Is Your Lack of Social Losing You Deals to the Competition?
One area of the modern buying process that often isn’t discussed is the last “33%” of the buying process.
What do I mean by that? We often hear the CEB research that buyers are 57% of the way through the buying process and at 57% they contact a salesperson.
The assumption then seems to be that for the first 57% of the way through the buying process the buyer is on-line and for the last 33% the buyer is off-line. I would argue that this is not the case, which is why you need to be socially active for 100% of the buying process.
Put this another way, this is where social marketing meets social selling.
A Sales Director friend of mine came to me and asked for my help.
“We have deals where we get inbound around product X and we take the sale 70% of the way through the process. In many cases we are the only supplier. Then 70% of the way through the process, the competition appears from nowhere and we lose the deal.”
Here at DLA we offer a service where we evaluate a company’s digital footprint. In this case the results were revealing.
We presented our findings back to the Sales Leader.
“How important are products X, Y and Z to you,” I asked?
“We are seen as market leaders,” was his response.
“Interesting,” I responded.
“Go to Google and search on those phrases,” I said. So, he got out his laptop.
He did and his company didn’t appear. In fact, his company was on the sixth page of Google.
The (smaller) competition was on page one.
His response was two words, one of them was “hell”.
It was the same for all three products.
I mentioned, “You clearly mention the products on your website, but you have no digital presence.”
As I handed over the report (with a whole bunch of other recommendations, which I won’t go into here) I said, “what’s happening is that the sale goes through to the point of recommendation / business case. The customer is confirming your position by searching on Google and you don’t appear. But your competition does. The only conclusion that the customer can jump to is that you don’t play in that market. But your competition does.”
This is just one of many examples of how social (for sales and marketing) is important all the way through the buying process. It is also “interesting” how in this case that these leads are created by a BDR.
In other words, while cold calling was working for this business, the effort is being killed by not being social.
Most Read IRIS Articles of the Week: March 19-23
Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, March 19-23, 2018
Click the headline to read the full article. Enjoy!
Let’s pretend you are a US investor that wants to deploy some of your money overseas. You think international developed market stocks are attractive relative to US stocks, and you also think the US dollar will decline over the period you intend to hold your investment. — Chris Shuba
I had a chat with The Financial Times the other day, and provided lots of background as to why I don’t think cryptocurrencies are the choice of criminals. The comment that was reported was the following ... — Chris Skinner
During the tumultuous red and green gyrations of the capital markets this year have your clients anxiously called to ask: “What’s going on with my portfolio?” What do you do when the usually smooth ride in your luxury automobile becomes as bumpy as Mr. Toad’s Wild Ride in the Happiest Place on Earth? What does the average investor do? — Ted Parker
Inflation is a bad thing, right? It make things more expensive, right? For those of us of, let’s say, a certain vintage, we recall the runaway inflation of the late 1970’s and early 1980’s. So why does the Federal Reserve – in charge of managing the country’s currency and value thereof – actually try to create inflation? It’s called the inflation targeting and it matters to your money. — Bill Acheson
As you near your 60’s, your prime earning and saving years will transition into a period of time where you get to enjoy the “fruits of your labor,” a.k.a retirement. We call this segueing from accumulation to decumulation, the period when you will be drawing from your accumulated nest egg. — Dana Anspach
Exchange traded funds (ETFs) are popular vehicles for market participants looking to engage in thematic investing. Thematic investing looks to take advantage of future growth trends, including disruptive technologies. Given that forward-looking approach, stock-picking in the thematic universe is equally as hard, if not harder, than in traditional market segments. — Tom Lydon
It’s not enough for your salespeople to be product experts, they also need to be capable of having the kind of conversations that position them as business experts and even strategic resources. — Lisa Rose
Business growth doesn’t come from wishful thinking. As you know, it takes a lot of hard work. The growth of your business is not an option – it is a necessity. Coordinating the right mix of strategies to gain market share and improve client acquisition rates is essential to advance your firm in today’s economy. — Michelle Mosher
It’s undoubtedly true that investors’ financial security is no laughing matter, and this is reflected in the stolid, dour, reliable imagery and branding that is, by and large, the industry standard. This is hardly surprising—investors need to believe they’re placing their hard-earned money in the hands of experienced, trustworthy professionals. — Alexandra Levis
The number one question advisors ask when exploring a move to independence is how the economics compare to accepting a recruiting package from a major firm. It’s certainly a valid concern, because while the recruiting deals being offered by the wirehouses are down, it is still very possible for a top advisor to get a really attractive hard-to-pass-up offer. — Mindy Diamond
Municipal bonds might not be the first thing that comes to mind when you think of a sexy investment. They don’t typically command news headlines like the stock market or bitcoin. — Frank Holmes
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