The business world is increasingly moving towards digital-centric strategies, and 2024 looks set to have social selling emerging as a key driver of this movement.
Social selling is an indispensable part of the modern sales toolkit, as I spoke about at the ABB Global Partner Event in Tallinn.
The statistics paint a clear picture: social selling is not just a trend but a fundamental shift in the sales process. A remarkable 71% of sales professionals and 90% of top salespeople already use social selling tools (source: LinkedIn).
This widespread adoption highlights the importance of social selling in today's digital-first sales environment.
In this blog, I share why social selling needs to play a role in your 2024 budgets and strategy and, perhaps more importantly, how to leverage your social selling efforts.
The Benefits of Social Selling: Key Statistics and Trends
Transforming the Sales Landscape
Traditional sales methods have evolved. Two out of three B2B buyers prefer remote human interactions or digital self-service (source: McKinsey).
Social selling is at the forefront of this change, offering a more dynamic and engaging way to connect with customers.
The effectiveness of social selling is evident in its impact on sales performance. Statistics show that 78% of individuals using social media for sales outperform their peers who do not engage in social selling (source: LinkedIn).
This significant figure highlights the advantage that social selling provides in a competitive market.
A Gateway to New Opportunities
With 56% of sales professionals using social media to find new prospects (source: HubSpot), social selling opens opportunities that might otherwise remain undiscovered.
In addition, businesses prioritising social selling are 51% more likely to reach their sales quotas (source: LinkedIn), demonstrating its role as a critical component in achieving sales targets.
In the context of these trends and statistics, social selling should be a pivotal part of your sales strategy in 2024.
How to Leverage Social Selling in 2024
Building on the compelling case for social selling in the modern sales landscape, here are my five top tips for maximising your social selling strategy.
1. Build a Strong Online Profile and Understand Your Audience
The foundation of successful social selling lies in a robust online presence. During my presentation, I stressed the significance of having a well-crafted profile and a deep understanding of your audience.
Salespeople who are using social selling techniques as part of their sales tactics also need to understand their audience, listen to their customer, and respond to them appropriately rather than just blasting them with information they think they need.
Personalising and aligning your approach with your audience's needs and preferences is essential in establishing meaningful connections and trust.
2. Focus on Industry and SSI for Effective Social Selling
I also recommend shifting the focus from product-centric to industry-centric discussions. Focusing on industry trends and customer queries will position you as a thought leader, therefore deepening audience engagement.
Additionally, understanding tools like LinkedIn's Social Selling Index (SSI) can guide your efforts, especially for newcomers.
Regularly sharing relevant content and building a quality network is essential for aligning with your audience's needs. By having a consistent network-building and content-sharing routine, you will see an increase in your SSI score - enabling you to enhance your social selling impact.
3. Leverage Data, Insights, and Training for Targeted Engagement
Complemented by comprehensive training, a data-driven approach is essential for effective social selling. Our work with Commvault showcases this combined effort. Their testimonial reveals how training and workshops focused on data and insights significantly transformed their sales team's approach.
"As a data company, we needed our Social Selling pilot to be built on the foundations of data and insight. The training and workshops delivered by Tribal Impact changed the behaviours of our sales teams from search to building prospects and engagement opportunities. This has increased the individual sales pipeline by 33% compared to those that didn't attend the training." Commvault
This success story exemplifies the impact of integrating training into social selling strategies. By leveraging data and insights through targeted training, sales teams can more effectively identify prospects and create meaningful engagement opportunities, leading to tangible increases in sales performance.
4. Embrace the Shift in Buyer Demographics
The changing demographics of business buying teams is a trend that cannot be overlooked. According to Forrester, by 2024, 75% of these teams will consist of individuals aged 25 to 44, and 40% of younger buyers will rate person-to-person meetings with product experts as their most meaningful personal interactions.
This shift necessitates a social selling approach that is dynamic, responsive, and tailored to the preferences and expectations of younger buyers, ensuring that your sales strategies resonate with this influential demographic.
5. Integrate Social Selling into Your Overall Sales Strategy
Finally, social selling should be seamlessly integrated into your overall sales strategy.
Start by analysing the signals your prospects are giving, also known as Buyer Intent. Tracking these signals will allow your sales teams to understand if a prospective client is ready for further outreach activity. Find out more.
You can then incorporate this knowledge into your Account-Based Marketing (ABM) strategy, honing in on those best-fit accounts that are more likely to respond to your social selling activities.
According to Gartner, effective ABM strategies can increase pipeline conversion rates by 14%.
By integrating social selling into your broader sales efforts, you can create a cohesive and comprehensive approach that leverages the full spectrum of digital engagement opportunities.
Creating a Successful Social Selling StrategyAs we navigate the evolving landscape of sales in 2024, these five strategies offer a roadmap for harnessing the full potential of social selling.
By building a robust online presence, focusing on industry insights, leveraging data, adapting to changing buyer demographics, and integrating social selling into your overall strategy, you can position your business for success in the digital age.
See how we can help you activate your sales team for social selling and generate better-quality leads in 2024.