What is the real ROI of social selling in a global company like SAP? With social selling still being relatively new, it’s hard to tell because there are few baseline standards to compare against. But the SAP team is creating innovative ways to measure social selling. The theme of this fifth and final episode of this UpClose series is how SAP is measuring Social Selling ROI. You’ll hear from Kirsten Boileau – Global Head of Regional Engagement & Social Selling Michael Labate – Head of Program Development & Operations for Social Selling, and Arif Johari (AJ) – Global Head of Communication and, Social Selling for SAP.
SAPs 3 Pronged Approach To Assessing Social Selling ROI
So far, it’s been difficult to measure the direct ROI of social selling in most companies. The data and knowledge of how to assess social selling efforts simply haven’t existed. But at SAP, that’s no longer the case. They have determined 3 key indicators that enable them to assess the effort sales teams are making in social selling.
First, is the SSI or Social Selling Index provided through LinkedIn Sales Navigator. It enables the leaders to assess the levels of activity salespeople are engaging in on social. Second is the issue of attribution, an attempt at assessing how the salespeople are attributing their lead generation and pipeline activity to their social behaviors. And finally, SAPs leadership is considering the value metrics behind the sales pipeline and revenue, things such as conversion rates, acceleration rates, and run rates. Combined, this 3 pronged approach to measuring the ROI of social selling gives SAP a clearer picture of what’s happening.
Be sure you listen to hear how SAP is setting the standard for the measurement of social selling ROI.
Social Selling Behaviors Are The Key To Assessing Social Selling ROI
Because the way B2B buyers make purchase decision has changed – and much of that change revolves around social media or digital activity – the way sales success is measured has to change as well. Rather than assessing numbers of calls and appointments made, criteria have to be determined to show what’s happening via the connections made through social. Companies need to know whether sellers are achieving better or worse numbers when social selling behaviors are involved.
SAP is on the cutting edge of assessing social selling ROI. The company’s leadership teams are trying to understand the issue of causation between social sales behaviors and sales success, not just correlations between the two. Listen to learn more of how SAPs team is assessing the impact of social behaviors on deal size, win/close rates, and lost and discontinued leads.
An Effective Internal Communication Strategy Keeps SAPs Social Selling Success Rolling
In any sales program, success stories need to be told – especially to those key stakeholders who have a vested interest in the sales program. These might be Executives, Sales Trainers & Program Managers, or the Trainees themselves. When the training efforts and sales approaches being used are shown to be successful, everyone is motivated to be a part of the program because they can see that it’s working.
The SAP team’s internal communication strategy includes bi-monthly calls between departments where those featured in the company’s social selling success stories are publically rewarded and recognized, and where data is shared to show how sales are increasing as a result of social selling.
Good communication about the ROI of the social selling program keeps SAPs marketing and sales teams moving forward with confidence and motivation.
A New Approach To Measurement Using Social Selling Key Indices
Now that social selling has been around for a few years, successful companies need to discover better ways to measure its effectiveness. This will enable the leadership to train social selling behaviors that are proven to really work. The SAP sales teams have created their own ways of measuring social selling success through using indexes as a comparison for sales performance.
These Social Selling Key Indices give salespeople an idea of how they perform compared to the indexes in categories like sales conversions, speed to close, average deal size, and more. Those who are found to be underperforming those indexes are provided additional training and support. The sellers who are overperforming the indexes are asked to share what they are doing so others can learn, grow, and become more successful.
Featured on This Episode
- Kirsten Boileau on Twitter: @kirstenboileau
- Kirsten Boileau on LinkedIn
- Michael Labate on Twitter: @michealnlabate
- Michael Labate on LinkedIn
- Arif Johari on Twitter: @arifjohariali
- Arif Johari on LinkedIn
Outline of This Episode
- [1:00] The means SAP uses to measure ROI of social selling
- [5:24] Reassessing the things to evaluate to get a good view of ROI on social selling
- [7:21] Measuring social selling efforts on a deeper level
- [12:40] The communication strategy for sharing the success stories internally
- [17:41] A specific approach to measurement at SAP in 2018
- [23:36] The future outlook for social selling and digital sales transformation