The last session in the Social Media track on the 3rd day of the eMetrics Marketing Optimization Summit was presented by Joshua Siler of Babcock & Jenkins. Then session focused on Web 2.0 and how B2B business can utilize and measure the success.
Joshua starts of the session with a slide that says 75% of Fortune 1000 companies with websites will have some kind of online social networking initiative for marketing or customer relations purposes, 50% of those campaigns will be classified as failures.
There are several "Web 2.0 Themes" : blogs, social networks, viral content. But how do these web 2.0 themes translate to B2B? How do you market B2B on these platforms? How do we measure this?
- Participation - comments, posts, votes
- Engagement - interaction time, brand exposure
- Reach - page views, visitors, friends
But with those measurements, you don't see sales, and unfortunately that's what's needed to prove success to a lot of higher ups in the companies we work for. That's the tie together, the prospects and leads that lead to sales that come from Web 2.0 marketing efforts. Prospects - > Leads - > Sales
The challenge is bringing these two types of metrics to see that the social metrics is working.
B2B and Web 2.0 Case Study
Sterling Commerce is a company that sells large software installs. They wanted to see if they could use a Web 2.0 platform to develop relationships with client. They needed a way to differentiate their offerings and drive value. They also needed a way to reduce attrition, especially identifying attrition concerns for key products. The way they were doing things lead to issues with giving customers a "reason" to utilize their services and products.
Short Term Goals- change the perceived value - provide the "solution", thought leadership - education, know customer - be relevant, increase engagement/ participation with clients.
Long Term Goals - Reduced Attrition by 2%, Increase revenue, Drive long term value
They created "Innovation Gateway", a blog style community platform where only Sterling Commerce customers can see it. They created an "exclusive interactive community" which access was given to by invitation only, this increased the perceived value.
Within this community they created a portal of relevant content based on product segment. Articles, knowledge base, etc. All relevant, very important content given exclusively to the members of this community.
Since starting the community they've registered over 1500 members to date, average 10.7% CTR on monthly member emails. Some audiences / segments performed well over 20% (they continue to test each month). Site engagement continues to show improvements, including average time on site and pages views. Engagement highest where it matters most with the CEO's / executives that they interact with the most.
Web 2.0 Case Study Key Takeaways
- Define Measure Goals (engagement, ROI, satisfaction)
- Content is King - initial content, develop content calendar, dedicated resources
- Start Small / Gain Buy In - start w/ a pilot and grow, gain executive commitment
Web 2.0 Case Study Summary
Web 2.0 marketing doesn't change the reality of B2B revenue funnel. Realistic success metrics include sales and revenue as end goals along with Web 2.0 measurement. Mix and match traditional techniques with new, more compelling experiences for best effect!