Today, marketing is not just about promoting and selling a company’s product but includes various other elements within itself. Connecting with prospective customers and converting them into positive leads has always been a core part of the marketing, but with the changing times, another element was added in it, which is called social selling.
What is Social Selling?
Social selling is a process that facilitates an increase in sales by building a wide social network. The established social network helps to find the right prospects, create strong relations with customers, and most importantly attain sales goals.
By using this sales technique, more leads are generated and the underlying segment of sales and cold calling gets eliminated. Furthermore, interactions between the company and customers increase and develop a fortified relationship.
Success Factors Associated with Social Selling
By implementing social selling in the business, a company mainly has two benefits. First, social selling is aligned with marketing and sales strategy. Second, the adoption rate in the sales force gets a positive impact and consequently, increases manifold.
According to the study conducted by Miller Heiman Group, the adoption rates after using social selling tools is increasing. In 2017, 71.2 per cent of companies stated that the adoption rates had gone down to 50 per cent. In 2018, the adoption rates dropped down to 61.8 per cent, which was significantly good as adoption levels had surged, even if slightly. In 2019, 27.4 per cent companies said that their adoption rates are between 51 per cent and 75 per cent whilst 15.8 per cent of companies reported such a year ago. This set of companies has doubled. The number of companies that reported adoption rates are more than 76 per cent is almost the same in both years.
The adoption rates of the companies, which are employing social selling tools, are increasing owing to various factors. For better understanding, here are the factors affecting social media strategies.
Align Social Media Strategies with Marketing and Sales
It is a significant factor as it gives clarity between two nodes—consistency and sales force.
Implementing Social Selling Tools to Achieve High Adoption Rates
Earlier, companies used to invest money and time on Linkedin and other professional networking sites. Further, companies launched strategies based on technical features and accordingly trained marketers. This practice did not bear impressive results in the past. As a result, companies have adopted newer approaches and changed the way of marketing. Now, companies follow the social channels that customers mostly use and connect with the customer base by interacting regularly and sharing important information.
These factors help to increase adoption rates and further, increment use of social selling products in the business ecosystem.