Social Selling is the use of Social Media by sales organizations for listening, customer engagement and meeting potential customer requirements. It allows sales people to effectively identify, engage and manage multiple customers; a task that eliminates some of the more wasteful parts of traditional selling practices such as cold calling.
The substantial growth in Social Media and the increase in the number of users who interact online have warranted many companies to integrate social practices into their core business. Companies are making the shift into the social space so that they can consciously listen to customer messages and facilitate the whole buying process. But with all the hype surrounding Social Media and the sheer magnitude of “noise” in this space, should companies truly invest in Social Selling?
The answer to that question is yes. A study conducted on Social Selling by Aberdeen Research Group last year shows:
- Sales reps who leveraged Social Selling in their sales process were 79% more likely to attain their quota than those who don’t use it
- Sales reps who used Social Selling reported a 55% customer renewal rate and a sales forecast accuracy of 54%
- 49% of sales reps who used Social Selling achieved their quota and attributed 64% of total team attainment of sales quota
Buyers are better informed now more than ever and often times do a significant amount of research before making their purchase decisions. Customers research solutions, ask questions and review feedback from peers before they engage in any conversations with the vendor salesperson. In order to identify possible opportunities, a salesperson has to first listen and engage in these conversations. If a salesperson is able to demonstrate credibility and maintain high visibility in that space, buyers are more likely to build relationships with them and in the future may approach them for possible solutions. While the numbers speak for themselves, the evidence is clear that salespeople significantly benefit from being more social.
In fact, the ongoing Social Shake-Up Conference is widely discussing this topic and speakers are sharing their insights. You may want to follow this conference (#SocialShakeUp) to get live updates. This conference features some of the industry’s top executives and speakers who share their stories and information on how to leverage Social initiatives.