Today’s Facebook’s IPO although a more consumer focused interest story then what most of our customers are interested in, brought a huge amount of tweets on the subject as expected. (I would even venture to say that it was more then a ‘consumer interest story’ but rather a ‘human interest story’). None the less, being that FirstRain is a Silicon Valley based company, the buzz is also being felt strongly outside the digital world for those of us that live here and have friends and acquaintances that are being directly impacted by facebook’s IPO. Exciting times.
Yesterday, prior to Facebook’s IPO we ran some stats using our FirstTweets™ technology and then redid the same exercise at the close of the market today. FirstTweets™ uses our patented FirstRain technology to uncover and deliver only high-quality, business-relevant tweets to sales and marketing professionals across the enterprise. Our analysis shows that less than 0.1% of daily tweets contain quality, business-related content, yet this still represents more than 200,000 tweets per day of business-focused intelligence.
The picture painted by the stats that we captured, aren’t surprising but are interesting and illustrative on why our customers are seeing value in our FirstTweets- as YY Lee our COO tweeted this morning allowing them to “cut through the frenzied roar to net out the actual business discussion…”.
On the day before Facebook’s IPO:
At the close of Market on the day of Facebooks IPO:
Note: This post was originally published on the Huffington Post
The world is slowly climbing out of the great recession as companies around the world begin to increase investment and hiring. But for B2B sales teams looking to recapture growth during these early days, it’s critical to understand who’s really paying their bills and keeping the lights on–and guess what? It’s not your customer … it’s your customer’s customer. And if your sales team doesn’t deeply understand the business problems of these folks, then you’ll lose to competitors who do.
Before I get into the reasons why this is, consider some of the big, underlying changes happening in the market today. As companies start growing and investing again they are spending money, but they have fewer people than they had before. This means less time to accomplish key objectives and an even stronger focus on developing efficient strategies and processes to drive revenue growth ahead of the competition.
As a result, they are changing the way they do business, innovating in the vertical integration of their product lines and socializing their go-to-market, because if they can innovate and out-execute the competition in the way they serve their customers they can gain more market share as spending comes back.
To accomplish this, large companies are now talking about “business transformation” in their sales teams, “cultural transformation” in how they interface with their customers, and building a “social business” as a new way to look at their internal collaboration process.
With all these trends, the end objective is the same: How to better solve their customer’s business problem and so gain market share.
And so how do you solve your customer’s problem? Well like you, their challenge is revenue, profit and market share. So when your sales team understands their customer’s customer–and the business dynamics, competition and growth opportunities that their customer has–magic happens.
Here are the top 5 reasons:
1. You can focus on the customer’s business problem, not your products
It’s a cliché, but a true one: your customers don’t buy products, they buy solutions. But you can’t sell them a true solution unless you know what problem they are trying to solve, and understanding their customers will give you the insight you need to hold a useful conversation with your customer.
If you pitch product you become a tactical vendor; if you can discuss their customer and how they are serving their customer you become a member of your customer’s team. For example, is their customer driving price down on them – and so is your opportunity to help them take cost out of their operating expenses? Or are they focused on revenue and end user growth – and can your solution help your customer reduce their time to market?
Understanding the customer’s problem is sales 101 right? But it is surprising how many sales people still pitch product. It’s essential you provide your sales team with the intelligence and systems to stay on top of the customer’s ever changing end-business problem (see #5).
2. You can align your solutions with your customer’s evolving needs.
While the customer is always right, reality is they may not actually be asking for the right solution. Maybe this is because they lack specific knowledge of the options available, they have budget concerns or because internal politics are at work.
But consider a recent study by the Corporate Executive Board — buyers don’t contact vendors until they are, on average, more than half-way through the buying process. This means that by the time you are contacted as a vendor (if you are contacted!), it may be too late in the process to help your customer identify a better solution mix for their needs.
If, on the other hand, you truly understand your customer’s problems and challenges because you have studied their customer, and you are engaged with helping them meet these needs, then you can design specific solutions to meet the needs of their evolving business–before your competitors are asked to get involved.
3. You can design your marketing programs to address what you customer cares about
It is possible today to understand what an end buyer cares about in ways that have simply not been possible before. The Web and social media create an unprecedented level of transparency into a market, and can show you what’s top-of-mind at your end B2B customer. And it’s a noisy, Big Data world which means you need technology to do it.
There are millions of articles, blog posts and Tweets posted on the Web every day, but using newly emerging semantic analytics you can monitor intelligence in a very precise way. You can now analyze the intersection of three views of your customer’s business and so understand what the top issues are for them. When you can see the intersection of:
- the vertical market you are targeting
- the business line you are selling and
- the role which is going to buy your product (e.g. CIO, EVP Sales et al)
you can then target your marketing campaigns to speak to the specific issues the companies in a vertical market care about.
By monitoring what your target market is talking about you can ensure your messaging–and your value–speaks to their top-of-mind problems.
4. You find new customers.
Many businesses have triggers that drive new customer opportunity. It could be generic management changes, like a new executive being hired, but just as often businesses are driven by precise, industry-specific changes that create new opportunity for you. Is there a government RFP released that impacts your customer’s business? Has a competitor created a dislocation in your customer’s end market? Does your customer need to execute M&A flawlessly to execute their strategy?
When you understand your customer’s customer you can monitor the very specific events and changes in their business that signal an opportunity for you.
Automatically alerting your sales person on their iPad or mobile phone each time there is an industry-specific event which impacts their customer will win you new business.
5. The majority of your sales team can be as effective as the top 5%.
Most sales people don’t like to do research, but the top 5% –your rainmakers–do. They already do the work to understand their customer’s customer, they plan out a campaign, they do research every morning before they place any calls. They study the customer and understand the customer’s business and many will spend 1-2 hours a day doing it.
When you provide Enterprise Customer Intelligence to your sales team and teach them the Why and How needed to focus on their customer’s customer, you’ll raise every team member’s productivity. And when you integrate the intelligence into the CRM and social enterprise systems they are already using, there are No More Excuses.
Your Customer’s Customer is the real revenue engine behind your business, and the B2B companies who truly believe this, and are investing in the systems for their sales teams, are the ones who are already pulling ahead of the competition, even in this lukewarm recovery.
Note: This post was originally posted on my personal blog “Chitchating about Information Delivery” on April 18th, 2012.
This week’s FirstRain’s announcement of FirstTweets a solution for B2B users delivering “business-quality Twitter intelligence on thousands of global companies, industries and topics relevant to the specific business lines of your customers, industry and competitors”- was an exciting one for our team and our customers.
I have been on a couple of client calls where we previewed this new content stream and across the board the enthusiasm and spark of ideas around FirstTweets from them has been very inspiring. These are companies of all sizes across various industries- some that have been extremely active supporters of using Social Media as part of their strategies (e.g. Customer Care centers, tech support, brand monitoring etc) and others that are just starting out.
For example, some of these companies have tried to use their existing social media monitoring and measuring tools to ‘push’ relevant business content to their sales team, but none have been able to crack the code using their existing systems that are great for monitoring their own brands and customers using keywords- but can not deliver precise business focused content on thousands of companies and industries that their salesforce covers or their market intelligence teams needs to keep track of competitors and new business trends. Some have tried other ‘sales intelligence’ solutions that push social media buzz into their CRM systems- all based on keywords with low hit business relevancy results- turning off most users.
Now i have been an active user of Twitter for a bit over 5 years, just when the little twitter bird began chirping. i use Twitter outbound and to listen quite a bit. I would estimate that i have spent hundreds of hours, curating content, selecting people to follow (and unfollow!) , creating lists, monitoring client issues, company employees and general news. i am one of those 9% of digital news consumers that sees the news Break on Twitter.
I use Twitter effectively and teach others how to at any chance i get- but hundreds of hours of my time has been invested, and will continue to be since Twitter is not a set it and leave it information flow.
Is that the level of time investment that most companies want for their employees that are not responsible for monitoring and measuring social media??? Do companies want staff especially Sales who can benefit greatly from business intelligence found in Twitter- spending the same amount of time i have over the years??
I would venture to say no.
Now, i think that EVERY employee should consider using Twitter to engage with their peers in their industry, their customers and of course their friends and family- but i don’t think the processes that i have developed over the years is sustainable for most sales and marketing people- especially as your markets become more competitive and the budget dollars to spend on the solutions you sell decrease.
And that is where i see the biggest promise for FirstTweets- delivering intelligence to better understand your customers’ end-markets, strengthen relationships and improve overall sales strategy.
The customers i have talked to agree.
Note: Today April 18th is the official launch to existing FirstRain customers, i have been using FirstTweets in our Sandbox environment for about two weeks- and have found many gems that i would never have found using the various tools i use in my Twitter day to day use- so it wasn’t built for “me”- but i sure will benefit from it!
We’ve had an amazing year here at FirstRain. Over the course of just the last year, we’ve launched an intuitive new Web app interface, elegant iPad and mobile apps, and then our powerful new Enterprise Customer Intelligence System for end-to-end, company-wide intelligence integration.
And now today is another big day at FirstRain—but it’s also a big day for the social enterprise platforms like Chatter, Yammer and Jive because now, for the very first time, Twitter is useful for B2B professionals.
For some time now, media and brand monitoring solutions like Radian6 have been tapping into Twitter so that companies can see what their customers are saying. If United Airlines loses your luggage and you gripe about it on Twitter, United can see that. But solutions that provide consumer tweet monitoring are hopeless if you are a B2B professional trying to find useful and breaking industry news in Twitter about specific companies, products or business lines.
We’ve now solved that problem, and are announcing FirstTweets today. This is the world’s first solution for extracting business-relevant Twitter Intelligence. FirstTweets™ is a part of our FirstRain Enterprise Customer Intelligence System. It is a technology breakthrough that solves the Twitter problem for business executives: how to get business value and intelligence out of the 250 million tweets that Twitter produces daily.
Our analysis shows that more than 99.9% of all Twitter is non-relevant to business professionals, making it effectively impossible to get to the still more than 200,000 tweets per day of daily business intelligence buried inside.
Now, by using FirstRain’s patented semantic analytics, our system provides the ability to easily and effectively access the business intelligence hidden within the Twitter stream. FirstTweets™ collects and organizes real time industry and customer-specific information to uncover revenue opportunities, including customer developments, industry trends, news, market analysis, emerging themes and so much more.
This intelligence is then be easily integrated into different workflows, including iPads and other mobile devices, CRM systems,social enterprise platforms like Chatter, Jive, Yammer and SharePoint, or any workflow that works best for sales and marketing teams.
FirstTweets™ will be available to all users this Wednesday and will be included for FirstRain subscribers. It’s another exciting innovation by FirstRain, and I look forward to hearing what you think.
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Charm as a leadership currency seems to change with every wave of silicon valley engineering companies.
In the old days of the early semiconductor firms the CEOs were often gruff white men. Most came up through the ranks of real products, dirty products, chemicals in the manufacturing process, union labor forces… and charm was not a necessary part of the job. Like the famously paranoid Andy Grove of Intel and the crusty Wilf Corrigan of LSI Logic. They didn’t have to be charming — they had to be in with their boards and drive global market growth for their products. They barely even worked the customers after the first few because it was an engineering and distribution driven business.
Then we had the wave of computer companies like Sun Microsystems and HP and large enterprise software firms like Oracle. Now the CEO’s had a bit more charm but it was B2B charm of the likes of Scott McNealy and John Chambers. Stay focused on the major customers and charm the sell-side analysts that covered them. Build a world class team, set high goals for your sales team (give rousing speeches at Quota Club meetings in Hawaii), pay well and drive global growth to large customers.
But now we have the wave of internet and media companies where charm on a global scale matters. This new wave of leadership focuses on accessibility, charming the media, long on user-experience and number of users, shorter on hard engineering. Old school style back fires as Carol Bartz found out at Yahoo. Open communications like Larry Page’s recent letter, mea culpa as Reed Hastings did at Netflix, charm on a global scale as Arianna Huffington did for the HuffPo and the relentless visibility of the very charming Sheryl Sandberg of Facebook fame are part of the global marketing machine.
The first group of CEOs were often engineering based and visible only in print — rough was OK. The second group was often sales based — smoother but customer focused and sometime visible on CNBC. Now we live in the era of the media-savvy CEO who is visible everywhere, all the time. Still technical, but the darlings of the tech press are the ones who know how to work the media, and social media, to their advantage.
But wait. Even today charm only goes so far. You still have to produce top line and net income growth for your investors. Charm and modern communication skills are essential in the media and internet world which is so over covered today, but they are a necessary but not sufficient condition for B2B success (unless, of course, you can get bought for technology before you figure out your revenue model).
So if you are in a B2B engineering-based product business focus on the fundamentals of your technology and your customers, but don’t forget to hone your charm skills for this new era.
We try to capture everything – we really do. But the reality is so much of our wisdom is in our heads and it’s never more apparent than when trying to train someone new.
At FirstRain we have a new executive – the fabulous Daniela Barbosa who just joined us from Dow Jones. She’s smart and experienced and I want to bring her up to speed as fast as possible but pointing her to our systems is, I know, simply insufficient. We think we capture everything about our users and workflow in our salesforce CRM system. We think we capture our contracts in Netsuite and our central wiki. But of course so much of the deep knowledge is tribal – to quote Wikipedia “Tribal knowledge is any unwritten information that is known within a tribe but often unknown outside of it.”
The reality is that the really interesting stuff about your customers, your technology, why people truly buy is in people’s heads. Our customer facing technical team knows the customer’s workflow, the nuances of why they want one choice over another, what internal projects – and opposition – they are facing and need our system to help them solve. It’s impossible to write it all down, and so it’s crucial to share as much verbally as possible.
And it’s one of the reasons that turnover can be so damaging to companies.
Sometimes turnover is good. If you want to change the culture of a company you typically will have to change 50% of the leadership — or more as when Cadence fired it’s entire executive team. If you want to dramatically change your strategy and go-to-market you have to change your business team — as Dell is now bravely doing.
But short of dramatic change, turnover is expensive simply because you lose and have to re-learn so much tribal knowledge. Especially with your R&D team and with customer support. The R&D team knows where the bodies are buried in the code; the customer support team knows the truth about customer use and where they find value.
It is, of course, important to document the knowledge you have, but when you are growing and moving fast it is also important to value, and protect tribal knowledge and bring your team together frequently and efficiently to talk through and share what’s in people’s heads.
Today, Lead411 released their “Hottest Companies in Silicon Valley” awards for 2012. It’s extremely gratifying to be a part of this list, and we are honored to be among this exciting roster of cutting-edge companies. Thank you so much to Lead411 for their recognition, and congratulations to all of our fellow award recipients.
FirstRain was chosen from a pool of over 3,190 companies in the Software, Wireless, Internet, Hardware and Media industries after the Lead411 research team scoured through press releases and business articles, including venture capital financings, company launches, office openings, new customer press releases, etc., and used this information to select the list of Silicon Valley’s hottest, fastest growing technology companies.
This award comes on top of the KMWorld 2012 “100 Companies That Matter in Knowledge Management” award we received earlier this month, and the great press coverage we got following the release of our “Enterprise Customer Intelligence System”. It’s been a great start of the year for FirstRain and you can expect to see more exciting news coming from us soon!
For more information on this award, please check out the Lead411’s press release.
Today is a very exciting day for FirstRain, as we accomplish yet another important milestone in delivering groundbreaking intelligence solutions to our customers. This morning we’re announcing the launch of the first ever Enterprise Customer Intelligence System.
The news today is the release of our new workflow and integration system that lets you use FirstRain intelligence on your customers and market wherever you are: it doesn’t matter if you’re on the road, at a customer site, on your iPads (see the FirstRain iPad App in action here), iPhones or Android phones, via email, or integrated directly into company CRMs or social enterprise portals such as Salesforce.com, Jive or Microsoft SharePoint - it’s all easy now.
We are seeing two huge waves of change impacting sales and marketing teams today: the introduction of Social Enterprise platforms and the iPad, which over 90% of the Fortune 500 are deploying or evaluating right now. Our new solution is intended to make it easy for you to use FirstRain seamlessly in your new workflows and so grow your revenue and market share.
This new system is an extension of the powerful semantic analytics technology you may already be using, but now it’s an end-to-end integrated solution for highly personalized, yet easily managed, customer intelligence across your entire enterprise. This is the information that customers like you already rely upon to continuously stay aware of the critical developments that impact revenue growth and renewal in your business—it’s what we call Enterprise Customer Intelligence (ECI).
We’ve been working on this version of the system for over 2 years – first we went after the quality of the customer and market intelligence our customers are already using – and now we have released the workflow to match your enterprise. We have developed it in collaboration with many of our leading enterprise customers in technology, communications, life sciences, materials and financial services.
If you’re one of the customers who has helped us develop and hone this exciting innovation, thank you! And if you’re one who has not yet had the opportunity to see how our new ECI System can help your organization get even more out of the great FirstRain intelligence you receive today, please, drop me a line.
Social networking is the topic du jour. Facebook is going public at a gazillion dollar valuation; Jive market cap jumped 30% in the past few weeks because their charismatic CEO, Tony Zingale, got Barrons to say they are Facebook for the enterprise.
And no question, companies are deploying enterprise collaboration platforms fast, trying to keep up with the need for information sharing. One customer – a CIO – told me “we don’t know why but we’re going to do it anyway!”.
Given all this frenzy I was pleased to see a sensible report published last week on the business case for ESN – Enterprise Social Networks – written by Charlene Li and published by Altimeter. It’s full of advice on how to think about your deployment and your ROI.
We see a smorgasbord of options at our customers – some have SFDC (Salesforce CRM and sometimes Chatter), some have SFDC and Jive, some have Microsoft and Yammer, some have 3 or 4 around the globe – you name it, we see the mix. Some departments like one, some like the other, sometimes global likes one and the US likes another. It’s definitely a challenge. We have the advantage that because of our architecture we can easily integrate our customer intelligence into all, but I feel for the IT teams trying to administer so many choices.
This chart is the answer to “what is your primary enterprise networking solution?” across 77 companies who could only answer one.
Source: Altimeter report Making the Case for Enterprise Social Networks Feb 2012But as the Altimeter report explains – workflow is the key issue. ESNs do encourage sharing – critical when you have a global sales team working on a global customer. They do capture knowledge, especially tribal knowledge about how the customer’s requirements are developing and how the market is impacting them. We get feedback all the time that our customer intelligence, integrated into Chatter and Jive, helps the sales team be smarter about what’s happening in their customer’s market.
The 3rd value an ESN brings is helping your sales team take action because they can find solutions faster by collaborating, then of course in the end an ESN is empowering when it is working well because your sales team has a voice (although what sales team doesn’t!).
Enterprise collaboration is on a roll right now. It’s good to see analysts helping IT teams cut through the chatter (pun intended) and evaluate the business value of their choices.
There is a world of difference between news aggregators like Google News, Moreover and Meltwaterand a true customer intelligence system like FirstRain. All have the ability to deliver some news from the Web but the similarity ends there. Keyword-based news is OK if you want a simple cut of everything, but they are absolutely insufficient if you want your enterprise sales team to drive revenue by deeply understanding their customer’s business.
An enterprise customer intelligence system like FirstRain:
1. Uses semantic analysis to categorize all content (Web, social media, etc.) to a high degree of specificity—well beyond the specificity possible with keywords. For example: Using analytics, FirstRain can track and filter on topics as specific as “Diabetic Nephropathy”, “Enterprise Telecom Services Market” and “Solar Energy Farms Capacity Expansion”, which means the sales team will receive customer intelligence with a much higher degree of relevance than any other solution.
2. Searches the global Web, identifying and extracting only business-focused content (including news, press releases, company Web sites, government filings, industry sources, blogs and much more), while filtering out the consumer, entertainment and other noisy content routinely delivered by Google Alerts and news aggregators. This filtering has many layers to it—at the source, content and model levels—to ensure that only high quality business content makes it through to the end user.
3. Prioritizes all content using multi-factoral algorithms that push the most significant intelligence to the top (based on the user’s own workflow at the time), then de-duplicating it so you only see each important development once, all greatly improving the relevancy of the intelligence each user sees. This saves time and money for enterprise sales and customer marketing teams, eliminating the hours spent combing through search results (and often still missing key developments), and reducing it to seconds reviewing only the most important developments impacting their customers and their customers’ business
4. Delivers this highly personalized content wherever and however the team needs it: on their iPad, iPhone, Android device, directly into the social enterprise portal or CRM, or simply via a daily email intelligence brief. FirstRain’s apps allow the sales and marketing team to collaborate using this powerful customer intelligence database quickly and easily from any device, at any time, all integrated into their own daily workflow.
The patented technology that goes into the creation of this enterprise customer intelligence system is the result of years of algorithm development, customer collaboration and fine tuning—and it’s why most vendors of basic Web content can’t match it. But it’s these differentiators that are helping FirstRain deliver our users the kind of customer intelligence that actually grows and renews revenue in their businesses.
