06 Nov All You Need to Know About The Rise of Social Selling.
Digital Marketing companies swear by Social selling for the rapid growth of a brand/business. Rightly so! As the real-world businesses are transitioning into a complete digital selling platform, conventional ways of selling products via telephone or word-of-mouth have taken a back seat. Now, we rely heavily on digital spaces for detailed product specifications, prices, and customer reviews. Buying habits have drastically evolved impacting the selling behaviours. The latest trend that is here to stay and effect buyers habit is social selling. Many digital marketing companies leverage social networks to create new connections, find more leads and nurture prospects for their business clients. How impactful is social selling? iBridge presents you with valuable facts on various social selling platforms & social selling statistics to give you an idea of its impact on the digital marketplace.
Can you guess what’s the most popular social selling platform?
Facebook tops the list as a great platform that connects buyers and sellers through its Facebook marketplace. Facebook groups & pages have also helped many businesses to promote their brand’s identity and direct customers to their store.
Following closely is LinkedIn. 98% of sales reps with more than 5,000 LinkedIn connections meet or surpass their quota, according to Sales Selling Index Benchmark.
Instagram is another hub of social selling with its live videos feature that allows sellers & buyers to do interactive unboxing videos, conduct giveaways and showcase new products.
Various other social selling statistics
According to Accenture’s B2B procurement study, 94% of B2B buyers research online before making a business purchase, out of which 55% conduct online research for at least half of their purchases.
Another research by IDC states that 91% of B2B buyers are now active and involved in social media.
IDC also conducted a buyer behaviour research that found 75% of B2B buyers and 84% of C-level or vice-president level executives use social media to make purchasing decisions.
The largest industries and top corporates, such as healthcare, advertising and logistics consider social selling as a dominant sales strategy. For example, IBM has increased its sales by 400% due to its inbound social selling programme.
Effect of Social selling on cold calling
One of the oldest ways to make sales has been cold calling. Today, very few businesses adopt cold calling as a selling strategy. The stats back the statement too.
An InsideView research found that more than 90% of decision-makers said they “never” respond to cold calls!
In another study by Baylor University’s Keller Center for Research, it’s found that the success rate of cold calls to appointments is only 0.3%.
Unlike cold calling, Social selling gives better access to information about your brand/product and can also provide companies with in-depth and personal information about consumers. Depending on a user’s sharing and privacy settings, it’s possible to learn a person’s interests without even talking with them. Social sellers can know their audience hobbies and interests, build a genuine rapport with before you dive into a sales pitch with them. A survey by CSO Insights and Seismic found out that 31% of B2B professionals said that social selling allowed them to build deeper relationships with their clients. Now you know why cold calling is less preferable compared to social selling.
Few more social selling statistics
Top 100 brands have a social selling strategy in place and strong presence with at least one YouTube channel, while 98% on Twitter, 96% on Facebook and 85% on Instagram.
The top three most effective content types for B2B social selling are webinars (64%), videos (60%) and blogs ( 60%).
63.4% of Social sellers reported an increase in company sales revenue, compared to 41.2% of non-social sellers.
By 2020, customers will manage 85% of their interaction with the enterprise without interacting with a human.
Sales teams who embrace social selling report 18% more pipeline volume and 28% velocity increase.
Sergey Gusarov, a Digital Strategist at McCann offers interesting finding like…
Companies who use Twitter for social selling find 2x the amount of leads/month
82% of buyer prospects are found through online networks.
91% of B2B IT Buyers are now involved in social media
75% claimed social media likely influences their future purchase.
There is no denying that social selling is an effective digital sales strategy with many customers relying on researching companies on social networks make a purchase. However, lack of proper training can hold back many businesses who recognise the value of social selling. According to a recent survey, although 61% of organizations involved in social selling said they had a positive impact on revenue growth, 72% of sales professionals feel they’re not proficient at it. Since social selling is a fresh concept, the pay off will only transpire when significant time and energy is put into it. The more socially active you are, the more successful you will be. Sales reps with high social network activity achieve 45% more sales opportunities and are 51% more likely to hit their sales quotas. You will also need a strategy in place, just having signed up on every social media platform and pitching your product won’t work. You need to find your niche audience that is similar to your existing customers, establishing yourself as an industry expert by sharing knowledge and insight and, by leveraging customer relationships to earn more referrals and recommendations. In doing so, you build long term relationships. This is one of the social selling secrets many digital marketing companies swear by.
Social selling allows sales and B2B professionals to reach more customers, attain higher sales numbers, close more deals, and build more trust with potential prospects. To find leads and close deals, most sales professionals & digital marketing companies use LinkedIn (70%) and Facebook (64%). When it comes to using social networks for business purposes, Twitter (43%), YouTube (41%), and Instagram (39%) are gaining momentum. For new start-ups & budding brands, it’s important to note that, social selling has three steps. To establish a brand, listening to your customers’ feedback on social networks, and finally engaging them through those social networks. Social selling attracts buyers from the early stages of research until the time of purchase. 33% of users contact brands through social media, so you need to be accessible on social media platforms, have a communications strategy and be willing to answer queries. The ability to align your sales process with social selling is crucial to increasing sales. A bit of a professional help never hurt anyone! iBridge, one of the leading digital marketing companies in Hyderabad can help you improve your social selling efforts. If you are a brand who wants to know if social selling is fit for your sales needs, contact us today.