LinkedIn – Integrated Alliances
We are excited to bring our special brand of events and LinkedIn training to the Fort Worth Area. Integrated Alliances (IA) combination of live workshops and online webinars can expand your career and business in a powerful way. Our novel idea is catching on nationally and is now available to you in Texas!
Click here for more information on Integrated Alliances LinkedIn training and Social Media strategy.
Read a LinkedIn Testimonial from Scott Shultz, Enterprise Sales Executive, Kronos, Inc.
Read Kimberly May’s LinkedIn testimonial and how she gained sales.
The ROI of Business Social Networks
(Ed Riefenstahl, Managing Director, TAB Fort Worth)
Conventional wisdom in times such as these is that businesses must continue to invest in sales, advertising and marketing. Mike Roundtree, CEO of Fort Worth-based Roundtree Advertising shared a McGraw Hill Research study that backed up this assertion. It found that “aggressive recession advertisers” increased market share 2 ½ times the average for all post- recession businesses. Credible advice, but for many small business owners, in today’s environment—cash is king.
I want to share a marketing and business development investment that is cash flow friendly—business social networking. Below are the tips for small business owners to leverage this channel. I am right there with you having begun to explore this channel vigorously.
Background
Most readers have heard of MySpace and Facebook. Each site has its distinct online communities and features; however, the pre-eminent networking site for business professionals in the U.S. is LinkedIn.
Launched in May 2003, in 2008 Sequoia Capital, Greylock Partners, and other venture capital firms purchased a 5% stake in LinkedIn for $53 million, giving the company a post-money valuation of approximately $1 billion. As of October 2008, it had more than 30 million registered users, spanning 150 industries.
How to Leverage Your Relationships and Business on LinkedIn
At a recent presentation for business owner members of The Alternative Board, TAB, the questions were about potential benefits in the following areas:
1. Lead Generation
2. Sales Acceleration
3. Finding Strategic Partners
4. Marketing and Brand Positioning and Image
5. Generation Gap Communication Closer
1. Lead Generation
This involves both being found and finding others. LinkedIn is a powerful method to search for ideal prospect companies, however, knowing how to get yourself introduced is key. Being seen as an expert in your field by engaging in the Question and Answer feature of LinkedIn which can help you see and be seen.
2. Sales Acceleration
You likely won’t have direct access to C-level people, but you may have the opportunity to access someone currently or formerly in an organization who can champion or coach you.
Researching the profiles of the individuals found on LinkedIn provide a context for starting focused conversations. You may get insight into current and past roles, interests and accomplishments. As such, your conversations are more relevant and focused.
Recently, I was an invited guest to the gala of a local non-profit where my table host must have researched the LinkedIn profiles of the guests at his table. As we sat down for dinner, he said, “Ed, you and I were at XYZ corporation at the same time back in the early 90s.” Instantly, we had a common frame of reference and rapport.
An article in The Global Human Capital Journal, “How Social Networks Make Markets More Efficient for Buyers and Sellers.”, the case is made …”that the online research sources that are available mean that you spend less time trying to collect information at networking events, and more time working on the relationship and building trust.”
3. Finding Strategic Partners
In order to meet the needs of a new client prospect, or to search for a strategic partner, use the LinkedIn Advanced Search feature to find other small business partners with skills that augment your offering.
4. Marketing and Brand Positioning and Image
Your company profile on LinkedIn must match the content contained on your web site, as well as other materials and media carrying your marketing message. Also, your key external facing employees need to have individual LinkedIn profiles in synch with the corporate LinkedIn Profile and corporate web site.
As one business owner described it, “My profile on LinkedIn, like my web site, is my billboard for what my company does.” That is why both Company and Personal Profile Building on LinkedIn is so important. Because of digital search with online social networks, and how LinkedIn impacts Search Engine Optimization, or SEO, the specific information on your profile should attract the business attention you want. A well written LinkedIn profile can garner you a spot on the first page of a Google search for your product or service—well worth your time and effort.
5. Generation Gap Communication Closer
In a January 2008 CSO Insights article, Barry Trailer surfaced this observation: “A major trend impacting sales is the span of three or even four generations within a single sales force. Managing and facilitating communications across these generational gaps may be eased with social networking technologies. While my Boomer compatriots think email is big magic, Instant Messaging and Text Messaging now are estimated to outnumber emails on a daily basis.
A presenter at an analyst conference shared a conversation he had with a younger co-worker. He asked this twenty-something if he used email. The younger worker’s response and the presenter assured us he detected no sarcasm when the young person said it was, ‘Yeah, but only when I’m talking to some old guy.’”
Success Story
In his March 11, 2008 article, David Terrar summarized how LinkedIn was used for Lead Generation and Sales Acceleration, and how Effective Profile Positioning on LinkedIn worked:
“Weather Channel Interactive’s Steve Hassett, Vice President of International & Emerging Businesses, was contacted by the CEO of LakeRentals.com and CoastRentals.com via an InMail (paid invitation). They were not in each other’s network, so the CEO used LinkedIn as the intermediary. Because Steve’s LinkedIn profile included information about what his role and focus were, where he had worked before and other details, the CEO understood that he was the right person to approach and gave him some clear ideas of how to position the deal so that Steve would see it to be relevant. He succeeded in getting Steve’s interest, and the deal was done three months later.
Steve went on record with saying that, had the CEO not used the LinkedIn approach, it would have been unlikely that they would have connected via a more standard approach (another paper on the desk). He has significantly expanded his LinkedIn profile to be even more detailed so that other prospects can find him more easily.”
Concerns Often Heard and Common Points of Misunderstanding
LinkedIn is not secure. LinkedIn is a secure environment. Requests to access, or have introductions to access, your contacts does not have to be acted upon if the requestor is not professional or on-point. Also, you can set it so that your network is not browsable by your contacts, making it impossible for people to use “your network” as a prospecting ground.
The time to gain benefit exceeds the cost of investment. There are currently training and managed services solutions available to business owners.
How to Get A Handle on Business Social Networks
A Denver-based firm, Integrated Alliances, is positioning itself as the international, one-stop source to help business organizations effectively and efficiently leverage business social networking sites, starting with LinkedIn. The firm offers the following training and services:
1. International Webinars
2. Local Public Workshops
3. Custom Training and Services
4. Profile Development and Contact Network Expansion
The local source for these services is Ms. Janee Harrell. To find out more, or to register for their upcoming webinars and workshops, go to: www.linkedforroi-ignite.com
Closing
LinkedIn and the expanding Online Business Social Networking relevancy of Facebook and Twitter will grow in importance to small business owners. Taking advantage of this channel is a MUST. To leverage it effectively, find firms, like Integrated Alliances, who are focused on this space to assist you.
