Does Social Media factor in the sales process? If you talk to the many naysayers, the answer is no. However, there were two major studies published just this week that show all points leading to Social Media as a crucial factor in prospecting and cultivating leads and sales.
EBay Motors published their study showing that 9 out of 10 Millennials turn to the Internet when shopping for a car. Millennials skip the showroom and ask their Social Media network for advice. In fact, the majority of buyers now go online to begin the purchase process.
Is your business equipped to handle this type of communication with your potential buyers?
With more and more data showing that Social really does drive sales, it’s especially true for salespeople, according to this 2nd new report. Jim Keenan, (asalesguy.com) published his company’s report, Social Media and Sales Quota, showing that salespeople who use Social Media, outsell their peers.
79% of salespeople who used Social Media as a selling tool outperformed those who didn’t.
I’ve seen evidence of this in my daily communication with savvy dealership salespeople. Many of them reach out to me saying their boss forbids them to use Social at work and thinks it’s stupid. The numbers don’t lie, baby. It’s time to embrace Social Media and take advantage of the value (read “sales”) it delivers.
Get ready for this one: Social sellers were 23% more successful in exceeding their sales quotas by more than 10% compared to their non-social peers, as pictured below. That’s quite an achievement for something that many dealers still show disdain for.
So, if the numbers don’t lie, why aren’t more dealers and salespeople welcoming Social Media with open arms?
22% of salespeople stated that they don’t use Social Media as part of the selling process. Those respondents were asked, “Why aren’t you using Social Media?”
- 45% of those salespeople stated the reason was “I don’t understand it.”
- 19% said they “Don’t see the value in investing sales energy in Social.”
- 17% said, “It doesn’t work for my business.”
The study suggests (and I concur) that the lack of investment in formalized training is the root cause of these issues. The more you know about Social, the more valuable it becomes. The numbers of this study do not surprise me at all. I’ve witnessed and been a part of Social Media working for many. Isn’t it time to get it working for you and your team?
Jim’s findings bring up a number of challenges to the daily operation of a car dealership (or any business for that matter).
Everyone wonders where Social Media makes a difference, where is it most effective? Those respondents who do practice Social selling were asked “What do you use Social Media for?” Not surprisingly, networking and prospecting are the two most common uses of Social Media for salespeople. Developing a trusted network of friends, family and prospects can become a bone of contention when your employee terminates his/her employment.
With solid training and/or coaching in place, you must also provide specific guidelines to your employees. Outline how employees should create Social profiles for themselves, what can be said, what happens when something goes wrong and how you want things handled if they should decide to leave. A solid Social Media policy will always serve you when these unique and new situations arise.
Social Media is not only a factor in the sales process, it can be the reason for the sale. We’ve seen the numbers and they all point up. It’s up to you to hit the launch button.