I was on a call with a CEO yesterday and he said to me "we've seen 12 years of disruption in 12 weeks".
How true. Before Covid19 Accenture invited me to a town hall where they announced some research. On that call they admitted that it was the tenth anniversary of them saying that "this year, really, really is the year when we need to do digital transformation."
Of course, pre- Covid_19 nobody believed them.
This CEO went onto to say that right now we need "more show and less tell".
The New Normal is Digital
So when Stéphanie Genin, vice president of global enterprise marketing at social media management firm Hootsuite said this, I wasn't surprised, are you?
“After weeks of adapting to Zoom parties, video appointments with doctors, online schooling, social distancing and tapping into social media for virtually everything, will people be happy to go back to their old ways of working and engaging with each other?”
she then goes on to ask.
“The answer will be no. Social media has been holding communities together and organisations will need to assess how to manage the new normal.”
But Once This Covid Thing is Over It Will Go Back to The Way it Was?
Sorry, recent Gartner research showed that once this is all over people said ...
84% said they will maintain their"increased use of social media to engage with brands"
78% said they will continue with their"increased preference for digital commerce"
34% said there are now an"increased number of stakeholders in purchase decision making"
Isn't it amazing the evolution that has taken place through the use of digital because of the coronavirus?
The Relationship Business Case
Lots of people talk about relationships but they tend to be seen as some sort of "fluffy" marketing thing rather than something serious in our sales kit bag.
Back in 2017, my friend, Ted Rubin wrote about the "Return on Relationship" in this article.
Ted argues that ROI (return on investment) is about $ where as return on relationship (RoR) is about people. Selling or traditional "pitching" to people pushes people away, relationships brings people closer.
And you buy from people you like, know and love.
Relationships build trust and loyalty and of course, they help tou to sell more.
Ted, when asked about what is the ROI of social media he answers "whats the ROI of Trust? and what is the ROI of loyalty?"
So let's look at the ROI of Relationship
We expect each of the people we train in social selling to be able to make (if they do what we say) at least one additional meeting per week. Let’s assume that 4 of those meetings turn into proposals and you close 1 of those proposals. That means you are closing one additional deal per quarter. If your average deal size is $100,000, then each sales person is closing an additional $400,000 per year. As sales team of 10 will create $4 million additional revenue per annum. This isn’t a one off, this is every year. Forever!
Another Business Case
Let's take a large tech supplier as an example. They have 500,000 followers on Twitter, it does make you wonder how many people actually "follow" what they say as they say the same as all of their competitors. "We are the best", "We are market leader" and nobody believes them.
They have 300,000 employees, even if you only empowered 10% of the work force and that workforce only had 100 followers, you would still be influencing more people (3m) than the corporate account.
Increase the number of people you empower and increase their networks and you increase further the influence.
Another Business Case
In a recent blog, Alex Low from DLA Ignite, described the social business case a different, but still compelling way.
"Assume you have 1000 employees in your business and 100 salespeople. Everyone knows someone or is connected to someone.
If each one of those employees were able to make 1 meaningful business introduction to your sales team.
10 Introductions per Sales Person or 1 new introduction per month, to each salesperson for 10 months.
Your average contract value/order value/sales value is £$€10,000
1000 unique & relevant introductions made, worth a potential of 10,000 each.
1000 x 10,000 = 10 million pounds, dollars, euros etc of potential business opportunity."
This is the power of the network and the power of your people activated through social media.
The Low Risk Approach
Here at DLA Ignite, we are not pivoting, we have been transforming companies to use social as a strategy across their business for four years. By using social you can get twice the output for half the cost of legacy sales and marketing methods.
We have the track record, we also know what when we run our social selling programs the results are repeatable and predictable. In fact, we have done this so many times that we are a low risk option.
It's time for your own innovation in sales and marketing. You know the old ways don't work. You know you have limited time and cash. You know, as a leader you need to do something to stop the waste and cash burn otherwise you won't have a business.
If you want to get out of this mess, it’s time to talk to us.
Let’s jump into the future and talk to these three people. One of three things has now happened. They didn’t like each other after all. (Deduct 5 RCP points. Not 10, because trying counts for at least 5). They liked each other, but there wasn’t an opportunity to collaborate. (Add 5 points). They liked each other and now are going to make shenanigans happen. (Add 10 points). So let’s do the math for each of these scenarios. No connection no wins for anyone. 30 RCPs - 15RCPs = + 15 RCPS ( or +5 RCPS per person) Like but no extras. 30 RCPs + 15 RCPs = 45 RCPs ( or +15 RCPs per person) Everything is awesome. 30 RCPs + 30 RCPs = 60 RCPs (or 20 RCPs per person)
https://www.joannabloor.com/blog/you-cant-put-a-price-on-relationships-and-yet-we-do
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