customer 2.0

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We partnered with Focus.com to discuss the best practices to leverage social media for sales teams. After talking to eight of the top thought leaders in sales training and sales technology we wanted to bring their insights to you. This is going to be a 3 part series that covers what successful salespeople are doing to leverage social media in lead generation and accelerating their opportunities. Some of these experts are listed in our post on the 25 most influential sales leaders. Much appreciation to these experts for taking the time to address the question “How do your successful salespeople leverage social media for selling?

The first step and one that was consistent across 100% of the successful salespeople was to get connected.

Use your existing connections and networks to actively pursue new introductions.

“It’s so easy, on sites from LinkedIn to Facebook and more, to see who your existing ‘friends’ and connections already know. On LinkedIn, for example, you can quickly search for contacts you want to meet based on which of them are already connected to people in your existing network. This is one of the best ways to get referrals and introductions, not by asking your network to ‘keep you in mind’ but, instead, periodically asking for specific introductions. By getting specific, your conversion rate goes up and you’re talking to the people you specifically want to meet and sell to. In your existing organization, there is the sales team, but I’m thinking the rest of the company is a gold mine of potential introductions — especially founders, longtime employees and others who have spent a long time in your industry. They know people, people know them, and they’re more likely to help you make connections and new introductions.” (Heinz)

“Every time they receive a referral, email or leadership content, salespeople can highlight names mentioned in document, then research mentioned leaders, clients and customers — even competition — and send a note or invitation asking to join their conversations via LinkedIn, Twitter, Facebook and other social media platforms. By connecting with each other, you then can offer assistance or referrals and also build a trusted network of individuals to help build your referral base. Most people are thrilled you took the time to reach out to them when reading their books, viewing their videos, etc.” (Bieler)

“Successful salespeople are also using social media to identify the relationships that their prospective clients have to other people they already know. Successful salespeople aren’t afraid to leverage their relationships, to ask for introductions, and to rely on the people they know and what they know to open these relationships. Because these social media connections exist, what was once invisible is now visible; it’s easy to identify relationships and leverage them to find a way in. But it’s important to remember that your prospective clients are also using the tools to learn about you. Recently, I called on a major prospective client. After our meeting, he searched for my name on the Internet and found that we had a common connection on Facebook (his best friend from high school). He called his friend to get a reference on me before deciding whether or not to move forward. Fortunately, his friend recommended my work. Social media is no longer something salespeople can opt out of. It reminds me of what President Richard Nixon used to say about foreign affairs: ‘You might not be interested in the world, but it’s interested in you.’ ” (Iannarino)

Use Twitter and other social channels to build deeper, early relationships with new prospects.

“Here’s exactly how you do it (at least with Twitter, but other social channels can likely be done in a similar fashion). Build a list of the prospects in your territory or market. With the help of an admin or an outsourcing service like eLance, go and collect the Twitter handles of each company and as many of the individuals as you can find. Using your own Twitter account, follow those companies and individuals. Then, using a tool such as HootSuite, set up a separate column where you can specifically watch activity from those prospects. This makes it easier and faster to engage with them on a regular basis. Answer their questions. Share a resource. Retweet their articles. In other words, use their attention to this social channel to build value by interacting where they are already spending their time and looking for information.” (Heinz)

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In the last post we explained that most companies deal with some very specific business pressures that slow down the process of finding new prospects and getting them into the sales funnel. Knowledge about your customers, finding new prospects and having a sales process that takes too long is a common pain point for businesses.

  • 42% have insufficient knowledge of the business needs of prospects
  • 40% do not have the ability to identify the most likely buyers of their product
  • 34% complain of having a sales process that is too long
  • 21% See an increased customer churn forcing them to focus on filling the funnel

I predict in 2012 that these numbers will not change too dramatically but the results from companies that are actively leveraging technology and sales intelligence as a method of combating them will. Sales managers should be constantly on the lookout for ways to solve these business pressures and based on research by the Aberdeen Group, the top performing sales organizations have built strategies that can drive measurable results in building a sales pipeline and increasing the quality of leads.

Sales Intelligence Research

  • 59% of the best in class companies have leveraged sales intelligence tools to identify or disqualify prospects with more accuracy
  • 53% of companies have been able to identify existing customers that have upsell/cross sell opportunities
  • 48% of companies have increased the quality of leads intheir pipelines
  • 28% use technology to capture and share sales knowledge internally.
  • 21% of companies reduce the amount of time doing sales research

This research is important because it’s showing that companies that are having the problems listed above are able to continue achieving results by leveraging sales intelligence in traditional and non-conventional ways. Top performers in lead qualification teams understand that moving less qualified prospects out of their view has more value than dumping a volume of under vetted opportunities on the sales team. By not relying on data but the contextual news and social profiles of the companies and people you are contacting, better decisions can be made on which prospects to pursue and which leads to abandon.

The research study on the science of sales intelligence goes a long way in showing that companies that want to increase revenue quickly with your existing sales team can do so by leveraging technology to speed up the sales process. A strategy around using sales 2.0 applications to identify strong/weak prospects should be a key focus for your 2012 sales plan.

Just a quick poll: Are the issues described above the same as for your company?

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Sales Intelligence at the Speed of Light

The best way to increase sales effectiveness is to speed up the research process and then get regular updates on your prospects and the companies they work for. In an article, Forbes spoke with some leaders in sales and got insights on the sales process and what steps sales managers should take to increase their effectiveness on finding more deals and closing them faster.

The overwhelming observations and advice from Wendy Weiss and Paul Castain pointed to finding the right prospects, being more prepared for the call, having intelligence around the prospects, and leveraging non-traditional communications channels to reach prospects.

Paul Castain,Vice President of Jedi Mastery at Castain Training Systems, says a lot of salespeople research a prospect only once during the process. “Business is moving at the speed of light, and things change constantly,” he says. “When you gather information, review it over and over again before you reach out to the client.”

Finding the right prospects to contact shouldn’t be a painful process. Sales intelligence can give you a fresh group of prospects based on sales trigger events in the industry specifically in your territory. These trigger events give you accurate and relevant news about the company or person you are calling. Since we know that most executives will not respond to a cold call, using connections to get introduced is important. If you can’t locate a professional connection to your prospect, use the intelligence you gather through news sources and social media to understand your prospect and make the connection.

Top sales tips to follow

  • Approach them before they are in buying mode
  • Focus on finding the best prospects
  • Stop calling prospects if they are not responsive. Get creative in communications
  • Sales people are expected to know about their prospects before the call
  • Only talk 20% of the time and listen the other 80%
  • Don’t be afraid to ask the tough questions
  • Turn rejection into a learning experience
  • Never stop learning how to be more effective

Surprisingly there are still a large number of companies that do not leverage sales intelligence. The Aberdeen study on the Science of Sales Intelligence shows that most companies deal with some very specific business pressures that sales intelligence can help with.

  • 42% have insufficient knowledge of the business needs of prospects
  • 40% do not have the ability to identify the most likely buyers of their product
  • 34% complain of having a sales process that is too long
  • 21% See an increased customer churn forcing them to focus on filling the funnel

All of these point to companies needing to be more nimble and enabling their sales teams to move faster with more targeted information. What are you going to different in 2012 to address these business issues?

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It’s near impossible to be effective in sales without the use of the internet these days. In the 2011 Sales Performance Study by CSO Insights, they researched how sales people were leveraging the internet to get their jobs done.

On average sales reps will spend 24.1% of their time each week on research and lead generation activities. It’s no wonder why sales people go to the internet for help when almost 10 hours a week is spent researching contacts and companies.

Top 12 Ways Sales Leverages the Internet  - CSO Insights

The important task of sales research.

The study found that sales research is still the most important activity of how sales people leverage the internet. This is a positive sign in the case that sales people are now at a tipping point when it comes to understanding that it’s more important to sell to people and not contacts. 77.2% of the sales people must be onto something that makes them better at selling.

Now look at the number of people leveraging the internet to actually move people through a sales cycle.

  • 56% conduct webinars
  • 48% of their time is in web based meetings
  • 46% are giving online demos

Sales leaders should be looking for ways to increase these numbers. The best way to do this is to help your sales team on how to be more effective in sales research and decrease the amount of time they spend in that area.

Two flavors of internet research

Companies fall into one of two buckets when it comes to enabling sales people with sales intelligence. Companies either empower their sales people with technology to aid in this effort or they expect a sales person to do all of this on their own. You can imagine what will have a better impact on a sales teams ability to generate more opportunities and increase revenue. The best in class companies which made up 61% of the businesses surveyed leveraged technology to conduct searches for sales reps while 37% left the work up to the individual sales rep.

Spending 10 hours a week on research obviously takes a toll on winning more deals. Though research is important, companies should be looking at ways to increase the amount of time sales people are actually selling.

 

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Your professional connections can create new opportunities.

To be an effective sales person, it’s best to know how connections you have can get you into new accounts. Instead of relying on more data and names of contacts to call, leveraging intelligence in your sales process can build your pipeline faster. We are expanding further on our lead of people insights of selling to people not contacts. Connection based prospecting is a enhanced way of identifying prospects that you have direct connections to through co-workers, past employers or reference accounts.

InsideView Connection Based Prospecting

Leverage your existing connections for accelerated pipeline growth.

Having connections into a prospect company makes getting in contact with a decision maker much easier. If you foster your professional connections correctly, your network should be happy to introduce you to someone within their company and make a warm introduction. Maybe you are looking for new accounts to contact and you find out that 4 of your coworkers and 2 people you worked with in the past have direct connections to people in a large account you’d like to talk to. That would make getting a warm introduction easier than trying to figure out how to cold-calling into a prospect.

Instead of blindly targeting companies based on contact data focus on getting new customers based on the number of connections you have into the company. People you work with, reference accounts and past coworkers will add a layer of trust to your communication with a decision maker. Leverage those connections to get an opportunity.

We have several new enhancements in our application this month. You can see more about all of them in the InsideView Community.

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