Yes, that’s right, you’ve read the title correctly. For every $1 invested in social selling, the ROI is $5 – well, that’s according to Jamie Shanks who mentioned this back in 2014.
I have to say, “What’s the ROI of social selling?” is a common question I’ve come across, and it’s now 2021. Why? Well, people are still sceptical about its value due to the effort you have to put it.
For clarity, social selling is the process of researching, connecting, and interacting with prospects and customers on social media networks - notably Twitter and LinkedIn.
Through commenting on, liking, and sharing both prospect and customer posts, salespeople create relationships with buyers and boost their credibility by taking an interest in what they’re interested in (HubSpot).
But, this method involves nurturing leads and isn’t a quick win for sales reps. However, social selling builds authenticity and trust with prospects and is proven to be influential, as 84% of senior executives use social media to support their purchase decisions (Super Office).
The debate over social selling reminds me of when SEO first came onto the scene. This too had many sceptics, but over time people began to embrace the practice and started to see the value. I believe that history is repeating itself when it comes to social selling.
If you still aren’t convinced about social selling, let’s look at some key facts:
How’s that? This was just a snippet, but you can see these and more from the original resource via HubSpot.
Social selling is not about selling, but about engaging the digitally-active modern buyer in order to start a sales conversation. It’s the way sales has always been, the only difference is that we do it online now.
Now, we all know that before digital and the IOT what remains true is that relationships build sales. You get to know your prospects and their needs, and you build trust. Then, when the time is right and prospects are ready to buy, they’ll think of you first.
That’s how it worked in back then, and that’s still how it works today. This is why the very best sales professionals take advantage of every opportunity social selling has to offer.
They realise the potential of social networks like LinkedIn, and take interaction with customers to the next level. It’s called social selling now, but back then I guess it was recognised as honest hard work of building relationships and making sales.
You can’t beat human to human interaction, whether at a networking event, seminar or social gathering. Getting in front of someone, building rapport and having a conversation is king. But, in today’s world, we all are busy people with limited time. Social selling gives you an opportunity to nurture a warm relationship online to the point people want to meet in person, rather than trying to go in cold.
So, when it comes to social selling, for every dollar, pound, or any amount you spend, would you like to see a good ROI? Yes?
Good – let me help you get started.
First, let’s take some baby steps. You need a strategy, right? Don’t worry if you’re new to this: I’ve got you covered with my free guide (with no form fill).
This guide discusses social selling; how to develop an effective strategy; how you can achieve social selling success; the business benefits you can’t afford to ignore; social selling tips that actually work; how to devise your social selling strategy, and much more.
Next, how do you implement this information and start to build a social selling routine? Watch this video where I talk you through the how:
No doubt you still have some questions. That’s completely normal. Watch my interview below where I cover the most common social selling FAQs:
Still need some guidance? That’s what I’m here for. For more information on how to kickstart your social selling campaign, feel free to contact me. I’m always happy to have virtual coffees to offer my advice and support. Please email me at email@example.com or call a member of the team on 01926422002 to discuss.