients and Accelerate Sales with Web 2.0 Technologies — Presentation Transcript