by Elizabeth Hines | Aug 25, 2016 | Blog, Data/Analytics, Leadership, Strategy
Forget tracking traditional metrics and focus on decision-quality data that helps front-line managers do their jobs.
It’s safe to say that the clients I engage with fall into two categories when it comes to business data: those that are drowning in it, and those that ignore it altogether.
The ones that are drowning in data know all the relevant facts that keep them out of trouble with their boards or their senior executives, but struggle to tell you what really drives their business costs or profits. The ones that ignore the data are the savvy veterans that rely on their historical win/loss records in their business, but ask them to change course or innovate, and they are like fish out of water.
Chances are you’ll fall somewhere close to those two camps, and for some time, I did as well. Then that I realized that tracking data for the sake of “tracking” was a waste of time for me and for my teams.
There is data, however, that should be tracked relentlessly and used in all of your decision processes. I call this “decision-quality” data. These are the numbers that drive your business strategy and execution.
What is decision-quality data?
Decision-quality data goes beyond the traditional profit/loss packages that are churned out every quarter and disseminated to your business chieftains. Decision-quality data sets are the building blocks and the levers of your business. Examples include areas of your business that can be affected by the execution of your employees.
Put simply, your sales employees may not be able to directly affect your finance treasury function, but working together with your finance team, they can affect cash flow by selling credit-worthy customers, cutting better financial deals, and, when necessary, helping in the collection process.
The same can be said of your purchasing professionals teaming with distribution leaders and finance team. This team can coordinate at the front line to cut costs and reduce inventory spend by developing inventory and financial metrics that matter to them and the company overall. By working in concert, they have the ability to solve the problems that arise and avoid pitfalls in real time instead of reacting when the quarterly metrics come out.
Quite frankly, if you are collecting and looking at data, but not taking action as the result of it, STOP. You won’t miss a thing, and your team will thank you for saving them time to spend on more productive activities.
Don’t fall into the data-cycle-trap dictated by data tracked on a calendar basis for the sake of tracking. Ask your teams what data they need to be effective, and simplify the way for them to get it in near real time.
Once this type of data is in the hands of a cross-functional team of front-line managers, task them with the needed improvement, and watch them make dramatic impacts in your overall business performance and customer experience and, in turn, your profits. The results will be better and more sustained than if you drove them with a mandate from the top because these managers live and breathe in the environment that created the data in the first place. Their cross-functional nature and familiarity with the issues are a winning combination.
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by Elizabeth Hines | Aug 16, 2016 | Blog, Data/Analytics, Logistics, Strategy, Supply Chain
Look at your financial metrics on a granular level, beyond the basic snapshot, to identify opportunities for growth.
Big data can show homogeneous revenue opportunities and cost inputs. But that overview is inadequate for determining how different aspects of your business are performing and where opportunity for growth may lie.
Essentially, you need to analyze your financial metrics at a granular level rather than in aggregate. For example, your business probably offers several products or services and feeds off of more than one revenue stream. Each must be evaluated separately in terms of value and profitability to determine how each is performing, rather than just examining your entire portfolio as a whole.
The key to increasing profits is not always blazingly obvious, but rather it is hidden in the minutia. There you will identify what is growing the business and what is not.
How to get down to the granular level of your financial metrics:
Consider your sales figures.
What is your profit — broken down by product, brand, region, etc.? Note any similarities and differences. Can you identify outliers? Can you identify what works and what your barriers are? If not, you must drill down further. For example, if a specific product is successful, why is this so? Is its success the result of a team or an individual? Can this knowledge or skill be applied to other products or services?
Identify products, brands, or services that don’t make financial sense.
You know they exist already. They are the ones that eat up your resources or simply no longer fit well with your brand. It may be time to eliminate ill-fitting clients, products, or services that don’t benefit the company. You then can pour the freed-up resources into higher-profit activities.
Know what the critical numbers are.
What is important to your business can be very specific to your industry. Inc. magazine’s guide to tracking critical numbers offers a great example: “A software consultant may focus on billable time, for instance, while a food retailer should be looking at sales per labor hour.”
Repeat this review process often.
This is not a one-time exercise. Typically, financials should be reviewed monthly, but each business will vary. Things that ebb and flow, like inventory or manufacturing output, should be reviewed each day, and the sales pipeline should be examined once per week.
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by Elizabeth Hines | Aug 15, 2016 | Blog, Content Marketing, Marketing, Social Media, Strategy
If your social media strategy doesn’t align with your business objectives and target audience, your marketing budget is probably better spent elsewhere.
Almost half of CMOs report they do not feel prepared to manage the challenges that accompany the rise of social media. Regardless marketers report that they plan to double social media spending in the next five years.
Pouring money into increasingly complex and expansive social marketing campaigns will not guarantee success, however. Instead, Keith Quesenberry, author of Social Media Strategy: Marketing and Advertising in the Consumer Revolution, suggests that marketers need to boil their social strategies down to the basics to improve results.
“They must use fundamental marketing concepts and modify them for this new two-way, consumer-empowered medium of social media,” says Quesenberry in a Harvard Business Review article. He offers these four steps for developing a basic social strategy.
1) Identify your business objectives.
Any strategy your business adopts should carefully align with your goals. Are you hoping to grow brand awareness? Generate more leads? Rebrand your business? Your social strategy should serve those objectives.
2) Listen to your target audience.
Yyou should have a thorough understanding of who your target audience is and how they use social media. After all, millennials use different platforms at different times than, say, Fortune 500 CEOs. Quesenberry suggests using analytics tools within social networks and secondary research, such as the Pew Research Internet Project, Nielsen, or Edison Research, to identify larger trends in social media use.
3) Produce engaging content.
Create the kinds of content your target audience seeks, and distribute it through the platforms on which they seek it. How-to videos on YouTube? Thought leadership on LinkedIn? Optimize the material you distribute for each channel. Use the social channels that best suit your brand message, type of content, and target audience.
4) Link marketing goals to social media KPIs.
Measure key performance indicators such as social media click-throughs to purchase (if the goal is online sales), social impressions (for brand awareness), or number of campaign-specific forms completed (for lead generation).
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by Elizabeth Hines | Jun 27, 2016 | Blog, Marketing, Social Media
This is part one of a three-part series on Twitter for B2B. See part two, Tweet This: 20 Ideas for Content for the Supply Chain, and part three, How to Use Twitter Analytics.
One of the top social media sites for B2B marketers, Twitter can help businesses spread brand awareness and communicate with customers.
When it comes to marketing your B2B company, Twitter could be a fantastic tool to give you a competitive edge. Gone are the days that Twitter is only for teens or simply to pass time on the commute to work.
It’s in the numbers.
According to Social Media Examiner, 66% of marketers are planning to increase their Twitter use, and 58% of marketers want to learn more about it. After all, Twitter is consistently ranked as one of the top three social media sites for B2B marketers, along with Facebook and LinkedIn.
Twitter reports that 50% of users have visited or shopped at the websites of the businesses they follow. Additionally, 43% plan to purchase regularly from the businesses they follow, and 60% of followers make a purchase because of something they saw on Twitter.
The statistics don’t lie. Twitter is incredibly effective in increasing and maintaining your customers’ loyalty and creating new connections.
What exactly is Twitter?
Twitter’s new user FAQs describes it as “a service for friends, family, coworkers etc. to communicate and, most crucially, stay connected with the exchange of frequent, brief messages that are searchable and viewable by all of your followers.” This allows for constant interaction with other Twitter users across the globe, whether they are individual users or companies.
Why your business should be using Twitter
Twitter can be an effective tool for businesses to spread brand awareness and communicate with customers and business partners. Here are 6 reasons why you should be utilizing it.
1) It has a mobile application.
Even if your website is mobile-friendly, having a social media platform that is also easily accessible on a mobile device is extremely important. Reportedly, 70% of executives use their smartphones to learn about a product or service after they first hear about an offer. On Twitter, 83% of users are mobile. It’s becoming the 21st century newspaper. Users check it on their way to or from work, during their lunch break, and in their free time. Tweeting frequently keeps your business top-of-mind while current and potential customers browse their feeds.
2) Its reach is global.
Twitter supports 40+ different languages. If your supply chain includes international suppliers or partners, this feature is the perfect opportunity to reach those users, as well as domestic customers at the same time.
3) It’s excellent for customer service.
Your account will receive notifications any time your company name is mentioned in a tweet, so you can respond instantaneously if a customer has a complaint or concern. This is crucial, since the number of customers expecting a response on social media has doubled since 2013.
4) It makes analyzing your engagement simple.
Twitter Analytics makes it easy to measure your impact and see where you should adjust your strategy. Calculate your engagement, learn about your followers’ usage patterns, and more.
5) It allows for broad networking.
By searching a simple keyword such as “content marketing,” you are presented with hundreds of results, including tweets, hashtags, and different accounts. Follow the ones that seem relatable to begin a network of interest for your business. You can then retweet content that would be of interest to your followers, thus increasing your status as a source for knowledge and information.
6) It reaches your target audience.
Twitter has 310 million monthly active users. That includes the large majority of organizations, from small businesses (79% are on Twitter) to Fortune 500 companies (78% are on Twitter). What’s more, an IDC report found that 75% of B2B buyers and 84% of C-level/VP executives use social media to make purchasing decisions. Your business should be where your customers are, and your business should really be where your customers are researching potential business.
Terms you should know
If you’re going to use Twitter, knowing the lingo is essential.
- Tweet: A Twitter update. The personal message you compose to your followers. May include pictures, video, text, or links to other web pages. 140 characters or less.
- Hashtag (#): Use to create a community of posts talking about the same thing. For example if you want to see posts about inbound marketing, search #inboundmarketing. Join the conversation by using the same hashtag in your post.
- Retweet: Taking someone else’s post and re-posting it to your page so all of your followers see it, too.
- Quote tweet: Similar to re-tweeting, except you can add your own message to it as well.
- Followers: Someone who subscribes to see your posts on their personal timeline.
- Direct message: Send someone you’re following a private message to have a conversation away from your feed.
- Twitter handle: @yourusername, what someone uses to tag you in a tweet or can search you by, how you’re identified.
But how do I “tweet”?
Tweets are posts under 140 characters that are posted to your personal page and show up in all of your followers’ Twitter feeds. You can post photos, videos, links, or your own content, so get creative!
To begin writing, click the button in the top right hand corner of your screen that looks like a feather quill on paper.
Retweeting
The button for this looks a bit like the recycling symbol. It’s located below each tweet in your feed. If you like what someone says and want your followers to see it too, click the retweet button, then the retweet option that pops up. The original post will appear on your feed.
When someone retweets you, it is now seen by not only your followers but theirs as well. This is one of the great things about Twitter. It’s very easy for one post to be seen by a very large amount of users.
This is how a retweet will appear to your followers, except where it says “you” it will say your twitter account’s name.
Quote tweeting
When you click the retweet button under a post, it gives you the option to either retweet or quote tweet. If you want to add something to the original post you want to retweet, choose the quote tweet option. A window then pops up allowing you to type your own message with the original tweet attached. The difference between this and simply retweeting is that when you retweet, only the original tweet is reposted and not an additional message from you.
Here’s what a quote tweet will look like to your followers:
How to gain followers
Knowing how to create the content you want on your Twitter is only half the battle. Now you have to gain followers to read and help you promote this content. Here are 5 ways to increase your followers and get the results from Twitter you so desire.
1) Promote your username as much as you can.
Add a follow button and/or your Twitter feed to your website and blog, and put the link to your Twitter in your email signature. You can even promote it offline on business cards or around the office.
2) Use your existing customer base.
Upload your email contacts into Twitter and follow your customers. It will let them know you’re thinking about them and prompt them to follow you back.
3) Search keywords and hashtags that relate to your industry and audience.
Use them to join in on conversations and get noticed in Twitter communities surrounding your industry. Users who like what you have to say will be inspired to follow you to get your updates.
4) Have the people who support you offline join in online.
Send out a company-wide email encouraging your employees to follow you on Twitter and retweet your posts.
5) Ask for retweets.
When someone retweets your post, it goes to all of their followers, increasing your reach exponentially. Don’t be afraid to ask your followers and employees for support. Sometimes a contest or incentive works extremely well to get the retweeting going.
The finishing touches
- Don’t forget to give your brand a little personality. As Kelly Jo Horton said in her article, 10 Things B2B Marketers Should Be Doing on Twitter, “All work and no play makes your Twitter feed a dull read. Don’t be afraid to have a little fun.” Post a joke or a funny picture, or show what it’s like behind the scenes at your company.
- Be conscious of where your followers are located. If they’re in different time zones, make sure your tweets match their schedules as well as your own.
- Keep up your audience engagement by making sure your tweets aren’t just a one-way communication. Start conversations with followers. Respond in good time if someone starts one with you.
A positive online connection can be the beginning of a profitable professional relationship. Twitter and its 310 million users are a great place to start making those connections.
Editor’s note: Sarah Collins is a summer intern at Fronetics Strategic Advisors. She is a rising sophomore at James Madison University, College of Business studying Marketing. You can find her on LinkedIn.
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by Elizabeth Hines | Jun 15, 2016 | Blog, Marketing, Strategy
B2B organizations are leveraging review sites to increase organic traffic and conversion rates. Here’s how.
Consumers regularly turn to review sites to research products and services before they buy. But did you know that businesses can leverage this behavior to increase organic traffic and drive conversions?
B2B organizations are joining third-party review sites precisely for benefits like these. In fact, such memberships are becoming an integral part of some marketing strategies.
Let’s take a look at it works.
Review sites inform buying decisions
Buyers value the opinions of peers and colleagues. In fact, B2B buyers rank it among their top three resources for information about solutions, along with experts and web searches.
It makes sense: User reviews offer an unbiased, credible experience regarding a company’s product or services, so potential customers do not have to rely exclusively on information the organization provides. What’s more, reviewers often share more than just opinions; they frequently include related tips or good-to-knows, which offer extra value for the reader.
Experts equate review sites to short-form versions of case studies, which 83% of B2B buyers report as important when comparing vendors. Reviews offer real-life experiences with the product or service, but are much quicker to read and easy to consume in aggregate than case studies. They are also written from a buyer’s perspective, which resonates much more than, say, technical language and specifications.
Value for businesses
More succinct than a case study and just as credible, user reviews offer compelling testimonials that can attract customers at any point in the buying cycle. Here are a few ways organizations can leverage them to their advantage.
1) Use them as content.
Reviews make excellent lead-nurturing content. A business could share a positive review on social media or integrate it into a blog post. Negative reviews, too, give an organization a chance to address questions or concerns through content. Either way, reviews give insight into what customers are talking about, and this can help inform your content strategy.
2) Build brand awareness.
As more buyers turn to review sites to research products, companies who are members of the review site benefit from having their name in the mix. Even if a potential customer is researching a competitor, that person will likely come across your business name in comparison. That kind of exposure is invaluable as buyers are actively creating their vendor short lists — especially if you have very positive reviews.
3) Build customer trust.
Participating on a business-review site promotes the transparency customers crave. It tells them you are willing to let your customers share the bad as well as the good for all to see. Additionally, positive reviews can boost an organization’s Google seller rating, which appears next to the business name in AdWords ads. The seller rating gives readers insight into how the business rates for quality service before that person ever visits the website and, if the rating is high, establishes instant credibility. And more credibility equals more click-throughs.
4) Increase organic traffic.
Search engines favor reviews, meaning search engine algorithms increase the search ranking of sellers who have favorable ratings on review sites. Consider that 60% of organic clicks go to the top three search results, and that the vast majority of readers won’t search beyond the first page of results. Any boost from positive reviews can increase your organic traffic potential.
5) Drive conversions.
Many organizations are finding reviews enormous valuable for their business in the late stages of the buyer’s journey. Password-management startup Dashlane, for example, reported a 14.5% increase in conversion rates when reviews were added to paid ad landing pages. Because reviews hold such credibility and resonate so strongly with customers, they make for excellent closing content.
Here are a few B2B review platforms to consider joining as part of your marketing strategy.
- G2 Crowd: Offers online reviews on B2B marketing services as well as business software.
- GetApp: Allows users to search for industry topics as well as specific products.
- IT Central Station: Described as a “Yelp or TripAdvisor for enterprise technology.”
- TechnologyAdvice: Allows users to perform side-by-side comparisons of solutions within a particular category.
- Trustpilot: A community where users can interact with one another regarding particular solutions they use.
- TrustRadius: Authenticates each reviewer and validates every review through its research team prior to publishing.
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