37 facts on the future of social selling vs. cold calling 0

Posted on December 14, 2014 by Rob Petersen

 

 

 

social selling vs. cold calling

50% of sales go the first salesperson to contact a prospect (source: InsidesSales.com).

Social Selling is the use of social media to interact directly with prospects, answer questions and offer thoughtful content until the prospect is ready to buy. Social selling is not hard selling. In fact, it’s the opposite.

Cold Calling is the solicitation of business from potential customers who have had no prior contact with the salesperson conducting the call. 

You might say one is yesterday’s way of selling and the other is today’s.

  • Where is it going in the future?
  • Why has it changed?
  • Which means is most likely to get to the prospect first?

Here are 37 facts on the future of social selling vs. cold calling.

SOCIAL SELLING

  1. 98% of sales reps with 5000+ LinkedIn connections achieve quota (source: Sales Benchmark Index)
  2. 89% of customers begin their buying process with a search engine (source: Fleishman-Hillard)
  3. 80% of introductions generate a sale (source: DSWA)
  4. 75% of customers say they use social media as part of the buying process (source: IBM)
  5. 74% of B2B marketing companies use Twitter to distribute content (source: Content Marketing Institute)
  6. 72.6% of salespeople using social media outperformed their sales peers (source: Social Media and Sales Quota Survey)
  7. 61% of US marketers use social media for lead generation (source: IBM)
  8. 55% of B2B buyers search for information on social media (source: MediaBistro)
  9. 54% who used social media tracked their social media usage back to at least one closed deal. (source: Social Media and Sales Quota Survey)
  10. 50.1% of sales people who report using social media state that they spend less than 10% of their selling time using social media (source: Social Media and Sales Quota Survey)
  11. 50% of identified sales leads are not ready to buy (source: Gleanster)
  12. 47% larger purchases result from nurtured leads than non-nurtured leads (source: The Annuitas Group)
  13. 42% Follow or Like a friend or brand; 79% are motivated to do this in order to learn more about the brand (source: Fleishman-Hillard)
  14. Over 40% of salespeople say they’ve closed between two and five deals as a result of social media. (source: Social Media and Sales Quota Survey)
  15. Social media users were 23% more successful than their non-social media peers. (source: Social Media and Sales Quota Survey)
  16. Today’s sales process takes 22% longer than 5 years ago (source: SiriusDecisions)
  17. You are almost 5X more likely to schedule a first meeting if you have a personal LinkedIn connection (source: Sales Benchmark Series)
  18. Marketers spend an average of 4-6 hours a week on social media (source: Social Media Examiner)
  19. 2X higher ROI from email marketing than cold calling, networking or trade shows (source: MarketingSherpa)
  20. B2B marketers who use Twitter generate 2X as many leads as those that do not (source: Inside View)

COLD CALLING

  1. 91% of the time, cold calling doesn’t work (source: Harvard Business Review)
  2. 91% of customer say they’d give referrals; only 11% of salespeople ask for referrals (source: Dale Carnegie)
  3. 90% of C-suite executive say they never respond to cold calls or email blasts (source: Harvard Business Review)
  4. 82% of B2B decision makers think sales reps are unprepared (source: SiriusDecisions)
  5. Customers don’t want to deal with salespeople until they are 70% down the path of the buying process (source: HubSpot)
  6. 61% of marketers send leads directly to sales, despite the fact that only 27% of those leads are qualified (source: SalesForcce.com)
  7. 60% more expensive per lead than other methods (source: HubSpot)
  8. 57% of the buying process is done before sales contact (source: Corporate Executive Board)
  9. 8 attempts to reach a prospect today with a cold call vs. 3.68 in 200y (source: TeleNet and Ovation Sales Group)
  10. 8% of salespeople get 80% of sales (source: The Marketing Donut)
  11. 7 people in the average firm of 100-500 people are involved in a buying decision (source: Gartner)
  12. Only 5$ of business lead phone calls lead to a sale (source: DSWA)
  13. Only 2% of cold calls result in an appointment (source: Leap Job)
  14. Only 2% of sales occur at a first meeting (source: The Marketing Donut)
  15. Only 2 attempts are made by the average salesperson do reach a prospect (source: Sirius Decisions)
  16. 1 out of 250 salespeople exceed their targets (source: Harvard Business Review)
  17. Less than 1% of cold calls lead to a sale (source: DSWA)

These facts say we spend more time on search engines and social networks seeking out, researching and connecting with products we’re going to buy and the people who we want do to do business than we do on our phones. As a result, more of us believe we don’t need to speak to a salesperson until we are further along in the buying process.

When that time comes to speak to someone, the person who is most relevant and top of mind is more likely to be the contact that gets the business. And it’s more likely that person is going to be found through an association established on the internet and social media than it is a cold call.

And that’s now. So the trend is only going to move more in that direction for the future.

Do these give you facts for the future on social selling vs. cold calling? Could your business use help doing social selling better?

10 lessons on Walmart’s social media strategy for any business 0

Posted on August 10, 2014 by Rob Petersen

 

 

walmart-wins-marriageWalmart is the world’s largest public corporation, biggest private employer and largest retailer. It is still a family-owned business.

Walmart also has a big social media presence. Walmart has:

Why? What does Walmart know that the rest of us can learn?

Here are 10 lessons on Walmart’s social media strategy for every business.

  • START WITH A GOAL: Walmart’s goal for social media is to ensure that customers and potential customers understand that the discount store has the lowest prices in the industry and that Walmart’s mission is to help them save money so they can live better lives. That’s according to Chad Mitchell, Senior Director of Digital Communication. Because the company is often a target for controversial press, a second objective is to use social media to protect, defend and enhance Walmart’s reputation.
  • TRAIN EMPLOYEES: The company trains it’s employees on its mission. They encourage storytelling. to solidify Walmart’s brand and the values its founder established more than 50 years ago.
  • ESTABLISH GUIDELINES: There are guidelines on engagement, location-based promotions for associates and “Walmart Moms” who post or publish.
  • HAVE A PURPOSE FOR EACH SOCIAL NETWORK: Walmart’s role for Twitter is to ask very basic questions of its users: “What’s happening?” By having a number of Twitter accounts, Walmart aims to provide information on Walmart’s major activities and initiatives – from sustainability to diversity, from healthier foods to charitable giving. Walmart uses Facebook to communicate specific values that are occurring every day at both the national level and in each of its 3,500-plus stores.
  • SEGMENT BY AUDIENCE INTERESTS: The company has Twitter handles with @WalmartHub being the “parent” handle that only Re-tweets the best performing content from the other handles, The other accounts feature the following topics:
  • USE SOCIAL MEDIA NATIONALLY AND LOCALLY: On Facebook, Walmart ambitious My Local Walmart program establishes individual Facebook fan pages for its 3,500-plus stores, It also involves a Facebook App that stores can use to communicate sales, specials and other updates with fans in their local area. But, local stores haven’t been using their pages that effectively. There is learning and improvements Walmart has to make as does any business that use social media so broadly.
  • MAKE YOUR BLOG A COMMUNITY AND KEEP IT REAL:  “Walmart Moms” started in the late 2000’s, They’ve always been real moms who are bloggers. Their role is simply to represent the voice of all moms; to tell and help others understand the daily challenge and triumphs of Moms. Participation in “Walmart Moms” is voluntary.
  • ENGAGE FREQUENTLY: On any given day, Walmart posts on Facebook between two and five updates, including weekends, and most achieve an impressive number of responses from its Fans. Most of its posts achieve tens of thousands of Likes and hundreds of comments, with pictures of pets and children proving to be particularly popular. Walmart adds about 9,000,000 new Likes every 6 months.
  • LISTEN TO THE DATA: WalmartLabs uses such spikes in social network chatter to predict demand for out-of-the-ordinary products, In 2011, their team correctly anticipated heightened customer interest in cake-pop makers based on social media conversations on Facebook and Twitter. A few months later, it noticed growing interest in electric juicers, linked in part to the popularity of the juice-crazy documentary Fat, Sick and Nearly Dead. The team sends these data to Walmart’s buyers, who then use it to make their purchasing decisions.

Your business is not likely to be the scale of Walmart but these lessons should give ideas on areas you should be thinking about. Are there lessons from Walmart’s social media strategy that apply to your business? Which ones are the most relevant?

24 ways SEO and social media work like peanut butter and jelly 0

Posted on May 19, 2014 by Rob Petersen

 

 

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  • 59% of marketers agree SEO has the biggest effect on lead generation
  • 22% say social media
  • 20% say pay per click (source: SiteProNews)

The numbers imply these channels aren’t working together. That’s a mistake.

Search Engine Optimization (SEO) is is the process of getting website traffic from “free,” “organic,” “editorial” or “natural” listings on search engines. Social Media Marketing refers to the process of gaining website traffic or attention on social media sites in the same way. They both work from traffic that comes from earned media.

If you were to hire a resource to help with SEO or social media, most people think to choose either an SEO specialist or a Social Media agency because the two are different marketing disciplines. That’s an even bigger mistake.

Recent Google algorithm changes underscore how SEO and social media are inextricably linked. Panda is a Google algorithm filter aimed at fighting low quality content; Penguin is one aimed at fighting web spam. Google has concluded the best match for a keyword is the one that is focused and other people follow.

If you don’t think SEO and social media work together, like peanut butter and jelly, here are 25 reasons they do.

  1. 93% of online experiences begin with a search engine (source: Search Engine Journal)
  2. 82% of internet users use search (source: Search Engine Joural)
  3. 81% of businesses consider their blogs to be an important asset to their businesses (source: Search Engine Journal)
  4. 74% of consumers use a Facebook brand page as the desired format for following a brand for future engagement (source: GroupM and comScore)
  5. 73% of online adults use a social networking site; 42% use multiple social networking sites (source: Pew Research)
  6. 70-80% of web users ignore the paid advertising and look down the page for the first organic search result (source: PPC.org)
  7. 64% of consumers are likely to follow a brand (source GroupM and comScore)
  8. 50% of consumers use a combination of search and social media to make purchase decisions (source: Inc)
  9. 46% of consumers who use social media in the purchase pathway are driven to use search to expand their knowledge about their likely purchase (source: GroupM and comScore)
  10. 41% of customers are winning customers using social media (source: Search Engine Journal)
  11. 41% more likely to recommend a brand to a friend if you “Like” the brand on Facebook (source: WOMMA)
  12. 40 percent of consumers who use search in their path to purchase are motivated to use social media to further their decision making process (source: GroupM and comScore)
  13. 31% use social media during the purchase process to get other people’s opinions (GroupM and comScore)
  14. 30% say they use social media to eliminate brands from contention (source: Octagon)
  15. 28% of consumers say social media plays a valuable role in helping them become aware of new brands and products; 30% say it helps them eliminate brands from consideration (source: GroupM and comScore)
  16. 28% say social media sites e.g. YouTube, and Facebook help them learn more about brands and product (source: Octagon)
  17. 28% more likely someone will continue to use a brand if they “Like” the brand on Facebook (source: WOMMA)
  18.  25% of Google searches come from YouTube in 2013; up from 17% in 2007 (source: comScore)
  19. #1, #2 and #3 largest web destinations are Google, Facebook and YouTube, respectively (source: Alexa)
  20. At a ratio of 2-to-1, consumers cite quality and depth of information as reason they use search and social media together (source: Octagon)
  21. 2nd largest search engine is YouTube (source: comScore)
  22. If you  provide the Google+ id while guest posting on a blog, you establish author rank and Google gives you credit for writing the article
  23. Google+ has the highest correlated social factor for SEO ranking (source: HubSpot)
  24. In 2010, Google and Bing admitted to also rank website by how sociable they are (source: PPC.org)

Do these reasons convince you SEO and social media work together like peanut butter and jelly? Do you believe agencies now have to be experts in both?

 

What the Top 15 Social CEO’s say social media taught them 0

Posted on December 16, 2013 by Rob Petersen

 

 

Social CEO Leadership Qualities

 

CEO’s who participate in social media (Social CEO’s) are seen as better leaders. That’s the conclusion in this chart from  Weber Shandwick and KRC Research in, The Social CEO, a survey of 630 C Suite executives. In fact:

  • 66% say its risky to have an unsocial CEO versus 49% who says its risky to have a Social CEO.
  • 42% of CEO’s are now social; this is expected to increase by 50% within 5 years.

For more conclusions from this study, see the infographic below.

Why are Social CEO’s seen as better leaders? Why are more CEO following? What have they’ve learned? Here’s what the Top 15 Social CEO’s say social media taught them.

  1. RICHARD BRANSON (FOUNDER, VIRGIN GROUP): “We’ve been using our social media channels to spread the message that we are just as interested in making a difference as making a profit.” Over half a million check Branson’s regularly updated blog each month, offering an exclusive insight into the workings of Virgin.
  2. JEFF WEINER (CEO, LINKEDIN): “The key is to concentrate extremely hard on getting the right processes and infrastructure in place early on. Otherwise, you spend far too much time fixing things later.”
  3. MARISSA MEYER (CEO, YAHOO): “Yahoo sees tweets (from news figures and news outlets) as an as important information source of news for many of our users.” Yahoo and Twitter have partnered to incorporate Tweets into the Yahoo newsfeed.
  4. ADRIANA HUFFINGTON (GROUP PRESIDENT, AOL): “Social media allows like-minded people to coalesce, and has increased the ability of companies to tap into their customers’ humanity. There’s a much higher bar for engagement with social media and, once in, a company can no longer easily hide behind a glossy, expensively photographed ad campaign.”
  5. ELON MUSK (CEO, TELSA MOTORS): “Engineers interested in working on autonomous driving, pls email autopilot@teslamotors.com. Team will report directly to me.” Elon Musk recruited engineers using Twitter. His approach worked because he was reaching precisely the creative, savvy professionals he looked to bring into his companies.
  6. ANAND MAHINDA (CHAIRMAN/MD, MAHINDA & MAHINDA):  “I think its very important for people to feel that when they work in our group, it’s not just remuneration, its not just the work reward but you will get recognized by what you do. I believe that is one of the most powerful motivators for any one in life.”
  7. KAI-FU LEE (CHAIRMAN/CEO, INNOVATION WORKS): “Social media has more power in China than it does in any other country. While controls are tight, one must realize that social media is revolutionizing the way people communicate with and other and can change China for the better.”
  8. JEFF IMMELT (CEO, GE): “Social media helps GE keep to its goal of always being a learning company. Social media gives me access and speed to customers and employees I could not otherwise have.”
  9. JACK WELSH (FOUNDER, JACK WELSH MANAGEMENT INSTITUTE): “Social media is changing the relationship between you and your employees, you and your customers. You cannot have a bad service issue and sit there. It will be on social media rapidly and your reputation can be stained for months, weeks or years. You have to be able to respond to errors quickly.”
  10. ANGELA AHRENDTS (SENIOR VP-RETAIL AND ONLINE STORES, APPLE): “You have to be totally connected with everyone who touches your brand.”
  11. MARC BEINOFF (CHAIRMAN & CEO, SALESFORCE): “As a marketer, as a sales professional, you’d better know what’s happening on those social networks because those are your customers. We’ve seen brands go haywire when one tweet goes wrong. Are you paying attention to that? Do you really know what’s happening with your customers? That’s the question.”
  12. ERIC SCHMIDT (EXECUTIVE CHAIRMAN, GOOGLE): “Every two days, we create as much information as we did from the dawn of civilization up until 2003.”
  13. RUPERT MURDOCH (CHAIRMAN & CEO, 21st CENTURY FOX): “There is so much media now with the Internet and people, and so easy and so cheap to start a newspaper or start a magazine, there’s just millions of voices and people want to be heard.”
  14. DICK COSTELLO (CEO, TWITTER): “Twitter quickly became an alternative form of communicating to get help, in ways that phone calls and text messaging couldn’t. I think Jeff Bezos is amazing. The way he’s thought about building out the platform that the company has is exactly the kind of model we want to build at Twitter.”
  15. REID HOFFMAN (CHAIRMAN, LINKEDIN): “The impact of the Internet on business will continue to increase massively. CEOs will need to understand their customers and the environment that their customers live and work in — which will be increasingly ‘social’. your brand as a CEO and as a company through social media will be key to attracting the right talent. The principal lesson that I’ve learned is to always be learning and never believe that you know enough.

Did these Top Social CEO teach you something new about social media? Do you see why their colleagues see them as better leaders? Does their use of social media inspire you?

Social CEO Infographic

 

9 brands prove vulnerability is good for business 3

Posted on September 23, 2013 by Rob Petersen

 

 

brand who are vulnerable

New media channels – digital, social media and mobile – change marketing from a monologue to a conversation. So, in the spirit of a dialogue, shouldn’t brands say, “I’m sorry,”  when they make a mistake?

Some do and even turn a misstep to an advantage when they:

  • Admit the mistake fast
  • Respond with honestly
  • Say what is going to be fixed

Here’s how 9 brands proved vulnerability is good for business.

  • AMAZON: Remotely deleted George Orwell’s “1984” from Kindle devices. Consumers were angry to discover the book had suddenly vanished from their Kindles. Jeff Bezos posted an apology admitting the act was “stupid, thoughtless, and painfully out of line with [Amazon’s] principles.”
    Amazon overcame an outrage and Amazon exceeded its projected Kindle sales+60% for the year.
  • APPLE: Intended to give Google Maps a run for the money; instead, Apple Maps was a failure from the start. It functioned poorly and misdirected users. CEO Tim Cook issued an an immediate and open apology. The company didn’t lose stride during a period when it was rapidly increasing sales and its stock price.
  • BODYFORM: a UK maker of feminine hygiene products was called out by a snarky male on its Facebook page. The CEO apologized on YouTube with an equally snarky but appropriate response from someone, who wasn’t a customer, trying to pick a fight. It nullified the attack, generated great PR and brand awareness. The video on YouTube has 5,320,375 views. See for yourself.

  • DKNY: After a photographer realized that DKNY was using his photo in a window without his permission, he mobilized his community to share a post asking DKNY to donate $100,000 to a local YMCA in lieu of compensation. DKNY responded quickly by way of an apology that it was an accident promised to donate $25,000 to the YMCA. The photographer accepted it was an honest mistake and thanked them for the donation.
  • DOMINO: Via TV spots, Facebook, You and Twitter, J. Patrick Doyle, Domino’s president, expressed how important it was for their company to listen to their consumers – their most important asset. Domino’s profits rose to $23.6MM for the year as a result. Here’s the story.

  • KITCHEN AID: Someone who tweets for KitchenAid thought they were posting from their personal account, but tweeted as KitchenAid instead. It happens  but some tweets got pretty offensive, including one at Barack Obama’s late grandmother. Head of KitchenAid Cynthia Soledad took responsibility for the tweet and offered an apology to Barack Obama and his family. It teaches the lesson to carefully choose the people who post for your company.
  • JOHNSON & JOHNSON: Found themselves with a customer loyalty problem when a particular brand of tampon in the O.B. line was discontinued in North America. People thought the whole O.B. line was being discontinued.
    A Facebook group called for a boycott of all J & J products. A musical apology was sent out to over 65,000 loyal O.B. users, a list that covered about a 1,000 distinct names. The response was overwhelmingly positive from women.

  • O2: A European mobile service company, during a massive network outage, O2′s Twitter account became inundated with tweets by frustrated customers. Instead of issuing standard corporate responses, O2 responded to these tweets with an honest and light-hearted demeanor. Their human approach was extremely refreshing and sentiment changed dramatically as a result.
  • TACO BELL: Taco Bell recently combated a traditional attack (a class action lawsuit charging that the restaurant’s meat isn’t really beef) with new media techniques. On Twitter, Taco Bell linked to comedian Steven Colbert’s musings on the controversy; on Facebook, they offered free tacos, encouraging customers to make up their own minds about the beef in question. 7,000,000 million loyal Facebook “friends” showed their enthusiasm and the lawsuit has been dropped.

If your business is using social channel and a mistake is made or your brand comes under attack, are you prepared to own up to it like these brands?

Do these examples give you an idea what to do? What do they prove to you?

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