By Dan Swift (Director Financial Services, LinkedIn Sales Solutions) and Ron Piovesan (Vice President, Strategic Alliances, Hearsay Social), who recently hosted a Social Media Strategies Workshop in New York.
Social selling leverages your professional brand to fill your pipeline with the right people, insights and relationships. Why has social selling seen such high adoption rates? The buyer’s process has changed:
- According to the CEB (Corporate Executive Board, 2013), 5.4 people are now involved in the average B2B buying process.
- The CEB also shared last year that 75% of buyers are using social media for research.
- The Harvard Business Review in 2012 shared that 90% of decision makers say they never respond to cold outreach.
Sales in 2014 is the art of navigating and getting ahead of these trends. Leading to the point of sale, a revenue producer must stay in contact with the prospect to provide relevant and compelling information so as to always remain top-of-mind.
LinkedIn and Hearsay Social understand the modern sales process and have teamed up to help financial services professionals capitalize on the moment a client wants to make a purchase.
How Sales Navigator supercharges the LinkedIn experience
The LinkedIn Sales Navigator program is the premier social selling solution, allowing revenue producers to find, relate and engage with the best prospects on LinkedIn. Revenue producers can maintain contact with an ever-growing target list and move prospects along the funnel from initial interest to final sale.
The benefit is demonstrable. After using LinkedIn Sales Navigator for only 11 weeks, a major wealth management firm was able to connect with new clients, rapidly build new relationships and bring in more than $100 million in new investable assets. This is an actual benefit realized by a wealth management firm in the market today. How? By being notified by LinkedIn of life change events such as a job change and surfacing the person in their network who can provide a warm introduction. Referral selling at scale!
LinkedIn Sales Navigator is a premium subscription purchased centrally on an enterprise basis for revenue producers. The program also includes targeted training and education for the duration of the agreement.
This supercharges the LinkedIn experience.
Depending on their specific strategies, financial advisors are using Sales Navigator to identify C-Level executives, partners and business owners on LinkedIn in particular industries or at particular companies. They then see who in their networks can make referrals into that target audience.
Commercial bankers are going a step further by reaching out to business owners in their third degree to start sales conversations. The benefit is scaled exponentially in collaborative teams as Teamlink helps revenue producers share contacts and find the best way to enter and grow an account.
LinkedIn and Hearsay Social are seeing more and more traction in the insurance sectors where agents are looking for benefits managers and brokers. Revenue producers across the financial services, banking and insurance sectors are saving these prospect lists and receiving daily updates of new perfect prospects along with relevant insight gleaned from a member profile and the name of the person in their network that could make the referral. Why go in cold?
Using LinkedIn Sales Navigator and Hearsay Social to grow business
To harness the power of the LinkedIn Sales Navigator platform, insurance and financial services firms face the unique hurdle of regulatory compliance, as well as the need to access tools that make a revenue producer effective on social.
This is where Hearsay Social comes in. With over 85 leading financial services customers around the world including Raymond James, Penn Mutual, and Thrivent Financial, Hearsay Social’s 1-2 punch of its content library and compliance engine means that revenue producers always have access to compelling information to compliantly share on social.
The content can come from a third-party news source, the corporate marketing department or even be developed by the revenue producers themselves. Hearsay Social also has content partnerships so producers will always be able to engage their prospects in the most compelling way. And all these conversations can be as open or as closely monitored as compliance officers choose. Compliance sets the social media rules, and the Hearsay Social platform implements.
Hearsay Social also integrates with enterprise governance and archiving systems so access can be controlled via single sign-on, and conversations can be stored in a compliant WORM archive.
These and other topics were discussed at an exclusive recent event at the LinkedIn headquarters in the iconic Empire State Building in New York. A packed room of senior insurance, banking and financial services executives heard case studies, saw demos and learned how to use LinkedIn Sales Navigator and Hearsay Social to build new relationships.
Watch out for other such events happening soon. If you’d like to connect to get more information, please do so with LinkedIn at firstname.lastname@example.org or Hearsay Social at email@example.com.
— Chris Johnson (@CJohnson_Janney) June 11, 2014
— Corina Roy (@corinaroy) June 11, 2014
— uɐɯdɐɥɔ uǝq (@Ben_Chapman) June 11, 2014