Early in my career, my boss called me into his office first thing on Monday morning. As anyone who has worked in a corporate role before knows, that’s not a good sign. As soon as I sat down, he blurted out “I looked at the numbers, and you’re messing up the online advertising campaigns, you need to fix it.”

I knew I had optimized the heck out of the display advertising campaigns, and every month, performance was increasing, so I asked to see which report he was viewing.

He showed me a report that tracked campaign results for two similar products (we’ll call them Product A and Product B).

The report tracked results down to the lead level. He said, “The Product A campaign received a lot more clicks and leads, but you are giving 5x the impressions to the Product B campaign. We need to shut the Product B campaign down, and move all our impressions to the Product A campaign immediately.”

So, I told him I’d be right back. I went to my desk to get the report that tracked results all the way down to profitability.

That report showed that at the end of the customer journey, even though the Product A campaign received far more clicks and leads, the company closed about the same number of sales from both the Product A and Product B campaigns. Furthermore, the company’s profit margin on Product B was 5x higher than Product A.

My boss looked at the report, thought for a second, and proclaimed “WE NEED TO SHUT DOWN THE PRODUCT A CAMPAIGN, AND ONLY RUN THE PRODUCT B CAMPAIGN!!”

I smiled and said, “just let me handle it.” And to his credit, he did.

So, how could this hour-long, semi-tense back and forth on a Monday morning have been prevented? To solve the problem, you have to diagnose the problem.

There were 2 problems here:

Problem #1:

My boss wasn’t looking at the full data picture. I’ve always told clients that I can get you a high click-through rate, for example, if that’s all you care about. I can get my team to design a “funny cat video” meets “shoot the zombie ad” that will get boat loads of clicks. But are those clicks going to convert to leads and ultimately to sales? Absolutely not.

Which is why having that end-to-end data picture was so incredibly important.

Now, let’s apply this thinking to social media. How do you measure the success of your social media efforts?

If you answered awareness or engagement, that’s not necessarily bad (it’s better than nothing!). However, at some point, senior management is going to ask “what is the value of our social media efforts?” If you only track to the awareness or engagement level, then how do you effectively answer that question? How do you know if social media is somewhere your marketing and sales teams should spend their time?

Well, let’s look at your non-social media sales and marketing efforts. How do you measure the success of those efforts? Leads? Revenue? Net income? WHICHEVER OF THOSE METRICS YOU USE ARE THE SAME METRICS YOU NEED TO USE TO TRACK YOUR SOCIAL MEDIA EFFORTS!

And the closer you get to the end of the journey, the better idea you’ll have as to the true success of your efforts (and the value to the organization).

Now, I know what some of you are thinking – that’s great for advertising and email, but it’s much harder to do for social, and besides we SHOULDN’T do that right? Social is different. It’s not a sales and marketing channel.

Most of us treat social like this magical purple pegasus that flies around spreading candy and rainbows everywhere – it doesn’t live by the rules of our other marketing and sales channels.

But we need to change that. We need to treat social like any other channel because:

Senior management measures social media success the same way as any other sales and marketing channel

Senior management wants to know how many sales our LinkedIn efforts are generating, or how many leads our Facebook campaign creates. That’s their job. They are running a business. A business needs to smartly spend money on things that generate profitable business.

Thus, you HAVE to measure your social media efforts in the same way you measure your other sales and marketing efforts.

This apples-to-apples measurement approach will help the two biggest problems that most social media teams face:

1. Lack of budget
2. Lack of resources

Apples-to-apples measurement solves these problems because it levels the playing field.

If you can compare display advertising campaigns to Twitter campaigns using the same metrics, you can show which is providing more value to the organization. If you can compare LinkedIn messaging to cold calls using the same metrics, you’ll know exactly with which of the two your sales team should spend their time (hint: it’s LinkedIn).

If you can prove social media is providing more value using the same metrics, then suddenly, the skies part, the sun comes out, cherubs start singing, and you will get the budget and resources you need. It may not be super-easy to track social like other channels, but it’s 100% worth it!

Problem #2:

My boss didn’t know the end-to-end results that we had. That was my fault. I wasn’t doing a good enough job socializing the data. Sure, I sent a report out every week via email, and you could argue that he should have been reading it, but VPs/SVPs are very busy people.

Sometimes, that extra step to open the document is too daunting of a task. It’s easy to say “I’ll look at it later,” and close the email.

So, proactive communication is key. If you have great numbers – tell EVERYONE, and ESPECIALLY your boss. In your 1/1s, talk about the numbers, how they are increasing, and what a great job the team is doing. How else will he/she know?

When you send out reports, include an executive summary (2-3 bulletpoints maximum) at the top of the email, so if they don’t have time to look at your incredibly detailed report, they get the high-level story. Senior leadership has zero time in the day. Make it easy for them.

This is also an effective way to influence change at an organization (it’s hard to argue with numbers). If you go to your sales managers, and say they need to spend as much time on LinkedIn as they do on the phone, you will be kindly escorted out of their office. If you show that you get 5x the meeting rate, for example, using social selling as compared to cold calling, NOW you’ve got those sales managers’ ears.

Summary

End-to-end measurement and apples-to-apples comparisons take the guesswork out of your social media efforts. They will tell you EXACTLY which channels, campaigns and content are most valuable to the business and the client alike, and it is imperative that you measure your social media efforts as close to the end of the purchase journey as possible to determine the bottom-line value.

About the author

Robert Knop is Founder and CEO of Assist You Today, helping companies GAIN + RETAIN clients using digital strategy and social media. He’s a proud member of the Wave3 network of consultants, and always happy to talk strategy, digital and social selling. To learn more about how to evolve your marketing and sales approaches for the digital age, reach out to Robert.

Photo: Kirinohana

I recently attended the Digital Marketing for Financial Services Summit (#DMFSToronto). Digital leaders from Citi, Facebook, Wells Fargo, MetLife, Allstate, Salesforce and more were there talking about what is working, not working and what is coming next within digital marketing for financial services.

5 accelerating trends:

1) It’s all about the data.

It has ALWAYS been about the data in digital marketing, but now with so many advancements in programmatic advertising, real-time media buying, CRM, data lake technology and data visualization services, it’s easier than ever to track results, test, learn and optimize your marketing efforts.

Hari Pillai from Invesco spoke on a panel about a struggle many companies have – being data rich, but knowledge poor. His keys to success were to create a strong infrastructure for your data, and an API to simply and effectively leverage your data, so you know where the customer is in the journey. In his words, “Data is the secret weapon to move the customer down the journey.”

2) Customers matter more than ever.

As we all know, the dynamic has flipped to a customer being in charge more than ever in the buying process. 57% of the purchase journey is done before a customer ever contacts a supplier per the CEB, so you need to listen to the key needs of your customers and figure out how to solve those needs.

Ramy Nassar from Architech had a great presentation about focusing on customer needs instead of financial products. My favorite line from his presentation was “Think about the need, not the transaction. No one wants to buy a mortgage, they want a house.”

3) Social will soon rule the world.

The typical North American adult checks social media 17 times a day. SEVENTEEN! That seemed high when I first heard it, but now that I think about my own daily habits, that seems a little low.

Combine that with the fact that cold calling and emailing response rates are hovering around 3-4%, and millennials preference for social as the #1 method of contact, and social will soon be taking over as the primary communication vehicle for marketing and sales.

Any financial professional or salesperson that does not have a complete LinkedIn profile, which is optimized for search will slowly begin to lose their client base.

I spoke on the value of social selling to financial institutions in this new digital world, and how to use the power of social media to generate leads and sales.

4) Wearables are not going away.

If you are looking for the next big thing, wearables are it. How long is it until that Fitbit we use on a daily basis to track our steps starts feeding that information to doctors? Insurance companies? Retail stores? It’s a matter of time until everyone knows everything about everyone else. Enjoy your 15 remaining minutes of privacy! And be prepared to have everything measured and managed in real-time.

Rachid Molinary of Banco Popular de Puerto Rico presented an informative use case on how they quickly integrated mobile banking into wearable technology. Now you can check your BPPR account balance in a matter of seconds on your Apple Watch. What was even more impressive was the processes and systems they have put in place to bring this new tech to market in a short period of time.

5) The pace of change is fast (and will get faster).

Mitch Joel gave a fantastic keynote about how fast the world is changing, and how every company thinks they are being innovative. However, to truly create innovation is to “create something that the market did not know that it needed, that then becomes adopted (and paid for) in a way in which we could have never imagined our lives without it.” Not many companies are doing this today.

Erin Elofson from Facebook spoke about their roadmap, and how VR is playing a huge role in their future. To get a small glimpse of their VR capabilities, check out the first film shot with the new Facebook Surround 360 camera. This is just the snowflake on the tip of the iceberg.

So, how will you and your company react to this new digital world in financial services? These changes are coming sooner than anyone expected. Those that adapt quickly, will thrive, those that don’t will struggle to survive.

Related articles

• The value of social selling
• Invalid traffic becoming a bigger problem in programmatic advertising
• 4 steps to social media content success

Photo: Alberto Garcia

Although social selling is relatively new, some brands are already successfully leveraging it to drive business. When I talk to sales and marketing folks about social selling, one of the most common questions is “where do I begin?” So, how do you drive a social selling program – particularly at a large company?

Where to start

The first step is to find a high-level sponsor, preferably someone actually in the C-suite or a head of sales, but it needs to be someone that has a large amount of influence at the organization. Focus all of your time and energy on this person.

If you can convince this person your program will help the company better understand its customer needs, build trust with and retain current clients, as well as find and acquire new clients and drive sales, then doors will be opened for you within your company that would otherwise be closed (or take a large amount of time and effort trying to pry open)!

How to prove the value of social selling

Do your homework. You need to know a lot of things off the top of your head, so you can confidently speak to them on a moment’s notice. For example, you’ll need to know that sales professionals who use social media are 51% more likely to exceed quota (LinkedIn survey, 2014), and what successes others in your industry have had in social selling. Research what your company’s success rate is for cold calls and emails, and why/how your proposed social selling program is going to beat those numbers.

Have an end-to-end strategy and tactics already somewhat vetted at a high-level (e.g. who is the target audience, what kind of content you plan to use and why, which sales groups will be involved, what does compliance think about the program).

Having the answers to these questions will help you frame the conversation. Use this outreach to determine if your message resonates with these groups.  Be flexible, get the right people involved, ask their opinions, and be willing to morph the strategy based on their feedback.

Show the value…in their language. I mean this in two ways:

1. Use non-social media specific terms. Like in any marketing or sales proposal, you need to know your audience. If you start talking about Invitations to Connect, likes and video viewing times, those metrics aren’t necessarily relevant to C-suite members or heads of marketing and sales. Instead, use language they are familiar with like reach, leads and sales
2. Talk about results that they care about. This leads us to the next step, which is measuring what is important to your senior leadership. Typically, heads of sales and the C-suite care about measurable performance.

If it’s a data-driven organization, you need to be able to discuss the exact dollar figure impact to the bottom-line you expect to gain from the program and why. If it’s meetings they care about, show them how many more meetings you will be able to gain using social selling. If it’s more of a relationship-based company, get your stories and testimonials from comparable industries, and use them liberally.

How to get results that are valued

To get metrics that are comparable in a head-to-head format to other channels, you need to track your program end-to-end (from post to profitability).

(Note: You will hear numerous times that you can’t track social media and social selling end-to-end because there are a lot of other variables involved in the sales process. Yes, there are…just like in every other sales and marketing channel.)

So, keep pushing forward. If you are still putting a strategy together (and don’t have anything yet to track), propose a pilot with a test group and a control group to show the benefits head-to-head. You may have to use some proxies (if you do, make sure they are agree upon upfront) in the early stages. However, over time, you’ll have more and more accurate and actionable data.

Bringing it home

Once you have proven that social selling works in metrics that he/she cares about, you’ll most likely be able to get senior management buy-in, and that key influencer will be able to open a lot of doors. From there, leverage the buy-in as much as possible to schedule meetings with key folks, prioritize the effort highly and get things done. You may not have their attention for long, so capitalize on the opportunity!

Key Takeaways

• Concentrate your efforts on a key influencer in senior management
• Convince that individual of the value of social selling in their terms that are relevant
• Act quickly to capitalize on the opportunity

About the author

Robert Knop is a passionate helper of people, and Founder of Assist You Today, a company dedicated to helping companies get closer to their customers, build trust and drive sales by harnessing the power of social media. He’s always happy to talk about strategy, digital and social.

If you’d like to learn how to get closer to your customers, build trust and drive sales using social media and social selling, feel free to contact Robert at 323-972-3566, or simply complete the short form here.

Photo: Tim Dorr