3 Ways to Accelerate Social Selling for Regulated Organizations

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Accelerate Social Selling for Regulated Organizations Tuesday, August 26 ©2013 LinkedIn Corporation. All Rights Reserved.

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According to new IDC research, 84% of C-level / VP executives use social media to make purchasing decisions, but regulated organizations are challenged with governance and compliance complexity when selling and marketing via social networks. Dan Swift of LinkedIn and David Ambrose of Smarsh discuss how regulated companies can leverage social networking to drive revenue and connect with customers more efficiently. Learn more about social media compliance for regulated companies on our website: http://www.smarsh.com/social-media-compliance.

Transcript of 3 Ways to Accelerate Social Selling for Regulated Organizations

Page 1: 3 Ways to Accelerate Social Selling for Regulated Organizations

Accelerate Social Selling for Regulated Organizations

Tuesday, August 26

©2013 LinkedIn Corporation. All Rights Reserved.

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Today’s Speakers

Dan Swift

Director, Financial Services

LinkedIn Sales Solutions

@danjswift

David Ambrose

Director, Technology Partners

Smarsh

@davidatsmarsh

©2012 LinkedIn Corporation. All Rights Reserved. 2

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Changing buying landscape in financial services

Using LinkedIn Sales Navigator in a compliant manner

Measuring success of your LinkedIn Sales Navigator program

Agenda

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Changing buying landscape in

financial services

©2012 LinkedIn Corporation. All Rights Reserved. 4

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Your competitor

Harvard Business Review 2012 – Tweet Me, Friend Me, Make Me Buy. Decision makers are C-level

90 % of decision makers say they never respond to cold outreach

FACT: Decision makers now ignore cold outreach.

You

Your competitor

X

X

X

Your prospects

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are now involved in the average corporate buying decision

people Boss

Peer

Direct report

Business leader

Cross-functional partner

Corporate Executive Board 2013 – Winning The Consensus Purchase

Business Owner

5.4

FACT: Decisions involve more people than ever

before.

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75 % of business owners now use social media to conduct research

IDC 2014 – Social Buying Meets Social Selling

FACT: People rely on social media when determining

their financial needs.

Network referrals

White papers

Company websites

Blog posts

Company pages

Your target buyers

Social relationships

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Billions of professional relationships

300M+ members

2B+ member updates per week

LinkedIn has a wealth of information on the people &

companies with whom you want to build relationships

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FACT: Your customers and prospects are on LinkedIn

©2012 LinkedIn Corporation. All Rights Reserved.

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©2012 LinkedIn Corporation. All Rights Reserved.

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©2012 LinkedIn Corporation. All Rights Reserved. 11

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©2012 LinkedIn Corporation. All Rights Reserved. 12

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©2012 LinkedIn Corporation. All Rights Reserved. 13

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©2012 LinkedIn Corporation. All Rights Reserved. 14

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Billions of professional relationships

300M+ members

2B+ member updates per week

LinkedIn has a wealth of information on the people &

companies with whom you want to build relationships.

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Senior advisor in his fifties

After 12 months…

– 214 introductions from 18 LinkedIn connections

– 24 of the 214 through a ‘feeder list’ from 3 prospects

– 8 new families generated $225k of Life and DI premium, not including

AUM

– 3 new families in Underwriting with a possible $85k of premium

– 27 new families opened as New Opportunities

– Received 23 introductions from a 20+ year client who previously only

gave him 3 referrals in the preceding 20 years

©2012 LinkedIn Corporation. All Rights Reserved. 16

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Brian McGrath, Financial Advisor

Guardian Agency, Wellesley, MA

Adapted from Forbes.com article:

“I have used LinkedIn to help secure quality referrals. I have received

as many as 25 names from one list. I truly believe people want to

help each other, but it is sometimes hard to think of names in a

meeting. LinkedIn allows me to share names from my professional

network and prompts my contacts and clients as they help others.”

©2012 LinkedIn Corporation. All Rights Reserved. 17

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LinkedIn Sales Navigator Drives Real Results for

Guardian Agents during Pilot Phase

+56% growth in connections during 12 week pilot

89,000 searches performed over 12 weeks by 250 pilot participants

Average number of messages sent per user: Pilot Group 85 vs.

Control Group 30

LinkedIn’s Social Selling Index Comparison: Pilot Group 59 vs.

Control Group 25

Over $21m Total Face Value of Life Insurance Sold

©2012 LinkedIn Corporation. All Rights Reserved. 18

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“Our partnership with LinkedIn is one of the

most valuable in our repertoire. The

professionals at LinkedIn understand the

challenges facing our newest and our most

successful advisors. By offering a strategically

sound training curriculum and committing to

working “shoulder to shoulder” with our

advisors, LinkedIn has shown us a whole new

way to drive quality prospecting activity, leading

to quality sales opportunities”

Beth Wood, 2nd Vice President, Life and Agency Marketing

©2012 LinkedIn Corporation. All Rights Reserved. 19

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How are financial advisors really using LinkedIn?

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“Sales Navigator has a direct impact on sales of financial products. The ROI

on the meetings we’ve obtained by using LinkedIn and the educational

curriculum is 400%.”

-Martin Gagnon, Senior VP of Intermediary Business Solutions, National Bank of Canada

National Bank of Canada forms one of Canada’s leading

integrated financial groups, and has been named among the 20

strongest banks in the world by Bloomberg Markets.

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7%

36%

other Top 25

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LinkedIn Sales Navigator works Sales reps using LinkedIn Sales Navigator are 5.2x more successful than

their peers

Sales reps not on

LinkedIn Sales

Navigator

Sales Navigator users:

Do 4.3x more searches for

prospects than their peers

View 2.1x more pages than

their peers

Are connected to 2.0x more

people than their peers

Sales reps w/

LinkedIn Sales

Navigator

5.2x

Data is from April 2013. Data is for 14 of 17 sales reps that were provided that could be matched. Growth in Monthly Net Sales is calculated as average sales from July 2012 to

November 2012 vs. average sales from December 2012 to April 2013

Average growth in

Monthly Net Sales after activating

LinkedIn Sales Navigator

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“Sales Navigator has allowed us to get in front of companies

that we weren’t able to connect with in the past.”

-Richard Kopelman, CEO & Managing Partner, Habif, Arogeti & Wynne, LLP

Habif, Arogeti & Wynne, LLP is the largest independent accounting and

business advisory firm headquartered in Georgia, and one of the top 50

firms in the United States. The Firm provides a wide range of financial

solutions to more than 15,000 clients in a variety of industries.

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“Sales Navigator gives us the ability to get access to buyers who we couldn’t

previously reach, and in a way that is more efficient than simply cold-calling

and hoping for a response.”

–Regina Spratt, US Sales Leader, Marsh

Marsh is a world leader in delivering risk and insurance services

and solutions to its clients. From its founding in 1871 to the

present day, Marsh has provided thought leadership and

innovation for clients and the insurance industry.

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“I called on companies for 2 years without getting a meeting, and within 3 months of using Sales Navigator, I

was able to get in the door.”

“We haven’t found a better source for getting to the proper contact as quickly

as we can with LinkedIn Sales Navigator.”

–Lynn Sigfred, Vice President, First Business Bank

First Business focuses exclusively on the specific needs of

businesses, key executives, and high net worth individuals

seeking a higher level of financial service and expertise.

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Using LinkedIn Sales Navigator in a

compliant manner

.

©2012 LinkedIn Corporation. All Rights Reserved. 26

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©2012 LinkedIn Corporation. All Rights Reserved. 27 *Smarsh 2014 Electronic Communications Compliance Survey

Common Misconceptions for the compliant use of Social Media.

Unknown reach

Low industry adoption

Too much work

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©2012 LinkedIn Corporation. All Rights Reserved. 28 *Smarsh 2014 Electronic Communications Compliance Survey

LinkedIn is the most popular social network among financial services professionals and continues to grow in popularity

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©2012 LinkedIn Corporation. All Rights Reserved. 29 *Smarsh 2014 Electronic Communications Compliance Survey

There is a significant gap between usage and systems in place.

The Compliance Gap.

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THE

ARCHIVING PLATFORM

BUILT FOR SUPERVISION

AND E-DISCOVERY

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WE ARCHIVE EVERYTHING DESIGNED TO SUPPORT ARCHIVING OF EMAIL, IM, SOCIAL, MOBILE, AND WEB

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“Social media, including LinkedIn, is an essential communications channel and business tool for our firm. With

Smarsh, we’re able to meet our compliance requirements without

placing a burden on our IT department, as the platform allows us to seamlessly control, authorize and

monitor users.”

-Jesse Reinfelder, Compliance Officer, Rosenblatt Securities

Rosenblatt Securities was founded three decades ago with a

simple goal: help institutional investors prosper with trusted,

conflict-free advice and expert trade execution services.

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Measuring success of your LinkedIn

Sales Navigator program

©2012 LinkedIn Corporation. All Rights Reserved. 33

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Social selling leverages

your professional brand to fill your pipeline

with the right people, insights,

and relationships.

Social selling helps you adapt to the buyer’s new process

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What’s LinkedIn’s Social Selling Index?

First-of-its kind measure that measures your company’s

adoption of social selling practices on LinkedIn

• Gain visibility into your

company’s activities

• Uncover new opportunities

• Benchmark yourself against

peers and competitors

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How can you use LinkedIn to socially sell?

Establish a professional presence on

LinkedIn with a complete profile Create a professional brand

Prospect efficiently with powerful

search and research capabilities Find the right people

Discover and share valuable information to

initiate or maintain a relationship Engage with insights

Expand your network to reach prospects and

those who can introduce you to prospects Build strong relationships

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SSI leaders create

45% more opportunities per quarter

than SSI laggards.

SSI leaders are

51% more likely to hit quota

than SSI laggards.

45% more opportunities

51% more likely to hit quota

Based on a global study LinkedIn ran in Q4 2013 of Q3 performance for reps focused on new business and reps

focused on existing business. Respondents reported performance; they were matched to their LinkedIn profiles

to understand their SSI.SSI leaders have an SSI > 70; SSI laggards have an SSI < 30

Why is social selling important?

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Create a professional brand

Find the right people

Engage with insights

Build strong relationships

9.4

3.9

1.1

6.7

Social Selling Index 21.1 Social Selling Index measures

adoption of LinkedIn social selling

practices on a 0-100 scale

SSI is how LinkedIn measures social selling

Performance on four key

dimensions, each worth 25 points

Company X:

Company

Based on Linked members who report working at your company who have sales titles or sales keywords in their headline.

All sales pros

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Create a professional brand

Find the right people

Engage with insights

Build strong relationships

9.4

3.9

1.1

6.7

Social Selling Index 21.1

Company X

How do you compare to industry average?

9.0

4.1

1.2

5.5

19.9

Industry

Company X:

Based on Linked members who report working at your company who have sales titles or sales keywords in their headline.

All sales pros

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How do you compare against your competitors?

Weaker

social selling

Stronger

social selling

11 8 Peers:

of

• Company A

• Company B

• Company C

• Company D

• Company E

• Company F

• Company G

• Company H

• Company I

• Company J

Company X:

Based on Linked members who report working at your company who have sales titles or sales keywords in their headline.

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In July 2013

Goldman Sachs

explored the

unparalleled value

organizations are

getting from LinkedIn

Sales Navigator. ©2013 LinkedIn Corporation. All Rights Reserved.

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In fact, Goldman Sachs found that many customers

were pushing for full adoption

100% Current adoption or

adoption goal for interviewed

LinkedIn Sales Navigator

customers

©2013 LinkedIn Corporation. All Rights Reserved.

Source: Goldman Sachs, Exploring the Sales Navigator opportunity with early adopters, July 2013.

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This is not brain surgery

©2012 LinkedIn Corporation. All Rights Reserved. 43

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