Word of Mouth as a Business Attractor
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Word of Mouth as a Business Attractor

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How word of mouth can be used to attract audiences and stakeholders to a business.

How word of mouth can be used to attract audiences and stakeholders to a business.

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Word of Mouth as a Business Attractor Word of Mouth as a Business Attractor Presentation Transcript

  • WOM as an Attractor Joanne 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/1609874 001/ http://www.flickr.com/photos/wiredwitch/7719 805018/ 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/
  • Email • 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 Jacobs Chief Operating Officer 1000heads Pty Ltd Email: joanne.jacobs@1000heads.com Phone: 0419 131 077 Twitter: @joannejacobs Skype: bgsbjj LinkedIn: http://www.linkedin.com/in/joannejacobs Unless otherwise specified, all images in this presentation are Creative Commons under an attribution licence.