McKinsey run these articles every now and again where they go out to academia and ask them what technology trends should lead business agendas.
The answers were
But let's take a step back for a second, is a business really thinking about placing their bets on Metaverse. Web3. Crypto. 5G?
You might be reading articles on this, you might even have a small pilot running, but no business will have pivoted. Unless you are a start up in these areas.
Now don't get me wrong, these technologies are important and they will make business and society changes, but they won't today.
So what should your business look at today?
Simple, social media.
Nearly 60% of the world's population is on social media and the average person spends two and half hours a day on social media.
What are they doing? They are searching for products and services, just like you sell.
But this is where McKinsey is looking in the wrong place. Buyers are board of old marketing techniques, you know advertising, cold calling and email marketing. All this "buy my product because we are great", nobody is interested. And that's why you need to change.
I cover why your marketing isn't working in this article.
Now Imagine .....
Imagine, I pick you up tomorrow in my car and drive you to a place which is full of your prospects and customers. All you have to do is go up and have a conversations with them.
Remember, social media is, social media. In the past you interrupted somebody with a cold call or an email and pitched your services. As social media is being social on media, interrupting and pitching does not work.
If I walked up to you at a social event and pitched, you would make your excuses and go and talk to somebody else.
So how about tomorrow, I pick you up in my car and we go to a place where all your prospects are hanging out. You can stay as long as you want. All you have to do is have a conversation with them. It's that simple, if you are interested, read on.
What is social selling?
Here at DLA Ignite, we define social selling as
"Using your presence and behavior on Social Media to build influence,
make connections, grow relationships and trust, which leads to
conversation and commercial interaction."
It's not witchcraft, it's enabling your salespeople to work from home, (or the office) and create conversations with prospects and customers. Conversations on social media and conversations that convert.
The problem with the name "social selling" is that people think that this is selling on social. All these pitches that you get on social are not social selling, they are spam.
The other thing you need to know about social selling is that this isn't about "putting out some videos" or "putting flowers on your profile" or "going viral" social selling about your business creating revenue and EBITDA, you winning business from the competition and having a competitive advantage.
With anything you do on social there are two questions you need to ask
2. How much revenue / EBITDA am I getting as a business?
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"
“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.
Andrew Ferrier who is the CEO of Display Technology Ltd and in this article it talks about why Display Technology have adopted social selling. His team have also created a social media strategy with help from our partner, Crux.
Their social media mission statement is
“We want to position ourselves as a forward-thinking, knowledgeable team of individuals who are all experts in our own right, therefore, collectively awesome!”
Andrew also says in that post
"Adopting this (social selling) strategy has taken all of us well outside of our comfort zones but the rewards we have seen in a short period of time have created an excitement within the business development team (new term for sales team).
Because of the nature of social media, quite often you can get instant results. Even if that is just a comment left on your post, or a like, or someone taking the time to want to connect with you.
The excitement around the sales team is infectious, it’s no longer a chore to reach out to the market place because the results can be instant and are there, right in front of you."
What sort of results can you expect?
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.
What happened? They buyer was on social media looking for a solution to their problem, spotted one of the Namos salespeople, who had a buyer-centric profile and asked if the salesperson could help them. That turned into a $2.6 million deal.
Go and look at their LinkedIn profiles .... look how they can have digital conversations, create insightful content. This could be your company!
We are the only social selling and influence company in the world to offer a certificate in social selling sponsored by the Institute of Sales Professionals (ISP).
Other articles you might be interested in ....
Articles for the CEO
Articles for Sales leadership
Can programmatic social selling sort my pipeline issues?
Articles to support sales people - sales process and sales tips
Can I use prospect sequencing with social selling?
Articles to support channel and third party selling
Articles to support Account Based Marketing / Account Based Selling - ABM - ABS
Articles about Employee advocacy
Articles for Marketing
Our VP of Sales Just got 83 likes on a LinkedIn post, so that means we are social selling? No!
Should you outsource your social media?
Articles for social procurement
Articles for the CFO and Finance
We asked leaders in industry, academia, and at McKinsey to share their perspectives on the technology trends likely to headline business agendas this year, the ones that could—but shouldn’t—slip through the cracks, and what executives should think about when considering new technologies. Here is what they told us.