The Marketing Boutique

Social selling for B2B has lots of potentials. It’s time to bring proper learning practices and knowledge of this method to your sales team. Get them the social selling training because as you’ll read in this post, social selling is effective.

How Effective is Social Selling?

  • 78% of salespeople using social media perform better than their peers (source)
  • Sales reps who viewed the profiles of at least 10 people at each of their accounts were 69% more likely to exceed quota than those who viewed 4 or fewer (source)
  • Social sellers generate 38% more new opportunities than traditional sellers (source)
  • 90% of top salespeople use social selling tools, compared with 71% of overall sales professionals (source)
  • 62% of employees at large companies agreed that social selling enables them to build stronger, more authentic relationships with customers and prospects
  • Social media has a 100% higher lead-to-close rate than outbound marketing
  • 63.4% of Social sellers reported an increase in company sales revenue, compared to 41.2% of non-social sellers (source)
  • Sales teams who embrace social experience report 18% more pipeline (volume) and 28% velocity increase (source)
  • The majority of social sellers with long-term training in place (78%) hit their revenue goals in the past 12 months versus those without formalized training (38%) (source)
  • Salespeople leveraging social selling experience a 31% higher ROI than those who stick to traditional tactics (source)
  • Content shared by employees receive 8x more engagement than the same content shared by company/brand channels (source)
  • Brand messages are re-shared 24x more when shared by employees vs. brand/corporate accounts (source)
  • 90% of an employee’s social audience is new to the brand (source)
  • Messages reach 561% further when shared by employees vs. the same messages shared via official corporate social channels (source)
  • Employees have on average 10 times more social connections than a brand does (source)
  • 54% of salespeople who use social media can track their social media usage back to at least one closed deal (source)
  • Sales reps who leverage social selling in their sales process are 79% more likely to attain their quota than those who don’t use it (source)
  • Sales teams that use social selling techniques exceed their quota 31% more than non-users (source)

New Customer in social selling

Today, customers use the internet to help them identify their problems and form their own opinions about solutions. Your future customer has better access to information thanks to social sharing, blogs, content marketing, and the global connectivity of the Internet. We can engage with the company through many digital touchpoints during their research.

What’s changed in B2B selling is our prospective client now jumps between reviewing, asking friends for referrals to choosing a solution, going up and down the sales funnel many times. B2B purchases can now use social media to find, evaluate, and contact your salesperson in their own time, at their own pace.

CEB’s research estimated that about 60% of the purchase process is already completed before a B2B buyer approach a salesman. Potential customers now go to the negotiation table with a much better understanding of their problem and how it can be solved, backed up by statistics for better leverage.

Steps in B2B Social Selling

  1. Set-up the right social media platforms
  2. Listen and find the right prospects
  3. Create content that provides value!
  4. Post a social media update daily
  5. Network and connect with your prospects
  6. Engage and nurture your prospects (According to Linked’s research, prospects feel the most motivation to return a reach out when the sales rep has provided them with some type of value in return for their interaction. Be willing to create content that helps your prospects even though this might not bring in immediate revenue.)
  7. Start a content marketing program and this could mean a daily posting on your Business Page on LinkedIn and three daily tweets on Twitter and Facebook and a weekly blog posting on your site.
  8. Retain your customers and prospects with a newsletter, content and events.

Make Your Brand a Valuable Resource

A good way to build brand trust and connect with your target list online is to develop great content. It’s not just developing interesting content, you then need to promote the content and get your audience to engage with your content.

If you’re thinking that it sounds like a lot of work – you’re right. But, according to a social selling study performed by LinkedIn, buyers that are active in social media are open to hearing from salespeople and welcome input from industry experts. Therefore, try to position yourself as an expert in your industry.

How to help your brand provide value when social selling:

  • Become an industry expert: Share answers or provide insight into how your processes are different
  • Provide quick and easy how-to guides and video tutorials that are practical for your leads
  • Build conversations by becoming an active listener and acknowledging those that engage with your brand

All this content is to help you when you reach out to your targeted audience, your lead list and you’ve got some brand muscle behind you.

use SOCIAL MEDIA as a:

  • Brand Maker
  • Sales Tool
  • Community Builder
  • Customer Service and Support
  • Lead Generator
  • Shared Effort with sales and marketing team
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We’ll write up on how to use Facebook to build your business. In this post, we’ll give you easy steps to build your Facebook audience organically. It’s a bit more challenging considering there are over 1.28 billion registered people, with 802 million people who get on Facebook on a daily basis.

Why build a Facebook audience?

You’re getting a free, organic audience that is engaged with your product and service. You can post a product you are selling without paid ads. You can drive eyeballs to your products. There is also the ability to create a unique audience that can be competitively advantageous to your competition.

How to Use Facebook To Build Your Business

  1. Add a photo with each update: Photos on Facebook receive 53% more likes than the average post. Make sure its a great photo!
  2. Update The Facebook Page Cover Photo: Cover photos should be about new services, contests and other offers and your fans and followers will see the change in their news feed.
  3. Add posts, once a day: This may sound excessive but think of your Facebook business page like a retail store. How own does your shop send you specials? Often! Daily posting will also increase your cost per click when you do decide on advertising on Facebook.
  4. Join groups & the conversations: You may not find the right group, but all small steps help you move towards helping you build your list
  5. Integrate apps: Selecting the right app will help build your list and/or fan base. Newsletter app, like for content apps are just a couple you should be adding.
  6. Tag people: It is an appropriate and good technique to tag people, like journalists, non-profits, investors and industry leaders to your event or to read your press release. However, do not tag people in posts that have nothing to do with them for the sake of getting their attention.
  7. Add Hashtags: Do a search on popular hashtags and add one hashtag to each post. Don’t overload on the hashtags.
  8. Follow 80/20 Rule: 80% of the content is about value content, the 20% is on selling.
  9. Don’t add links! Facebook doesn’t want you to encourage your fans to leave their site.

Other ways to help build your business with Facebook

Once they ‘like you’, you have a better opportunity to move them towards your sales funnel – newsletter or trial offer or contact you to find out more information – because they will see your product or post on their newsfeed.

The more active you are on your Fan Page, Facebook will show your post to more people. Daily posting will help your organic reach.

Relevant Content

Your audience needs to like content that is relevant to your brand and why your audience has initially liked your Fan page.

Engage with your Fans

Answer all questions and like all comments. You’re there for a reason!! Also, follow-back. Don’t think you’re better than your followers. Follow back.

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The good news about investing in relationship marketing is that you can measure the results and show these to Management. There’s bad news too! You can’t hide behind, “But the business would have declined even more without it,” excuse unless it’s actually true.

So, here are eight tips that improve the ROI of your Loyalty Program. These are some effective ways to make sure that you’re delivering the largest profit bang for every marketing buck:

8 Tips That Improve ROI Of Your Loyalty Programs

A) Start with your objectives and strategy. If you don’t know what you are trying to accomplish, you’ll never be able to determine whether you did it, and you’ll likely waste a LOT of money along the way. While you’re at it, make sure your objectives and strategies are consistent with those of your organisation and get senior management buy-in. Otherwise, your efforts may be doomed from the start.

  1. Examples of objectives: Increase sales by x% over the next 12 months; improve profitability by y% within the next 3 years, etc.
  2. Examples of strategies you can use to meet your objectives: Improve customer retention; increase # trips per customer; increase average purchase per customer; reduce costs of new customer acquisition, etc.

B) Clearly establish how you are going to evaluate your program and how you will define success. Get it in writing, and get sign-off from the relevant stakeholders. For an unbiased view of how the program is performing, evaluation should be done by a different group or department than the one actually running the program.

C) Segment your customers based on their current and probable future value to you and on their needs from you. You want to influence different customers to do very different things, e.g., get the best customers to stay with you longer and to refer their friends; get occasional customers to shop more often; encourage non-customers to try you.

D) Test, test, test! Make sure you have a control group (people who act just like the people you are targeting but don’t get your offer or message). The difference between control (what they would have done anyway) and target (what they did after they got your message/offer) is the actual benefit you delivered.

  1. Ideally, try different messages or offers before you commit yourself to the full promotion. Try everything from an offer you think is way too rich (the upside might surprise you) to just information, with no offer at all (just hearing from you – or finding out something new about your business – may be enough). See what gives you the best return, and roll it out to the rest of your targeted list.
  2. If your message is time-sensitive (like Valentine’s promotion), preventing you from doing pre-testing, divide your list and try a few different messages/offers. Make sure you track the learning from each and test different approaches over time.
  3. Remember, the list (whom you speak to), the offer (what you are willing to give them) and the creative (look, feel, copy) all affect redemption, in that order. Use learning from previous offers to do a better job choosing whom to contact, and more importantly, whom NOT to contact. This step is essential if you are using an expensive medium, like direct mail.

E) Focus your spending on incremental behaviour, i.e. getting customers to do more than they would have done otherwise. Note: this doesn’t always mean more than they are doing. For example, retention of best customers is a perfectly valid strategy if they are at risk of defecting.

  1. Don’t focus on rewarding PAST behaviour (which you can’t change), but on influencing FUTURE behaviour (which you can). Don’t reward someone for being the best customer this year – give her an incentive to continue to be the best customer next year. You can position the offer, however, as a reward for the previous behaviour, e.g. “Only our best customers qualify for this special offer.”
  2. Do the math. Determine what the customers in a particular segment are doing now and what you want them to do differently. Calculate how much you think you need to spend to change the behaviour (based on offer and distribution costs and probable redemption) and how much more margin the new behaviour will bring. What’s the return on your investment? If you were your CFO, would YOU fund the offer?

F) Optimize the balance between your base offer (e.g. 1 point for every dollar spent) and extra, targeted offers.

  1. Use your customer data to identify your greatest opportunities and threats. Hold back enough budget to send the right messages/offers to the right customers to get that incremental behaviour you want.
  2. Note: the base offer is NOT what generates loyalty; it is merely the bribe to get your customers to use the card and share information. If you spend too much on the base offer, you turn your program back into mass marketing.
  3. Get more out of less spending on your base offer by creating/using a currency that your customers value. For example, in one loyalty program, we found that a significant proportion of our members would rather have one of our points (which cost us just over 2%) than a 10% discount! Cash isn’t always the answer.

G) Leverage inexpensive electronic media, social media and vehicles you need to send anyway: your POS/cash register receipts, in-store messages, statements/bills, e-mail, etc.

  1. Save expensive direct for campaigns that are likely to have high redemption and drive a lot of incremental spends, or for valuable customers/prospects you can’t reach in other ways.
  2. Make sure you have customers’ permission to e-mail, and always include clear and easy directions for opting out.

H) Don’t waste your money giving incentives for e-mail addresses. You will end up with a lot of useless information from customers who only wanted the incentive.

  1. The only offer you need for a valuable e-mail address is “We’ll send you relevant offers and information by e-mail.” Now you have a permission-based list of customers who want to hear from you and tell you what they are interested in getting more information. Make sure you deliver value to them.

It’s a common practice with many B2B companies. The all-important brand message get’s built based on well-meaning colleagues who pass through your office and give you their one suggestion on what makes the company stand out. This is usually backed-up with personal declarations such as; “I’ve been in this business for a long time, we’re known for this, or that’s what our customers say!” Read More

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