Business & FinanceMarketing & Sales
For every $1 invested in social selling, the ROI is $5!
I have to say, “What’s the ROI of social selling?” is a common question I’ve come across, and it’s now 2021. Why? Well, people are still sceptical about its value due to the effort you have to put it.
For clarity, 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 both prospect and customer posts, salespeople create relationships with buyers and boost their credibility by taking an interest in what they’re interested in (HubSpot).
But, this method involves nurturing leads and isn’t a quick win for sales reps. However, social selling builds authenticity and trust with prospects and is proven to be influential, as 84% of senior executives use social media to support their purchase decisions (Super Office).
The debate over social selling reminds me of when SEO first came onto the scene. This too had many sceptics, but over time people began to embrace the practice and started to see the value. I believe that history is repeating itself when it comes to social selling.
Take in Some Stats and Facts
If you still aren’t convinced about social selling, let’s look at some key facts:
- Nearly 63% of sales professionals say social selling has become one of the key ways of closing a deal. A social selling initiative undertaken by IBM increased sales by nearly 400%.
- 76% of buyers are ready to have sales conversations on social media.
- According to LinkedIn, 62% of B2B customers respond to salespeople who connect by sharing content and insights that are relevant to the buyer.
- 81% of buyers are more likely to engage with brands that have a strong, cohesive and professional social media presence.
- Sales reps who were introduced by a mutual connection left a favourable impression with 87% of buyers surveyed by LinkedIn.
- Harvard Business Review reports that 90% of B2B decision makers never respond to cold outreach.
- IDC found that 75% of B2B buyers and 84% of C-level executives consult social media before making purchasing decisions.
- Sales reps who responded quickly to social media enquiries saw a 9.5% increase in annual revenue.
- Sales professionals with a strong social selling index on LinkedIn have 45% more sales opportunities than those who don’t, and are 51% more likely to reach quota.
How’s that? This was just a snippet, but you can see these and more from the original resource via HubSpot.
Change Your Mindset and Embrace it
Social selling is not about selling, but about engaging the digitally-active modern buyer in order to start a sales conversation. It’s the way sales has always been, the only difference is that we do it online now.
Now, we all know that before digital and the IOT what remains true is that relationships build sales. You get to know your prospects and their needs, and you build trust. Then, when the time is right and prospects are ready to buy, they’ll think of you first.
That’s how it worked in back then, and that’s still how it works today. This is why the very best sales professionals take advantage of every opportunity social selling has to offer.
They realise the potential of social networks like LinkedIn, and take interaction with customers to the next level. It’s called social selling now, but back then I guess it was recognised as honest hard work of building relationships and making sales.
You can’t beat human to human interaction, whether 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.
So, when it comes to social selling, for every dollar, pound, or any amount you spend, would you like to see a good ROI? Yes?
Good – let me help you get started.
Where Do You Start? Here…
First, let’s take some baby steps. You need a strategy, right? Don’t worry if you’re new to this: I’ve got you covered with my free guide (with no form fill).
This guide discusses social selling; how to develop an effective strategy; 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, and much more.
Watch this walkthrough video…
Next, how do you implement this information and start to build a social selling routine? Watch this video where I talk you through the how:
Watch this Q&A interview…
No doubt you still have some questions. That’s completely normal. Watch my interview below where I cover the most common social selling FAQs:
Still need some guidance? That’s what I’m here for. For more information on how to kickstart your social selling campaign, feel free to contact me. I’m always happy to have virtual coffees to offer my advice and support.