Social Selling in a Buyer Empowered WorldAdam Thorp – Managing Director, HuthwaiteCorporate Social Media Summit March 2013
Our Agenda Today 1. To give an overview of the changes in buyer behaviour and the implications for sales and marketing 2. Provide an understanding of the role of social selling, its challenges and why it matters 3. To show and discuss the relevance and what it means for sales, marketing and the broader organisation
Discussion Breaks• I learn from discussion and argument• I don’t learn from listening• After 10 minutes my mind wanders Therefore it will be “Your Turn” every 10-15 minutes
Shifting Focus – Inbound v Outbound52% of respondents now consider themselves creators / publishers ofsocial media content, up from 32% in 2012.Traditional marketing tactics are in decline, losing 5% share of budget.By 2014 digital marketing spend will exceed traditional.Companies plan to spend more on inbound than outbound. Source: Australian B2B Marketing Outlook Report 2013
Your TurnHow does this look in yourworld?Discuss with those aroundyou.
Social Upheaval200,000,000 – The number of members for professional social network LinkedIn, anincrease of 13 million since November 1, 2012. (Source: LinkedIn) 181,000 – The number of Twitter users with “social media” as part of their bio as of January 2013, up from just 16,000 in 2009. (Source: AdAge) 2 - The number of people that join LinkedIn every second, which equates to more than 172,000 new members per day. (Source: LinkedIn) 200,000,000 – The number of monthly active Twitter users. (Source: Twitter)33 – The percentage of US Internet users who said they ended a connection with a brandon social media due to the brand sharing too many updates. (Source: eMarketer)
What is B2B Social Selling? Social selling is an inevitable consequence of social buying.► Developing a Reputation► Gathering Intelligence► Building your Network► Micro-marketing and Insights► Building and Engaging
Why Does It Matter?Sellers don’t have to make a decision toadopt social media - their customershave already made it for them.Social selling remains an ambition, notreality at most B2B organisations today;however, the evidence is clear thatchange is underway.
Why Does It Matter? 46% of all Internet searches are for product & service information 91% of social marketers see improved website traffic & 79% are generating more quality leads 1/3 of global 75% of global b2b buyers b2b buyers use social expect to use Sources: HubSpot, Social media to social media Media engage with in future B2B, Business2Communitytheir vendors purchases
CHALLENGES AND ISSUES There is still a long way to go 18
Social Media SatisfactionMain areas of dissatisfaction was in generating leads and to a lesserextent nurturing leads. Why? Source: B2B Marketing Outlook Report 2013
The Issues2012 Sales Management Association(SMA) survey of sales managers andsales leaders: 96% of them use LinkedIn at least once a week. 80% believe their sales force would be more productive. >50% expect to increase their engagement with LinkedIn, Facebook and Twitter. 66% of firms do not have a social media strategy for the sales organisation. 33% believe their firms are undertaking “significant” social media engagement.
FurtherOnly 11% of companies hadformalised customer-facing socialmedia efforts for sales, comparedto 82% for marketing.
The Challenge60% of companies will haveadopted social businesspractices in their salesfunctions within the next twoyears.IBM’s Institute for Business Value
Your TurnWhat are the implications foryou?Discuss with those aroundyou.
WHAT DOES THIS MEANSales, marketing and organisation 24
Egocentricity “I see so many organizations that do campaign-based marketing. Theyre lookingat doing something next week, next month for a product theyre launching six months from now, and thats marketing on the time frameof the company, which is sort of an egotistical approach to marketing, isnt it?”
Quality Matters B2B buyers say that less than half of vendor content is useful… …vendors who produce low-value content are 27% less likely to be considered by buyers… …and 40% less likely to win the business. Source: B2B Marketing Insider
Heard not Herd. Good content is concise… Resonate. …case-study based… Motivate …contextually personalised Differentiate
Flow Sales & Marketing Websites must offer valuable, easy- to-access . information Selling skills Phone conversations & increase in voicemail must be importance . concise & targeted 75% of senior executives saythey watch work-related videos on Targeted, con BuyerYouTube twice a week . cise, sparingly Fast access but only if used . thoughtfully B2B companies with blogs generate 67% more leads per month The new networking event
Your TurnWhat are some of the thingsyou need to do differently?Discuss with those aroundyou.
Marketer 2.0In Out Highly targeted, segmented, business- One-to-many generic campaigns driver related messages Selling skills and going further Strict demarcation, early hand-off into the sales cycle Freely providing information & Gated forms, give-to-get insights
Sales Person 2.0In Out Increased business acumen Product focus Researcher, Micro- Waiting for “hot” leads marketer, Personal Brand Multi channel expertise Reliance on relationships The opportunity for sellers is in being insightful and helpful to buyers at the right time and place.
Company 2.0In Out Understanding changes in Department-centric views of buyer behavior customer Taking an organisational approach to communicating I’m not in Sales! with buyers Greater partnering and collaboration between Hard and fast internal hand-offs Sales, Marketing & Customer Service
Our Latest Research 26% post for business purposes weekly38% see low return on investment as 87% use it for the barrier research & make connections with 32% company prospective clientsculture resistant to & buyers change as barrier 45% don’t know how to best maximise use of it39% don’t know if 93% are a memberhigh-quality sales of a businessleads are coming related social via social media networking channels community 60% of sales force currently use social media outside of LinkedIn