RIP Cold Calling; Survived by Social Networking

LinkedIn Question:

Which is more productive in generating new sales: 8 hours of cold calling 8 hours of social networking

My LinkedIn Answer:

RIP Cold Calling

Cold calling has been served notice, a new era beckons and with it an altogether different way of working. Social networking has arrived and will soon replace cold calling as the predominant method of prospecting in business.

I know many people will think that there is no replacement for activity, specifically picking up the phone. Yet, no matter how intelligent you are about cold calling, it is what it is – speculative, scatter gun selling, not to mention costly and increasingly ineffective.

Consider the following data I found online...

In a test which spent an equal amount of time cold calling and using social media (9 AM - 5:30 PM; M - F).

Cold Calling Results

Outbound calls made 325
Meaningful conversations (pitches) and brand touches 80
Meetings made 4Sales made (as a direct result of cold calling) 0

These are average conversion ratios for time spent but it comes with much overhead.

Social Media Results

Inbound calls generated 8
Meetings as result of inbound calls 3
Sales as a result of inbound calls 2
Brand touches (from site statistics unique views of content) 422
Visitors to sales associate's blog Subscribers (RSS) to sales associate's content 27
People following sales associate's Twitter 12
New contacts 71 (on LinkedIn, Facebook, WeCanDo.BIZ, etc)
Listeners to sales associate's Podcast 83
Opportunities to sell found 21
Online conversations had 39
Warm call list (names generated expecting a call) 11

The cost of the social networking blitz to find new business opportunities, other than time and internet connection are small, if anything at all. Most importantly 2 sales were closed, covering any cost associated with the activity and generating a very healthy return.

The central question, however, is do modern-day sales people have the level of skill required to conduct a social media campaign individually? The simple answer is no. Not all salespeople will have the necessary skills, but having a skills gap is nothing new on the sales floor otherwise we wouldn’t have the multi-million pound training industry!

Can the skills be taught quickly and cost effectively? Yes. I have always taught people that sales is a process: follow steps one through five to achieve your aims. Social media networking can be processed as well, giving salespeople clear guidelines on the ‘how to’ and ‘how not to’. We spend millions every year teaching salespeople to cold call better, use the latest CRM (customer relationship management) system, be better team players and so on; and so it must come to pass that companies will need to train all staff to be ‘social media savvy’ as it extends far beyond just sales – marketing and service need to be in on the picture as well.

Naysayers?... Agreed, updating your Facebook or MySpace page with pictures of the weekend, playing silly games, nudging or poking other people is not the best use of your company’s time. But creating engaging, thought-provoking, discussion-opening content, centred around your products or services is.

Social media networking will reduce dependence on cold calling. I am not saying it will eradicate the need for the telephone – that perhaps is to bold an idea. But I am certain it will become the first step in prospecting for new business.

Jennifer Pricci
New York Based Marketing Talent For Hire!
jennifer.pricci@comcast.net

View my resume online at http://tinyurl.com/jpricciresume2009

Read my recommendations and link with me at www.linkedin.com/in/jenniferpricci

What To Do First When You Get Laid Off

Well, the axe has finally fallen my way. I had a good run considering market conditions surrounding my industry and role.

What to do first when you get laid off?

The top seven steps are: exit gracefully; secure whatever additional pay and benefits you can; apply for unemployment; get health coverage if possible; get real about your expenses; roll over your 401(k); and start your search.

1. Exit gracefully. Your old boss might become the link to a new job and at the very least can be a great reference by providing a letter of recommendation.
2. Secure whatever you can. It depends on your level in the company, but try for an extension of your salary, health benefits or life insurance benefits; a positive letter of recommendation from your supervisor, use of your office for a a period to search for another position or use of an outplacement firm; even your laptop or other equipment that will help you get a new job. (If you get severance, take advantage of the health benefits – get physicals, dental checkups, fill prescriptions.)
3. Apply for unemployment immediately. Typically, you can still collect unemployment even if you receive a severance, and if you take a part-time job while you are looking for a new position, you may be eligible for partial benefits. Regular benefits are paid for 26 weeks in most states and some will extend that under certain circumstances.
4. Protect your health benefits. Enroll in Cobra if your employer is required to have it. (Companies with 18 or fewer employees are not.) Complete the forms to continue your health insurance; you’ll have to pay a monthly fee, but it’s worth it — don’t leave a gap in your coverage. If you can’t get insurance through your company, call a health insurance broker and see what plans you can qualify for.
5. Get real about your expenses immediately. You have to know what you are spending monthly so you know where you can cut costs to avoid getting into debt while you’re laid off. Search “track your spending” on this site to get tips on how to control your costs.
6. Roll over your 401(k) plan directly to an individual retirement account. Do not cash it out, or take a check from the company with the intention of opening an IRA. You have a limited time to get it into that new account or the government will consider it a withdrawal and if you’re under 59-1/2 you’ll pay a 10 percent penalty, and no matter what your age you’ll pay income tax. Sadly, 80 percent of people with $10,000 or less in a 401(k) cash it out when they leave the job – but in reality, after taxes and penalties, that $10,000 is closer to $6,000 if you’re in the 28 percent tax bracket. Go to the websites of Fidelity, Vanguard, Schwab or T. Rowe Price, where you can find the forms that allow you to roll the money over directly.
7. Start your search. Take one or two days to regroup, and then schedule at least 3 to 6 hours a day to work on your job search. Refresh your resume and join an online social network if you don’t belong to one. LinkedIn (http://www.linkedin.com/) is a great network for professionals – you basically fill out a form that lists the schools you attended and the companies where you previously worked and the network shows you everyone from those affiliations so you can start networking. Network through whatever other affiliations you have – religious and volunteer organizations, sports clubs, alumni groups, etc. Call headhunters in your industry – don’t assume that they are overwhelmed with people contacting them.

Jennifer Pricci
New York Based Marketing Talent For Hire!
jennifer.pricci@comcast.net

View my resume online at http://tinyurl.com/jpresume2009

Read my recommendations and link with me at www.linkedin.com/in/jenniferpricci

Tony Hsieh, CEO of Zappos.com, Tweets... Are You Missing The Boat?

LinkedIn Question:

Are you missing the boat?

If you tuned into The Apprentice Sunday, March 8, you would have watched the "boys and girls" come up with a new slogan for Zappos. The CEO of www.zappos.com was the judge and selected the "gals" proposal.

What stunned me, while watching the show, I happened to Tweet @zappos, and got a reply within 3 minutes. What I didn't realize at the time, that it was the CEO Tony Hsieh, sending me a message.

Whats remarkable, here is a CEO of a $1B company, watching with the rest of us, probably his biggest marketing exposure (and expense) on national TV and he is on Twitter, tweeting to anyone that sends a message.

How many CEO's of $1B companies do you know, that even know what a Tweet is, actually use it and are using it to their corporate advantage? So are you missing the boat?

My LinkedIn Answer:

I became a fan of The Apprentice early on in the series. As a marketer I found it interesting to see so many promising young professional spread their marketing wings at the many tasks surrounding such high-end brands.

I saw the Zappos.com Celebrity Apprentice episode. I am struggling as a fan of the show with the Celebrity episodes as these individuals are not marketers and it is so painful to watch them fumble through fundamental marketing challenges.

I’ve seen Tony Hsieh, CEO of Zappos.com, featured many times before and find his business plan completely refreshing. It is no doubt that his emphasis on customer service and corporate culture is responsible for his huge success as a brand and, ultimately, their sales growth of 1.6M in 2000 to over $1 billion in 2008. I did find, however, that the show was either edited poorly or the part he played in the “RFP” process was below par. He did not discuss the target consumer at all, rather, broad stroking it; and, although he did mention customer service, I do not feel he placed appropriate emphasis on this core competency given its direct relationship to their success. (Note: I am a loyal Zappos consumer because of their customer service.)

Many companies are looking for guidance with branding on Twitter. To begin with, they need to know how to use Twitter, what it’s all about, who should handle Twitter (marketing sales, PR,) who to follow, etc.

Then to the question: Should the CEO or business owner also have a Twitter profile? This is a great question and one that takes some time and thought. Good social media consultants will tell you that social media marketing requires a strategy – and it’s not necessarily the type of “boiler plate” marketing strategy companies may be used to.

This key question – should the CEO (and other key management) have a Twitter profile needs to be part of the social media strategy.

Tony Hsieh is a highly visible CEO on Twitter right now (his profile is Zappos.com CEO.) This strategy blends the brand. This is definitely a trend we’ll be seeing more of. Tony even posted a Beginner’s Guide that can be helpful to business owners and entrepreneurs:
http://twitter.zappos.com/start

It is important to know that while good personal branding involves self-promotion, there’s more to it. The social media world is all about “Give to Get” and engaging in two-way conversations. The value comes from not what you are doing; rather it comes from what you are thinking and sharing. It is about conversations and building relationships; not hard sell marketing, broadcasting or ego-driven tweets.

Jennifer Pricci
New York Based Marketing Talent For Hire!
jennifer.pricci@comcast.net

View my resume online at http://tinyurl.com/jpricciresume

Read my recommendations and link with me at www.linkedin.com/in/jenniferpricci

The Loyalists Shall Take You To The Promised Land

LinkedIn Question:

Members pay an annual fee to belong to a retailer's loyalty program and they receive discounts on the retailer's most popular products, invitations to member-only events, and reward vouchers for reaching certain spending levels. What other creative ways can this retailer reward its loyal customers?

My LinkedIn Answer:

Your customers are swimming in messages. And they’re being pursued by countless brands. How can you keep their attention, their time, and their dollar?

Gone are the days of a one-size-fits-all loyalty program. Building a creative campaign that your customers will respond to can only begin once you have a clear understanding of their buying motivations. By using real insights you can cultivate stronger relationships customers so your brand stands out. Ultimately your message motivates action… then your bottom line.

Depending on what inspires your customers craft programs which also meet your internal objectives along with actionable metrics for program refinement. More common loyalty program objectives include:

• Stimulate sales and improve gross margins
• Encourage purchase of new and better/best products
• Establish competitive differentiation
• Motivate employee performance
• Boost retention of high-value customers
• Build stronger long-term relationships
• Drive key behaviors

To understand what your customers truly value, conduct focus groups, one-on-one interviews and quantitative research. From this, determine the core elements needed to create a lasting relationship with your customers.

The mandatory requirements for an effective loyalty program are – Creative Conceptualization, Feasible Program Development, Systematic and Time Bound Program Execution and Measurement.

Here are some proven loyalty concepts which can be customized to your customers buying motives:

• Club Cards (pay for membership for regular discounts, points programs, reward vouchers)
• Email Only Promotions
• Premium Shipping Clubs (for ecommerce)
• Subscriptions (asking customers to go steady and purchase product to be fulfilled at regular intervals)
• Service Extensions
• Recycling Programs
• Loyalty Affiliates
• Gift Reminder Service
• Value Propositions (Not loyalty per se, but extremely successful in customer retainment; think Zappos.com and their exceptional customer service)

Marketers are racing to keep up with customer expectations for personalized services and enhancements, and well-designed loyalty programs are a tremendous opportunity to communicate directly with enticing offers that will keep customers coming back.

"The dogs on Main Street howl

'cause they understand

If I could take one moment into my hands

Mister I ain't a boy, no I'm a man

And I believe in a promised land"

- Bruce Springsteen

Jennifer Pricci
New York Based Marketing Talent For Hire!
jennifer.pricci@comcast.net

View my resume online at http://tinyurl.com/jpricciresume

Read my recommendations and link with me at www.linkedin.com/in/jenniferpricci

The Recession and Student Spending Trends

LinkedIn Question:

Has the economy influenced the spending habits of college students?

Marketing managers who target the 18-25 year old demographic, have you altered the way you reach college students? Have you noticed a change in their buying habits or preferences?

My LinkedIn Answer:

Student spending today is basically Generation Y spending.

Born between 1977 and 1994, Generation Y comprises today’s high school and college student markets. The large size of this generation (71 million) makes them a profitable market. One that, as a marketer, you can’t afford to miss.

Student spending differs by whether the student is in high school or college.

Today’s high school students... have more money to spend than any teens to date, 51 percent more than 1995 teenagers. Together they spend an estimated $187 billion a year on:

• clothing
• wireless tech gadgets
• alcoholic beverages
• tobacco
• eating out
• personal appearance
• fun

While still in high school, most students earn close to $100 per week. Plus some have their own credit cards or access to their parents’ cards.

Almost all high school students have their own computers and are online. Any business wanting to reach them must have a well-designed Web site.

Today’s college students... spend more than $100 billion of their own money each year and influence many family purchases.

They have money to spend. More than half of today’s full-time college students work.

They also spend on credit. More than 90 percent of those 21 and older use credit cards. Their average credit card debt is $3,000, and 10 percent owe more than $7,000. They do pay their credit card debts, just a little slower than older generations.

College students buy over the internet, but first they comparison shop on an average of three Web sites.

Together high school and college students have a tremendous effect on the economy.

So Marketers… Target Generation Y!

They like to shop, with the men liking shoping more than men in prior generations.

But they are “notoriously fickle,” demanding the latest trends in record time.

They are immune to hard sell advertisements. They are brand and fashion-conscious, but won’t buy if clerks “get in their face” trying to sell them. The hard sell doesn’t work with them.

They prefer brands with a core identity based on core values. They won’t buy a product just because it’s in the mall. It’s more important to them that a product is recommended by their peers. Word of mouth is the best method of marketing to them.

Today’s students don’t like the status quo and are immune to established brands. They like appeals that reflect their lifestyles more than their outward appearance.

They respond best to humorous and emotional advertising. They like advertisements that show other people like them in real-life situations. They also like innovative music and advertising that centers on their lifestyles.

Jennifer Pricci
New York Based Marketing Talent For Hire!
jennifer.pricci@comcast.net

View my resume online at http://tinyurl.com/jpricciresume

Read my recommendations and link with me at www.linkedin.com/in/jenniferpricci

Building Your Social Media Marketing Plan

LinkedIn Question:

What are the first 3 steps every company needs to take to get involved in Social Media?

My LinkedIn Answer:

While other channels are looking at cutbacks, social media marketing is on a growth path because it's low cost, it's proving to work, and it represents the future of marketing.

Creating a social media marketing plan should depend on your market’s needs and your company’s capabilities and offerings.

In my opinion, your first three steps should be:

1. Clearly identify your target
2. Identify the key issues your target cares about as it relates to your offerings.
   TIP: create a bulleted list with no more than three or four words per item
3. Research which, if any, top bloggers are discussing these issues.
   TIP: User your bulleted list to search.
   The following are good places to start:

• Technorati
• Del.icio.us
• Google Blogsearch
• Ask.com Blogsearch

Inevitably, any substantial subject matter area has a back channel where top bloggers and influencers chat. For example, PR and marketing bloggers tend to connect on Facebook, Twitter, and to some extent, LinkedIn. This back channel can yield powerful connections to highly influential minds who may not have blogs with top statistical ranking.

Marketers looking to find their subject area’s back channel should start with a basic search. Once your initial search yields important blogs, visit them and note which social networks the bloggers use to connect. Join their communities. And learn what your target really cares about.
Don’t just observe, participate. Comment on blogs and social networks in a non-promotional way.

Become part of the community.

Once you take these initial steps, you’re ready to truly define your marketing plan. Begin to note:

1. Top industry issues
2. Top bloggers/thought leaders that write about your issues (you will need these for marketing purposes after your content creation process is done)
3. Preferred content forms (video, white papers, blogs, podcasts)
4. Ideal places to connect with the larger industry (social networks, etc.)
5. Other companies playing in the space: Who’s successful, who isn’t? Why?
6. Behavioral norms.

Write this information down in a formal analysis.

Using the analysis of your social media marketplace, identify the outcomes the organization would like to achieve. These outcomes will determine the measurement benchmarks once the company decides on its preferred communication tools. Possibilities include:

• Influence
• Awareness/changed perception on a particular issue
• Third party credibility through Word of mouth
• Brand awareness
• Return on investment

Identify the company’s value for the marketplace; specifically, the organization’s subject matter expertise as it relates to the top industry issues currently being discussed amongst bloggers and thought leaders.

• Can the company provide enough information to add to the conversation?
• If so, is it enough to consistently be a part of the conversation, or is it limited in nature? Will it only be valuable for a short time?
• Can the organization afford to give away this information or does the information comprise trade secrets?

Based on the company/organization’s value offering and the marketplace’s issues and needs, draft an editorial mission to serve your target.

Now examine the company’s resources:

• Time
• Thought leaders
• Technical capability and savoir faire: Blog, audio, video, social networking
• Financial resources for some of the above, plus graphic design, SEO, web hosting, application development

Select the outreach mechanism(s) that best fits the industry’s preferred content needs, can achieve outcomes the ability to convey the company’s ability to deliver value through its editorial mission, and that the company can afford to invest in.

There are many, many mechanisms. Each has its assets and detriments. And blogging is not a cure all silver bullet solution. Consider these more popular initiatives:

• Launch a blog
• Execute a blogger relations program
• Podcast
• Create video(s)
• Develop social network community
• Create social network application
• Build your own social network
• Build a widget

Determine who will create the content. Group efforts can help distribute load as well as protect the company from an individual departure. Assign a schedule and make the person responsible. Participation in larger networks should be part of your content development plan and resource allocations.

Select general content categories to provide guidance on a weekly basis (if the effort is ongoing). Remain flexible to allow for larger industry and community events.

Determine measurement based on outcomes, social media communication vehicle(s), and dedicated effort the company intends to commit to the effort. Select tools to attain measurement. Tools and measurement can vary greatly. Research what is right for you and your effort. Some are free, some are not.

Jennifer Pricci
New York Based Marketing Talent For Hire!
jennifer.pricci@comcast.net

View my resume online at http://tinyurl.com/jpricciresume

Read my recommendations and link with me at www.linkedin.com/in/jenniferpricci

Top 3 Social Networks

LinkedIn Question:

What are your top 3 favorite social networks?

My LinkedIn Answer:

"A cord of three strands is not easily broken."

That's applicable where social networking is concerned as well. It's a matter of strengthening your social graph. Being networked with a given individual in three different places makes for a strong connection.

More and more business professionals are using social networks to build relationships, meet new contacts, and market themselves. For the uninitiated, however, diving into the virtual meet-and-greet can be daunting. Where to begin?

For first-time users, the answer is LinkedIn (www.linkedin.com). LinkedIn is your business suit. Developed specifically for business, the site doesn’t run the risk of blurring your professional life with your private one; and with more than 25 million users, it serves virtually every industry and profession.

While LinkedIn is not very conversational in its orientation, having a profile there has become expected. LinkedIn lends a degree of professional credibility. It is also the site that requires the least amount of upkeep.

Facebook (www.facebook.com)... that's business casual. Facebook allows more of a 360-degree view of you, combining both professional and personal sides. Plus, it's a more conversational platform.

Twitter (www.twitter.com) is cocktail hour. Think of after hours social networking events and you've got Twitter. It's the most informal of the three and allows for the greatest degree of conversation.

It's not enough that you have a presence on each of these sites, but that you leverage your presence to connect with others who are also present on each. Social media is about being "social." Each platform offers its own distinctive advantages, but it takes all three to build the strongest connection. Plus, it gives you ubiquity. You're everywhere!

Jennifer Pricci
New York Based Marketing Talent For Hire!
jennifer.pricci@comcast.net

View my resume online at http://tinyurl.com/jpricciresume

Read my recommendations and link with me at www.linkedin.com/in/jenniferpricci