How to Use Social Media to Win Clients and Accelerate Sales
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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: [email protected]
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.
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
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)
Ch = CharacterCo = Your Firm’s Competence R = Relevance of the contactS = Strength of your relationshipI = InformationN = Number of peopleD = Diversity
Network Valuation Formula
N
n=1David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com)
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Ch = CharacterCo = Your Firm’s Competence R = Relevance of the contactS = Strength of your relationshipI = InformationN = Number of peopleD = Diversity
Network Valuation Formula
David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com)
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Ch = CharacterCo = Your Firm’s Competence R = Relevance of the contactS = Strength of your relationshipI = InformationN = Number of peopleD = Diversity
Network Valuation Formula
David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com)
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Ch = CharacterCo = Your Firm’s Competence R = Relevance of the contactS = Strength of your relationshipI = InformationN = Number of peopleD = Diversity
Network Valuation Formula
David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com)
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Ch = CharacterCo = Your Firm’s Competence R = Relevance of the contactS = Strength of your relationshipI = InformationN = Number of peopleD = Diversity
Network Valuation Formula
David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com)
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Ch = CharacterCo = Your Firm’s Competence R = Relevance of the contactS = Strength of your relationshipI = InformationN = Number of peopleD = Diversity
Network Valuation Formula
David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com)
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Ch = CharacterCo = Your Firm’s Competence R = Relevance of the contactS = Strength of your relationshipI = InformationN = Number of peopleD = Diversity
Network Valuation Formula
David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com)
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Private Capital Public MarketsACG.org FTAlphaville.FT.com/longroomAngelsoft.net SumZero.comFinemrespice.com/subrosa ValueInvestorsClub.comVillage.Albourne.com Village.Albourne.com
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – Diversity
Ch = CharacterCo = Your Firm’s Competence R = Relevance of the contactS = Strength of your relationshipI = InformationN = Number of peopleD = Diversity
Network Valuation Formula
David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com)
Tells Network Next StepsCharacter – Competence – Relevance – Strength – Information – Number – DiversityIntro Social Media