One of the questions we often get around social selling is about paying for it.
Let's not forget that unlike other sales training, with social selling there is a clear and proven ROI - return on investment.
I need to say, that I cannot speak for any of the other social selling suppliers, I only speak for the results we have obtained.
In other words, social selling training and coaching from DLA Ignite helps you to generate business, it therefore pays for itself.
What do I mean?
It is entirely reasonable that using the DLA Ignite methodology that you should be able to raise your revenues by 20% and shorten your sales cycle by 30%. Now you won't be able to do that in "hints and tips sessions" they are a waste of money, same with Linkedin only training.
It needs to be a methodology and it needs to cover aspects to make you social.
What return can I expect? - What is the ROI here?
As I mention above you should be looking at a direct impact on your revenues, which breaks down as
- Each salesperson should (at a minimum) should be able to get an additional meeting per week.
- Let's assume that, your salespeople are able to get one proposal from 4 meetings, I'm sure your sales team is way better than that, but let's be conservative here.
- Let's assume your sales team converts and closes one in three proposals.
- That means with social selling and I know your sales team is better than this will be able to get one additional win with social selling per quarter.
- Let's assume your average deal size is $100,000, thats 4 deals a year or an additional $400,000 per salesperson per year.
- Scale that across 100 sales people and you have an additional $40 million.
Social selling pays for itself!
I don't believe you Tim!
If you check out this video of Chris Mason CEO at Oracle reseller Namos, fast forward to 19 minutes 55 seconds. Chris talks about a $2.6 million win from being on social, after completing the DLA Ignite social selling and influence course.
Don't forget, as we are empowering you with the skills, this is not a one off, you have these skills forever and therefore Chris and the team have the ability to get $2.6 million deals forever and your sales team have the ability to get $40 million additional business every year in perpetuity.
Which I would love you to reinvest in more social selling with us, of course you might want to take some of that as your own bonus and profit for the company.
As I say, I can only speak for the DLA Ignite program.
But there is more
I Previously wrote about how social selling was increasing the conversation rate on Director level calls by 42%. Again, not my opinion, this is all date backed. I agree that we can only increase the conversion rate on rank and file people by 25% but either way scaled across your business this will make transformational difference to your revenue, profit and EBITDA.
So who's social selling?
In case you missed it, the Bank of America’s Merrill Lynch have banned cold calling and have moved all their people to social selling. This isn't some trendy tech company that might have decided to do this on a whim, this is a very conservative financial services company that has made a decision based on data.
But surely cold calling has a better ROI than social selling? Not according to Merrill Lynch.
"They will also be encouraged to contact prospects over LinkedIn, which has a higher hit rate than cold calling"
The CRO (chief revenue officer), Richard Eltham of Namos Solutions, of one of clients posted a comment on LinkedIn about social selling. See here.
“Social selling is not an option now it is the way of the world and you either learn and execute it or fear getting left behind”
Kevin Murray who is the Head of Sales at MacArtney Underwater Technology recently posted about his success with social selling here and wrote an article about the transformation that has happened in sales here.
Here at DLA Ignite we don't do "hints and tips sessions" we don't want you to waste your money. Our social selling and influence methodology will provide your sales team with the stable platform for growth. It is also the only social selling program based on 70:20:10 change management principles which gives your business the mindset change and habit change they need in this digital world.
Thanks to Brandon's Linkedin post for the inspiration for this blog.
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