Decisions involve more people than ever before
5.4
people
are now involved in the
average B2B buying decision
Boss
Peer
Direct
report
Cross-functional
Business
leader
partner
Your
target buyer
Corporate Executive Board 2013 – Winning The Consensus Purchase
Decision makers rely on social media to choose
between potential vendors
75%
of B2B buyers now use
social media to be more
informed on vendors
Network
referrals
Blog
posts
White
papers
websites
International Data Corporation 2014 – Social Buying Meets Social Selling
Company
pages
Your
target buyers
Social
relationships
Decision makers now ignore cold outreach
Your
competitor
90%
of decision makers say
they never respond to
cold outreach
Harvard Business Review 2012 – Tweet Me, Friend Me, Make Me Buy. Decision makers are C-level
You
Your
competitor
X
X
X
Your
target buyers
The buyer’s process has changed
5.4 75
% 90
of B2B buyers now use
social media to be more
informed on vendors
%
of decision makers say
they never respond to
cold outreach
people are now involved
in the average B2B buying
decision
Corporate Executive Board 2013 – Winning The Consensus Purchase
Corporate Executive Board 2012 – New Decision Timeline
Harvard Business Review 2012 – Tweet Me, Friend Me, Make Me Buy. Decision makers are C-level
How well has your team adapted to this new normal?
Are you still:
75%
of B2B buyers now use
social media to be more
informed on vendors
Relying on the buyer
to inform you on
key updates
5.4
Looking for one
all-powerful
decision maker
people are now involved
in the average B2B buying
decision
90%
of decision makers say
they never respond to
cold outreach
Cold-calling prospects
like they’re just a name
in a database
Months later I find out
he left my account and
joined another
My contact went
dark and now
I’m back at square one
I keep pounding –
email, phone, voicemail
– but can’t get a response
“
”
“
”
“
”
Building relationships with prospects and customers
is different in this new normal. You need to:
Focus on the
right people and
companies
Stay informed
on key updates at
your target accounts
Build trust with
your prospects
and customers
LinkedIn has a wealth of information on the people &
companies with whom you want to build relationships
Billions
of professional
relationships
313M+
members
2B+
member
updates
per week
To tap into the power of LinkedIn for sales, you need
to expand your access and tailor your experience
Today:
your personal
network
All that LinkedIn
has to offer
YOU
Just what
you need
for sales
Sales Navigator makes it simple to establish and grow
relationships with your prospects and customers
Relevant
news
LinkedIn’s
network data
Your accounts,
leads & preferences
Sales
Navigator
First Degree unique connections for the room – 95,970
Second degree unique connections – 13,256,731
How interconnected are the 161?
45.5K companies represented by these 95k first degree connections
37% / 33K are Director Level +
The DMs are broken down as:
4443 Sales 23.4%
4117 Entrepreneurship 21.7%
1638 Operations 8.6%
1174 Finance 6.2%
1029 Information Technology 5.4%
1029 Marketing 5.4%
770 Media and Communication 4.1%
Any salesperson can tell you that relationships have been – and will be – key to their success.
But the process of building relationships with your prospects and customers has changed. You can’t sell like you used to and still successfully build relationships.
It’s changed because buyers have changed how they buy in three specific ways.
In the traditional sales model there is only one buyer, you have to find them and keep trying to contact them
But many other people in company; decisions are not made in isolation
Some of them influence the primary buyer; you have to identify who these influencers and other members of the buying committee
According to the Corporate Executive Board there are 5.4 people involved in the average buying decision - meaning 4.4 influencers in a given buying decision, in addition to 1 purchaser
B2B decision makers inform themselves in various ways when making a purchasing decision. Traditionally, these have included vendor websites, white papers and network referrals / recommendations.
However, today, social media underpins all three of these sources (company pages on LinkedIn, blog posts, social relationships) – so its no surprise that 75% of B2B decision makers use social media to make informed purchases (according to research by IDC, International Data Corporation)
And, use of social media increases with the seniority of the buyer – 84% of VP+ decision makers use social media when making a purchasing decision.
If you’re not actively using social media to reach buyers, you could be missing 75% of the people out there.
You used to be able to reach your buyer with cold calling. But buyers are overwhelmed with cold outreach. They’ve put up a brick wall.
In fact, according to Harvard Business Review, 90% of c-level execs ignore cold outreach. That means you’re only reaching 10% of all decision makers.
So how can you continue to build relationships if you can’t reach them?
Buyers don’t make decisions like they used to – their process has changed.
The average buying decision involves more people than before; the team now has to come to consensus before purchasing
This expanded buying group is doing research on social media in addition to (or instead of) traditional research
This buying group is not responding to traditional methods of sales contact – cold outreach
Have you adapted your sales process to fit the buyer’s new process?
Are you looking for one all-powerful decision maker?
With the expanded buying group of 5.4 people, if you are single-threading an account, you are setting yourself up to be blocked if that one buyer goes dark
Imagine your decision maker at a table with all of the people he needs to convince to purchase your product; if you haven’t reached out to them, the likelihood that meeting goes well is slim
Are you relying on the account to keep you updated?
They’re more informed about you now; you have to ensure you are equally informed about them.
Imagine that you’ve only been targeting one decision maker. What happens if that one person changes jobs - and you don’t know? Suddenly, all of your work with that account is lost.
You need to be informed on what is going on with them so you can intelligently speak to their challenges or successes. Did their stock just tank? Did someone important in the industry start working there?
When the buyers start doing research online, you want to be part of their research process - be their go-to source of information. Otherwise, how can you influence the decision.
Are you treating your prospects like a name in a database?
Cold outreach is not effective, and is getting less effective over time. Why? Because decision makers are bombarded with calls and emails.
How do you get through the clutter? How do you get in the door?
In this new normal, you have to cater your sales process to the way the buyer is now working. You need to :
Focus on the right people and companies
Stay informed on key updates at your target accounts
Build trust with your prospects and customers
LinkedIn has the information you need to adapt to this new normal.
300M + members and 2 new every second - so you can find the right person, or people, to focus on
2B + member updates per week - so you know what these people are talking about and what’s going on with them
Billions of professional relationships - so you can reveal connection paths between your company and your target account that you can leverage for a warm introduction
LinkedIn is a really powerful tool for sales
However, free LinkedIn is focused on your personal - not business - growth
To really tap into the power of LinkedIn, you need to expand your access to the broader LinkedIn network. With free LinkedIn, you only see 1/50th of what you could see with a premium license.
And you also need to tailor your experience to just the information relevant to your sales role. 50x as much data is great, but can be overwhelming if not focused on what you care about.
There are three key inputs in LinkedIn Sales Navigator
Data from the LinkedIn network
Relevant news from around the web
Your accounts, leads, and preferences
Together, these inputs are put into LinkedIn’s matching and insights engine. Your accounts, leads, and preferences are used to filter down LinkedIn’s network data and relevant news to just what matters to you. The result are customized recommendations that help you to establish relationships and actionable insights that help you to grow relationships
Suggested demo flow:
How to access product
Where settings/preferences are (e.g. regions, industry etc)
Sales Updates and their value
How to save accounts
How to save leads
Run a Lead Builder search
Show TeamLink
Show Lead Reccommendations
Show how to access Learning Centre