5 Attitudes That Say Your Organisation’s Not Ready for All-Out Social Media
1. There is no ROI in Social Media
I wrote this article in March 2015, nearly three years ago
The article goes through how a friend of mine was (he still is) getting C-Level meetings using social media.
There is also my #TimTalk with @michaelnlabate @SAP where he talks about their implementation of Social Selling at SAP. Luckily he was given permission to go public with the fact they are now getting 1 Billion (that’s a Billion not a Million) Euro in pipeline from Social Selling https://buff.ly/2nKOZrm
I could go on, we are seeing people make 20 – 30% incremental (net new) revenue increase using social selling. So if people in your organisation say that there is no ROI, you may find your competition are nibbling away at your customers!
2. Social Selling Takes a Long Time
This is a fallacy spread by social marketers mascaraing as social sellers. (Tip: Always check a social sellers sales track record before hiring them)
If you have the basics in place then in fact you can get higher in an organisation faster than you can get with cold calling.
I for example in the early days of Digital Leadership Associates (DLA) when we needed to do cold outreach (we don’t anymore) contact the Managing Director of a multi-billion Telco company on a Thursday, the next Tuesday my co-founder, Adam Gray and myself had a meeting with him, his Marketing Director and his head of PR.
Another example is when we were training a large media company and the second training session into our 12 week program. So only 3 weeks from the start of the program, one of the sales people got a meeting with a senior executive at Microsoft and was able to put $1 Million in his pipeline.
3. We Cannot Measure what we do on Social Media
We have been using Brandwatch here at DLA since we started out, and while we don’t connect it to a CRM you can. We are also now Microsoft Dynamics partners and we are able to demonstrate the direct connection between social media and drop the “leads” directly into the CRM.
What we also like is the ability of Dynamics is it’s ability to listen on-line, each sales person can checked the items it has found and say, yes or no and the system will learn through machine learning. If intent data is found on-line and the sales person agrees this fits the right lead profile, this can drop into the CRM as a lead.
4. My Customers are not on Social Media
We often hear this, in fact one sales person told me that all of his customers where over 40 and therefore not on social media. I can only imagine his customers are like some sort of “Stepford Wife’s” organisation where you cannot join until your 40th Birthday.
We have also had a company tell us that their target person, Chief Finance Officer (CFO), in the town where they operated where not on-line. This town is different were we told. Like there was a line drawn outside of the town where CFOs would not cross.
These are always sweeping generalisations and can be turned around by asking questions. You mean there is nobody under 40 in your accounts? etc.
We have also using Sales Navigator to show people who is online and how often they post. For example, we found in the instance of the CFOs, we found the same ratio of CFOs online in that town as there are for the rest of the country. The town is not different after all.
5. You Think Social Selling is Just LinkedIn
While LinkedIn is a component to social selling, LinkedIn is only 30% of your social network. If you think your network covers your presence on LinkedIn, Twitter, Facebook, Instagram and Email, just looking at LinkedIn being social selling can leave a lot of money on the table.
For example, if you are calling upon a CEO that is the brother-in-law of your friend, you might not see that relationship on LinkedIn, but you would on Facebook. A great example, of how LinkedIn only relationships places your pipeline at risk.
Most Read IRIS Articles of the Week: Feb 19-23
Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, Feb 19-23, 2018
Click the headline to read the full article. Enjoy!
I’d like to introduce you to Peggy. Born in 1956, Peggy will be 62 in 2018. She has worked in retail her whole life, the past twenty-five years spent in management. Peggy divorced from her husband 14 years ago, is still single and has no children. — Dana Anspach
This week the markets shrugged off last week’s fears and went back to the slow and steady melt up, despite economic news that looked likely to once again rock the boat. — Lenore Elle Hawkins
Themes established in 2017 across a wide range of markets and factors continued to resonate through the fourth quarter. Economic growth was strong and supportive of equity markets across the globe, a range of volatility measures reached all-time lows, and business and consumer sentiment remained elevated. — Yazann Romahi and Garrett Norman
Advisors and investors that feel they are hearing more and more about commodities and the corresponding exchange traded products in recent months are right. That is a natural result of dollar weakness and yes, the greenback is floundering again in 2018. — Tom Lydon
As the industry works to cope with new regulation, wades through an outpouring of new products, learns to satisfy investors’ shifting priorities and manages the active-passive debate, the viability of business units will be questioned, and at times radical measures will be taken. — Peter Hopkins
My hope is that this article points out some opportunities for you to make more money and serve your clients at a higher level and that you decide to do something about it. — Bill Bachrach
Whether the market is flying high or taunting your emotions with new lows and some bumpy volatility, here are four things every investor should keep in mind ... — Lauren Klein
Why financial advisors NEED to understand much more clearly the power of good digital market. With tools like AdvisorStream, it’s easier than ever to get the content you need to drive leads and referrals today! — Kirk Lowe and Matt Halloran
How do some firms and ideas go from nowhere to everywhere in a few short months? All of a sudden a restaurant becomes popular, a gas station gains a cult following, or a Broadway show becomes too popular to get a ticket for years. — Maribeth Kuzmeski
"Worldwide, $27.4 billion poured into fintech startups in 2017, Accenture reports, up 18% from 2016. With so much in play, it’s not surprising that 22 companies are new on this, the third edition of our list." — Chris Skinner
Many sensational headlines have been written the past few weeks about market declines, but two things have increased for sure: the viewership and the ad revenues of financial media organizations — Preston McSwain
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