This morning when I opened Khaleej time – the headline caught my attention – “Dubai sets up E-Com Free zone to bolster growth.” Dubai is known as the “City of Gold” and with numerous technological initiatives announced in the past few weeks Dubai may sooner be synonym with “CITY OF FUTURE”.
The number of projects announced by Dubai in technology, infrastructure, energy, media & entertainment, hospitality and others are making it a super magnet to work and invest in business. And every business requires sales team empowered with new sales wares. In this post am sharing 21 reasons why it’s imperative that every B2B business complements their sales process with social selling………
1. LINKEDIN PLATFORM: The number 1 platform for B2B social selling is LinkedIn. It has over 530 million subscribers including decision makers and over 3 Million companies that continuously update their page. LinkedIn has emerged as the new marketplace for buyers and sellers.
2. MODERN BUYER: Modern buyers need modern sellers. Modern buyers are socially connected and mobile driven. Hence in order to be relevant; be on platforms where customer park. Create your Digital profile.
3. 24/7 ACTIVITY: Buyer is active 24/7. He wants to reach and be reached 24/7.
4. BUYER WANTS TO BUY NOT SOLD: Modern buyer wants to Collaborate and research to identify right solution. Buyers dont want mass or spam mailers but they expect personalized communication. He does not want to be sold.
5. BUYER POWER: We are living in the age of customer. Social Media has empowered buyers with choices and voices.
6. MARKET SEGMENTATION: Based on your segmentation (Demographics and Psychographics) criteria, LinkedIn helps you to identify prospects and prepare prospect list in as little as 15 – 20 minutes. Saves time and efforts.
7. MILLENNIALS WORKFORCE: By year 2020 – 50% of the global workforce would be millennials whereas by year 2025 – 75% of the workforce would be millennials. And millennials are Digital natives, socially driven and smartphone addicted hence in order to be relevant mirror millennials.
8. PITFALLS: Deals are being stalled, size is being reduced and margins are falling.
9. COMPETITION: Customer is your competition. They are educating online without the help of sales person. Customers cover 57% of the journey before they call Sales.
10. POWER SHIFT: Internet has shifted balance of power between buyers and seller; giving buyers access to more information and choices.
11. MULTI-THREADED CONNECTIONS: On an average, a complex purchase includes 6.8 customer stakeholders across 3.7 different functions, which leads to longer sales cycle times. And the magic number 6.8 is dynamic, two years earlier it was 5.7. Further more complex the sale – more number of people involved. LinkedIn – social selling helps you make multi-threaded connections in your customer’s organization.
12. RESEARCH: 75% of the customers use social media to research vendors.
13. BUYER EMPOWERMENT: An average B2B buyer who uses social media in the decision making cycle is more senior, has a bigger budget and makes more frequent decisions. They have a greater circle of influence than those who do not access social media.
14. PREFERRED SALES PERSON: 75% of the customer purchase from the sales that is first to add value.
15. COLD CALLS: 90% of the decision makers don’t take cold calls. Convert your cold calls into warm call using referrals from shared connections.
16. WARM CALL: Buyers are 5x more likely to engage with warm call.
17. INFORMATION CONSUMPTION: Customer Consume 10 pieces of information before deciding. Hence periodically curate, create and share content with context.
18. TECHNOLOGY EMPOWERS BUYER: Technology such as Cloud compute, smartphone, and online tools are triggering effectiveness of Social Selling.
19. BUYER EDUCATION: Buyers want to educate self at his own leisure hence share meaningful content with context on your customer platform.
20. USERS EXPERIENCE: Buyers wants to have friction-less end to end online experience. Give him that experience by listening and personalized response to social triggers.
21. Subject Matter Expert: Buyers wants sellers to be subject matter experts. Create and curate content.