How Top Sales Teams Leverage LinkedIn for Social Selling
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The document discusses how top sales teams leverage LinkedIn for social selling. It outlines an agenda for a breakfast event covering social selling with LinkedIn, a new sales navigator tool, and a customer story. It then discusses how the buying process has changed, with more people now involved in decisions and buyers relying on social media and relationships to choose vendors over cold outreach. It emphasizes that successful social selling requires focusing on the right people and companies, staying informed on accounts, and building trust with prospects.
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How Top Sales Teams Leverage LinkedIn for Social Selling
- 1. How Top Sales Teams Leverage LinkedIn for Social Selling ©2013 LinkedIn Corporation. All Rights Reserved.
- 2. Agenda 07.30 – 08.00 Breakfast & Networking 08.00 – 08.25 Social Selling with LinkedIn Matt Loop, Head of Sales Solutions – Australia, LinkedIn 08.25 – 08.45 The New Sales Navigator Anthony Slater, Sales Product Consultant -- LinkedIn 08.45 – 09.00 Customer Story Anthony Roberts, GM Enterprise -- Flexigroup Anne Nicole, Relationship Manager – Linkedin ©2013 LinkedIn Corporation. All Rights Reserved. #SocialSellingBreakfast
- 3. Introducing the LinkedIn Social Selling Index How well does your team embrace social selling? Laggards Leaders 0 100 ©2013 LinkedIn Corporation. All Rights Reserved.
- 4. Social Selling Index 13.8 15.5 48 Australia Sales People in AU SSI for the Room
- 5. Who are we connected to? 13.2M Second Degree Connections 96K First Degree Connections 161 Attendees ©2013 LinkedIn Corporation. All Rights Reserved. 45.5K companies 33K are Director level+ 7K started a new role in the past year
- 6. The story of one of our reps: ©2013 LinkedIn Corporation. All Rights Reserved. 6
- 7. 7 ©2013 LinkedIn Corporation. All Rights Reserved. 7
- 8. A few months later… ©2013 LinkedIn Corporation. All Rights Reserved. 8
- 9. LinkedIn Sydney Office Map ©2013 LinkedIn Corporation. All Rights Reserved. 9
- 10. ©2013 LinkedIn Corporation. All Rights Reserved. 10
- 11. Relationships are foundational for sales success Matt Company A Company B Company C
- 12. Decisions involve more people than ever before 5.4 people are now involved in the average B2B buying decision Boss Peer Direct report Cross-functional Business leader partner Your target buyer Corporate Executive Board 2013 – Winning The Consensus Purchase
- 13. Decision makers rely on social media to choose between potential vendors 75% of B2B buyers now use social media to be more informed on vendors Network referrals Blog posts White papers websites International Data Corporation 2014 – Social Buying Meets Social Selling Company pages Your target buyers Social relationships
- 14. Decision makers now ignore cold outreach Your competitor 90% of decision makers say they never respond to cold outreach Harvard Business Review 2012 – Tweet Me, Friend Me, Make Me Buy. Decision makers are C-level You Your competitor X X X Your target buyers
- 15. The buyer’s process has changed 5.4 75 % 90 of B2B buyers now use social media to be more informed on vendors % of decision makers say they never respond to cold outreach people are now involved in the average B2B buying decision Corporate Executive Board 2013 – Winning The Consensus Purchase Corporate Executive Board 2012 – New Decision Timeline Harvard Business Review 2012 – Tweet Me, Friend Me, Make Me Buy. Decision makers are C-level
- 16. How well has your team adapted to this new normal? Are you still: 75% of B2B buyers now use social media to be more informed on vendors Relying on the buyer to inform you on key updates 5.4 Looking for one all-powerful decision maker people are now involved in the average B2B buying decision 90% of decision makers say they never respond to cold outreach Cold-calling prospects like they’re just a name in a database Months later I find out he left my account and joined another My contact went dark and now I’m back at square one I keep pounding – email, phone, voicemail – but can’t get a response “ ” “ ” “ ”
- 17. Building relationships with prospects and customers is different in this new normal. You need to: Focus on the right people and companies Stay informed on key updates at your target accounts Build trust with your prospects and customers
- 18. LinkedIn has a wealth of information on the people & companies with whom you want to build relationships Billions of professional relationships 313M+ members 2B+ member updates per week
- 19. To tap into the power of LinkedIn for sales, you need to expand your access and tailor your experience Today: your personal network All that LinkedIn has to offer YOU Just what you need for sales
- 20. Sales Navigator makes it simple to establish and grow relationships with your prospects and customers Relevant news LinkedIn’s network data Your accounts, leads & preferences Sales Navigator
- 21. Social sellers perform better on key metrics SSI leaders create 45% more opportunities per quarter than SSI laggards. ©2013 LinkedIn Corporation. All Rights Reserved. SSI leaders are 51% more likely to hit quota than SSI laggards. 45% more opportunities 51% more likely to hit quota Based on a global study LinkedIn ran in Q4 2013 of Q3 performance for reps focused on new business and reps focused on existing business. Respondents reported performance; they were matched to their LinkedIn profiles to understand their SSI.SSI leaders have an SSI > 70; SSI laggards have an SSI < 30
- 22. The New Sales Navigator ©2013 LinkedIn Corporation. All Rights Reserved.
- 24. I’m going to need a few more months Looks great! Let’s discuss more in 2 months… I’m convinced – but there are other decision makers
- 26. How well do you know the CEO of NetComm Wireless? Mate, he’s my father in law!
- 27. Two closed deal in a single day
- 28. LIVE DEMO
- 29. Anthony Roberts GM Enterprise,Vendor & Commercial Finance ©2013 LinkedIn Corporation. All Rights Reserved. Anne Nicole Relationship Manager LinkedIn Case Study: Flexigroup
- 30. Any Questions?
Editor's Notes
- Industries looked at: Consumer, High-Tech, Finance
- First Degree unique connections for the room – 95,970 Second degree unique connections – 13,256,731 How interconnected are the 161? 45.5K companies represented by these 95k first degree connections 37% / 33K are Director Level + The DMs are broken down as: 4443 Sales 23.4% 4117 Entrepreneurship 21.7% 1638 Operations 8.6% 1174 Finance 6.2% 1029 Information Technology 5.4% 1029 Marketing 5.4% 770 Media and Communication 4.1%
- Any salesperson can tell you that relationships have been – and will be – key to their success. But the process of building relationships with your prospects and customers has changed. You can’t sell like you used to and still successfully build relationships. It’s changed because buyers have changed how they buy in three specific ways.
- In the traditional sales model there is only one buyer, you have to find them and keep trying to contact them But many other people in company; decisions are not made in isolation Some of them influence the primary buyer; you have to identify who these influencers and other members of the buying committee According to the Corporate Executive Board there are 5.4 people involved in the average buying decision - meaning 4.4 influencers in a given buying decision, in addition to 1 purchaser
- B2B decision makers inform themselves in various ways when making a purchasing decision. Traditionally, these have included vendor websites, white papers and network referrals / recommendations. However, today, social media underpins all three of these sources (company pages on LinkedIn, blog posts, social relationships) – so its no surprise that 75% of B2B decision makers use social media to make informed purchases (according to research by IDC, International Data Corporation) And, use of social media increases with the seniority of the buyer – 84% of VP+ decision makers use social media when making a purchasing decision. If you’re not actively using social media to reach buyers, you could be missing 75% of the people out there.
- You used to be able to reach your buyer with cold calling. But buyers are overwhelmed with cold outreach. They’ve put up a brick wall. In fact, according to Harvard Business Review, 90% of c-level execs ignore cold outreach. That means you’re only reaching 10% of all decision makers. So how can you continue to build relationships if you can’t reach them?
- Buyers don’t make decisions like they used to – their process has changed. The average buying decision involves more people than before; the team now has to come to consensus before purchasing This expanded buying group is doing research on social media in addition to (or instead of) traditional research This buying group is not responding to traditional methods of sales contact – cold outreach
- Have you adapted your sales process to fit the buyer’s new process? Are you looking for one all-powerful decision maker? With the expanded buying group of 5.4 people, if you are single-threading an account, you are setting yourself up to be blocked if that one buyer goes dark Imagine your decision maker at a table with all of the people he needs to convince to purchase your product; if you haven’t reached out to them, the likelihood that meeting goes well is slim Are you relying on the account to keep you updated? They’re more informed about you now; you have to ensure you are equally informed about them. Imagine that you’ve only been targeting one decision maker. What happens if that one person changes jobs - and you don’t know? Suddenly, all of your work with that account is lost. You need to be informed on what is going on with them so you can intelligently speak to their challenges or successes. Did their stock just tank? Did someone important in the industry start working there? When the buyers start doing research online, you want to be part of their research process - be their go-to source of information. Otherwise, how can you influence the decision. Are you treating your prospects like a name in a database? Cold outreach is not effective, and is getting less effective over time. Why? Because decision makers are bombarded with calls and emails. How do you get through the clutter? How do you get in the door?
- In this new normal, you have to cater your sales process to the way the buyer is now working. You need to : Focus on the right people and companies Stay informed on key updates at your target accounts Build trust with your prospects and customers
- LinkedIn has the information you need to adapt to this new normal. 300M + members and 2 new every second - so you can find the right person, or people, to focus on 2B + member updates per week - so you know what these people are talking about and what’s going on with them Billions of professional relationships - so you can reveal connection paths between your company and your target account that you can leverage for a warm introduction
- LinkedIn is a really powerful tool for sales However, free LinkedIn is focused on your personal - not business - growth To really tap into the power of LinkedIn, you need to expand your access to the broader LinkedIn network. With free LinkedIn, you only see 1/50th of what you could see with a premium license. And you also need to tailor your experience to just the information relevant to your sales role. 50x as much data is great, but can be overwhelming if not focused on what you care about.
- There are three key inputs in LinkedIn Sales Navigator Data from the LinkedIn network Relevant news from around the web Your accounts, leads, and preferences Together, these inputs are put into LinkedIn’s matching and insights engine. Your accounts, leads, and preferences are used to filter down LinkedIn’s network data and relevant news to just what matters to you. The result are customized recommendations that help you to establish relationships and actionable insights that help you to grow relationships
- Suggested demo flow: How to access product Where settings/preferences are (e.g. regions, industry etc) Sales Updates and their value How to save accounts How to save leads Run a Lead Builder search Show TeamLink Show Lead Reccommendations Show how to access Learning Centre