Are we heading for a recession, I don't know, we could after all be talking ourselves into one?
The war in Ukraine, political upheaval in many countries seems to be creating the structure that could certainly mean we could hit one.
Having lived through many recessions, it's worth noting that as soon as they hit, the CFO (Chief Finance Officers) look for efficiency gains. Always. After all, the companies that get through the recession are those that strip out the unnecessary costs and have a laser focus to concentrate on what needs to be done.
Are layoffs the symptoms of a recession?
If there is a recession there will be layoffs, a contact of mine mentioned that there has already been some 16,000 layoffs in the last 8 weeks and most of these were SDRs (Sales Development Representatives). Why?
Google have caught up with the marketing emailers and tighten the rules on Google mail (Gmail), which means that sales enablement tools which send bulk emails have a problem as the emails go straight to the targets junk email box, never to be read.
You only have a two levers in leadership in a recession
As a sales and marketing leader today you only have two levers, the number of sales people you have and the amount of budget that can be spent.
The only way you can sell more than the competition is to have more sales people or to spend more budget. If you get either of those budgets cut as we move into the recession the likelyhood you (and your team) will get your budget cut.
This is why you need to wise up and get ahead of the curve.
You need to get a lever that none of your competition have, you need to disrupt!
Now Imagine .....
How about if I said, I can take you to a place where all your prospects hang out, would you go?
I can pick you up in the car tomorrow and you can hang out there, having conversations with them.
When you arrived, what would you do?
Grab a coffee and go up to the first one and start a conversation? Of course you would.
Or would you walk in and say "buy my stuff, because we are great". Of course you wouldn't, as somebody would call security.
That's the difference. Selling on social is ...... social. You have conversations with people.
You don't go up to people and pitch to them as people will call security.
The great thing about social is that there is no "prime selling time (PST)", you can have as many conversations as you want. One of my customers, does his prospecting between putting the kids to bed and when he goes to bed.
It's time to bring your demand generation into the second decade of the 21st century and it's time to "start fishing where the fish are" ...... on social.
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". Here at DLA Ignite, engagement is important but we are about driving revenue, EBITDA, for your business using social media. This is about you winning business from the competition and having a competitive advantage.
Social is about having a strategy and there are two key drivers
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?
Posting and hoping or posting random stuff is not a strategy, in fact I doubt it's driving anything for your 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, and DLA Ignite customer, 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!