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Case Study: CME Group

Our own B2B Voices co-founder, Allan Schoenberg, is a tried and true case study that deserves mention, and B2B financial services marketers can learn a lot from him. One of the leaders in the social media movement within the financial services sector, Allan heads up corporate communications for the CME Group.  He has done several interviews regarding his social media strategy in this challenging industry. I’ve listed and credited the locations of these interviews below.

Exchanges, Banks and Brokerages Start Tweeting via Wall Street and Tech

How CME Group connects with the financial industry through Twitter via Blog Council

PR Rock Stars: A Conversation with Allan Schoenberg via Communications Conversations

You can follow Allan on Twitter at @allanschoenberg.

Social Media Monitoring is Vital…For ALL Brands

Today’s post is by guest contributor, Chuck Hemann (@chuckhemann). I began following Chuck’s posts a while ago and respect his insights on social media and the importance of measurement. Thanks Chuck for today’s post!

As the number of individuals joining social networks has climbed, so to has the number of brands embracing social networks as an opportunity to engage customers. What is often overlooked is that there is more to social media than Twitter, and Facebook. The brands who are successful using social media follow a very simple, yet often neglected formula: listen, develop a strategy to reach customers, engage the customer, monitor and measure conversations.  Unfortunately for them, and for those of us subject to their content, they often neglect THE two most important phases: listening and monitoring

 

Doesn’t it seem like we get an example every week of a company that could have mitigated a crisis if they were just listening to, and monitoring online conversations? This week’s example: Dominos. The thought of a B2C brand, especially one as large as Dominos, not listening (side note: it is possible that they were monitoring, though the delay in which they responded to this crisis would suggest otherwise) to online conversations is staggering. Just because the examples often come from B2C companies, doesn’t make listening and monitoring any less important for B2B brands.

 

Back in February, Todd Defren of SHIFT Communications had a great post on his blog, PR Squared, about B2B and social media. In it, he mentions some of the typical responses B2B brands give for not utilizing social media, including:

 

  • “We already know all of our customers”
  • “We have a very technical, specialized product”
  • “Our customers are very conventional”

 

The reality though, as Todd notes in his post, is that if your customers are online, you should be considering social media strategies to reach them. And guess what? More B2B customers are making their way to social networks. A recent survey of technology buyers by Forrester suggested that 95% of those buyers were at least “spectators” in the conversations on blogs, Twitter, Facebook, etc…Sure, you could argue that these are buyers who would be naturally drawn to new technology, but do you honestly believe this is a phenomenon that will stay isolated to B2B tech buyers? I don’t.

 

How would a B2B company ever know if their customers were using social networks without monitoring the conversations first? Better yet, how would they know if customers wanted to interact with them on that level without monitoring? None of us graduate high school and then immediately start giving strategic counsel to our clients do we (Doogie Howser‘s need not apply)? No, we listen to professors and industry experts educate us on the proper techniques and then we engage in the process. Why should social media be any different?

 

So I will ask you…why aren’t more B2B companies at least listening and monitoring for customer conversations? Is it because they view social networks as a novelty? Is it because they think their customers aren’t using these tools? What could it be? We’d like to hear from you!  

 

Chuck Hemann is the research manager for Dix & Eaton, a communications consulting firm, where he helps lead monitoring, measurement  and competitive intelligence efforts for the agency’s clients. You can connect with Chuck on Twitter and at his blog Measurement PR-spectives. The views in this post belong to Chuck Hemann and do not necessarily represent the viewpoints of his employer.

Do You Know What Your B2B Peers Are Up To With Social Media? 4 Ways To Find Out

 

When I talk to various people within business to business organizations (who are still spending hundreds of thousands of dollars on traditional marketing by the way) I ask them if they are leveraging social media as part of their overall marketing strategy.  I get the same responses:

  • “We don’t have resource(s) to monitor that sort of activity.”
  • “We are still having a challenge building a business case for management on how it’s directly tied to the bottom line.”
  • “We’re not sure how to measure these efforts.”
  • “I don’t think it ‘fits within our corporate culture.’”

Well, whether it’s within your corporate culture or not, the facts are that more and more B2B companies are embracing social media.  Even more importantly, your potential buyers are using Web 2.0 technologies like blogs and user-generated videos to learn more about your products and services.   

Whether or not you’ve added social media to your marketing strategy, you need to keep up with it because your competitors are doing it, and it’s important you know what’s going on out there. 

Here are four simple ways you can monitor B2B social media activity.

Look who’s on Twitter – C-Levels in B2B are now using social media

ExecTweets  created by Federated Media, in partnership with Microsoft, segments executives who are currently on Twitter.  You’ll find top executives from B2B companies like Eastman Kodak, Sun Microsystems, and CISCO tweeting about various topics.

 

Participate in real-time conversations about B2B marketing on Twitter

Create a column on TweetDeck or search the #B2B hashtag on Twitter where B2B marketers are sharing interesting perspectives, links and stats. 

 

Use Google alerts to index tweets and any other activity going on with your company

Be sure to set up Google email alerts for your organization. Google indexes and notifies you via email every time your company, name or whatever you decide to monitor comes up.

Talk to other B2B marketers/companies about their social media strategies

Yes, it’s pretty straightforward, but how many of us these days actually pick up a phone and talk to each other? Additionally, some of us B2B marketers are still fairly new in the social media world. For that reason, it’s important to seek out and speak with other marketers or companies who have been there, done that.  Sure, there is a whole lot of information out there, but picking up the phone and actually speaking with someone about it is a change of pace and refreshing way to get feedback.

Have you launched a successful social media strategy at your company yet? Let us know how you’re doing – plusses and minuses.  This is what this blog is all about!

 

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