The Evolution of Sales with Social Selling Key Takeaways
Social selling is the modern strategy that sales representatives can adopt to open new doors for opportunities. This strategy has allowed the companies to see noticeable results in revenues. Social selling increases lead and conversion rates while reducing the short sale cycles. You can teach the sales reps in the field of social media to successfully use this approach. Choose the right network and follow the top companies. Be active on LinkedIn and share relevant content with the clients to see changes. Remember to check out the success stories of the other companies to get inspiration. The old methods of cold calling and door-to-door sales have become outdated. Long gone are the days when you have to make efforts to make cold calls to secure a meeting or demo with an interested person.
In today’s competitive market, it takes an average of at least 8 phone calls to make an impact, and even then, more than 90% of the representatives never reply to or buy from the calls.
This situation presents a big challenge for sales professionals, calling the need for innovative methods to lead generation. There have been many tech advances that can make it possible.
The Era of Social Selling Amidst the difficulties faced by salespeople, a powerful savior has emerged – social selling
Rather than relying on cold calls, you can use social media to provide value to the clients by answering questions, responding to comments, and sharing relevant content throughout the buyer’s journey.
This modern approach, often referred to as Sales 2.0, has proven to be highly effective in the current market.
The Impact of Social Selling Across Industries The market has shifted from the traditional sales model, which relied on cold calls and demos, to the new era of business-to-business sales focusing on networks is visible across various industries.
The above graph shows the top benefits of social selling.
You should know that, as per studies, more than 50% of revenue in several major sectors is now generated through social selling alone. This change is not just a trend; it reflects the changing behavior of B2B buyers.
The Financial Impact of Social Selling The effectiveness of social selling is not just based on rumors; it’s backed by convincing financial results.
A study by Sales for Life, analyzing over 45,000 sales reps and 200 companies, revealed that for every $1 you invest in social selling, the return on investment (ROI) is $5.
Aberdeen Group’s study further supported this, showing that sales reps using social media outperform their competitors in various key performance indicators (KPIs) such as goal achievement, renewal rate, and forecast accuracy.
Moreover, it detects 45% more opportunities, and best-in-class companies employing this experience a 16% gain in year-over-year revenue – a fourfold improvement compared to companies not using this.
Unlocking the Benefits of Social Selling The benefits of these are notable and include:
Increased Number of Leads: It expands the pool of potential leads by reaching out to a broader audience on the platforms.Improved Conversion Rate: When you build relationships through social selling, it contributes to higher conversion rates because people are more open to personalized engagement.Shorter Sales Cycles: If you nurture leads through the entire buying process on social media, the sales cycles will be shortened as people move more seamlessly from awareness to consideration and decision-making.The Role of Social Media in B2B Buying Decisions The increasing use of networking sites has played a huge role in the adoption of modern methods. According to Accenture’s State of B2B Procurement Study, 94% of commercial buyers tend to do some degree of online research before making a business
Social media management platforms have become necessary tools in this research process, with 91% of B2B buyers active on social media, 84% of senior executives using these platforms to support purchase decisions, and 75% of commercial buyers significantly influenced.
The above statistics show the journey of the commercial buyer and how they act.
Additionally, the age of these decision-makers has shifted, with 46% now aged between 18 and 34 years old – the largest demographic of social media users.
This trend is expected to continue, focusing on the importance of social selling and using it as a strategy for sales teams. (Read more about the best social media management tools here )
Challenges in Implementing Social Selling While the benefits of this strategy are clear, a big risk also exists – only 1 in 4 reps are skilled in using social media for sales.
Overcoming this difficulty requires a strategic and well-executed selling approach. Here are 10 tips for you, to adopt a successful social selling strategy:
Choose the Most Relevant Social Network First, you need to select the right network for a perfect sales strategy in the business. Different platforms cater to different people to meet the demands of the customer base to succeed.
LinkedIn and Twitter are the most used sites for business sales, while Facebook and Instagram are more suitable for offering products that are tailored to customers.
Did You Know? We spend an average of 145 minutes per day on social media worldwide.
Follow the Right Twitter Users You can use tools like Followerwonk to identify top-rated Twitter users in specific topics or keywords related to your industry. Following and engaging with these users is a perfect way to build your network.
Create a Wish List of Companies and Follow Them Identify and follow key companies, especially those that are on the top of your dream client list.
Engaging with their updates, congratulating them on achievements, or replying to product recommendations can open doors for future interactions.
Get Instant Notifications When Prospects Join LinkedIn You can use LinkedIn’s Saved Search feature to receive notifications when new sign-ups match your ideal customer profile.
This approach will allow you to connect with people early in their decision-making process.
Join and Participate in LinkedIn Groups Try to participate in relevant LinkedIn groups that offer a platform to share knowledge and skills with interested customers. By contributing to discussions, you can establish yourself as an industry authority.
Connect with Potential Customers on LinkedIn You can engage with potential customers and personally connect with them by sending requests.
Avoid generic invitations and start conversations by expressing interest in their profile or content.
Contribute to Existing Conversations About Your Brand Introduce a social listening strategy to identify and engage in conversations about your brand. Responding to comments, retweeting, or liking related posts enhances your brand’s visibility.
Provide Value by Sharing Relevant Content More than 50% of B2B buyers tend to seek the product’s information on social media. Create and share content that addresses their interests, including white papers, webcasts, and product demos.
Post Customer Success Stories When you share customer success stories, it builds credibility and trust with the clients. People are more likely to engage with your services if they can relate to challenges you’ve successfully addressed for existing customers.
Share Expertise on Industry Trends You can also demonstrate your knowledge and relevance by commenting on the industry trends and the viral products.
Match your content with what your customers are searching for, and use existing marketing subjects to stay engaged and distinct.
Success Stories: Social Selling in Action A real-world example of a successful approach comes from the SuperOffice Dutch sales team, which experienced positive results after committing to the new approach.
Their team saw a 61% increase in visits from social media channels to their websites, a 168% increase in business leads, and a remarkable 24% increase in new business profit.
Conclusion You would have known by now that social selling is a powerful strategy to address the challenges in sales in the changing market. The traditional practice is evolving, and social media has become a vital tool in the B2B buyer’s journey.
The financial impact of this method is visible, with a high ROI and improved KPIs for sales reps.
If you want to successfully introduce social selling, you must overcome the hurdle of limited skills among sales reps. The 10 actionable tips offer a roadmap to adopt an effective strategy.
As the buying experience continues to evolve, you must adapt, making social selling a standard of your sales.
