Each time you turn around there is yet another technology that grabs everyone’s attention. It is simply too soon to measure the quantifiable impact of many Web 2.0 technologies in the market today. But sifting through all of it there are some very real treasures that can improve business. Client executives are documenting, however, enhanced customer service response rates, frequency, and quality of information and knowledge flow between internal teams, and a more positive supervision of the company’s reputation by the product marketing and brand management teams. One interesting aspect has become known as Sales 2.0. An average B2B sales professional can schedule between 7 and 10 face-to-face meetings per week using traditional prospecting approaches. But by using applications such as LinkedIn and Jigsaw to penetrate an account and online collaboration tools such as WebEx or GoToWebinar, sales efforts can increase to 30-plus prospect visits per week, although many are virtual. This clearly demonstrates the growing immediate value while mitigating risk. According to CSO Insights, in many industries where sales efficiency and effectiveness is heavily driven by optimized mathematical formulas, a 5 percent increase in any of the key variables such as prospecting or proposing can produce significantly higher returns of closed business.
While many executives choose to invest in renewed processes and emerging technologies as a competitive advantage or to lessen operating expenses, Web 2.0 applications have been found to be most valuable for collaborative purposes both inside as well as outside the organization. This is often seen by the strengthening of Relationship Currency investments, the cultivation of respective Relationship Banks, and the overall development of critical relationships between suppliers, distribution channel partners, and end customers. A stronger, more engaged, and collaborative community, powered by Web 2.0 applications, requires less marketing campaign push and benefits from an accelerated customer perspective that the organization is reducing its self-interest in the interest of providing subject matter or domain expertise to its high value constituents.
David Nour is a social networking strategist and one of the foremost thought leaders on the quantifiable value of business relationships. In a global economy that is becoming increasingly disconnected, David and his team are solving global client challenges with Strategic Relationship Planning™ and Enterprise Social Networking best practices. http://www.relationshipeconomics.net