Cherche La Trust: Even in 2010, Referrals Beat Digital Marketing Strategies
A new study published by RainToday observes that while web-based lead generation and e-business capture mechanisms continue to make gains as BD tools for professional service providers, the average accounting, law, or financial planning firm still finds “golf course networking” to be its most effective expenditure.
Here we are in an era that’s spawned every conceivable communication technology breakthrough, and yet no one has managed to replace the “human referral.”
Is it possible that we’re not droids after all? Is it possible that we make irrational calculations? That we trust a data-driven, sophisticated Web site less than the unsubstantiated opinions of our 7-year-old’s beer-bellied, chain smoking soccer coach?
Sure, you might take your babysitter’s recommendation for a new non-dairy creamer. But complex professional services too?
You betcha.
And so it’s always been our goal to merge technology with the human factor—an effort that’s led to the recent social media revolution.
Balance is the key element. And that’s precisely why the most effective social media vehicles are technologically unobtrusive—mere conduits for distinctly human expressions.
So pay more attention to the man behind the curtain. Particularly if he’s a chain smoker.
CEO Junction Roundtable: Business Development Strategies for Today’s Economy
Earlier this week, I attended a very lively and informative panel discussion sponsored by CEO Junction. The topic was how to grow and develop business in difficult economic times – re: today’s economy. The panel consisted of four experts who discussed different BD strategies: Gregory Caruso discussed how mergers and acquisitions can be a successful development strategy for both the buyers and sellers of companies. Catherine Read talked about the importance of social media as a key component of business development, Kim Guarino detailed why marketing strategy is so important for a company’s development goals and Mark Slatin spoke on the importance of customer loyalty to grow a business.
The audience seemed to be most interested in the social media and marketing components of the panel. Since that is part of what we do at The Borenstein Group, I had the opportunity to speak with many of the attendees about how, and why, social media is a key component of strategic, integrated communications strategies and why such strategies are crucial for successful business development.
I tweeted the whole event. Much of the audience is yet to adopt social media, and was impressed when I told them that I captured the whole event via Twitter. It presented a great opportunity to tell people about the platform, how easy it is to use, and how it can help keep a record of meetings, forums and other events. If you would like more information on what topics were covered and what insight was gained, my Twitter notes can be found here.
Thanks to Art Medici and Bill Campbell of CEO Junction and all of the panelists and attendees for making this such an engaging conversation with a lot of great information.