Social Espionage & CRM: Selling to Customer 2.0 - #SXSWi
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Social media has created a wealth of customer information that can help salespeople build relationships and identify sales opportunities, similar to how Bloomberg terminals helped brokers. However, salespeople now have more information than they can effectively use. An integrated system is needed to bring social and customer relationship management (CRM) data together in a salesperson's workflow, like Bloomberg did for financial information, to help generate more revenue. Social selling training and tools can help salespeople maximize the potential of social media and customer insights for improved sales.
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Social Espionage & CRM: Selling to Customer 2.0 - #SXSWi
- 1. Social Espionage & CRM: Selling to Customer 2.0 @umbertom http://umberto.insideview.com
- 2. Social Media and Sales
- 3. 1980s: Financial Markets Explode
- 4. Financial Information Boom
- 6. Now Bloomberg is a Must-Have
- 7. Productivity is Big Business!
- 8. Brokers Before Bloomberg = Sales Today Brokers before Bloomberg Sales today
- 10. Connect How Do You Build a Relationship? Listen Engage
- 13. CRM Social Data Sales Pros Have Too Much Info! Sales Traditional & Subscription Data
- 14. A Bloomberg for Sales
- 15. Social Knowledge Integrated into Workflow
- 16. “Sales people using Sales Intelligence generate 17% more revenue than their peers who do not” Sales Intelligence = #winning Source: The Sales Intelligence Challenge, CSO Insights, Jan 2011
- 17. http://www.socialsellingu.com Twitter: @socialsellingu @umbertom
Editor's Notes
- Title slides: Social Espionage & CRM: Selling to Customer 2.0
- Good morning. Show of hands on those using social media in marketing and customer service as we just heard from David and Chelsea (prior two presentations). I’m here to tell you about the impact that social media is having on sales organization, and I will do so by telling you a story.
- The story begins in the mid 80s, at the dawn of what would become the longest and biggest bull stock market in recent history.Stock brokers and bond traders made trading decisions by analyzing multiple streams of financial data and news feeds from information providers like Dow Jones and Reuters.
- Michael Bloomberg has a better idea: let’s use technology to aggregate information from all these different sources all in one place: the Bloomberg terminal was born and intelligence entered the financial industry in a revolutionary new way.
- Very quickly bloomberg terminals became a must-have for investment professionals. Knowing how to use a terminal became a job requirement, and traders moving to a new company demanded a bloomberg terminal as a requirement for joining the new firm. Financial professionals had a new intelligence mandate.
- Bloomberg terminals changed the finance world, replacing human data aggregation with technology-aided analytics. By making traders more productive, Bloomberg has built a $7B/yr revenue company, generating over $2B/yr in profits. Visual: Bloomberg building in NYC. One of the tallest buildings in Manhattan. Bloomberg empire - Mayor Bloomberg does not take a salary as mayor.
- Fast forward 20+ years, and I see a lot of similarities. Yesterday’s traders are today’s sales people, who are doing human aggregation and analysis of business information from a large number of disparate sources, most of them user-generated through social media and social networks
- Traditionally sales people got to know their customer by spending time on the golf course or at the local restaurant. Sales is clearly a relationship business which requires knowing your customers, yet we don’t have the time for these kind of interpersonal interactions. So what’s the role that social media is playing in sales?
- Over the last 10 years financial constraints have shifted sales people away from traveling, replacing in person interactions with web conferences, phone calls and emails.But how does a sales person get to know a customer that they can’t see, and don’t get to spend social time with? It comes right back to intelligence.
- The answer is clearly social media. Our customers have left an information trail that sales people need to use to educate themselves on the people and companies they want to do business with. The trail is a combination of news articles, blog posts, twitter streams, facebook profiles, youtube videos and press releases, and real-time LinkedIn changes. Our interests are out there for people to see. Our companies share their strategies, needs and challenges openly on the web like never before. Visual: social media is the answer. Type of info available about people in social media.
- The answer is clearly social media. Our customers have left an information trail that sales people need to use to educate themselves on the people and companies they want to do business with. The trail is a combination of news articles, blog posts, twitter streams, facebook profiles, youtube videos and press releases, and real-time LinkedIn changes. Our interests are out there for people to see. Our companies share their strategies, needs and challenges openly on the web like never before. Visual: social media is the answer. Type of info available about people in social media.
- The challenge for today’s sales person is the same that financial traders had 20 years ago: information overload. High volumes of information with a low signal to noise ratio makes sales people unproductive.
- Aggregation and analytics technology needs to made available to our sales people so they can quickly and efficiently discover the intelligence that they need to know who to talk to, when the right time is to reach out to them, and what to say in an email or on a phone call.
- That intelligence needs to be integrated into the workflow of our sales people, in their CRM and email inbox. That’s what we happen to be working on at InsideView, and there are many other companies working to make intelligence an integrated part of other business functions…
- …when this intelligence is integrated into, say, sales - companies will become more successful, and sales people will be happier and more productive.
- Fortunately, there is a whole instructive movement around this – Social Selling University and the Rotman Institute for Social CRM -- and many other resources as David and Chelsea explained, in other functions.