The Value of Social Selling
When I was younger, I loved my cassette tapes. I refused to move over to CDs for the longest time. For a while, I missed out on some good music because record companies eventually started distributing only the biggest sellers via cassette; I also loved my alternative music. I finally broke down, bought a CD player, and caught up with the rest of the world.
This is how the world of sales is now. A lot of individuals and companies are holding on to their cold calling and blast emailing to reach potential clients because those techniques have historically worked – even though success rates for these methods decline each year. As a result of this, they are missing out on a plethora of opportunities.
When was the last time you answered a phone call from a number you didn’t know? I know when my phone starts ringing and if I don’t recognize the number, then it goes straight to voice mail. For emails, 90% of the time, it gets deleted.
How do you get in front of those potential clients nowadays? What is the CD that you need to start using? The answer is social selling – using social media to get closer to your clients, strengthen relationships, build trust and drive sales.
Although social selling is a relatively new concept, some brands are already successfully leveraging it to drive business. Personally, I mostly use and recommend LinkedIn because it’s the most used social network for business purposes.
On LinkedIn, it’s important to have a profile that is complete (picture, summary, experience, and more). It’s also important to connect with the right people and to engage with content.
If you do nothing else, those steps are a good start because as a result, you can be found on search engines (LinkedIn has great SEO), you can stay top-of-mind, and you can establish yourself as a thought leader. How do these things help you? If your current and potential clients see enough content – which originates from you and is important and relevant to them – then you are no longer a sales rep. At that point, you transform into a trusted partner, and with your connections, have the ideal relationship – both of you helping each other. I have seen this approach generate leads and sales.
The Next Level
To get even more out of LinkedIn, you need to go a step further down the customer journey. This step involves the Sales Navigator product and more customized content.
With Sales Navigator, you can send InMail (messages to people you don’t know), do advanced searches, save accounts and leads, and get a steady stream of news and information about your connections and potential clients sent to you.
The content at this level is as 1:1 as you can make it. At this point, you’ve got a good idea of your key clients’ needs because you’ve been reading what they post, you know which content they engage with of yours, and you have a ton of information on their profile. So, hopefully you have your clients segmented into groups, so now you can write messages for each of these segments, and then customize them for the individual. Is this hard to do on a large scale? It’s not easy, but the success rate is much higher vs. cold calling and blast emailing that it’s absolutely worth it. (And don’t forget, it offers much more value to your client!)
Why Does Social Selling Work?
In addition to not knowing who is calling or emailing, think about just the sheer VOLUME of phone calls and emails you get at work during a typical day. In my last corporate role, for example, I received about 30 calls and 300 emails per day.
How can you cut through all that noise with an introductory call or email? Your product and messaging don’t matter because they have little chance of ever being seen/heard!
Now, think about how many LinkedIn messages you receive. Is it one a day? One per week? I’m pretty active on LinkedIn, and I don’t think I’ve ever received more than 10 in a day. My average is one. So, 30 phone calls or 300 emails vs. one LinkedIn message – which one do you think will actually get read by your intended audience? Personally, I read 100% of the LinkedIn messages and InMail I receive; compare that to your current email open rates.
Now, I’m not suggesting you spam the heck out of all your potential and current clients on LinkedIn. Quite the contrary. As I mentioned above, content on LinkedIn needs to be targeted and relevant to your audience. Do your research first.
Stop! I don’t have time for this!
The push back I always get about social selling is that is takes too much time. My response is: would you rather spend 8 hours calling 100 people with a non-targeted, generic message, or 4 hours doing research and sending out customized, relevant LinkedIn messages that are targeted to your audience? With which group will you be able to have more informed, personalized conversations? Which one do you think will generate leads with a higher propensity to transact?
Finally, think about the opportunity lost if you are not social selling. Let’s use the financial services vertical as an example. According to multiple surveys, a strong majority of financial advisors are using LinkedIn for business purposes. So, if you are a financial advisor and are NOT using LinkedIn as part of your sales process, you are in the minority now. You are still listening to cassettes while your competitors are listening to CDs.
- Cold calling and blast emailing are becoming less and less effective
- Social selling is a win-win for both the client and the sales representative
- There are multiple levels of social selling, but the key is to start now – every little bit helps
About the author
Robert Knop is a passionate helper of people, and Founder and CEO of Assist You Today, a company dedicated to helping companies harness the power of social to get closer to their customers, build trust and drive sales. He’s always happy to talk all things strategy, digital and social selling; feel free to contact Robert.
Note: this article was originally posted on the Assist You Today blog.