I’ve been a member of LinkedIn for years, and it’s become a basic part of my “doing business”, whether to tout my skills, or to check on the backgrounds of people I come in contact with, especially potential clients (yes, I do check).
It amazes me how many companies either don’t have a prominent presence on LinkedIn or simply don’t utilize it effectively. The compounded power of the network is mind boggling. For example, my network of almost 330 people gives me access to over 5.3 million users (the networks are set up to go 3 levels deep). Although not a direct sales tool, I think it’s a must in developing a presence, and for soft sales of services if done properly. It’s passive, non-intrusive, and very powerful.
The idea for individuals is pretty straight forward – a point of web presence and a network for providing services (or finding jobs). But for companies, the collective force of the networks of individuals can become even more powerful social media tool. Let’s say your company has 500 employees, and your marketing department is developing a webinar to discuss the changes in your market. Imagine if all your employees had a well developed network on LinkedIn, and each could bring 10 people to the webinar. Of course, a webinar with even 300 people is good enough for a company that size, so you get the idea. When each employee acts as a touch-point in a massive pool of professionals, the corporate image and messages can be exponentially magnified.
The problem becomes controlling that image. I know people who “tweak” their positions on LinkedIn for various reasons, or point blank lie. As a company, you have a little bit of control over your employees’ behavior on networking sites, but you have no way of changing their profile (unless LinkedIn changed their policies and forgot to announce it).
Given these drawbacks, I still think encouraging your employees to build a network on LinkedIn is a worthwhile effort. In fact, it’s best to proactively give them some guidelines to help them develop their image and their networks. Once they’re set up, make sure to use their collective networks in your social media. The results might surprise you.
Today I sent an email to a client’s sale/marketing teams and the executives with guidelines of how to develop their profiles and build up their LinkedIn networks. The idea is to roll it out to the rest of the company later. I’m repeating the guidelines here. The language is verbatim out of my email (except the company name and the markets it targets).
- Please develop a complete and professional profile on LinkedIn. Your LinkedIn profile acts as a public online professional bio for everyone to view, and it’s the first place a Google search of your name will land your potential contacts/clients.
- Include the title that shows up on your business cards, your work history, any special skills you may have, and any other appropriate information you can think of.
- Do not push XXX or YYY in your profile. We are positioning the company as a provider of ZZZ. It’s OK to talk about XXX/YYY but not as a main topic.
- Feel free to use keywords that are related to [company]’s business. People use them often in searches on LinkedIn, and you want to show up if they’re looking for experts in the field.
- Do NOT display or discuss confidential information about [company] in your profile. This includes ANY financial information (including revenues/profits/projections, etc), number of employees, plans for expansion, plans for partnerships, layoffs, new hiring, or anything of material importance.
- Start developing your network. Go through all your contacts, old colleagues, people you know from college, professional organizations, neighbors, relatives and friends who work in professional settings. The point is you want access to their network, even if they, themselves, don’t necessarily fit into a client profile. If you know people who have large networks, definitely connect to them. This will take time. Start soon.
- Do not hide your profile to limited groups (this is a LinkedIn option). Leave it open for everyone to see (except personal info like email, etc). You want everyone to be able to contact you if they’d like.
- Sign up with as many groups as is appropriate (max 50 allowed). This gives you access to a lot of discussions and newsboards in various industries.
- Feel free to participate in Q&As and group discussions. Show that you are an expert in the field and know what you’re talking about. Much of the time, people connect to you once they feel they trust you and enjoy your “conversations”.
- Do not spam the newsboards or the Q&A. You will be flagged and dropped from groups. And it’s unprofessional.
- Feel free to post a professional photo. People respond better to people with photos.
- Remember whatever you say/do on LinkedIn is public, and will reflect on you and [company]. Please keep it professional.
I don’t know if I’ve covered all the bases, but this is pretty comprehensive. Feel free to add other ideas of how to get your employees to build up their network, and especially on how to use their networks once they're built. I’m really interested to find out more about how companies use this forum.
Showing posts with label sales operation. Show all posts
Showing posts with label sales operation. Show all posts
October 30, 2009
August 17, 2009
Ten growth factors for small and medium business (SMB) during the recession
Times continue to be difficult for businesses about a year into this recession. So many small and medium businesses I’ve recently spoken with are either going under or selling out, I’m beginning to take it personally (yeah, it’s all about me!). During good times, anyone can drift along, and during tough times, the weaklings fall off the grid, but during particularly hard times like right now, only the best survive. Being average no longer cuts it.
Reality check: by definition, half of all companies are below average. Where does your company fall on the spectrum?
Best business practices that make stellar companies need to be front and center in hard times as there’s no time to snooze. You and your employees have to work harder and much smarter in order to succeed. Here’s a list of factors that will propel growth during the good times, but must be seriously considered during tough times.
Embrace change. I know it’s cliché, but you don’t have a choice. The road ahead of you has turned and you’ve either come to a screeching halt or headed for the cliff. The only way to survive is to turn with the road. Change can be scary and unsettling for some, but get used to it. A windy road awaits all of us.
Define your target market with laser accuracy. Many of you have drifted along and survived on low hanging fruit, but this is no time to be fuzzy about your target market. Take a giant step back and define your market strategy. Where is your best bang for the buck? Are you headed for where the market is going? Without this, you’re shooting blind hoping to hit the target.
Develop complementary corporate partnerships. I’m a big advocate of corporate partnerships and when times get tough, joining forces with others becomes essential. Some of the best partnerships are with companies that provide solutions complementary to yours into the same target market. A combined sales force selling combined solutions can generate strong revenues.
License your intellectual properties (IP) to non-compete entities. This doesn’t apply to everyone, but to those who develop IP… In a perfect example of working smarter rather than working harder, licensing can increase your revenues solidly over time with high margins. Some companies develop IP and patents without doing much with them. Put your hard earned IP to work and watch your revenues grow.
Boost R&D. Times are not going to remain down indefinitely. When the next “up” wave comes around, you want to be ready with new solutions for the market. This is when weaker companies scale back on R&D and smarter companies invest in their future.
Evaluate all aspects of your marketing operations. The marketing function has transformed exponentially in a very short time. You can’t expect to print some brochures, design a cool website (even with SEO), announce some new releases, and expect the market to come after you. Explore new ways in which you can continue to engage the market (sometimes at a lower cost than traditional marketing methods). Social media is not a fad. It’s here to stay, and it will turn your marketing department upside down.
Evaluate and optimize your sales operations. Make sure you have the best Sales VP your money can buy as (s)he is the one in charge of generating your revenues. Being aggressive is no longer the main success factor in sales. Your sales VP should be strategic and creative, and embody excellent leadership skills to keep your sales staff highly motivated during tough times. Evaluate all aspects of your sales operations including direct sales, telemarketing, channels, ecommerce, etc., and focus your resources on the highest ROI methods. Spend time evaluating new sales and lead generation tools and pick one that best fits your business. If you decide to hire commission-only sales people, make sure they are deeply knowledgeable about your products and your vertical, otherwise they’ll fail and leave within weeks.
Engage your employees and listen. Your employee base is a goldmine of ideas and information about your business. They know your customers, your market, and your operations. Actively encourage them to come up with ideas to improve revenue generating operations, product innovation, cost cutting measures, etc., and listen to them. You’d be surprised at the level of ideas you’ll generate simply by asking. This also gives your employees a great sense of inclusion.
Evaluate your board. The purpose of your board of directors is to help the company’s health and growth. If every single one of your board members isn’t actively involved in the growth of your company, what are they doing there? Pick individuals for your board who can specifically help the growth of your company through their expertise in your vertical, connections to potential clients or partners, or extensive experience running businesses similar to yours. And ask them to get active about your company.
Stay physically healthy. (This is your mother talking!) You need to keep healthy to handle the pressures of working harder while managing change. Stress compromises your immune system and induces depression and anxiety. Regular exercise has the exact opposite effect, and has myriad of other benefits. It’s a slam dunk.
I’d love to hear about other creative improvements you have implemented for growth in hard times, and I invite you to share your ideas here.
Next time, I’ll talk about fund allocation tips for small and medium businesses during the recession. Feel free to subscribe to this blog to get the follow up blog by email (I don’t blog that often so you won’t be spammed).
Reality check: by definition, half of all companies are below average. Where does your company fall on the spectrum?
Best business practices that make stellar companies need to be front and center in hard times as there’s no time to snooze. You and your employees have to work harder and much smarter in order to succeed. Here’s a list of factors that will propel growth during the good times, but must be seriously considered during tough times.
Embrace change. I know it’s cliché, but you don’t have a choice. The road ahead of you has turned and you’ve either come to a screeching halt or headed for the cliff. The only way to survive is to turn with the road. Change can be scary and unsettling for some, but get used to it. A windy road awaits all of us.
Define your target market with laser accuracy. Many of you have drifted along and survived on low hanging fruit, but this is no time to be fuzzy about your target market. Take a giant step back and define your market strategy. Where is your best bang for the buck? Are you headed for where the market is going? Without this, you’re shooting blind hoping to hit the target.
Develop complementary corporate partnerships. I’m a big advocate of corporate partnerships and when times get tough, joining forces with others becomes essential. Some of the best partnerships are with companies that provide solutions complementary to yours into the same target market. A combined sales force selling combined solutions can generate strong revenues.
License your intellectual properties (IP) to non-compete entities. This doesn’t apply to everyone, but to those who develop IP… In a perfect example of working smarter rather than working harder, licensing can increase your revenues solidly over time with high margins. Some companies develop IP and patents without doing much with them. Put your hard earned IP to work and watch your revenues grow.
Boost R&D. Times are not going to remain down indefinitely. When the next “up” wave comes around, you want to be ready with new solutions for the market. This is when weaker companies scale back on R&D and smarter companies invest in their future.
Evaluate all aspects of your marketing operations. The marketing function has transformed exponentially in a very short time. You can’t expect to print some brochures, design a cool website (even with SEO), announce some new releases, and expect the market to come after you. Explore new ways in which you can continue to engage the market (sometimes at a lower cost than traditional marketing methods). Social media is not a fad. It’s here to stay, and it will turn your marketing department upside down.
Evaluate and optimize your sales operations. Make sure you have the best Sales VP your money can buy as (s)he is the one in charge of generating your revenues. Being aggressive is no longer the main success factor in sales. Your sales VP should be strategic and creative, and embody excellent leadership skills to keep your sales staff highly motivated during tough times. Evaluate all aspects of your sales operations including direct sales, telemarketing, channels, ecommerce, etc., and focus your resources on the highest ROI methods. Spend time evaluating new sales and lead generation tools and pick one that best fits your business. If you decide to hire commission-only sales people, make sure they are deeply knowledgeable about your products and your vertical, otherwise they’ll fail and leave within weeks.
Engage your employees and listen. Your employee base is a goldmine of ideas and information about your business. They know your customers, your market, and your operations. Actively encourage them to come up with ideas to improve revenue generating operations, product innovation, cost cutting measures, etc., and listen to them. You’d be surprised at the level of ideas you’ll generate simply by asking. This also gives your employees a great sense of inclusion.
Evaluate your board. The purpose of your board of directors is to help the company’s health and growth. If every single one of your board members isn’t actively involved in the growth of your company, what are they doing there? Pick individuals for your board who can specifically help the growth of your company through their expertise in your vertical, connections to potential clients or partners, or extensive experience running businesses similar to yours. And ask them to get active about your company.
Stay physically healthy. (This is your mother talking!) You need to keep healthy to handle the pressures of working harder while managing change. Stress compromises your immune system and induces depression and anxiety. Regular exercise has the exact opposite effect, and has myriad of other benefits. It’s a slam dunk.
I’d love to hear about other creative improvements you have implemented for growth in hard times, and I invite you to share your ideas here.
Next time, I’ll talk about fund allocation tips for small and medium businesses during the recession. Feel free to subscribe to this blog to get the follow up blog by email (I don’t blog that often so you won’t be spammed).
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