Leveraging Social Connections Boosts Sales Effectiveness
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Understanding which opportunities have the best chance of closing is essential ingredient in knowing where and how to apply executive pressure, price discounting and other last-ditch efforts to push deals over the goal line. This infographic examines the value of utilizing social relationships and user-generated content to improve the quality of B2B sales pipeline content, maximize deal closure rates, and avoid a quota-miss at the end of the selling period.
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Leveraging Social Connections Boosts Sales Effectiveness
- 1. Social Intelligence + Leveraging Connections = Sales Effectiveness Best-in-Class vs All Others Best-in-Class vs All Others Percentage of Attainment Enterprise Social Collaboration data supports the value of warm introductions: Third-degree connections NO ENGAGEMENT 7% 15% 6%11% 24% NEUTRAL VERY ACTIVE SOMEWHAT PASSIVE SOMEWHAT ACTIVE 12% 15% 30% 52% 29% Social Graphs TEAM ATTAINMENT OF QUOTA SALES FORECAST ACCURACY 94% 87% 61% 50% 82% 74% 40% 53% REPS ACHIEVING QUOTA CUSTOMER RENEWAL RATE Reps need to tap into changes in the profiles of their target audience CUSTOMER RETENTION RATE SALES FORECAST ACCURACY REPS ACHIEVING QUOTA Users of Trigger Events All Others 66% 64% 53% 49% 48% 40% 53%47% 28% Create more meaningful sales conversations that address the buyer’s overall business needs Enhance sales prospecting, nurturing, negotiating, closing and executing skills Increase deal size and/or close ratio The leading Best-in-Class strategies for Sales Effectiveness cry out for more in-depth knowledge of the buyer Best-in Class sellers use social relationships to build a better pipeline QUOTES THAT RESULT IN ORDERS SALES-FORECASTED WINS THAT ARE EVENTUALLY LOST 60% 50% 40% 30% 20% 10% Pipeline management requires better art and better science Best-in-Class Industry Avg Laggard 19% 21% 30% 52% 35% 37% $$$$$ $$$$$$$ $$$$$$$ $$$$$$$ $$$$$ $ $ $ $ $ $ $ $ $ $ $ $ $ Leads from social media cost less and deliver more value Closed a deal originated through social media Social media heavily influenced a closed deal 38% BIC / 32% IA / 23% L Social media moderately influenced a closed deal 19% BIC / 21% IA / 7% L BEST-IN-CLASS 57% LAGGARD 24% INDUSTRY AVERAGE 36% $ How sales teams are leveraging LinkedIn secure warm introductions nurture leads prevent deals from stalling/help deals through thepipeline save time on prospecting by filtering masses of data uncover hidden connections to valuable prospects find simple, easy ways to establish trust with prospects How Best-in-Class Sellers Use Social Relationships to Build a Better Pipeline 100% of Best-in-Class sales organizations provide social media access to their remote/mobile sellers vs 60% industry average and 0% laggard