The power of connection, why you need to invest in yourself and get a network, Tim Hughes

In his book "Tipping Point", Malcolm Gladwell, tells the story of the 1773 Boston Tea Party.

It was this that was the tipping point for anger from the American colonists against their British rulers.

There were lots of anti-British groups, but nothing to bring them together. But it was Paul Revere who would often ride out and meet with these groups.

On the 18th April 1775, a stable boy overheard a plan from the British that there were going to wipe out descent. So who did the stable boy go for help? Paul Revere. He was the one with the network.

It was Paul Revere who rode out to the different groups and told them to be ready.

History books also talk about William Dawes, William was also told about the British, but he didn't have the network so wasn't able to mobilise the people that Paul Revere was.

Malcolm calls Paul Revere a connector, whereas William Dawes was not.

Malcolm also goes onto explain the power of having a network, being a connector.

Why should you be in a network?

1. First and foremost, humans like to work in networks, committees, communities, unions, you name it we found out that when we were walking the serengeti that when we worked together, we survived.

2. We've seen in the latest data on social media, that people under 30 now use social media to search than they do Google. The way search works on LinkedIn, is it's based on people close to you. If you want to be found by buyers on Linkedin, they need to be in your network. Which means you need to be connected to them.

3. There is a certain amount of "connection snobbery" on LinkedIn, people are more likely to connect to you if you have (many) common connections. I connected to a total stranger in a target account the other day and they came back and said, "wow we know 150 people in common".

4. Leading on from 3., if you want to connect with senior people, they are going to check how many people in common you have, this is validation as to how "trust worthy you are".

5. By having a network, you are more likely to have serendipity. The wikipedia definition of this is "is an unplanned fortunate discovery." One of our clients has just put a $0.5 Billion (that's billion not million) deal in their pipeline. Totally understand that this deal was through serendipity. But like a lottery, you have to "be in it to win it". If they hadn't built their network as we taught them, they would have not won the lottery.

Let's look at some context about sales today

Sales has a problem.

Nobody wants to talk to your sales people. Whenever we see a salesperson we think “I don't believe a word you say, I certainly don't trust you and all you are going to do is make me a line in your CRM and call me up every month and ask me to buy”

There is an old joke

Question: How can you tell a salesperson is lying?

Answer: Their lips are moving.

In the past the only way that you could get hold of prospects and customers was to interrupt them, either with a cold call or with a spam email. Neither of which builds any trust or creates a relationship.

Social selling, enables us to build a digital bridge of trust with the prospect or customer, which creates a relationship. There is no need for spam or any sales tech. How?

Linkedin is the world's biggest network site.

So let's take a step back for a moment. How about if I could pick you up tomorrow and I drive you to a place which is full of your prospects? All you have to do is grab a coffee or a tea and go up and talk to them. You can stay as long as you like.

Now, you wouldn't walk up to these prospects of yours and pitch to them. You would have a conversation. Maybe ask then how far they drove to get there? Had they been caught up in the traffic? You would have a conversation. You wouldn't pitch to them, in fact they will probably ask you at some point, “what do you do?" but more on that in a bit.

Let's look at some context about sales today

Sales has a problem.

There is an old joke

Question: How can you tell a salesperson is lying?

Answer: Their lips are moving.

Social selling, enables us to build a digital bridge of trust with the prospect or customer, which creates a relationship. There is no need for spam or any sales tech. How?

Linkedin is the world's biggest network site.

Let's look at the data, cold calling vs our social selling benchmark

Here at DLA Ignite, we are always wanting to push forward the boundaries of sales, so we decided to put cold calling head to head with the DLA Ignite methodology for social selling and create a benchmark on 1st January 2023 (and business case) for our version of social selling.

So we took a team of "cold callers" cross trained them in our methodology for social selling and here are the results.

It's worth shouting out the team, Alex, Jordan and Jensen and they work for a company called Supero.

Don't believe me? Please check the team out on social and ask them about the results!

The results with cold calling

When the team were cold calling, that is, before we trained them on social selling. I'm not sure what results you get with cold calling but they did whatever they could in terms of warming up the calls with emails or webinars, etc. And the results, they got about 2 calls a week.

As with any cold call, your job is to take the call to a next action, which might be a demo, discovery call and they averaged 0.3 of these calls.

Anyway, you will have your own figures for cold calling in your business and you will know what they are.

The results for social selling

What is social selling?

The DLA Ignite definition of social selling is

"Using your presence and behaviour on social media, to build influence make connections, grow relationships and trust. Which leads to conversation and commercial interaction".

(Please note these figures are for the DLA Ignite methodology, we cannot speak for other suppliers, please check with them, before signing any contracts.)

I need to say, before I get any comments.

There is no spam and no automation in the DLA Ignite social selling methodology!

The DLA Ignite social selling methodology does not use connect and pitch!

The DLA Ignite social selling methodology does NOT use inmails, which are spam.

In fact the program is now back and certified by the Institute of sales professionals (ISP), the only such methodology backed by a sales professional body.

Let's get onto those results for DLA Ignite methodology of social selling

The team are getting a 9% response (on average) to social selling cold outreach, so for every 100 people they ask for a call, 9 say "yes".

This figure is an average, so we think somebody with intermediate skills or an expert should be getting a higher figure should be getting a larger response. In fact, our benchmark for an expert is 13%, but I want to keep figures realistic and conservative.

As we mentioned above, with every "call" based on cold outreach, there has to be some sort of next action. For your own company, you will know what your next action is, it will be a demo, a discovery call or something.

We have found that with DLA Ignite social selling methodology 9% of the people (on average) that agreed to a call, 33.6% are converting to a next action.

This is exponential growth when compared to cold calling.

Each salesperson is averaging 10 calls / meetings per week, the good ones are getting 25 meetings a week.

Just think if you scaled that across your sales organization!

(The most successful SDR complains he has got too many meetings, which think is a great problem to have!)

Just think about that being rolled out across your sales team(s).

It's time to work smarter not harder.

Let's look at this with a business case

Let's take a sales team of 10.

We know that the average person can grow their network by 3,000 people a year. Let's assume of these 50% are going to buy, this gives you a network growth of 1,500 per person per year.

If you have 10 salespeople that gives you a total addressable market (TAM) of 15,000 new people to have conversations with.

With our, Institute of sales professionals (ISP) backed, DLA Ignite social selling methodology, (note: we cannot vouch for anybody else) based on our measured benchmark, you should be able to get, on average, meetings with 9% of this TAM of 15,000. This means your sales team can have 1350 new conversations every year.

(As we know, conversations create sales.)

As we discussed above, with any cold outreach the objective is to get a next action and using our social selling methodology and using our measured benchmark we can get 33.6% of 9% of our TAM to a next action, which is 454.

Let assume you win 1 in 3, that's 151 new sales a year using social selling, average order value (AOV) $100,000, that's

$15,120,000 = $15 million

That's an additional $15 million that you are missing by cold calling rather than social selling.

or $1,26 million you miss every month you delay moving from cold calling to social selling.

Of course, if you have more than 10 sales people, you can scale the figures up.

Imagine you are at a conversation and. the day before the event, there is a drinks in the evening, you have a call and so you are late by 30 minutes. As you enter the bar, you see all of the conference delegates and you realise they are all your ICP (ideal customer profile). You also see that each ICP is talking with, and laughing with a salesperson. Now is that salesperson they are laughing with, your salesperson or is it the competitions?

That is going on out on social media, day in and day out and if your ICPs are laughing and talking with your sales people, will be if you have trained and coached your salespeople in a sales methodology.

Want to know more about social selling, check out my new book

"social selling techniques to influence buyers and changemakers - 2nd edition".

In this brand new edition, I have updated all the text, I have also got 15 practitioners, so people who are doing this already to explain how they are get (practical) business benefit. From the CEO that has been running a digital business for over 18 months to sales leaders who use social selling every day.

Articles on how these business have and are implementing digital, from Mercer, Telstra Purple, Ring Central, Cyberhawk, Namos, Ericsson, DLA Ignite and more.

What does Mark Schaefer, Marketing guru think of the book "social selling - techniques to influence buyers and changemakers - 2nd edition"? watch the video here

It's available on Amazon worldwide. Link to Amazon.com here and Amazon.co.uk here.