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Tynan FischerChief Operating OfficerNew Horizons
Alex WolinHead of Enterprise East – Sales SolutionsLinkedIn
How Top Sales Teams Win in Today’s Social Buying Environment
John MayhallHead of SMB East – Sales SolutionsLinkedIn
Ateet DaveSales Product ConsultantLinkedIn
Agenda: Introducing Social Selling
ImplementationPurpose Measurement
Earliest Adopter
Kimberly Niehaus
Most Popular
Debbie Ingram
Most Connected
Josepf Haslam
LinkedIn Enterprise Value Proposition
HireWe have transformed
the world of recruitment.
SellLeverage the
power of relationships.
MarketThe best place on the
web to reach professionals
4
Purpose of Social Selling
Social selling is simply the process of helping social buyers become customers.
- Forbes
Pricing + discounting
Consideration list formulated
Individual buyer
Buyers have come a long way
Traditional buying process
Social buying process
First contact with vendor
Pricing + discounting
Online due diligence
Social recommendations
Consideration list formulated
First contact with vendor
Buying team
5.4 people involved in B2B decision
90% of decision makers never respond to cold outreach
60% of the decision process is complete before engaging
The Buying Process has Fundamentally Changed
Corporate Executive Board 2013 – Winning The Consensus PurchaseCorporate Executive Board 2012 – New Decision Timeline
Harvard Business Review 2012 – The End of Solution Selling
By 2015, the 20% of enterprises employing social media beyond marketing will lead
their industries in revenue growth.- Gartner, Social Is Here – Where’s the ROI?
Each of the four categories is scored from 0 – 25 making up a maximum total score of 100; LinkedIn’s Social Selling Index
Create a professional brand1
Find the right people2
Engage with insights3
Build strong relationships4
Introducing the Social Selling Index (SSI)
Implementationof Social Selling
Tynan Fischer, COO, New Horizons
A Social Selling Story
Cold calling was becoming less effective; reps were finding that their leads were already halfway through the buying process.
Implementation of social selling practices to build team’s social media presence, find leads and engage insightfully.
Challenge
Solution
First, re-imagined reps’ profiles as branding opportunities
Complete profile – including picture
Multimedia & blog posts
Buyer-centric language
Reps spend from 4pm to 5pm every
day identifying 10 leads on LinkedIn,
spending 3 minutes on each profile to learn about the person and then
reaching out.
Next, implemented ‘Social Hour’ for prospecting
Then, engaged in social listening & content distribution
Social Listening Content Distribution
Finally, reps grew relationships with prospects & customersAvg. # of connections per New Horizon rep on Sales Navigator
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14
338
585+ 73%
Tynan Fischer, COO, New Horizons
A Social Selling Story
• 1.7M in opportunities in 6 months• 57% close rate; ~1M in revenue attributable to social selling • $25k deal within 5 days after approaching a prospect via InMail
Challenge
Solution
Results
Cold calling was becoming less effective; reps were finding that their leads were already halfway through the buying process.
Implementation of social selling practices to build team’s social media presence, find leads and engage insightfully.
Measurementof Social Selling
Effort x Effectiveness
Effort
Effectiveness
Work Hard,Work Smart
Tynan measured many metrics to help his team transition to social selling
Blog readership on
# of individual connections
Daily / monthly searches
Lead click throughs
# of opportunities
added to CMS
# of contacts added to CMS
Change in organic search
ranking
# of testimonials
per week
% increase in direct traffic
Social Selling Index
Matching the increase in pipeline, Tynan’s team saw a dramatic increase in their Social Selling Index
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14
39
60+ 54%
Laggards
1000
Leaders
The Social Selling Index (SSI) measures how well your team has embraced social selling
Brainstormed & calculated ~ 50 activities that good social sellers
might do on LinkedIn
Conducted survey of ~5000 sales reps to identify sample of
“top performing” reps
Built formula based on what top performing reps do on LinkedIn.com – keeping variables correlated with
sales success
We created SSI based on a combination of survey research and behavioral analytics
We identified activities that are predictive of rep success…
More predictive activities
Connection requests
Engagements (rec.)
Internal connections
VP + connections
Connections
People searches
Inbound profile views
Endorsements (rec.)
Engagements (given)
Advanced searches
Profile length
Shares
Groups followed
Profile completeness
PV
Rich content on profile
Prospecting PV
InMails sent
Companies followed
SSI leaders create 45% more opportunities per quarter
than SSI laggards.
SSI leaders are 51% more likely to hit quota
than SSI laggards.
45%more opportunities
51%more likely to hit quota
So that SSI is predictive of sales success
Create a professional brand
Find the right people
Engage with insights
Build strong relationships
17.2
15.1
9.7
18.3
Social Selling Index 60.2Social Selling Index measures adoption of LinkedIn social selling practices on a 0-100 scale
Performance on four key dimensions, each worth 25 points
New HorizonsSales Navigator Users
SSI measures your performance across the four pillars of social selling
7/1/2014 7/1/2013
+80%
+90%
For New Horizons, the largest increases in SSI were in engaging with insights and building relationships
Create a professional brand
Find the right people
Engage with insights
Build strong relationships
+24%
+51%
It’s hard to transform an entire organization - Tynan’s team had some laggards Distribution of SSI of Tynan’s team
0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 57 60 63 66 69 72 75 78 81 84 87 90 93 96 99
SSI Tynan’s team
But Tynan’s team is far ahead of most sales professionalsDistribution of SSI of sales professionals
0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 57 60 63 66 69 72 75 78 81 84 87 90 93 96 99
SSIWorld avg Tynan’s team
What elements of SSI are attendees great at – and which could be improved?
Strengths Opportunities
• Expanding your networks• 89% of possible points captured
• Being endorsed for skills• 86% of possible points captured
• Completing your profiles• 84% of possible points captured
• Prospecting with advanced search• 12% of possible points captured
• Showcasing content on your profile• 13% of possible points captured
• Interacting with your network• 16% of possible points captured
If you can’t measure it,you can’t manage it.
- Peter Drucker
What’s next? Get Your Relationship Report!
ContactyourAccountExecutiveorSimoneVanCleveatsvancleve@linkedin.com