Time to move from web analytics to KPIs — and get something to talk about

Written by Janet Swaysland on August 13, 2008 – 1:55 pm -

It’s getting harder and harder to find real value and new insights from the plethora of webinars on social media these days. Fortunately, time was well spent yesterday, with Sirius Decisions (”a benchmark and advisory firm” for B2B marketers) and their research director Jonathan Block offering up a good overview of social media’s relevance to B2B companies, encouraging at least baby steps if you want to stay in the game. He made some great points — I’ve picked my top three and paraphrased below — and I would add three more big ones to a successful strategy.

Three of Jonathan’s observations:

1. Realize that blogs, social networks, wikis, and communities are not going to directly impact demand creation — so don’t expect them to. However, social media tactics and social networks can make big contributions to awareness, reputation and brand, and word of mouth.

2. It’s not about the technology. Widgets and new platforms are sexy and fun — but being relevant to your audience and driving business are even better. Understand what your customers or other key audience are doing online — gauge their interest in various social media activities so you know how to engage them in a realistic and valuable way — with the right tools. (But he did not say how to do this…)

3. We need to move from web analytics to KPIs (key performance indicators) to make social media strategies and investments measurable and accountable in meaningful ways. (He gave a few examples, e.g., rather than counting pageviews or clicks, see if sales prospects move through the funnel any faster if they are touched via a blog or community or podcast download. More work needed here.) [BTW, Beeline Labs is co-developing an ROI model now with two clients. Ask me about it if you’re interested.]

Janet’s adds:

1. What you talk/write about is as important as where and with whom you do the talking. Corporate speak and bland informational content doesn’t cut it in the real time, conversational world of social media. As we say around here, “to get more interest, be more interesting.” What works is actually what’s most authentic and central to the business: what do you believe about what’s important and where things are going? What have you learned that will help others succeed? Time to morph your messaging machine into one that shares opinions, advice and stories that turn people on not off.

2. Developing social media capabilities needs to be owned at a senior level, and that someone will need to make some changes. (Yes, everyone can “do” it, but it’s too important to exist as a thousand uncoordinated tactical efforts across the company.) One of the aha’s that surfaced in the Beeline Labs/Deloitte/SNCR “Tribalization of Business” research on how businesses are using and learning from online communities is that CMOs themselves should take on the role. After all, if marketing is in the customer creation business, what’s more important than capturing attention, nurturing relationships, and creating customer preference by being more involved where, when and how is most meaningful to them? (And CMOs — get ready to make talent, organizational and process changes to transform your operation from command and control marketing to participation marketing.)

3. Social media is not a new line item or added expense — it’s an amplifier. Because it’s a new mindset and habits as much as anything, “social media” makes everything you’re already doing much more efficient and effective, and renders obsolete a whole host of traditional sales and marketing efforts. In fact, I would venture to say you could scrap at least 30% of last year’s programs, spend less and accomplish much greater results by shifting to more involving and conversational approaches.

Some timely thinking for entering the 2009 planning season — we should all be asking ourselves: What are we willing to start doing and stop doing? What are the best new bets and changes we can make?


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