Sales 2.0: How to Use Social Media to Accelerate Sales

2,416 views

Published on

Sales 2.0: How to Use Social Media to Accelerate Sales

Published in: Business, Economy & Finance
1 Comment
10 Likes
Statistics
Notes
No Downloads
Views
Total views
2,416
On SlideShare
0
From Embeds
0
Number of Embeds
223
Actions
Shares
0
Downloads
178
Comments
1
Likes
10
Embeds 0
No embeds

No notes for slide
  • Sales 2.0: How to Use Social Media to Accelerate Sales

    1. 1. © 2016 David Teten. More at teten.com The Virtual Handshake: How to Make Sales As Easy As Online Dating David Teten teten.com // @dteten http://www.flickr.com/photos/23905174@N00/2438005410/
    2. 2. © 2016 David Teten. More at teten.com Don’t take notes! Download these slides, sign up for updates, and get more free resources at: teten.com/sales
    3. 3. Intro Social Media Process Network Next Steps © 2016 David Teten. More at teten.com • Introduction • Social Media • Process • Growing Your "Network 2.0" • Next Steps
    4. 4. Intro Social Media Process Network Next Steps © 2016 David Teten. More at teten.com David Teten • Partner, ff Venture Capital, early-stage technology venture capital fund, one of the best performing seed- and early-stage venture capital firms in the U.S. • Previously serial entrepreneur and technology investment banker • Advised clients such as Goldman Sachs Special Situations Group, Icahn Enterprises, LLR Partners ($1.4b fund), Birch Hill Equity Partners (C$2B fund), and other institutional investors • Harvard MBA 1998, Yale BA, both with honors. • Teten.com / @dteten
    5. 5. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com • Introduction • Social Media • Process • Growing Your "Network 2.0" • Next Steps
    6. 6. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com http://www.flickr.com/photos/23439761@N03/3258313816/sizes/l/ Social media allows you to convert cold calls to warm calls.
    7. 7. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com Why should I care about social media? •Because 3 out of 4 Americans use social technology. (Forrester, The Growth Of Social Technology Adoption, 2008) •2/3 of global internet population visit social networks (Nielsen, Global Faces & Networked Places, 2009) •Visiting social sites is now the 4th most popular online activity—ahead of personal email. (Nielsen, Global Faces & Networked Places, 2009) •Visitors spend 5 million minutes per day on Facebook. (Facebook) http://www.slideshare.net/mzkagan/what-is-social-media-2005829 . http://www.flickr.com/photos/sreejithk2000/2385193167/sizes/l/
    8. 8. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com But I don’t use social media, and neither do my clients! • The reality: you and your clients are in the matrix whether you like it or not. • Your clients search for you on Google before doing business with you. • You are already a member of gated online communities, which you may or may not be fully leveraging: your alumni network, your local “Moms” or “Dads” mailing list, your church/synagogue/mosque • You can accelerate your sales process by leveraging potential clients’ digital footprints. These help you to source leads, filter them, and then run a better educated sales process. http://www.slideshare.net/mzkagan/what-is-social-media-2005829 . http://www.flickr.com/photos/sreejithk2000/2385193167/sizes/l/
    9. 9. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com • Searchable • Cheap • Crosses boundaries of time and space • Enables a passive presence • Easy to form groups of like minded people • Greater visibility Why are online networks so powerful? http://www.flickr.com/photos/uaeincredible/3333223048/sizes/o/
    10. 10. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com Social media is pertinent throughout the sales cycle. Sales Cycle How Social Media is an Accelerator Marketing • Become a searchable magnet for potential clients who need what you sell Identify leads • Identify clients who have changed status and are now more likely to be buyers Background check • Review professional and personal lives • Talk with client’s network: customers, competitors, suppliers Reach out • Identify commonalities Negotiate deal • Gain insight into counterparty’s negotiating style, motivations Upsell • Identify opportunities for introductions to other leads • Track movement in their job
    11. 11. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com Firms fail to capitalize on their internal and external networks. Forrester Research/David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online. http://www.flickr.com/photos/pagedooley/2494191157/sizes/l/ • Knowledge is not readily searchable • Knowledge is not retained when employees leave • Relationships are not visible • Relationships are primarily tied to colocated people • Millennials expect and embrace social technologies
    12. 12. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com • Introduction • Social Media • Process • Growing Your "Network 2.0" • Next Steps
    13. 13. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com Attractive sales targets leak signals which indicate they’re potential buyers. http://flickr.com/photos/laserstars/908946494/sizes/o/
    14. 14. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com Cold leads become useful leads when you mine for tells, and in a social media world buyers leak more tells.
    15. 15. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com New tools serve as your “chief of staff”, preparing you for meetings. • Accompany • CrystalKnows
    16. 16. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com Qualify your leads by understanding their business. Selected Sales Qualification Tools • Ghostery • BuiltWith • Alexa
    17. 17. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com Sales process management software helps you manage the entire process, tracking when people open your email, auto- dialing from your computer, and even tracking how long your conversation was. Selected Sales Process Management Tools • Clearslide • InsideSales • InsightSquared • PersistIQ • SalesLoft • Outreach.io • Tout • Velocify
    18. 18. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com Speed up lead generation with outbound calling tools. Selected Lead-Gen Tools • ZenProspect • VOIQ
    19. 19. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com Smart virtual sales assistants help salespeople use their time more efficiently, advising you on the leads most likely to convert. Selected Virtual Sales Assistants • OnePageCRM • Immediately • Spiro • TopOpps • Tact Meeting coordination • Clara • X.ai
    20. 20. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com Sales training is also moving to mobile. Selected Sales Training Tools • Grant Cardone’s Close the Sale App • HireVue • CareerSofia • Chorus.ai (listens to calls and extracts learning)
    21. 21. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com Dashboard tools help clients understand their situation. Selected Dashboards For wealth managers • Advisor Software/Quovo partnership • InvestGlass • ForwardLane
    22. 22. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com RecordSure monitors phone calls for training and compliance purposes.
    23. 23. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com • Introduction • Social Media • Process • Growing Your "Network 2.0" • Next Steps
    24. 24. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com = D * ∑ (Chn*Con *Rn* Sn*In) Ch = Character Co = Your Firm’s Competence R = Relevance of the contact S = Strength of your relationship I = Information N = Number of people D = Diversity Network Valuation Formula N n=1 David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com)
    25. 25. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com Average Relationship Strength = Minutes Available / Person Number = # People therefore… Sales is about quality, not quantity Average Strength * Number = Total Minutes Available vs. High Strength relationships Low Strength relationships
    26. 26. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com Biography analysis software allows you to search by common affinity (e.g., same college) and turn cold calls into warm calls. • Boardex • Klout* • LinkedIn • Relationship Science • ZoomInfo Leading Providers of Biography Analysis Data * ff VC portfolio company
    27. 27. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com • Daniel Zumino, founder of BCG Paris and angel investor, had made a small investment in a startup • He sent email to Stanford GSB alumni list seeking capital for the startup • Raised $8m through referral from alumni, via this listserv David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com) Case study: Entrepreneur raised $8m from an alumni email list
    28. 28. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com Corporate analysis software provides an insider view of the org chart, compensation, and customer views of a company. Leading Providers of Corporate Analysis Data • Capital IQ • CogMap • LexisNexis Corporate Affiliations • TheOfficialBoard
    29. 29. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com Lead generation software makes it easier to reach out to, identify, and learn about the ripest prospects. Lead-Generation and Analysis Tools • Clari • Datanyze • Infer • LeadGenius • Insideview • WealthEngine
    30. 30. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com • In person • Visual chat (e.g., Skype, Google Hangout) • Phone • Instant messaging/ texting • Email • Social media (Twitter, Linkedin, Facebook) Using multiple communications channels promotes stronger trust-building. Caroline Haythornthwaite, “Strong, Weak, and Latent Ties and the Impact of New Media,” The Information Society, 18 ( 2002) 385–401. http://flickr.com/photos/re-ality/41676755/sizes/o/ Major Communications Channels (descending order of importance)
    31. 31. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com Meet people in person.
    32. 32. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com Learn to write powerful emails. • Reduce email traffic by answering their questions in advance. • Use a complete email signature. http://www.flickr.com/photos/misbehave/2352753067/sizes/l/
    33. 33. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com Create more persuasive content. Rich media • Techsmith Proposal creation • Octiv Presentation Assistance • ESlide • Brightcarbon • PresentationElevation • OutsourcedPPT http://www.flickr.com/photos/misbehave/2352753067/sizes/l/
    34. 34. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com Effective salespeople are data hounds. Tools for Enriching Your Contact Relationship Management (CRM) with Updated and Expanded Data Data source Selected technology for inserting data into CRM Cards FullContact Data Enrichment Avention, ClearBit, Cloze, Data.com, DiscoverOrg, Evercontact, Introhive, LeadIQ, Plaxo, Ringlead, SalesOps, Salestools.io, Seamless, Slik Other LinkedIn Full CRM Microsoft Dynamics, Salesforce, SalesforceIQ, Act, Base, many others
    35. 35. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com A number of providers sell CRM specifically for Financial Advisors. • BlueLeaf • Maximizer • Wealthbox
    36. 36. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com Unique data sets give you an edge in identifying clients who are the best fits for your particular needs. Data Marketplaces Data Consultants • Quandl.com • Datamarket.azure.com • Datalogue.io • KDnuggets.com • Consumer databases: Bdex, BlueKai (acquired by Oracle) • Crowdflower • Domino • Tamr • Trifacta
    37. 37. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com A CRM system is useless without compliance. • Senior management must role model. • Ensure CRM generates direct value to users not just to their bosses, e.g., provide automatic regular updating of information and notification of changes. • Base part of compensation on compliance. • Make data entry easy, e.g., by enabling sync to mobile devices. • Allow easy data export (controversial but not unheard of.) How to Ensure Use of CRM
    38. 38. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com Monitor media activity around your company with Bottlenose*: threats, trends, and opportunities. * ff VC portfolio company
    39. 39. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com Create a social networking toolkit. • Create a file with email address groups of people with like interests • Create template emails for frequently used text http://flickr.com/photos/neilt/2517652/sizes/o/
    40. 40. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com Identify thought leaders in your sector with Klout*. *ffVC portfolio company
    41. 41. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com Get the inside scoop from a company’s buying process with Emissary.io.
    42. 42. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com Senior executives prefer to interact online behind barriers, just as they do in face-to-face networks. Sample Gated Communities for Executives • IERG Online • Executive Forum • Sermo • Some LinkedIn groups
    43. 43. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com • Yahoo Groups • Google Groups • LinkedIn Online Community Platforms • Ning • Xing Every special interest group has an online community.
    44. 44. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com Angel Group Platforms Angel Communities Consumer Loans Private Equity Public Gust AngelList CircleBack Lending Assoc. for Corporate Growth Albourne Village Proseeder CircleUp LendingClub Axial FT Alphaville Long Room FundersClub Prosper Intralinks Deal Nexus Sum Zero OurCrowd MergerMarket Value Investors Club SeedInvest Major Gated Communities for Investors Investors maintain their own online gated communities; enter them to sell to them.
    45. 45. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com How to leverage online mailing lists and discussion forums. • Customize your standard intro. • Lurk before you leap. • Dive in, but don’t splash. http://flickr.com/photos/kaibara/1231278142/sizes/o/
    46. 46. Process Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Social Media © 2016 David Teten. More at teten.com Diversify your network by taking one step away from home base. • By industry • By geography • By personal characteristics http://flickr.com/photos/extranoise/169187125/sizes/l/
    47. 47. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com • Introduction • Social Media • Process • Growing Your "Network 2.0" • Next Steps
    48. 48. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com Any questions ? slides at teten.com/sales teten.com @dteten
    49. 49. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com →A representative of ff Asset Management, LLC d/b/a ff Venture Capital (“ffVC”) is providing this presentation for informational purposes to the intended audience. Nothing in this presentation shall constitute an offer or solicitation with respect to the purchase or sale of any security in any jurisdiction nor should anything in this presentation form the basis of, or be relied upon for, making any investment decision. Nothing in this presentation constitutes professional and/or financial advice of any kind (including business, employment, investment advisory, accounting, tax, and/or legal advice), nor does any information in this presentation constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. This presentation and the information contained herein are provided “AS IS”. ffVC makes no representation or warranty (express or implied) with respect to the information contained herein (including, without limitation, information obtained from third parties) and expressly disclaims any liability based on or relating to the information contained in, or errors or omissions from, these materials; or based on or relating to the recipient’s use (or the use by any of its affiliates or representatives or any other person) of these materials; or based on any other written or oral communications transmitted to the recipient or any of its affiliates or representatives. ffVC undertakes no duty or obligation to update or revise the information contained in this presentation.
    50. 50. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com Appendix
    51. 51. Process Network Next StepsIntro Social Media © 2016 David Teten. More at teten.com Social media will accelerate your sales. Parameters Face-to-Face Social Media Character Judge by a handshake SEC filings Competence Personal resources Enterprise resources Relevance Semi-random Focused, searchable Strength Limited channels Multi-media Information Poor visibility Detailed, current data Number Small Large Diversity Restricted by time, space Crosses time & space

    ×