The Art of Relationship Capital and Social Selling Success
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Relationship capital (RC) is important for social selling success. RC is built on brand promise, behavior, and reputation. Social selling is identifying, targeting, and reaching out to prospective and existing customers through social channels like visual networks, blogs, online communities, and media sites. It is a consultative sell based on listening, conversing about customer needs, and soft selling rather than outright selling. Growing one's "klout" score by becoming known, liked, trusted, and referred is key to social selling success.
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The Art of Relationship Capital and Social Selling Success
- 1. The Art of Relationship Capital Social Selling
- 3. Social Selling Anatomy Of A B2B Decision Maker
- 4. Social Selling Anatomy Of A B2B Decision Maker
- 5. Secret of Relationship Capital Social Selling Success?
- 6. What is Relationship Capital (RC)? Your Brand Promise Your Behavior Your Reputation
- 7. What is Relationship Capital?
- 8. Consider these 2 Statements 1. The Sales & Marketing Process has Forever Changed. If you do not adapt, your social savvy competitors will leave you and your quota in the dust. 1. If you want to gain new customers, there is only one-way to reach them today and that is by aggressively selling them though social channels.
- 10. Social Selling TRUTH 1. The Sales & Marketing Process has Forever Changed. If you do not adapt, your social savvy competitors will leave you and your quota in the dust.
- 11. Social Selling is the… • IDENTIFICATION • TARGETING • REACHING OUT TO PROSPECTIVE and EXISTING CUSTOMERS
- 12. Social Selling is NOT • Buying a List of Leads and Calling Everyone • A Disruptive Process “Pushing Out” Marketing Messages • LEAD SCRAPING
- 13. Social Selling is a Consultative Sell • It is a Very Soft Sell • Being More Social • Listening • Conversing about the Customer’s Needs and MUCH LESS about OUTRIGHT SELLING
- 14. Fishing in Social Ponds
- 17. Social Selling Ponds – Visual Networks
- 18. Social Selling Ponds - Blogs
- 19. Social Selling Ponds – Online Communities
- 20. Social Selling Ponds – Answer Hubs and Groups
- 21. Social Selling Ponds – Online Media & News Sites
- 22. Social Selling is a Team Sport
- 23. Speaking a New Language
- 25. Rule #2 LISTEN, LISTEN, LISTEN
- 26. Rule #3 Be Responsive
- 27. Rule #4 Follow The Leader
- 28. Rule #5 Tailor The Conversation
- 29. Rule #6 Be Helpful
- 30. Rule #7 Identify the Enter and Exit Signs
- 31. Rule #8 Maintain the Separation of Professional & Personal
- 32. Rule #9 Be Consistent
- 33. Rule #10 Admit When You’re Wrong
- 34. Measure and Track Your Klout
- 35. Social Selling Success is about Growing Your KLOUT PETER CASHMORE TOP TECH Executives Klout Scores GUY KAWASAKI MARK ZUCKERBERG SETH GODIN JOE FERNANDEZ BIZ STONE
- 36. Social Selling Success is about Growing Your KLOUT
- 37. Social Selling Success is…
- 38. Social Selling Success is about Getting “K.L.T.R.” KNOWN LIKEDTRUSTED REFERRED
- 41. Thank You
Editor's Notes
- Are You Generating Enough Quality Leads? Aberdeen - “Only 43% of Reps Making Quota” Aberdeen - “79% More Likely To Attain Quota Using Social Selling in the Selling Process” 60% of Best in Class Companies Train Sales Professionals on Social Conversations vs only 19% of Laggards Prospect is at Least 50% Through the Buying Process or even further by the time prospects enter the Sales person’s vision
- Social Selling is about building relationships and earning and growing relationship capital
- Relationship Capital or RC is an open standard that assesses 4 attributes: Character Competence Proactivity Good Intent
- The Next generation algorithms have just entered the market and they will judging you. Why invest in social selling training and building social credibility and relationship capital? One executive asked me what if I invest in my sales & marketing team in social selling and they leave? What if you don’t their invest in social selling skills and they stay?
- Social Selling Exaggeration: #2. If you want to gain new customers, there is only one-way to reach them today and that is by aggressively selling them though social channels.
- Customers are Making More Educated Buying Decisions Customers are Doing More Research Online They are being influenced by Peers, Brand Advocates, and Total Strangers and much of the Influence is Happening Across Social Media Channels TWO STORIES: A Well-Known Hotel has Mismanaged a Reservation In 2004, I was Responsible for Business Development for the Banking Practice in the Midwest for Headstrong (now known as Genpact) Most Companies have used Social Media for BRAND AWARENESS and as an extension of the CUSTOMER SERVICE function. Only recently have started recognizing and regularly using social media as a selling tool. In Dec. of 2013, Mike Drapeau, Co-Founder off The Sales Benchmark Index (SBI) predicted that quota attainment rate would go up to 75% Permanently from the “60%” historical rate. This is based on the sales productivity gains of social selling.
- As a individual sales person, you can rack up some impressive wins when it comes to Finding and Selling to social customers. That said, in order to make substantial headway on social networks, you need a TEAM to Support your Efforts. As mentioned, there are a lot of places where social selling works well. There are almost too many places. Trust me when I say that It Takes a Lot of Time to Consistently Interact on Social Networks. Especially if you Do It The Right Way! Today I will share with you a How to CREATE and EXECUTE a PLAN to ACCOMPLISH YOUR SELLING GOALS. You will see how important it is to have other TEAM MEMBERS Who Can Share in the RESPONSIBILITY of Making Your Social Selling Plan a REALITY on a Daily Basis. There is One other Reason You Need a Team to Help You - In This Case, I am specifically referring to a CROSS-FUNCTIONAL TEAM of Sales, Marketing, and Customers Support. This is beneficial because your customers are using social media to meet there needs too. Whether it is a place to: RESEARCH COMPANIES, ELICIT PEER REVIEWS OF OTHER PRODUCTS OR SERVICES, LOOK FOR DISCOUNTS OR BUYING INCENTIVES GET TECH SUPPORT ON A PRODUCT OR AIR GRIEVANCES AND MAKE THEIR FRUSTRATION WITH A COMPANY KNOWN Just like the story of the Woman who shared her frustration with the Hotel. In order for you to use those same social networks for selling, you need to make sure your team is Working Together to Help Clear the Path for Selling to Occur and create a Positive Review of Your Brand otherwise you may spend your Social Selling Time Fielding Tech Support and Customer Questions.
- As a individual sales person, you can rack up some impressive wins when it comes to Finding and Selling to social customers. That said, in order to make substantial headway on social networks, you need a TEAM to Support your Efforts. As mentioned, there are a lot of places where social selling works well. There are almost too many places. Trust me when I say that It Takes a Lot of Time to Consistently Interact on Social Networks. Especially if you Do It The Right Way! Today I will share with you a How to CREATE and EXECUTE a PLAN to ACCOMPLISH YOUR SELLING GOALS. You will see how important it is to have other TEAM MEMBERS Who Can Share in the RESPONSIBILITY of Making Your Social Selling Plan a REALITY on a Daily Basis. There is One other Reason You Need a Team to Help You - In This Case, I am specifically referring to a CROSS-FUNCTIONAL TEAM of Sales, Marketing, and Customers Support. This is beneficial because your customers are using social media to meet there needs too. Whether it is a place to: RESEARCH COMPANIES, ELICIT PEER REVIEWS OF OTHER PRODUCTS OR SERVICES, LOOK FOR DISCOUNTS OR BUYING INCENTIVES GET TECH SUPPORT ON A PRODUCT OR AIR GRIEVANCES AND MAKE THEIR FRUSTRATION WITH A COMPANY KNOWN Just like the story of the Woman who shared her frustration with the Hotel. In order for you to use those same social networks for selling, you need to make sure your team is Working Together to Help Clear the Path for Selling to Occur and create a Positive Review of Your Brand otherwise you may spend your Social Selling Time Fielding Tech Support and Customer Questions.
- Remember when you were growing up and struggling to make friends for the first time? Adults usually doled out the same advice each time, “Just be yourself.” This tried and true advice applies to your interaction on social networks as much as it does in face -to-face situations . But let's be clear: Your social networking persona should be an extension of your actual personality.
- What makes a salesperson successful? The ability to listen is a consistent trait? Listening is important to online social networking as well. As part of the listening process, You First Have to Monitor Conversations. This means you are actively on the lookout for comments coming across social media channels that relate to your company, your products, your competitors, or common industry-specific topics. In addition to Monitoring, or being on the lookout for conversations, once you enter into a conversation with someone on social media, you want to be able to keep that conversation going. You certainly don't want to walk away from the conversation in midstream— just as, if you were having a conversation with someone in person, you would not suddenly walk away from her while she continues to talk, because that would be rude and unprofessional. The same rules apply online. Unfortunately, conversation threads in social media move rapidly, and sometimes you can end up dropping out of a conversation and not even realizing it because you overlooked a response or forgot to get back to it. That's why it's critical to follow the conversation from start to finish and pay attention—to really listen to what the other person or persons are saying. Active social listening gives you a distinct advantage in social selling. It means you are more likely to: Use the monitoring process to find conversations that relate to you. Identify your prospective customer's needs, concerns, and interests. Remain relevant to your prospective customer.
- Generally speaking, communication is the act of sending and receiving a signal (or message). However, that communication isn't effective unless the signal is understood and elicits an appropriate response. When it comes to positive social interactions , you certainly hope that people are seeing the information you are sending out over Twitter or your company blog, for example . Most important, you hope that it triggers the desired response. Unfortunately, you don't have control over whether or not that happens. Part of the reason is because there are so many signals going out across social networks today . The sheer volume of messages being sent prevents or decreases the odds that your messages are received every time. But let's flip that scenario and put you on the receiving end of the signals. As I mentioned, a part of your listening goal is to actively monitor so that you receive relevant messages that are being sent out. That means it's then up to you to understand and respond to those messages. There are lots of ways to be responsive. You can answer questions, congratulate someone when they post an achievement or award, comment on articles that someone posts or links to, or simply “Like” or “Favorite” a post. The point is that you have the power to identify and engage, and ultimately create a positive social interaction. When it comes to being responsive, there are three vital qualities, and you must have them all. The first is listening for messages and then responding to them, as I describe above. The second is perseverance— staying active and responsive once you are in engaged in a conversation. The third revolves around customer service. As you recall, in Chapter 2 I discussed how many customer-related complaints and concerns are voiced across social media channels. Being responsive requires you to identify and understand those customer concerns and help find resolutions. Whether you are in customer service, sales, or marketing, all of these conversations influence your ability to sell, so it's critical that you (and the company or brand you represent) are responsive to customer issues.
- As you become involved in the different social networking communities, take a moment to find out what rules or guidelines they have for participation. If you don't see guidelines posted, or don't receive any when joining a community, do a little research. Identify Group Leaders or other active community members and follow their lead— watch how they participate, try to identify when they have a successful conversation, and use that as your guide.
- Communicating with people, whether in person or over social media, isn't rocket science. It's about finding common ground and sharing information that is relevant to your audience. Talking with people is usually very easy, certainly for those of us in sales. This can be illustrated by looking at vertical markets. However, for your message to be received and understood, it must be meaningful to the person you're trying to reach. That means you want to match both the type of content you have and the tone or structure of your message to your target audience. A better option is to find several articles, or other pieces of content that relate to members within each of those vertical markets. Even if you don't have vertical-specific content, you can still tailor the message you that use to post the article.
- When you think about a social networking site, such as Twitter, think about its origins. It was intended to be an open system for sharing information with others by using short messages. Most social networks are based on that same concept of sharing information, events, and images that are meaningful to your circle of contacts. That's why one of the ten rules for having a positive interaction is about helping others. When it comes to social selling, being helpful can mean offering educational opportunities, or general support, or even inspiration.
- This rule is a bit tricky. When it comes to having positive social interactions, you not only have to identify relevant conversations to participate in, but you need to understand how to gracefully enter into and exit out of those same conversations. I like to refer to this as how not to be awkward. For starters, you may pick up on an existing conversation that is between two or three people. Perhaps they are going back and forth about a problem which you know your product can solve . The temptation is to immediately insert yourself into the conversation; to send a tweet or post a comment directly to the person with the problem and tell her you have a product that will solve her problem. As with in-person gatherings, when entering a new social conversation it's helpful to introduce yourself or provide a valid reason why you have something worthwhile to offer to the conversation. For instance, you might say something like, “I happen to work in that field and I'm always interested in hearing what problems pop up when dealing with this” or “I totally agree. I've worked with others who had that same complaint.
- When using your social media presence for both professional and personal purposes, it can lead to a struggle. The challenge becomes trying to balance two very different identities. After all, the things you discuss in your downtime from work may not always be appreciated by or appropriate for people you interact with professionally. The easy answer is to maintain separate social media accounts— one for personal use, one for work. This reduces the likelihood of you getting carried away and posting something you shouldn't. Having a professional profile doesn't mean you have to be robotic and devoid of personality; find a comfortable balance. Because you are also using social media to find customers, your social profile descriptions will likely mention the type of work you do and for whom you work. It's important to make it clear that all of your comments do not necessarily represent your company or brand.
- Have you ever followed a company or a celebrity on social media because you look forward to the information they share? Then you quickly discover that the amount and types of posts they share are hit and miss, at best. It's disappointing. More important, it becomes incentive for you to disengage. Even though you may not have celebrity status, once you start networking across social channels and building relationships with followers, it's critical to keep up communication. Maintaining a social media schedule is helpful to keep you on track,
- Truthfully, this rule doesn't require much explanation. Simply put, be ready to admit when you make a mistake and apologize for it, whether you say something you shouldn't, put out information that is wrong, or don't do a good job taking care of your customer. The right thing to do is to own up to your mistake. The good news is that, in most cases, information moves fast across social networks and the social ramifications of your mistake are likely to pass quickly. In addition, people are usually very receptive to apologies and are happy to share with others that you made good on the issue, which can lead to more positive social interactions.
- A lot of people complain about the lack of transparency and inaccuracy of Klout because they have no idea how the Klout score is calculated. In Klout’s defense, Klout has dramatically improved its transparency. Klout now shows your past interactions from your social networks that contribute to your score. As with most things in life Klout is not 100% accurate. However, it is accurate enough to indicate whether you are interactive, influential, and engaging in your networks. If you are active and engaging, and consistently put out strong content that others are receptive to, it will be reflected by your high Klout score. I want to stress that even though the Klout score is important, and is an attention grabber, it is not the end all to be all. It is a result of your social media activity, influence, and efforts. What makes Up your Klout The score is calculated tracking 400+ signals, using 10 different networks, over a 90 day period. Your social media activities from four months ago have no bearing on your current score. Below are the “ingredients” used to generate your Klout score.
- Klout was created and founded by Joe Fernadez
- For those of you who may be wondering my Klout Score is 77. Top Score is 100. I can do better.