By now, you probably have heard of social selling. But do you know what it is, leave alone what it can do for your business? With more than 3 billion people using social media networks across the globe, social provides a fast, inexpensive and effective way of reaching a broad audience. According to research, 90% of marketers claim that social media generates immense exposure for their companies, which has made social selling a substantial part of every business’s marketing strategy.
What is social selling?
Social selling is a marketing strategy that allows salespeople to target their prospects and engage with them to build rapport through relationship building strategies on social networks. With social selling, marketers no longer have to worry about making cold calls. Instead, they focus on building meaningful relationships with their prospects so that they stay at the front of their minds to become their natural first option in case the need to buy arises.
How can social selling help your business?
Enables you to build meaningful relationships with your customers, which equals improved sales
Other than cold calling not being truly productive, no one really likes it. In fact, according to research, 90% of decision-makers say they do not respond to cold calls. Social selling allows your marketing team to listen in on conversations that are relevant to your industry. This allows them to reach out to these new, targeted leads by providing them with valuable information at the right time.
Today’s consumer is always sharing a lot of information about their wants, needs and pain points on their public social network profiles. This allows even that first contact point with the lead to be personalized, relevant and most importantly helpful compared to an intrusive cold call. This, in turn, leads to more meaningful, ongoing customer engagement.
Potential customers are already social buying
Just like you use social listening to fish for new leads, so do consumers use social listening and searches to find potential sellers. When a need arises, the consumer turns to social networks to find potential vendors, research them online and develop an opinion about which one is the best fit before they make that first contact with the company. If you are not actively social selling, you will not appear in a potential client's purchase research, which leads to a lot of potential missed sales.
In this day and age, buyer purchasing decisions are influenced by online reviews. They are very selective and want to do business, only with those they can trust. Social selling enables firms to build a strong professional brand for themselves by providing valuable information to the right audience, at the right time. It also allows your customers to connect and interact with your business on a more personal level, enabling you to build your credibility by asking for recommendations from those you have done business with. These positive reviews and recommendations give you instant credibility with new leads.
With social selling, you can identify and nurture an infinite number of prospects. You will no longer be restricted by the number of calls you can make or how many customers you can keep track of via calendar reminders, your CRM system or even Post-it notes. The scalability provided by social selling makes it efficient and its ROI incredibly lucrative.
Building customer loyalty
Social selling is all about building relationships. These relationships result in repeat clients and customer loyalty. According to research, marketing professionals who engage in social selling get 55% customer renewal rate. Additionally, they are 79% more likely to attain their goals compared to those who focus on old school marketing techniques.
Social selling enables you to reach a wider audience, attract qualified leads and grow your business all at a fraction of the cost. Social media provides one of the most cost-effective marketing and advertising with almost all platforms being free to register. What’s more, if you decide to invest in paid ads, they are relatively cost-friendly compared to other marketing strategies. As a result, businesses are able to see more return on investment.
Social selling is a scalable approach that businesses can rely on for sustainable growth. However, it is crucial to note that with social selling, customer loyalty is driven by the marketer’s ability to deliver unique content and insight through the content they share on these platforms. Hence, it requires hard work and some creativity for it to be effective.