win clients and accelerate sales with social media

The Virtual Handshake: Winning Clients and Accelerating Sales with Social Media

http://www.flickr.com/photos/intersectionconsulting/3469011188/

David TetenPartner, ff Venture Capitalffventure.comblog: teten.com@dtetenNew York, NYinfo@teten.com

Intro Social Media Tells Network Next Steps

• Introduction

• Social Media

• Tells of People and Companies You Want to Know

• Growing Your "Network 2.0"

• Next Steps

David Teten Biography (teten.com)• Partner, ff Venture Capital, early-stage technology venture capital fund• Founder and Chairman, Harvard Business School Angels of New York• Founder and Chairman, Navon Partners, startup focused on sourcing deals for private

equity funds• Managing Director, Evalueserve, through September 2008. 2,500-person finance-focused

research and analytics firm. • Founder and CEO, Circle of Experts (investment research firm), sold to Evalueserve• Founder and CEO, Teten Executive Recruiting, sold to Accolo, #42 on 2007 Inc. 500• Founder and CEO, GoldNames, domain name investment bank, based in Israel• Technology/Defense Investment Banking, Bear Stearns (#1 group at Bear investment

banking by revenues) • Lead author, The Virtual Handshake: Opening Doors and

Closing Deals Online (TheVirtualHandshake.com)• Harvard MBA 1998, Yale BA, both with honors.• Contact: info@teten.com

Why should I care about social media?

•Because 3 out of 4 Americans use social technology. (Forrester, The Growth Of Social Technology Adoption, 2008)

•2/3 of global internet population visit social networks (Nielsen, Global Faces & Networked Places, 2009)

•Visiting social sites is now the 4th most popular online activity—ahead of personal email.

(Nielsen, Global Faces & Networked Places, 2009)

•Visitors spend 5 million minutes per day on Facebook.(Facebook)

http://www.slideshare.net/mzkagan/what-is-social-media-2005829 . http://www.flickr.com/photos/sreejithk2000/2385193167/sizes/l/

But I don’t use social media, and neither do my clients!

• The reality: you and your clients are in the matrix whether you like it or not. • Your clients search for you on Google before doing business with you. • You are already a member of gated online communities, which you may or may not be fully leveraging: your alumni network, your local “Moms” or “Dads” mailing list, your church/synagogue/mosque • You can accelerate your sales process by leveraging potential clients’ digital footprints. These help you to source leads, filter them, and then run a better educated sales process.

http://www.slideshare.net/mzkagan/what-is-social-media-2005829 . http://www.flickr.com/photos/sreejithk2000/2385193167/sizes/l/

Tells Network Next StepsIntro Social Media

• Introduction

• Social Media

• Next Steps

Firms Fail to Capitalize on Their Internal and External Networks

Forrester Research/David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online. http://www.flickr.com/photos/pagedooley/2494191157/sizes/l/

• Knowledge is not readily searchable

• Knowledge is not retained when employees leave

• Relationships are not visible• Relationships are primarily tied to

colocated people• Millennials expect and embrace

social technologies

“Social media is a communications

medium that relies on its audience to create, modify, or

distribute the medium’s content

- Nick Gonzalez, SocialMedia.com

http://www.flickr.com/photos/briansolis/2735401175/sizes/l/, http://blog.socialmedia.com/how-should-we-define-social-media/. /

• Searchable

• Cheap

• Crosses boundaries of time and space

• Passive presence

• Ease of forming groups

• Reduced time and expense

• Greater visibility

Benefits of Online Networks

http://www.flickr.com/photos/uaeincredible/3333223048/sizes/o/

The Future of Online Networks

• Online business relationships mainstream

• Technology available now

• Early adopters reap maximum benefits

• Technology required to overcome some barriers, but education is solution

• Systems that address privacy and time concerns will be leaders

http://www.flickr.com/photos/extraketchup/748452643/sizes/o/

Sales Cycle and Social MediaSales Cycle How Social Media is an Accelerator

Marketing • Become more attractive online• Become a searchable magnet for potential clients who need

your servicesIdentify leads • Systematically update CRM system

• Identify clients who have changed status and are now potential buyers

Background check

• Review professional and personal lives• Talk with client’s network: customers, competitors, suppliers

Reach out • Identify commonalities

Negotiate deal • Gain insight into counterparty’s negotiating style, motivationsClose sale • Exploit all of the advantages you’ve built

Transition: Web 1.0 Social Media

Parameters Web 1.0 (Read) Social Media (Read-Write)Governance Top-down Bottom-up

Communication Channels People to Machine Machine to Machine and People to People

Information Discovery Search and Browse Publish and Subscribe Information Retrieval Transactional Relationships

Information Aggregation Portal, Commercial Aggregators Micro-Aggregation

Marketing, Selling Push, Contextual Conversational, Personal Content Control Publishers, Aggregators Content Authors Content Structure Documents, Pages Tagged Objects Applications Closed, Proprietary Open, Standard-based

Technology HTML, Solaris, Oracle XML, AJAX, RSS, PHP, MySQL XQuery Partially sourced from: “Web 2.0 the Living Web and Putting “We” in the Web”, Bebo White, University of San Francisco (http://www.rthk.org.hk/mediadigest/20060915_76_121128.html)

• Corporate• Personal• Your digital trail

The Virtual You

Search Engine Optimization

• Scan your targets’ sites to understand their language

• Use keywords INconsistently

• Name what you’re selling (e.g., ‘resume’)

• Optimize top of the page

• Google Keyword Suggest

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Toolkit• Email groups file • Profiles file • Standard emails

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Powerful Emails

• Direct E- mail

• E-mail Signature

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• Introduction

• Social Media

• Next Steps

Growing Companies

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Private Equity News

• Dealbook.blogs.nytimes.com• PEHub.com• PENews.com• PrivateEquityInfo.com

Venture Capital News• Techcrunch• Mashable• Mercurynews.com/vc

Companies that Hired People/Firms Like You

http://flickr.com/photos/foundphotoslj/1134148114/

Databases

Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity

Intro Social Media

• Introduction

• Social Media

• Next Steps

Intro Social Media

= D * ∑ (Chn *Con *Rn * Sn *In)

Ch = CharacterCo = Your Firm’s Competence R = Relevance of the contactS = Strength of your relationshipI = InformationN = Number of peopleD = Diversity

Network Valuation Formula

n=1David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com)

Intro Social Media

Average Strength = Minutes Available / Person

Number = # Peopletherefore…

Balance of Strength and Numbers

Average Strength * Number = Total Minutes Available

Intro Social Media

David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com)

Intro Social Media

Biography Analysis Software

Intro Social Media

Website

Intro Social Media

Relationship Capital Management Software

Relationships ranked by Strength

See which colleagues have best

relationships to target

Privacy Access Layer configured for firm’s culture

Email traffic patterns, address books, billing systems, employment

history, etc.

Contact Network Corporation (ThomsonReuters)

Leverage Software, Contact Network Corp., others….

Intro Social Media

Corporate Analysis Software

Intro Social Media

Multiple Media

http://flickr.com/photos/re-ality/41676755/sizes/o/

• Phone

• Email

• Instant messaging

• Internet telephony (Skype)

• Web conferencing

• SMS

• Twitter

Intro Social Media

Online meets Offline

Intro Social Media

Socialtext Wiki Case Study: Dresdner Kleinwort Investment Banking

problem • Heavy dependence on email communication & meetings for decision-making

solution • 5,000 wiki usersbenefits • Reduced meeting times by 50%

• Reduced email traffic by up to 75%• Adoption outpaced corporate intranet usage

within six months• Wiki today: 6,000 pages & 100,000 hits per month

Intro Social Media

From Cold Calling to Warm Cold Calling

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Intro Social Media

Data from Business Cards

Intro Social Media

Data from Email and Files

Intro Social Media

Data from the Cloud

Intro Social Media

Targeting

• Directly-relevant companies

• Fast growth companies

Intro Social Media

• IERGOnline.com

• Executive-Forum.org

• INMobile.org

• Some LinkedIn groups

Sample Gated Communities for Executives

Senior executives prefer to interact online behind barriers to lower-level personnel, just as they do within traditional networks.

Intro Social Media

Sample Gated Communities for Investors

Private Capital Public MarketsACG.org FTAlphaville.FT.com/longroomAngelsoft.net SumZero.comFinemrespice.com/subrosa ValueInvestorsClub.comVillage.Albourne.com Village.Albourne.com

Intro Social Media

• Groups.Yahoo.com

• Groups.Google.com

• Grouply

• LinkedIn

• Xing

Virtual Community Platforms / Social Network Sites

(c) 2008 Anderson Analytics, Linkedin, SPSS, http://www.marketingcharts.com/interactive/linkedin-users-have-high-personal-financial-success-6743/linkedin-anderson-analytics-busy-decision-makers-august-2008jpg

Intro Social Media

Mailing Lists and Discussion Forums

• Customize standard intro• Lurk before you leap• Dive in, but

don’t splash

http://flickr.com/photos/kaibara/1231278142/sizes/o/

Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – DiversityIntro Social Media

Take One Step

• By industry • By geography • By personal

characteristics

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• Introduction

• Social Media

• Next Steps

Social Media is a better platform

Parameters Face-to-Face Social Media

Character Judge by a handshake SEC filings

Competence Personal resources Enterprise resourcesRelevance Semi-random Focused, searchableStrength Limited channels Multi-media

Information Poor visibility Detailed, current data

Number Small Large

Diversity Restricted by time, space

Crosses time & space

Step 1: Google Yourself

Step 2: Choose the Center of your Online Life

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Step 3: Be a Data Hound

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Step 4: Join the Right Club

Step 5: Find People to Meet

Step 6: Reduce Email Use

Common Mistakes

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• Confusing professional and personal

• Not converting online to face to face

• Not linking / adding widgets between sites

• Failing to search engine optimize• Spamming• Looking needy• Searching for companies

instead of people

Continuous Learning

Free copy of the book available at

TheVirtualHandshake.com

Any questions ?

Slides at teten.com/sales

win clients and accelerate sales with social media

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