The other day I came across an article on CMO.com written by
Nick Corcodilos entitled “Is Face Time the New Personalization?” that
summarized the findings by Geoffrey James.
It is somewhat profound however if one thinks about the main points it
is also not very surprising. Having said
that, it doesn't mean that companies and individuals have changed their
behaviors or modified their approaches to adapt.
Without going into much detail on any one point, I will try
to make a quick summary to move onto the logical, natural progression and
implication of these points.
First, cold calling is out.
That is putting it mildly. Cold
calling is dead. To be honest, who didn't know this? Years ago you had to go
through a switch board, then a receptionist, then an administrative assistant
or “gate keeper”, then came voice mail, automated systems, and caller ID.
Second, technology is more portable. With smart phones, tablets and abundant WIFI,
sales personnel along with other job functions are no longer tied to an
office. So even if cold calling wasn't dead, the chances of the person you are trying to contact actually being there
are slim.
Third, data driven management opens the doors to a more
diverse personality in sales. No longer
is sales relegated to the “Herb Tarlicks” of the world. With data, a typical underperformer can be turned
into a good sales person. This broadens
the personality spectrum and, with good training and good data, creates
opportunities for more candidates.
All this leads to, as the article states, a “known person to
known person” interaction.
I said all that, to branch off into two lines of thinking:
1: Making
the most of Social Media
2: What is
the ROI?
Whether in sales or job searching, this flattening of
information and need for personalization relies more on whom you know rather
than what you know. A recent stat from
the Wall Street Journal shows that over half of all jobs are never posted
before they are filled. In this environment
you need to find ways to network and expand your personal network. One way is through Social Media. Facebook is great to connect with old
friends, but LinkedIn is where you can connect with not only other
professionals, but with companies. Most
of the services are free, but you can opt for a membership of about $50 per
month or $600 per year.
This brings me to my next inquiry about ROI. If you are seeking a new job, how much are
you willing to invest in finding that job?
If all this leads to personalization then it tells me you will be
spending a lot of time at Starbucks, a chain restaurant, or even a local bar or
pub to meet people. And if the meeting
is at your request, which most likely it is, you are probably going to be on
the hook for the tab. It is safe to say
that each interaction is going to average $15; from two cups of coffee to two
adult beverages and maybe the occasional lunch.
Moreover, these interactions are not a one and done
deal. The first meeting is an
introductory one, the second is follow up, and the third is one of appreciation
for efforts. So each new found
relationship is a minimum $45 investment.
How many of these do you want to have?
How many of these do you think you will need? And again, what is the ROI?
Let’s say a person “exited”, for lack of another term, a job
that paid, on a monthly basis, $5000 per month before taxes; basically $60k per
year. Now they want to find something
similar. They net $45k per year or $3750
per month. Now how many of these $45
relationships per month are they willing to go through?
Now let’s say you are a sales person with 15 meeting slots a
week, half of which are in a formal office setting. This leaves about 8 meetings a week in the
setting from above. Will your employer
expense your $120 per week coffee and drinking habit? Or are you self-employed? That
is a $6k per year or $500 per month expense.
How much is that commission again?
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