Social selling: A sales rep’s guide to success Introduction Not that long ago, consumers didn’t have information at their fingertips and marketers and sales representatives were often successful in using outbound methods such as cold calling and email blasts to close sales. The buyer and the buyer’s journey have changed thanks to the internet of things (IOT). We now live in a global digital economy and the way we behave, communicate and interact has evolved. Now, 57% of the purchase decision is complete before a customer has even called a supplier (CEB), plus, 67% of the buyer’s journey is now done digitally (SiriusDecisions). It’s safe to say the sales and marketing landscape has changed, especially with the prevalence of social networks. As of 2019, there were 3.48 billion active social media users worldwide, presenting a huge opportunity for sales professionals to use various channels for social selling (Data Reportal). As I’ve highlighted, buyers are now actively seeking information online and it’s important that you are visible in and around their ecosytems. Introduction Many people ‘switch off’ from overt marketing and don’t like the feeling of being sold to. Social selling provides a solution to this problem by engaging with prospects on social channels and creating relationships with buyers. This demonstrates that you’re taking an interest in your audience. You are actively taking the time to truly understand your audience, you’re offering them value through your content and interactions, and you’re engaging with your audience on their terms. In return, this positions you as an expert, someone who is authentic and trustworthy. Naturally they will be more likely to show interest in you and see you as the go to person for that specific problem or challenge they’re facing. An effective social selling strategy will generate relevant leads and ultimately increase conversion rates. However, many businesses face challenges when it comes to social selling, often mistaking it for social media marketing. This guide discusses social selling and how to develop an effective strategy. By reading it you’ll learn: • How you can achieve social selling success • The business benefits you can’t afford to ignore • Social selling tips that actually work • How to devise your social selling strategy 78% of salespeople using social media outperform their peers. Reply 4 What is social selling? Social selling is the process of researching, connecting, and interacting with prospects and customers on social media networks - notably Twitter and LinkedIn. Through commenting on, liking, and sharing prospects’ and customers’ posts, salespeople create relationships with buyers and boost their credibility by taking an interest in what they’re interested in (HubSpot). It involves nurturing leads and therefore isn’t a quick win for sales reps. However, it builds authenticity and trust with prospects and is proven to be influential, as 84% of senior executives use social media to support purchase decisions (Super Office). What’s my definition? As buyers go digital savvy, social selling offers a rewarding way for businesses to generate and nurture leads. Combining the elements of social listening, lead generation, and sales practices, it is primarily about establishing and building relationships. Leverage your relationships by adopting a new mindset and approach that applies to the audience of today. The key to social selling success is to provide value to your audience through content, insight and ‘real conversations’ throughout the buying process, from the awareness stage through to purchase. And, the statistics don’t lie. 18% 21% GREATER PIPELINE INCREASED PIPELINE VOLUME Social selling VELOCITY Sales teams using social selling experience 18% greater pipeline volume and 21% increased pipeline velocity than those who don’t. - Sales for Life 5 What is social selling? Top-performing sales reps who close deals 51% more than their peers consider social networking platforms "very important" to their success. % 51 - LinkedIn Business Social selling also makes it easier for sales reps to get referrals within their LinkedIn networks, which is significant considering 84% 84% of buyers now begin their buying process with a referral. - HubSpot 75% of B2B buyers now use social media to research. 75% - IDC 90% of decision makers say they never respond to cold outreach. % 90 - Harvard Business Review You can’t beat human to human interaction, whether it is at a networking event, seminar or social gathering. Getting in front of someone, building rapport and having a conversation is king. But in today’s world we all are busy people with limited time. Social selling gives you an opportunity to nurture a warm relationship online to the point people want to meet in person rather than trying to go in cold. 6 The benefits of social selling Social selling is a massive business opportunity in both instances – for those creating the market for social selling, as well as for businesses looking to leverage social selling. Below are just a few of the benefits of using social selling to engage your prospects. 1. Social selling appeals to the modern buyer B2B buyers have 12 to 18 non-human and human interactions along the buyer’s journey (Sirius Decisions). It’s vital that this behavior is central to your sales and marketing efforts. You can do this by building content to address their specific pain points and challenges. Furthermore, 68% of buyers prefer to research on their own online and 62% develop selection criteria or finalise a vendor list based solely on digital content (Forrester). So, when you create content that follows the buyer journey, you are influencing your buyers’ research process. This is how you appeal to the modern buyer and buyers journey. Old sales model New sales model Cold Social calls network Sales Qualify demo leads Educate Engage Sales 1.0 Social sales 7 The benefits of social selling 2. Social selling lets your sales team build ‘real’ relationships Nobody likes cold calling – it’s intrusive and the statistics show it’s ineffective. Using tools to perform social listening on topics relevant to your industry allows your sales team to identify new leads that are already talking about your business, competitors, or your industry, so you can reach out to them in an appropriate way. In a recent survey by CSO Insights and Seismic, one in three B2B professionals said that social selling tools increased the number of leads. What’s more, social tools help automate the process and reduces manual research of individuals. Primary benefits of using social selling tools Reduced account/contact research time 39% Increased number of leads 33% Deeper relationships with clients 31% Improved lead conversion rate 24% Shorter sell cycles 14% Increased win rate of forecast deals 13% Not sure 38% (% of respondents) Source: CSO Insights and Seismic, “2016 Sales Enablement Optimisation Study,” July 28, 2016 8 The benefits of social selling Prospects use channels such as LinkedIn to share information about their professional needs, wants, and pain points and this enables outreach to be personalised and helpful from the outset. Developing a network of targeted and relevant contacts that will inform your strategy and find your content engaging is mutually beneficial and from a sales perspective, enables you to seek out introductions to new sales prospects through existing mutual connections. 87% This quickly establishes trust which is important, as 87% of B2B buyers say they would have a favourable impression of someone introduced through their professional network (LinkedIn SlideShare). 9 The benefits of social selling 3. Your prospects are already engaged in social buying Sales professionals can use social listening and other social research strategies to find prospects, but those contacts are already engaging with social media to find potential vendors, perform independent research, and make an informed decision, all before contacting a sales professional. According to LinkedIn, 76% of buyers are ready to have a social media conversation with potential providers, and more than 62% of B2B buyers respond to salespeople who connect with them to share insights and opportunities relevant to their business. Even better, 92% of B2B buyers are willing to engage with a sales professional who is a known industry thought leader. You can build this reputation by consistently posting thoughtful, relevant content on social media that you know will resonate with your audience. By using social listening tools you can learn the words your audience tend to use when they talk about your industry or challenges they have. This in return will give you a good sense of what kind of insights are most useful for you so you can resonate with your audience. Here are a few a keywords and topics that you can start to monitor: • Your brand name and handles • Your product name(s), including common misspellings • Your competitors’ brand names, product names, and handles • Industry buzzwords • Your strapline and those of your competitors • Names of key people in your company and your competitors’ companies (your CEO, spokesperson, etc.) • Campaign names or keywords • Your branded hashtags and those of your competitors • Unbranded hashtags related to your industry 10 90% of top salespeople use social selling tools. zoominfo 11 The benefits of social selling 4. Your competitors are already using social selling 71% of all sales professionals are already using social selling tools, so if you aren’t it means you’re putting yourself at a disadvantage (LinkedIn Business). Ways in which B2B professionals worldwide use social selling tools Lead development 68.9% Account research 64.9% Call preparation 60.3% Contact/stakeholder research 58.6% Awareness building 50.3% Building own social brand 41.4% Content curation 24.5% Competitive analysis 16.9% (% of respondents) Source: CSO Insights and Seismic, “2016 Sales Enablement Optimisation Study,” July 28, 2016 What’s more, brands across multiple industries are implementing social selling tools, including technology and travel.