Not everything is a mermaid that dives into the water. - Russian Proverb
Don't be seduced by the siren song of social selling mermen and mermaids romanticizing you to wreck your strategic social selling vessel with sails for insights on the shoals of mediocrity... There will never be a magic bullet to closing deals, especially large complex B2B engagements with highly matrixed Fortune 2,000 enterprises. There have been a great deal of Do-It-Yourself programs and Easy Social Selling hot air Zeppelins being blown around on here, oversimplifying just how much of a science and art form professional selling represents.
Veiled attempts to placate and console us with oversimplification as a finger in the dike, won't fill the gaping hole that is the dearth of advanced strategic approaches infused into social. It still takes years to develop a sound sales process, business acumen and the wisdom of experience to successfully navigate strategic partnerships and big ticket closes. We face a constant threat of complexity and commoditization. If we are in the incumbent, we are being disrupted by point solutions. If we are a smart incumbent we are working to disrupt ourselves with Skunk Works groups like Google X within our own walls. If we're in a point solution, we are going up against legacy systems, David versus Goliath so we must be more cunning and strategic than ever to topple the Death Star.
Any way you slice it, selling is a full-contact sport and physical, mental and emotional challenge - not for the faint of heart. Here are the top myths I've seen promulgated that are truly misleading Millennials joining our ranks and giving seasoned pros who manage a team beginning to embrace 'social selling' a headache. There are many get-rich-quick social selling systems being sold that make money for their creators but simply won't work if you're aim is to be successful as an enterprise account executive, VP, SVP, or Managing Director of Sales; even as a founder or entrepreneur selling in social.
First, a great summary of where LinkedIn leveraged for sales is right now with a poker analogy in a thread with Peter Caddick, Co Founder at Sales Ammo & Social Ammo revealing critical new insight:
These myths of Social Selling apply to SMBs all the way up to major corporations. I'll unpack them now:
Myth #1 – Social media can replace the telephone completely. Social plays in at the top of the funnel for inbound lead generation, warm referrals, warm introductions and due diligence on the key stakeholders in accounts. It's ideal for trigger event tracking and now possible passively [thank you LinkedIn Navigator]. If you connect in there, immediately arrange a call, a skype, a coffee or an on-site for any qualified opportunity. Social works like magic in tandem with the phone, not irrespective of it. Blend all your communication channels together. As you move through your sales process (and you absolutely need to have one), leverage social to increase interactivity (the OKM - one key metric of social selling success). To do this, watch what prospects are doing in LinkedIn, Twitter, Google+ and comment on it thoughtfully, or send them an interesting article, case study or white paper that contains additional insights to make your case. Show that you're paying close attention! Your competitors aren't unlikely to be. Remember that 99% of the time, once a customer starts to seriously consider your solution they're going to hit the search engines, check out 3 to 5 other competitors, submit to their web forms, get demos and pricing and stack you up against them even in a value-flattening grid. In 2015, there are no more bilateral deals. The information economy has infected all of selling. Every deal is now a bizarre love triangle, trust me on this one. So you need to be interacting five to twelve times along the length of the sales cycle with friendlies in the account to help them preference you as a vendor and move into the trusted advisor status you seek by teaching with new insight and adding value: every step of the way. If you haven't studied military strategy or strategies to politically navigate accounts, good luck. You'll run screaming into a hornet's nest briar patch full of land mines. Yes, while your competitors rest happily like Brer Rabbit waiting to profit off of your mistakes.
Myth #2 –You can hard-sell in social media. Slowly chip away at the myths if you sell a disruptive solution. Leverage content marketing to build awareness. Think of social selling in terms of enablement, edutainment and a ladder of engagement. Hard selling will absolutely fail! Disruptive solutions are often very hard to differentiate outside looking in. Applying force or pressure, trying to hard close or run one of the 25 old-school Glengarry Glen Ross closes like the 'slick close,' 'intelligence close,' 'one-call close,' ad nauseum will fail.
That stuff was proffered up in the 80's during the feature, function, advantage, benefits (FFAB) era. You can't trick or collapse time on customers in social. You'll emit a foul smell and they'll see right through you. There's massive debate around whether 'helping' can 'replace' selling. To fully clarify, consultative and strategic selling are alive and well. Simply imagine how you'd apply these universal principles via this medium. Perform due diligence, actively listen, diagnose before you prescribe, focus on the quality of your questions, asking Implication and Need-Payoff questions to get to the heart of the matter [SPIN]. I literally receive hard pitches on LinkedIn daily and through auto-responder Twitter DMs. 'Tony, are you looking for lead generation? We have the best lead generation with the highest results.' So many apocryphal, disingenuous ROI claims, it's a cacophony. Delete.
Admire others, follow what they're doing and saying. What matters to their business? Engage meaningfully there. Present a compelling business case that highlights unexpected value and recurring value creation over time. Connect, convince and collaborate [Mike Schultz] the whole way. The real-time repartee is the luxury social has afforded us. We're closer to our dream customers than ever before so we're also under the microscope and bad etiquette will kill deals. Challenger selling does not mean to disrespectfully 'challenge' or be pushy. Being condescending toward senior executives by claiming you have more insights then them (even if you do as a specialist) only leaves them with a bad taste in their mouth. In fact, I hear many horror stories of 'overnight Challenger' sales people transferred to new key accounts and challenging with disruptive insight in the first meeting only to have the customer complain to a Regional Director that they don't like their new Account Manager - they are 'rude and snobby.' Can you imagine? Don't forget to set the tone by building a relationship where you're known, liked and trusted first before you lock bullhorns.
The Trusted Advisor by Charles H. Green is an important book for every budding Challenger sales person to read to help temper the cold steel of their insight blade.
Myth #3 – Enterprise sales cycles completely fall away with social making business development instant. You've got to understand my background includes the blood, sweat and tears of selling to government. The cost of engagement is high and one is often brought in only to help them go with the vendor they already like; often not you. Sales cycles for deals over a million dollars have traditionally been high. There is a case for leveraging stealth B2B lead generation automation to uncover latent need, effectively chopping off the top of the funnel. You're still going to need to adhere to the nature of the time it takes for senior executives to make a decision (often by committee or cast of thousands?!! ;-), the reality of corporate procurement divisions incentivized to cut costs and the heavy inexorable weight of 'do nothing' and the status quo. An executive I'm coaching, recently closed a seven figure deal in under 90 days by intercepting a massive compelling event... so it can be done! The land and expand tactic is very possible on here. Building out a multi-million dollar order with cross-functional technical and strategic teams may still take 9 to 16 months even with accelerants in social. Respect the timeline. Remember that silence, waiting a day or week can be highly strategic as it pertains to the timeless Principle of Non-Hunger. If you act too desperate you'll snap the 500 lb. marlin on the line. You'll violate exclusivity and you'll risk looking cheap. Timing is everything!
Myth #4 – Social selling is 'free.' Social selling trainers may claim they can reduce the cost per lead to under $50. Back into your FTE costs, keeping the lights on, utilities, rent, employment costs and the overhead of running the business not to mention taxes. Nothing is free in Water World!
Can it reduce the cost per lead generated? I believe it can. That doesn't mean that traditional lead gen channels like PPC and SEO aren't worthwhile. The blend creates the synergy. A comprehensive sales and marketing organization aligned in their go-to-market will produce a windmill effect of positive upside results. Social selling requires time, adaptation, research and consistency. It requires a great deal of patience and persistence in order to constantly tune for resonance of message with A/B testing. You're still a highly paid inside or field executive [emphasis on commission risk] who must hit or exceed a target quota number to achieve OTE. Social selling will lower cost of sales (COS) dramatically once you create a scalable, repeatable process mapped to the buying journey that minimizes air travel and maximizes revenue closed fully inside. This is why I believe Aaron Ross and Predictable Revenue coupled with Trigger Event Selling application and a LinkedIn Sales Navigator enterprise license is lethal in an internal Tiger Team of 5 broken into a Social Selling Command Center or LinkedIn War Room.
Myth #5 – The size of your LinkedIn network matters. It's not the size of your network, it's how you use it. Your net worth is determined by your network. True but one hundred of the right connections that are relevant to growing your business will trump a 5,000 LION any day. It's a game of quality and quantity. How can you reconcile these factors? It's a paradox, isn't it? In every system on Earth, the axiom of quality, not quantity holds up except mother nature was able to create the Great Barrier Reef: an absolute explosion of flaura meets fauna abundance.
But we have a science of the 'wisdom of crowds' and strength of weak ties that Reid Hoffman has written extensively about. If you only tap your closed silo of friends, you'll never really break the fourth wall and glass ceiling of your own career advancement. Just be choosy about who you let in, don't connect with everyone and make sure there is context. As an author, I cast a wide net and have a larger base. I encourage my clients to segment and target their LinkedIn networks, leveraging the tagging feature to place their friends in buckets and breaking out spreadsheets or a CRM designation for the accounts that matter most pulled from LinkedIn, is sound logic. You can rapidly download the connection lists of your top reps and then sort them with a VLOOKUP in Excel to level the playing field and understand the collective networking power. TeamLink is an advanced feature in Sales Navigator which shows the relationships of your sales team to the greater organization and how your network overlays over theres. Major time saver!
Myth #6 – You don't need a CRM anymore. Who knows where Navigator is going, could LinkedIn launch the most lethal Social CRM ever configured based on their treasure trove of data? Potentially. They've become the Bloomberg Terminal of the economic graph! They've recently closed the API and I can understand that tactic as it's similar to the Apple ecosystem. Navigator works in Salesforce and that's a great start. One holistic solution is always the holy grail but we all know front-end technology becomes a stack. Using InsideView with Navigator with Nimble CRM, with SFDC or Sugar, with Pipeliner and with Marketo or HubSpot is a good idea in the enterprise. You're going to have many competing interfaces but holistic capabilities and intel give you the ability to create a bespoke utility that is most tailored to your business, the sales cycle, the buying cycle and the way C-Level decisions makers specifically interact / engage with your brand. You still need a CRM and CRMs need to get smarter to synthesize in all the data so they can remain the single source of truth on the customer.
Myth #7 – It's easy to leverage social selling and takes little to no work. Set it and forget it, right? I frequently see YouTube videos with a case study on how X or Y salesperson drove a 200% number. Then they interview them and little is articulated. I'm not buying it. If you can't explain to me specifically how and what you did activity-wise to move the needle, it's really just 'hope' and 'positivity' misdirected. I've now gone ballistic in social for almost 90 days and I can tell you it's a slow burn, to a simmer to a boil. My reverse mentor Millennial counterparts warned me it would take a great investment of time, passion and enthusiasm and the results could hit 45 days out. Those that I coach say the same thing, it's a daily discipline - a marathon, not a sprint. Carve out thirty minutes to two hours per day, write out a strategy and select the tactics and specific social networks you will use. Be strategic in how you eat this elephant. You can be the conductor or the symphony. You'll need to keep all (yes all!) your core selling activities up to a maximum and add social in over the top to maximize the opportunity. I do not suggest replacing cold calling to set appointments, discovery calls, on-sites or taking the time to customize compelling presentations.
Myth #8 – All CXOs can be reached to set appoints on here. In some industries like manufacturing, there's still little adoption on LinkedIn. The majority of CEOs are still not actively on LinkedIn and the one's that are often have their accounts managed by an Executive Assistant. Welcome to the paradigm of cold calling taken to cold selling. Consensus-based selling and referrals into the power base are key. The right contact could give you a direct line or cell phone to that key SVP target or C-Level contact who holds the P & L and decision making power that you need to get ahold of to move the deal forward. LinkedIn holds the bread crumbs to the castle and a back grate into the moat so you can slip under the castle wall.
Myth #9 – Everyone is listening and paying attention to everything you say. Your best content is seldom ever being read in full. The majority of people are on a like-a-thon. They're not really reading what you say. That being said, don't shy away from posting in long form, emoting and pouring your heart and soul into daily LinkedIn Publisher posts on here. A bestselling author castigated me for frequent posts on here 90 days ago. Now that same author recommended to another friend to post daily. That's how fast the sector is changing. Being prolific won't hurt you. Your content is forever on here and evergreen. Be open to going back to the archives and sharing a post that did well last year - edit it with a revision or update in a new unit of time. I love reading the top 10 posts of 2014 synopsis from leading bloggers. Post in multimedia formats including YouTube, Infographics, Pinterest Boards, Cartoons, White Papers, Memes, Analyst Reports, Case Studies and SlideShare is going to be huge in 2015!
Myth #10 – You don't need paid accounts. If you're not using LinkedIn Premium, it's majorly limiting. It took me years to upgrade. It's a very small price to pay for the Advance searching capabilities to sort organizations in seconds by CXO contacts in them. Those that use all their InMails crush their quota. It's a statically proven fact. Stop trying to growth hack your way to the promise land in here. Most organizations are open to exploring premium versions of these tools. Sales Navigator is deceptively simple. Get your people trained on it and study the case studies for tactics that merge with your strategy. It's very powerful to be served leads to your smartphone daily. It takes all the manual guesswork out of the process.
Myth #11 – You don't need a sales process or to be strategic. Social selling methods make selling simple? Wrong! There is no need for advanced enterprise methodologies or frameworks? Dead wrong. I've become the poster child for the old school, greyed haired, way. My real goal is to introduce a brand new generation to SPIN, TAS, Power Base, Solution, Strategic, SNAP and my own method RSVP (Relationships - Strategy - Value Creation - Process). Why is this incredibly important? Smart millennials will study the past and apply it in the future. CEOs that proclaim sales is dead and move to a self-serve model will rapidly be outflanked and obsoleted by strategic social sellers who usurp their market share. I'm sorry, self-serve customer service cannot sell the intricacies of enterprise hardware, software, cloud, mobility, ERP, HCM, ITC, Security, Big Data, Predictive Analytics and Automation of Everything. You need a guide who can speak CXO, understand the ramifications to the top and bottom line, seek efficiencies and become a trusted partner in the journey of mutual growth and collaborative discovery.
Myth #12 – You'll lose followers if you post too often. Guy Kawasaki was the first to go nuts on Twitter. For every follower he lost he gained 100. If you don't find that I add value, please unfollow me - you have my express permission. I post once or twice a day when I'm inspired. After 30 years in selling, I feel like I have many things to say. Who knows? For every 200 positive comments I get, I might get one bizarre comment. I've only had one hater ever but oddly he attacked another leading author so that flamed out in a day after he attacked me unilaterally and summarily for no reason: it was amusing. The most prolific people I know blog daily. Who set the speed limit on LinkedIn to once a week? Post daily, share and provide value. You sell every day. Write every day! You probably send out 5 to 25 decks everyday if you're on the front of the funnel. Why wouldn't you put out quality content in short or long form daily bristling with provocative insight that could tip that customer into your funnel? It's a free form of proactive pull marketing and it's virtually unlimited!
Myth #13 – You can't host a blog solely in LinkedIn. It wasn't intended to be a shock-and-awe move when I shut down my blog and went fully blog native in LinkedIn Publisher as the hub. I have noticed that my least engaged post is exponential to the readers of my blog. My posts frequently reach over 1,000 unique views in 24 hours which is staggering and unusual to me. I even had one hit 200,000. As much as I wish they'd re-open LinkedIn Influencer because as a bestselling B2B business author in Australia I feel I have a platform to speak from, the standard mere-mortal Publisher capability is still more widely read and higher value than a blog, IMHO. Blogging is a 2.0 construct. LinkedIn has taken this to one thousand mobile screen types - mobile optimized - responsive - and features of a beautiful CMS and comment management - in platform. The fear that we must own our content and it's unsafe to center it in LinkedIn is just that, an unsupported fear. LinkedIn is not going anywhere [the other social networks are at risk] because it contains the economic graph, everyone's digital CV and is the recruiter-hub of business. It's the spine or nervous system of the global economy. LinkedIn has no desire to shut down the authors and take their IP. I'm not afraid in the slightest; I may relaunch a robust off-LinkedIn blog just for SEO value but it will only ever be a spoke as long as the hub of where my public is, resides within LinkedIn. Monetize a blog? Monetize your LinkedIn - that's what the founders created it for!
Myth #14 – You can engineer your content to go viral. There are several bestselling books now touting the ability to learn how to make content viral. Good luck! There is no rhyme or reason to what's going to take off. Hyperbole, list posts, how-tos - these rank well. But ultimately you have to be open to push the envelope on every quality of a post and create the art that honest, heartfelt communication represents. Providing real world advice to actually help someone, trumps everything. Utility or shall I say Youtility Jay Baer content with the intent to help the reader immediately improve their day, lives or career is a public service - it's the quintessence of knowledge sharing. As you can see, I mix it up, experiment like crazy and just try to have a blast producing this. The new wave of content strategy and content marketing is about 'engagement selling.' Below the list is a video from David Meerman Scott at the HubSpot Inbound 2014 conference that blew my mind. This is the future of sales and marketing alignment and content engagement selling. Stellar regions!
Myth #15 – Going negative like the media will give you the most attention. I've been surprised and completely impressed by the role of inspirational, positive content on LinkedIn. It goes viral and it moves people. Negative and shock jock material also blows up in here like the CEO who suggested 'never hiring a salesperson' again who garnered 500K unique views in a week and then his rebuttal to it [not apologizing] got another 500K. The collateral damage to the negative shock blast? Huge dissent. He had a free trial link on both posts so he was selling and embodying full blown hypocrisy. Collateral damage comes from going super negative. I've been brave to express freedom of speech like my thoughts about Microsoft versus Apple but I always maintain a constructive approach, positive attitude and keep the viewpoint of the golden rule. If your'e passionate about something, mash up your avocation with vocation. If you love cycling as much as I do, compare it to enterprise selling. If you are fired up about some current event in the world, newsjack it in a tweet but then talk about what you believe it should be - don't just slam it. Positive energy oddly reigns supreme in here. How unexpected! Should CNN take a page from this book? I wish.
Now it's your turn: What do you see as the biggest myths being propagated in the social selling movement or cottage industry of social selling thought leadership today? Have I missed any? Please comment below...
If you valued this article, please hit the ‘like' and ‘share’ buttons below. This article was originally published in LinkedIn here where you can comment. Also follow the award winning LinkedIn blog here or visit Tony’s leadership blog at his keynote speaker website: www.TonyHughes.com.au.
Main Image Photo by Flickr: Frank Kovalchek
