Welcome to your weekly roundup for September 22-29. This week we’re summing up empirical data from LinkedIn that proves social selling lifts revenue across a wide range of industries, the state of sales onboarding and 3 quota-killing mistakes only experienced salespeople make. Enjoy
Social selling sourced or influenced/attributed deals are making up greater than 50% of a sales rep’s quota in a variety of industries, recent empirical data from LinkedIn has found.
Several Industries See More Than 50% of Revenue By Social Selling
Out of all the 14 industries LinkedIn analyzed (shown below), more than half of their revenue is influenced by Sales Navigator. While certain industries like tech shouldn’t come as a surprise, less progressive ones finance or logistics and supply chain are.
However, don’t forget social selling requires more than just a Navigator account...
“Given that implementing new sales practices effectively requires training and leadership reinforcement, a multi-year social selling plan may be necessary to attain significant revenue impact.”
Social Selling Influences 40% or More Revenue by Region
NAMER - 64.1%
EMEA - 59.5%
APAC - 46.6%
Social Selling Significantly Impact Business Outcomes
What’s more is that when deals associated with social selling are influenced by Sales Navigator, win-rate increases by 5% and deal size by 35%.
With the evidence around digital surmounting, sales leaders should be asking themselves, What is my team doing to address this opportunity? And where is my skills gap?
*This is a summary of Investigating the Truth About Social Selling by Industry by Ethan Andrianos.
How do high-performing organizations structure and deliver sales onboarding for maximum results?
SiriusDecisions recently asked B2B sales enablement professionals from 45 industries and varying annual revenues how they prepare new sales reps via onboarding programs. Here are some of the highlights:
73% of top and low- performing organizations still rely on classroom training to onboard new sales reps
- Following up is self-paced job aids, with 66% of top-performers using this method, which makes sense in a digital world
- In third is manager-led training
- High-performing organizations deploy all 12 of these methods more than low-performing ones in a variety of formats
Front-line sales managers, field sales coaches and sales enablement is needed to observe reps’ field activity in real-life scenarios
- There’s no replacement for interacting with buyers—top performers require more than 20 observations
- Field practice drives confidence, lets sellers practice and learn from experienced partners backing them and reinforces that the seller has support from the organization
- 6-10 days is the most popular onboarding volume with all delivery methods for high-performing organizations
- However, those who provide ongoing training outnumber low performers 2-to-1
Both rookies and veterans make mistakes—it’s a fact not only in life but also in sales. Renowned sales executive and author Jeff Hoffman outlines the 3 biggest mistakes he sees seasoned reps make, and how to avoid them.
1) They Over-Qualify
Using techniques like social proximity, salespeople cover a lot of ground quickly by targeting similar buyers they’ve already served. However, many get caught in dismissing an ICP because they don’t match the DNA of their typical buyer.
To combat this mentality, Hoffman advises 10-15% of the deals a salesperson is working should be “risky,” or outside of the typical buyer persona.
2) They Lean Too Heavily On Existing Champions
Familiarity breeds complacency, observes Hoffman. The longer the salesperson stays in the role, the more champions they have, and the more they depend on those champions to connect them with more business.
To avoid this, use a multi-threaded approach. Ask yourself:
-Do you know who all of the current customer stakeholders are?
-Who’s left since I last surveyed the account? Who’s joined? Who’s gotten a promotion? Who’s moved teams?
-Which business units, departments, or office locations should I target next?
3) They Stop Learning
According to HubSpot Research, the majority of salespeople with five-plus years of experience say that when they find something works, they don’t change it.
This is clearly an issue. What worked in 2000 certainly doesn’t work today. Technology, industries, and buyers change dramatically even in a few years.
Stay relevant by continually educating yourself through blogs, podcasts, training, and the like.
*This is a summary of The 3 Quota-Killing Mistakes Only Experienced Salespeople Make by Jeff Hoffman.