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Welcome to Volume 31!
Sometimes it’s not about the new feature, but it’s about the release.
Twitter just rolled out a new feature called the Tip Jar, but the release revealed product display excellence. And product displays are crucial to closing B2B deals.
Before we get into that, here’s a peek at what’s to come:
- Twitter’s Tip Jar release statement excelled with video content
- Bill.com buys Divvy and we have trust in this partnership
- Community and brand building won’t be ignored
This week on the Power + Presence + Position Podcast, Ross Simmonds joins Eleanor Beaton to discuss how to 10X the power of your content marketing.
For all of you who engage in podcasting, blogging, or any other form of content marketing — you need to listen to this episode: How to 10X The Power Of Your Content Marketing | Ep 454
Tip for Tip: B2B lessons from Twitter’s Tip Jar launch
B2B marketers tend to see social media as lucrative distribution channels and not as sources of inspiration, but we know better. At the end of the day, these social media platforms are simply businesses working to keep us addicted and engaged on their platform. To do so, these businesses are constantly updating features and releasing new content from which we can take inspiration.
Recently, Twitter trailblazed the path to financially supporting community members and content creators through a Tip Jar feature. But I don’t really care all that much about it—mainly because my account doesn’t qualify for the Tip Jar feature 🤷.
What I do care about is how they released it. I spent about fifteen minutes trying to sum up the whole Tip Jar system and how it works, but it was simply too confusing to put in words. Like a lot of products, showing is better than telling, and Twitter nailed this.
Within the short blog post announcing the Tip Jar feature, two GIFs were included that walked us through sending a tip and setting up a jar if you qualify.
Boom! In just ten seconds you learn how to send a tip, easy peasy. Much easier than reading through a step-by-step list and convoluted explanations of all the payment method integrations. Plus, the gif makes the process look so seamless it encourages us to jump right in and send a tip.
Product walkthroughs are great. They are a quick and effective way to display what your tool does and how it works without leaving room for misinterpretation.
One B2B company I have seen utilize these short product clips is Monday.com.
On the homepage, there are four short-form videos, each displaying a different feature of Monday.com’s CRM.
Rather than a static screengrab or lengthy copy describing what you get from its CRM, they show you just what to expect and highlight the ease of use.
Giving your audience a peek behind the curtain helps generate trust in your product, displays your company’s pride in the product, and encourages conversions by showing all that your product can do.
There is no guessing game in what to expect, there is no unknown, there is only your product being displayed and outshining your competition.
Key Takeaways
- Videos help display all the features of your product.
- Short product videos are far greater than dense lengthy product descriptions.
- Visuals are far more engaging than copy and will grab the attention of your audience.
Bill buys Divvy
For $625M cash plus $1.875B in stock, Bill.com closed the deal in acquiring Divvy.
In 2016, Divvy emerged with software that helps businesses combine corporate cards to expense reporting software, ultimately saving accountants plenty of headaches.
In a statement, Blake Murray, Divvy CEO, shared his excitement about the deal closing and how they’re looking forward to helping “SMBs grow and thrive by modernizing and transforming their financial operations.”
Bill.com handles small- and mid-size businesses automating their back-office financial operations. With Divvy on board, Bill.com is now able to offer a full suite of financial services, from budgeting software to smart corporate cards.
Let’s take a closer look at Bill.com because, beyond the impressive product offering, they have a great strategy for building audience trust.
In the financial services industry, in particular, trust is a make or break factor of success. And Bill.com knows this, which is why they have focused on providing social proof.
Just looking at that screengrab from Bill.com’s homepage, I would feel secure in working with them. Why do we feel this sense of security? It comes down to basic physiology—herd mentality—monkey see monkey do.
We trust TED, therefore, that trust is translated onto Bill.com. If they trust one, we can trust the other. Placing client logos on your homepage isn’t just a great way to flex who your clients are, but to connect with new audience members who may not be as familiar with your brand as they are your client’s brand.
For a full breakdown of Bill.com’s success in building trust through social proof, check out Ross’s piece: How Bill.com Uses Social Proof To Establish Trust With Millions Of Visitors.
Key Takeaways
- Generating trust generates revenue.
- Use your client’s brand reputation to garner trust in your own brand.
- Bill.com is becoming a one-stop shop thanks to the Divvy acquisition.
It’s in our nature to nurture; so why isn’t that translating to your brand?
Humans are social animals. We thrive on connectivity, why else would we be addicted to social media? Oh, right, the gamified algorithms… but the sentiment stands! We thrive on collaboration and community engagement.
This begs the question, why doesn’t your business focus on community and brand building? Or why have your attempts at community building been unsuccessful?
First, let’s focus on community building. Nike, Lululemon, and Glossier have created outstanding communities and loyal consumers. They did this by building for the community and not for them. They didn’t focus on how to monetize the community, nor did they create the ideal community and force it on to their audience. Their focus was on what the community would enjoy, how they would benefit from being connected, and what they could offer to sweeten the pot.
The Drum researched why brands fail at community building and they found it came down to three community-building myths that are actually harming your community-building efforts.
Myth #1: Exclusive memberships drive involvement and engagement
Exclusivity doesn’t equate to desire. Community members are less interested in exclusive membership perks and are more interested in learning new things and expressing themselves.
Myth #2: If you build it, they will come
Don’t put the onus on your community to find you. Find your audience, engage with them where their community is already strong, and foster authentic engagement.
Myth #3: One strategy fits all communities
There is no such thing as one size fits all. Each audience group has unique interests and will require specific attention and a personalized community-building approach.
Now onto the importance of branding – yes, B2B branding.
Zoom, Google, and Band-Aid have monopolized their markets due to their effective brand building. But what about Airbnb? When’s the last time you referred to a homestay or room rental as just that and not as an “Airbnb”?
That’s right, when you think about it, Airbnb has breached verbiage just as Zoom and Google have done.
But Cali, why does that matter?
Well, reader, it matters when it comes to SEO and sustaining direct traffic.
Brain Chesky, CEO of Airbnb, came out with a bold statement regarding marketing during the pandemic: “What the pandemic showed us is that we can take marketing down to zero and still have 95% of the same traffic as the year before.”
Hmmm… curious as to how Brain was able to truthfully make this claim? It’s because of Airbnb’s brand recognition. Although SEO did play a role in this sustained traffic, Brain distinctly stated that “SEO was not one of the top growth drivers.”
Although SEO can help to own a SERP, it can’t cause 27,000 people to physically search for Airbnbs in Ireland a month. No, that’s all on branding. People know and trust Airbnb, there is no need to search “hotel in Ireland,” “bed and breakfasts in Ireland,” etc. because everyone knows that Airbnb will have what they’re looking for.
Airbnb is becoming a quasi-Google when looking for places to stay abroad.
Branding and community building go hand in hand.
Knowing who and what your company is will be the first step in understanding how you should be interacting with your community. Once you have that community connection it’s just a matter of time and consistent performance until your brand becomes the Airbnb or Google of your industry.
Key Takeaways
- Community-building isn’t bound to fail when you take the right approach.
- Branding is key to owning search queries; not the SERP, but the query searched.
- Strong brands will outlast the weaker ones, and those with a strong community will be harder to displace.
OTHER NEWS OF THE WEEK:
💻 We’re low on chips and I’m not talking about Lays. I’m talking about the global computer chip shortage, and how it is beginning to affect multiple industries.
🤫 Aiming to create a fun professional social network (sorry LinkedIn) that supports workplace gossip and career advice, Blind raised $37 M in Series C funding.
🤝 TransUnion led the $30 M Series B funding round for Spring Labs; an industry disruptor.
BRAIN FOOD OF THE WEEK:
A company that set out to reduce global food waste has just acquired ImpactVision, a software start-up company. California-based, Apeel, is looking to do more than just raise awareness when it comes to fighting food waste; they are looking to make AI-cutal change.
Already, Apeel has produced a produce coating spray that extends the shelf life of your favourite fruits and veggies. Now, with its ImpactVision partnership, Apeel will be able to “see beyond the borders of human vision” to predict the internal quality of food products which can change the produce supply chain, extend shelf life, and limit food waste.
TWITTER THREAD OF THE WEEK:
The top 0.1% of marketing mental models by George Mack
WHAT WE’RE WIRED INTO THIS WEEK 🎧:
Knock ‘Em Dead Kid by Trooper (Best Track: Knock ‘Em Dead Kid)
Originally sent out, by me Cali B, on Thursday, May 13, 2021.
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