Over the past four weeks, drawing data and insights from the LinkedIn Economic Graph, we’ve detailed the Big Adjust and how it uniquely affects sales teams.
What is the big modification? Stemmed from a variety of factors—the recovering economy, the new attitude toward work, the availability of remote jobs, etc.—it is a time of unprecedented job transformation globally. Few groups switch jobs than salespeople.
What challenges does this present for sales teams? There are many, but four of the biggest:
- The need for strong strategic partnerships between your organization and your buyer is becoming more and more acute, with deals being delayed or lost entirely if they depend on a single champion.
- Buyer data in the CRM and sales technology stack are outdated, resulting in inaccurate planning and ineffective propagation.
- With employee turnover on the rise, talent retention has become a critical priority.
- As salespeople leave, it becomes increasingly difficult to hire great people, because the war for talent is fiercely contested.
These are all big challenges. And while each requires its own unique solution, LinkedIn can help with all four.
We can help you sell more effectively and efficiently during this dynamic time.
Employee turnover can kill deals. Specifically, 80% of sellers said they lost or put off a deal in the past year because one of their champions changed a job, and that number is likely to rise over the coming months.
This is one reason why multithreading is so important. Even before the big adjustment, LinkedIn data showed that Sales Navigator sellers connected on LinkedIn with at least four people within an account were 16.4% more likely to complete a transaction, versus a seller connected with fewer than four people within an account. .
Now, it’s even more important as it helps protect your account from the strong possibility of key contacts leaving the company. If you have multiple and meaningful touch points in an account, you can protect against these risks.
In addition, versatility is often a byproduct of having a strong strategic relationship across an organization, focused on solving a core problem. You can get there by thinking of the buyer first and adopting a solution-oriented sales approach, where you and your buyer’s organization become effective partners, working on something together.
On the plus side, the turnover can be good at times. If one of your former champions switches to a new company, you have an instant way into that account. Or, if you don’t get lucky selling into an account but a new leader takes over, it presents a new opportunity.
Either way, LinkedIn Sales Navigator can help, by providing real-time insights into the comings and goings of your prospects and customers. Some of the features that are particularly relevant at the moment are:
- Alerts, which notify you of buyer activity, including when they change jobs or show interest in your company, so you can take action right away.
- List of heroes, so you can find opportunities in new accounts. This is an automatically generated list of former clients associated with closed earning opportunities who are now working for new businesses, indicating a potential avenue.
- Account map, so you can visualize the full purchasing commission. This is especially useful in multithreading, as it will recommend decision makers to communicate with them.
- Buyer’s account interest, which determines how likely your accounts are to buy from you. This result will change in real time as people within the account search and interact with your company, which can help you prioritize your outreach.
We can help make sure your team is using up-to-date data, so you can plan with confidence.
Not the most attractive challenge, but the one that needs to be addressed. Because nothing kills productivity, destroys prospects faster, and harms reps’ credibility more than inaccurate data running through your suite of sales techniques.
How can LinkedIn help?
With LinkedIn Sales Insights (LSI), you can get reliable insights into how your regions are changing – for example, which accounts within your region shrink or grow as employees come and go, and how likely those accounts are to buy from you. This gives you the clarity you need to do smarter and more accurate sales planning – the foundation for any effective sales team.
The best part? These insights are updated in real time in your CRM, so even during a period of rampant change (ie now), you can continue to forecast accurately.
Additionally, for contacts associated with Sales Navigator users, we will flag in CRM if they are outdated and no longer with the appropriate company. And Sales Navigator helps teams seamlessly add new leads or contacts to your CRM, so you know the data you’re adding is up-to-date and accurate.
We can help you retain your sales team.
While turnover is high in all roles, it is especially high among salespeople. If turnover increases within your organization, it hampers productivity and forces more resources on hiring and staffing.
How do you avoid this fate? Statistics show what professionals now want is career development, work-life balance, and a more inclusive culture.
LinkedIn can be part of every solution via:
We can help you find the best talent when hiring.
Finally, all sales teams will bear a certain degree of sales. This means having to hire new salespeople.
You obviously want to hire great people, but that’s tough today with so many organizations hiring at once. How do you stand out?
With LinkedIn Hiring Solutions, you can connect with over 800 million professionals on LinkedIn. This enables you to appear in front of the right people for your organization – rather than hoping that the right people will proactively apply to work for you.
Additionally, LinkedIn Talent Insights gives you a real-time view of the specific talent pools you’re hiring for. Just as LSI does for your sales planning, LTI can guide your talent strategy, making sure that you fish in the right pond.
Most companies are dealing with new challenges right now. We are committed to help.
The great cabinet reshuffle is global and most organizations feel some influence from it. All of this change makes even basic selling, like forecasting or prospecting, more difficult.
We understand, as we do at LinkedIn. We are committed to finding solutions that continue to fuel your business’ growth, despite overall headwinds.
The good news – if you can successfully navigate this great reshuffle, you will outsmart your competitors. We are committed to helping you do this.