SVForum Marketing SIG Hosts SVESMC Community to Talk about Social Business

Like the title of this post? I’m trying to fit in all the right buzz words and acronyms to describe a panel discussion that I will moderate December 12.

Speaking of buzz words, here’s one that has become so broad and overused as to be practically meaningless: SOCIAL MEDIA.

For all the hype and interest around social media in B2B marketing, a realistic survey of the landscape shows that there’s more talk than actual practice and, of those practicing it, most aren’t getting the results they expect. To go beyond “social media 101″ — and the useless puzzling over whether to use Twitter, LinkedIn or some other platform is the right choice for B2B marketing — a group of folks that I highly respect will get together during a meeting of the SVForum’s marketing special interest group and talk about the challenges and opportunities for making business more social in 2012.

You can register for the event at the SVForum site, or learn more about the panel from this great blog post by Mark Helfen. The event takes place Monday, December 12 at EMC’s 2831 Mission College Blvd address in Santa Clara.

As business moves beyond social media to social interaction, many B2B marketers still struggle to understand where social fits in daily business activity. As social spreads from early-adopter, technical enthusiasts through marketing, sales, customer support, and product/service development, business people need to consider how to use social to collaborate with customers and support, engage, and delight them. And how to include technology partners, channels, and suppliers in the process. And how to do this without adding unwanted risk to the business.

The Silicon Valley Enterprise Social Media Council (SVESMC) is an informal community of social practitioners who influence strategy or lead programs at predominant valley companies like Adobe, CA, Cisco, eBay/PayPal, Symantec, and Xerox. We don’t claim to know everything about social media or to have solved all of its intractable problems.  But we will share our perspectives on where we have been successful, where we’ve fallen short, and where we believe the true future of social belongs in business.

If you are local to the Bay Area, please join us two Monday’s from now to hear first-hand about how social continues to shape corporate culture, customer interactions, and innovation in the fast pace of the valley. I promise an evening of interesting conversation with a few laughs thrown in. (But I can’t promise that the buzz words won’t flow freely…. see you there?)

Join Me at the Marketing Technology Summit in Phoenix Next Week

Ah, Phoenix Arizona in the summer.   It’s hot.  Really hot.  The weather reports say it will be 107 degrees Fahrenheit when I’m there next Thursday.  Well, at least it’s a dry heat… So does that mean I’ll turn into a raisin rather than wilt like a flower?

Dry heat, or not, is no excuse to overlook the Marketing Technology Summit, co-sponsored by the Phoenix chapter of the BMA and the Arizona Technology Council, if you happen to be in the area.  If you follow my blog, you know that I’ve become a fan of the BMA.  The Phoenix chapter appears to be particularly active. Avnet’s world headquarters is located in Phoenix, making this location home to the national chairman for the BMA, Al Maag. This probably has something to do with the popularity of this event among the BMA crowd.

Good publicity also comes from the Phoenix Business Journal, which describes next week’s event by saying:

The goal of the 3-year-old program is to shed light on different technology aspects available for marketing. It is aimed at businesses throughout the Southwest. Next week’s conference will be a half-day format, featuring panel discussions on mobile and automated marketing as well as a small trade show with the event’s sponsors.”

Check out the agenda  to learn more; activities kick off around 12:30 pm.

I’m looking forward to speaking with Bob Rinderle (of GE Healthcare) and Christina “CK” Kerley (mobile marketing specialist) on the panel. Although I hope the discussion trends toward “all things digital” rather than “all things mobile” as the PBJ advertised. Outsourced services buyers make lengthy relationship decisions when deciding whether to turn document-based business processes over to Xerox. We’ve yet to find how sending these decision makers and influencers information in mobile format helps to advance the sale.  But I might be overlooking something, so I’m eager to learn along with the rest of the audience. I know I will also pick up great information from IBM’s Kevin Kennedy and the marketing automation panel with Eloqua CMO, Brian Kardon, and Infusionsoft CMO, Greg Head.

Will I see you there?  I hope so!  Send me some tips on keeping cool while in the dry Arizona desert before then.

BtoB Online Names Its “Top 25″ Digital Marketers

I feel a bit sheepish writing this, but I’ve had so many friends and colleagues (including the Xerox CEO!) contact me about this award that I wanted to take the opportunity to offer my thanks and share the news. 

On June 13, in its inaugural Top Digital Marketers special report, BtoB magazine recognized 25 B2B marketers doing “exceptional” interactive work. If you look through the list at the bottom, you will see my name.  BtoB explains, “The winners were selected by BtoB staff, based on criteria including strong interactive vision and strategy as part of their overall marketing efforts; innovative use of digital technologies; and proven results.”  Wow, that’s quite an honor! And one I would like to share with my team and coworkers because I am never alone in these endeavors.

Here’s how I see it: Digital marketing is an essential part of any marketing program today – it should never stand alone. As buyers take more cues from online content, community, and experts, marketers can no longer depend on “interruption marketing” — tactics that try to get in front of prospective customers regardless of the prospect’s level of interest or qualification. B2B marketers must engage with potential buyers, determine their interests, and share useful, relevant information if they want to excel online. Here’s an example of how our industry marketing team approaches digital marketing to illustrate how we translate this perspective into practice.

Earlier this year, we decided to host a webinar featuring a well-recognized vertical industry expert. For those of you who know Ellen Carney, senior analyst at Forrester Research, she is one of the bright lights among the property, casualty, annuity, and life insurance industry luminaries. (And, yes, I adored working with her while at Forrester, so there’s my bias out in the open.) Our goal was to build Xerox Service’s reputation in the insurance industry, demonstrate a thought-leading point of view, and attract prospects to our story.

To do this, we wanted to produce fresh, interesting content that we could repurpose in different ways to drive traffic and interest. Now, to be honest, Forrester is not the cheapest resource with which to partner on this, so we wanted to make sure that the Webinar lived beyond its broadcast date. Here are a few highlights detailing where we focused our effort:

1) Relevance. We learned Ellen planned to publish a new report (not yet available on Forrester’s site) about the key trends shaping the future of the insurance industry. To associate ourselves subtly with what we expected to be ground-breaking research, we introduced Ellen to Gary Cole, who heads up our customer communications line of business for the insurance industry. Ellen liked Gary’s perspectives and decided to interview him to help provide background for her report.

2) Podcasts/audio files generate content — quickly.  We didn’t want to spend a lot of time writing, reviewing, and rewriting new content. Leading up to the webinar, we asked Ellen to talk to Gary about her findings. With Forrester’s consent (and — full disclosure — hired advice) we recorded and published three separate snippets of a Q&A conversation between the two of them, and featured each podcast in a separate blog post.  You can find them here:

Insurance 2020Insuring Against a Hole-In-One and Other Calamities, Going Green, Big Brother Evolves into a Risk Manager, and National Dog Bite Prevention Week: CA Tops National Liability List. We started promoting the Webinar in the fourth and fifth post in this series; we didn’t lead with it.  We tried to use catchy, off-beat topics to grab attention. We also tried to steer away from Xerox-centric language — this had to be about the industry, not us.

3) Highly targeted contact list.  This is probably the most important part. We market and sell managed print services contracts valued at multiple millions of dollars and spanning 5 years or more. There is a rather short list of companies that would be interested in this type of outsourced service. Knowing existing customer profiles, we crafted a list of specific accounts from which we generated a refined list of over 5000 contacts using internal databases and external sources.  To B2C folks, this may not sound like many, but for us, this was significant. While we welcome anyone interested in the future of the insurance industry to attend, we wanted to make sure that key folks at companies — like Allstate, the Hartford, New York Life, Prudential, State Farm, Travelers, USAA, and others — had the opportunity to hear from Xerox about Ellen’s new research.

4)  Industry-specific landing page. Nothing fancy, but we wanted one destination to focus our blog and outreach efforts toward that would also serve to tell interested parties a bit more about what we have to offer.  This way we could focus the Webinar content on what is interesting to clients and minimize the sales pitch from Xerox. It was also vital to record the event (again with Forrester’s paid permission) and make it available as a resource to those who couldn’t attend live.

5) A personal touch. We reached out to friends, fans and followers on Facebook, Twitter and LinkedIn. We answered every email inquiry promptly. We sent personal emails to people we knew in the industry and promised to minimize the promotional content. We sent a reminder 30 minutes before the broadcast so that registrants didn’t have to dig through their email to find the links. We crafted separate thank-you notes for attendees and “sorry we missed you” messages for those who couldn’t make it. We made the replay available to everyone and encouraged them to share.

As a result, this Webinar enjoyed an 80% attendance rate against registrations. I don’t know about you, but — while at Forrester — I was thrilled to get 30% or more of the registrants to attend Webinars. 50% attendance is exceptional and 80% is out of this world! Also, this was the second highest attended industry-specific Webinar my team conducted so far. (So, for those cynics out there, 80% does not mean 4 out of only 5 individuals attended. We had many more than that participate.) We also generated three “leads” prior to the event — people interested in knowing more — as well as many requests wanting to see if the event would be recorded so they could access it on-demand.

What’s next? Measurement and tracking. We will enter attendee information into our database and track influence the influence of this Webinar and digital content against new opportunities and pipeline.  We will extract key questions, quotes, and other tidbits from the Webinar and use those content chunks to promote the replay. We will create customizable emails — featuring content elements and key talking points from Ellen’s research — for our sales people to use to follow up directly, and personally, with clients using our Business Builder tool. And we will do more – but I can’t give away all my secrets!

While the BtoB award is so appreciated, I hope in sharing this, you can get a glimpse into some of the activity that creates fundamental, straight-forward digital marketing. And I also hope to remain worthy of the recognition. Thank you again BtoB!

Summit on Customer Engagement 2011, Day Two

What is “customer engagement”, exactly? I don’t think the term is one most business people would recognize as a common marketing function like PR, Marcom, field marketing, or product marketing. The best definition I’ve heard here at the Summit on Customer Engagement is:

“Customer Engagement includes the role, responsibilities, and activities around all the non-revenue value a company/organization receives from its clients and buyers.”

The concept continues to expand beyond customer reference management to include advisory councils, communities (non-developer), events (in particular virtual), and testimonial (written, digital, video, and in person.) You could argue other points, but this list encompasses about 90% of the content shared during this conference.

More generally, marketing should be all about customer engagement. The definition reminds us that: 1) Marketing’s job is to scale the opportunities our firms have too engage with prospects and customers and 2) it’s a two-way street and customers should benefit as much (if not more) than our companies do when customers engage with us.

My view today on customer engagement focused on how Xerox Services uses video to engage our customers.  The examples I shared in my presentation — available here on Slideshare – are by no means ground-breaking or completely innovative.  But the examples demonstrate how Xerox uses video to create a persistent, engaging experience centered on our customers and about how we serve them best.  Key take-aways about the connection between video and customer engagement are:

1) B2B marketers underuse video. In earlier studies I did at Forrester, just under 50% of B2B marketers said that they used online video in their marketing mix - a percentage far less than email and search marketing, but also trailing behind emerging tactics like social networks (Facebook, LinkedIn), Twitter and other Web 2.0 tools.

2) Of those who use it, 1 in 5 say video is effective in building awareness and about 1 in 10 say it works for generating demand.  Wow, that’s terrible — but why?

3) Because about 2/3 of those surveyed said they use video to demonstrate products or (worse) they don’t use it at all.

4) This is a shame because B2B marketers need to be reminded that we sell to other people, not just businesses. And, like us, those people are influenced by experiences that engage their needs, desires and emotions.  And video is one of the best ways to create that kind of experience.

5) New digital cameras, smart phones, and YouTube make video production MUCH LESS expensive than it was just 10 years ago. Production quality matters, but you can get creative on a small budget.

Luckily for me, Xerox Services marketing is overcoming these hurdles and using video to tell our customer stories. We do this by:

Most importantly, with the need to rebrand the company around our ACS acquisition, Xerox Corporate built an interactive environment called “Real Business Live” that includes both customer-centric and full production (affinity advertising that tells a customer story in a co-branded fashion) video to take interactions beyond building the “awareness” that Xerox offers more than copiers and printers to exploration of what those capabilities mean to the clients who partner with us for those services.  Of all the examples share, this one created the most interest.

This brings me back to my first point, engaging prospects and customers today needs to go beyond the purchase process. Regardless of the medium (which is video in this post today), centering on the customer, telling their story, and making sure the story presented is authentic and specific is what makes marketing more engaging.

Join Me at SocialTech 2010: Oct. 27 at the Doubletree in San Jose

As a former Forrester analyst, I’ve had a long-standing relationship with the wonderful folks at MarketingProfs.  I’ve come to value greatly the resources — both online and in-person – this organization provides to marketers who, frankly, can’t afford the big-ticket price of a marketing consultant or industry analyst firm. This Tuesday, MarketingProfs will host SocialTech 2010, their inaugural social media conference for B2B marketers in the high technology space.

After a rocky start caused by the slow economy, and postponement of the event from March until October, SocialTech 2010 promises to bring together the visionaries and experts who have used the power of social media to transform the way B2B technology companies market their products and services. At 3 pm on Tuesday afternoon, I will speak on a panel featuring:

In this session, Michael and René will present highlights from recent research — conducted by IDC and Palo Alto Networks separately and respectively — to benchmark the use of social media for B2B high-tech marketing. Michael will explain why traditional corporate culture remains the largest barrier to successful social media initiatives today. He’ll discuss the different operational challenges organizations face to effectively deploy and manage social media initiatives. René will then provide highlights on the adoption and usage of social media in his experience at Palo Alto Networks and (probably) Serena Software, where he worked previously. 

After Michael and René speak, Gurmeet and I will react to the research and share some things we are seeing and doing within our own organizations. Hopefully we can provide advice on how you can encourage social media use within your own organization while demonstrating its value to the business.

Prior to my panel, at 2 pm that same afternoon, my colleague Jeannine Rossignol will join Chris Koch from ITSMA to talk about “The Role of Social Media in the Buying Process“  and how Xerox has used social media to enable internal salespeople to have more informed discussions with customers. While I only touch on it in my panel presentation, Jeannine will talk more about “Competipedia”—a secure, interactive, wiki-based resource for the Xerox Global Services sales force to find the latest competitive information. Chris will share how CSC did also leveraged wiki technology when they launched the first B2B social networking site for the insurance industry, called WikonnecT. Wikis and service companies — anyone seeing a trend here?

The SocialTech agenda promises both forward-looking views from Jeremiah Owyang, Guy Kawasaki, and Robert Scoble – visionaries that no conference on social media should be without. I also hope you will find a lot of practical, real-world advice that you can put into action after you leave the conference.  Will I see you there?  I hope so!

Don’t Be A Social Media Tool

A few nights ago I had the delightful privilege of speaking on a panel called “Tweets, Tags, and Texts: Making Social Media Work for You” sponsored by my alma mater, Santa Clara University Leavey School of Business, Alumni Council.  Panelists included:

Ben Parr provided a most memorable comment, and I could not resist echoing it again. To paraphrase, Ben warned the crowd, “If you think of social media strictly from the tool perspective, you will become a tool…”

The Online Slang Dictionary defines a “tool” as “an uncool person, a loser.”

Focus simply, or too intently, on the technology and your social efforts will fall short of the mark. This advice is what my former Forrester-colleague Josh Bernoff, co-author of Groundswell and (now) Empowered, described in his seminal work on setting social strategy, and which I later adopted in much of my research.  We used the acronym POST to remind marketers and business people to focus on your audience and objective first, and to consider which technology will help you reach your objective last.

P = People                               ”Who do you want to reach socially?
O = Objective                         ”How do you want to change your relationship with them?”
S = Strategy                             “How will you do that? And how will you know you were successful?”
T = Tools… Technology, Tactics     “Which social tools will you use?”

I found it particularly insightful that this little quip came from Ben.  He was, by far, the biggest social media enthusiast on the panel, and the one most steeply entrenched in it as an editor of Mashable. (Imagine, if you will, Ben sitting next to Felix, the General Counsel for TrendMicro.) Ben reminded me a lot of former colleague Jeremiah Owyang, a social media maven extraordinaire who taught me a lot about how to engage socially and successfully.  Both Ben and Jeremiah are quick to encourage business folks to cast off into social waters and start sailing. Yet I find it interesting that both believe that, to have a successful journey, you can’t just hire a boat with the best GPS navigation and sonar systems, but that you have to know where you want to go – and who you want to take along – to have a safe and happy voyage.

Professor Terri Griffin, who moderated the panel discussion, felt that Ben’s comment summed up the evening well. Besides narrowing in on a specific audience and articulating a clear, measurable objective, what are some other keys to success you have found in charting these unfamiliar social waters?

(PS. Yes, for those of you who notice, I am backfilling my blog with old posts.  Let’s just say Xerox has kept me a bit busy of late!)

Best Practices For Marketing To Buyers “In The Cloud”

“Cloud computing” is a very hot topic, and like social media, subject to much debate about “what is cloud computing?” and “what does it mean for business?” Simply stated, cloud computing lets your customers and potential buyers take advantage of services and resources delivered as an online utility. Buyers get the benefits of using your technology without worrying about the technical details as much as they would if they implemented software inside their data centers. The benefits can include: lower capital investment, faster implementation, reduced risk, proven security and improved scalability to handle the increased amounts of data. Purists believe that true cloud computing requires large scale sharing by infrastructure/application providers and their consumers alike. While my colleagues at Forrester try to sort out the market and make it easier for IT buyers to decide where to invest, I’d like to explore the idea of marketing to customers in the cloud. 

B2B marketing needs to embrace the cloud. Most executives see marketing as a large discretionary line item in the corporate budget. During tought economic times, that “discretion” gets cut more often than not.  Marketers perpetuate this short-sighted perspective when they focus more on program and campaign spending and fail to invest in the capital or IT support needed to make marketing execution more efficient and the results more visible to the organization. Cloud computing can give marketers ready access to technology and services that can drive demand and evaluate the effectiveness of their programs without the burden of traditional technology implementation and management.

Cloud computing will also transform the way marketing gets done. In this Web 2.0 world, buyers spend more of time online searching for information, interacting with like-minded colleagues, and comparing offerings long before the first sales call occurs. Cloud-optimized marketing strategies such as social media, paid search, search results optimization, content syndication, and engaging with buyers on social networking sites like LinkedIn and Twitter deliver brand building and customer engagement results.

To futher explore how social media marketing in the cloud can help to build deeper — and eventually more profitable — customer relationships, I joined Jon Miller (VP of Maketing at automation rising-star Marketo) and David Alston (social media guru who heads up both community and marketing at Radian6) on a webinar, which you can access here.  During the event, we looked at a number of different cloud-related topics including:

1) How to use Forrester’s Social Technographics® Profiles of business decision-makers to design marketing programs that not only capitalize on emerging social behaviors but also fundamentally change the nature of the marketing relationship between B2B buyers and sellers.

2)Forrester’s P-O-S-T methodology – Why starting with People, Objectives and Strategy first, then moving to Tactics and Technology is the best way to ensure success when using social media to engage with prospects and customers in the cloud.

3) How to use social media monitoring to engage prospects, build communities, service customers, uncover influencers, and listen for the point of need.

Over the next few months, I will join the the Marketing Cloud conversation to continue to explore how cloud-centric service and technology providers may be in a better position to serve the modern needs of B2B marketers who see social media not simply as a way to reach new audiences. More importantly, these marketers see social media as a tool to help them build communities of like-minded customers; customers who will remain loyal, buy more over time, and advocate to others on the marketer’s behalf to influence the standing and reputation his/her firm in a transparent, community-centric manner.  The 2009 Forrester Groundswell Awards winners in the B2B marketing categories demonstrate where this trend is heading.  But I would love to hear from you with examples of companies that you feel are doing an exceptional job of using social media to connect with business buyers who purchase high consideration products for on behalf of their firms.

B2B Marketing Mix and Budget Trends Survey: Please Participate!

For the third year, MarketingProfs and Forrester teamed up to author and field a survey that looks at business-to-business marketing mix and budget trends. With many parts of North America and Europe (my home state of California for one) still feeling the effects of last year’s economic downturn, I believe that this year’s survey will show some marked changes on which tactics marketers choose to spend their limited budget dollars.

Would you like to help me find out?  If so, please click here to take the survey.  The survey should take you approximately 15 minutes to complete, and I will share a copy of the report — due sometime in March — with those of you who complete the survey.

Taking a closer look at B2B marketing budgets in our 2008/2009 survey, we found:

1) Digital spending moved ahead but failed to shake up the status quo. While B2B marketers wrestle with a more complex marketing mix, digital channels have finally gained much needed mindshare. Web sites and email topped the list of the most popular marketing tactics, and search marketing moved up six percentage points since our last report. However, conventional approaches like trade shows, PR, direct mail, print advertising, sponsorships, and executive events still dominated the marketing mix in 2008. Will 2009 show even more dramatic changes? Tell us in the survey and find out.

2) Traditional tactics commanded the lion’s share of B2B budgets. Conventional marketing tactics continued to capture big chunks of B2B marketer budgets. In fact, traditional tactics had a tight grip on the five top spots in our list of the most expensive B2B tactics. Coming in sixth, the company Web site was the only digital tactic to scrape together a double-digit percentage of the budget.

3) Social media managed to make only a few budget inroads in 2008/early 09. Virtual trade shows, community sites, rich media (video, podcasts, etc.), blogs, and other Web 2.0 tools like RSS subscriptions, mashups, and widgets got the B2B budget scraps. Yet, while marketers try to work out social media’s place in the marketing mix, we were pleased to see, when taken together, these tactics accrued more than 10% of the marketing budget. I expect this year’s survey may show some surprising changes in this category.

I can hypothesize on my blog all day about how marketing tactic choices and budgets changed in 2009 relative to 2008 — and where B2B marketers expect them to go in 2010 — but the survey results will provide the real facts, not conjecture.  Please join me and take 15 minutes now to let me, and your B2B marketing colleagues, how your 2010 budget plans are shaping up.

Making Your B2B Marketing Work — Better!

A worldwide recession and social media have swept up B2B marketers in a perfect storm, tossed between tighter budgets and the demand to do more online without guideposts or established benefits. Opportunities and challenges abound for marketers targeting other businesses through a direct sales force or channel partners. Before 2010 planning — and the push to pump up the pipeline to make year-end revenue goals — hit full stride, now is an excellent time to step outside your daily routine, tune up B2B marketing strategy, and learn new best practices.

Sound intriguing? If so, have I got a deal for you!  (Oh, c’mon, you suspected a pitch was coming, now didn’t you?)

On September 17, 2009 (Thursday) I am leading a full-day workshop in Cambridge, MA on “Making B2B Marketing Work”. This workshop brings B2B marketing peers together to explore and discuss how marketing has changed in light of the digital/social media shift and the pressures imposed by the current economy. It will help you think through a number of issues — how to stretch budget dollars by better integrating digital and physical tactics, tap into social media, drive healthier pipelines, target and qualify your best customers, and create a marketing technology infrastructure that increases efficiency through automation – just to name a few of the top takeaways. You will also gain hands-on experience assessing your integrated marketing accumen and lead management maturity while hearing “tricks of the trade” from our expert panel (who join us at the end of the day.)

You may want to check out Forrester’s site for further workshop details if you need answers to the following questions:

  • How do I optimize my marketing mix in 2010?
  • What are the best practices for generating, and managing, demand?
  • How do I better integrate digital and social media into my campaigns?
  • How do I improve marketing’s working relationship with sales?
  • How do I make my Web site generate better leads?
  • What are the best social media tactics to use?
  • What technology investments should I make in 2010?

In my rather “un-humble” opinion, I’ve found participants feel that the two best features of this workshop are:

1) Networking and interpersonal interaction. The workshop is intimate (typically between 7 adn 15 participants) which gives you the opportunity to spend time with peers (and the analyst, of course!) talking about what matters to you and how you have been making B2B marketing work. Participants from Tech and non-Tech industries share experiences and learn from each others’ successes and mistakes.

2) Talking with the panel of experts.  Plan to stick around to enjoy the wine/cheese reception for further networking and to meet with our expert panel. I’m gathering the invitees now, but past participants included experts in search marketing, community development, demand generation, and marketing automation. The discussion is lively and really gets to the heart of “what should you do in practice to make B2B marketing work?”

Will you join me?  Hope to see you there!

ComplianceOnline Offers Preview Of Real B2B Community Potential

In my last post, I steered B2B marketers away from building social destinations focused on their products and services by suggesting they participate in open, social networks before jumping on the community bandwagon. I do think there is a place for B2B communities, but these sites need to focus truly on the community first, not trying to sell a firm’s wares.  Case in point: ComplianceOnline.

ComplianceOnline Supports GRC Community

 

 

As a premier destination for content, training, and advisory services dedicated to regulatory compliance, IT governance, and corporate risk management, ComplianceOnline is a model online community that delivers two million visitors annually to MetricStream’s back door. B2B marketers can learn how to build a successful B2B community by following three key lessons: Gather the best content, encourage the community to vet and contribute to it, and give members equal opportunity to engage with potential buyers who visit.

What did MetricStream gain from the hard work and effort they put into buidling ComplianceOnline with partner Regalix? Measurable benefits including:

1) An ongoing source of leads. With more than 2 million unique visitors per year and 500,000 registered users, ComplianceOnline drives a huge volume of traffic that MetricStream’s corporate site would struggle to equal. Through strategically placed ads and links, intended to inform but not harangue, MetricStream gets approximately 30% of its quarterly leads from ComplianceOnline visitors.

2) Community-generated revenue. As a small firm, MetricStream simply could not afford to build a huge community site from scratch, and containing costs was a major issue. To offset the expense of building and maintaining ComplianceOnline, MetricStream takes a share of the proceeds from each engagement or sale that consultants close. This arrangement allowed MetricStream to build a catalog consisting of more than 25,000 catalog items of electronic products and 1,000 courses, creating what amounts to a mini university for GRC professionals. It also made ComplianceOnline profitable after the first six months and returned MetricStream’s total investment after the first year.

3) Differentiation that leads to new business opportunities. ComplianceOnline’s success helps MetricStream stand out in a market crowded with vendors. The thought leadership and unique differentiation this site creates helped MetricStream establish a partnership with NASDAQ where ComplianceOnline offers companies listed on the stock exchange specialized, white-label compliance training, alerts, and content to help them to better manage their compliance processes.

If you really want to create an online community serving the needs of your firm, take a further look at ComplianceOnline — and my research — to gain further insight into what it takes to achieve this level of success.  Above all , don’t think that investing in a social business technology platform is the end-all to establishing a vibrant community destination. Knowing your audience’s needs, enlisting an existing community of like-minded professionals in fulfilling them, and having specific business goals are more important than making the right technology platform decision.

Do you know of any other B2B community examples like ComplianceOnline that you would like to share?

PS: Yes, I’m still backfilling my posts after a long summer vacation. Stay tuned for more.

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