Selling to Big Companies Blog

LinkedIn & High Growth Entrepreneurs

If you want to do business with rapidly growing small & medium-sized businesses (SMBs), you'll find them on LinkedIn. According to Warrillow & Co., a consultancy that helps big companies reach the SMB market, a whopping 67% of these high-growth firms are more than 4 times as likely to be registered members.

Why would this be important for you? Here's what they say:

Warrillow research shows that SMBs with more than 10% annual growth comprise just 15% of the market, yet account for 60% of spending on a core group of high-value products and services, including business credit cards, lines of credit, hardware, software, telecommunications and office management supplies/services.

Since high-growth small businesses are 4 times as likely to be registered on LinkedIn, enterprises have an unprecedented opportunity to intercept a large segment of small business owners with the propensity to spend more – and more often. What's more, LinkedIn company profiles (numbering more than 100,000 in the small business segment) offer a more in-depth business overview that helps you truly understand the people behind the business: who they are, what drives them and how to reach them.

If you're interested in learning more about selling to the SMB market, Warrillow offers weekly webinars on this topic.

Part III: Can LinkedIn Increase Your Sales?

What can I do to be more effective? It's a question that's always on my mind. That's why I began this exploration of LinkedIn. I wanted to find out if and how sellers were leveraging this technology to improve their sales results.

In the final article of this 3-part series, you'll discover even more ways you can use this tool to create more opportunities, connect with decision makers and win more business. Again, real sellers and real results.

Strategic Visibility & Connecting
Tim Hayden, President of Game Plan Marketing & Events shares what he's trained his team to do with LinkedIn:

1. Focus on connecting. Anytime you receive a business card from its owner, you then "know" this person. While not everyone is a valuable link, search for that person on LinkedIn right away. Because you have their email, you can send them an invitation to connect.

2. Increase your visibility. Don't simply add people to your network. Ask or answer questions on LinkedIn. Make sure your public profile is complete. But most of all, recommend people in your network and ask them to recommend YOU!

Anytime you do any of the above, LinkedIn posts updates online or in weekly updates to everyone in your network.

3. Make LinkedIn your homepage. Whenever I open my browser, I can immediately review my "LinkedIn Home Page" which shows what others in my network are doing and who they're connecting with. I also check every 2-3 days to see "Who's Viewed My Profile." Just as you can use web statistics to see what companies are looking at your website, you can also see with about 80% accuracy who's been checking out your profile.

In the past two months, I've used these strategies to identify more than 20 new business leads –and converted two to clients!

Part II: Can LinkedIn Increase Sales?

LinkedIn, the online business networking site, connects over 17 million experienced professionals from over 150 countries. Yikes! That's so many that it makes my head spin. I'd love to fantasize that a few of these people would stumble onto my profile, be suitably impressed and initiate contact. But so far, it hasn't turned out that way.

Yet many sellers have learned how to leverage LinkedIn to drive more sales. They're not sitting around waiting for their phone to ring. Instead, they're using it as an additional resource that supports their prospecting efforts.

Here's how your peers are using LinkedIn to grow their business. True stories. Real results.

Can LinkedIn Increase Your Sales?

As a self-professed technophobe, using social media such as LinkedIn is not second nature to me. I force myself to experiment with these new mediums knowing that ultimately they'll have an impact on the selling profession - even though I'm still unsure what it might be.

About 2 years ago, I set up my profile on LinkedIn. It was sterile & boring, conveying only enough to enable me to say I had an online presence. Then last year I read entrepreneurial guru Guy Kawasaki's blog article on his LinkedIn Profile Extreme Makeover and felt compelled to redo mine based on what I learned.

Since then, I've accepted numerous invitations to connect, yet fretted if I should since many came from total strangers. I've written a few recommendations and received a few.

Mostly I was a passive observer - waiting for some sales miracles to happen. Of course, they never did and I began to doubt LinkedIn's ability to deliver real tangible results.

Trash Talk & Delete Buttons: A Candid Letter from Your Prospective Customer

Dear Seller,

I only have a few minutes, but I understand you're interested in what you can do to capture my attention and entice me to want to set up a meeting with you.

Let me say this loud and clear right now - you have no idea what my day is like. You may think you do, but you're missing the boat. Until you understand this, my advice to you makes no sense.

I got into the office early this morning so I could have some uninterrupted time to work on a major project - something I can't seem to squeeze into the normal business day, which is filled with back-to-back meetings.

But, by 9 a.m. all my good intentions were dashed. My boss asked me to drop everything to get her some up-to-date information on a major reorganization initiative. Product development informed me that our new offering won't be available for the upcoming tradeshow. Sales is already in an uproar because they have customers waiting for it. Then HR tells me that one of my key employees has been accused of cyber-stalking.

Starting to get the picture? Welcome to my world of everyday chaos where, hard as I try to make progress, I keep slipping behind. Right now, I have at least 59 hours of work piled on my desk, needing my attention. I have no idea when I'll get it all done.

Did I mention my how many emails I get daily? Over 100. Everyone copies me in on everything. It drives me crazy. Then, add to that at least 30 phone calls - many from vendors who want to set up a meeting with me. And the pile of junk mail I get each day is ridiculous.

In short, I have way too much to do, ever-increasing expectations, impossible deadlines and constant interruptions from people wanting my time or attention.

Time is my most precious commodity and I protect it at all costs. I live with the status quo as long as I can - even if I'm not happy. Why? Because change creates more work and eats up my time.

Which gets us back to you. In your well-intentioned but misguided attempts turn me into a "prospect," you fail woefully to capture my attention. I'm going to be really blunt here: I could care less about your product, service, solution or your company.

I'm not one bit interested in your unique methodologies, extraordinary differentiators or one-stop shopping. Your self-serving pablum, while designed to lure me into your clutches, has the exact opposite impact.

It's trash talk! I quickly scan your emails or letters looking for those offensive words and phrases that glorify your offering or your firm.

The minute they jump out at me, you're gone. Zapped from my inbox or tossed into the trashcan. When you talk like that in your voicemails, I delete you immediately. Delete, delete, delete.

That's the most expeditious way to handle bothersome telemarketers. Use those same words on the phone with me and I'll quickly raise an objection you can't address.

I'm a master at sniffing out trash talk and deleting it. I have work to do and refuse to waste even one iota of my time on something that's irrelevant or self-promotional.

You need to know though that I'm not always like this. Occasionally a savvy marketer or seller captures my attention, gets me to raise my hand asking for more information and even entices me to request a meeting.

What are they doing? They're completely focused on my business and the impact they can have on it. That's what's relevant to me - not their offering.

I'm always interested in ways to shorten time to market, speed up our sales cycles and reduce our supply chain costs. Notice that this is business talk, not marketing speak!

When you get even more specific and tell me how much impact, now you're really talking my language. I guarantee that if you mention you've helped organizations similar to mine increase sales conversion rates by 39% in just 3 months, I'll be on the phone to you in no time flat.

Do you have any good information or fresh insights about the challenges my company is facing? How about how other companies are addressing these issues? If so, I'm interested in that too.

That's the good stuff. It stems from a focus on the difference you can make for my company, instead of how you're different from every one else. When you emphasize that, I'm interested.

But you can't rope me in with the good stuff, then slip back into that trash talk. If so, you're gonzo as fast as I can hit the delete button.

I pay attention in about 5 second increments, too. I don't have time for fluff. If it's relevant info, you've got me; start meandering and I hit delete.

Get the picture? I hope so, because I'm late for a meeting and while I've been writing this, the phone's been ringing off the hook.

Hope this helps!

Your Prospective Customer

****

Jill Konrath, author of Selling to Big Companies and founder of the Sales Shebang, is a frequent speaker at national sales meetings and industry events. For more articles like this, visit http://www.SellingtoBigCompanies.com. Sign up for the newsletter and get a BONUS Sales Call Planning Guide.

Is This the New Way to Build Relationships?

Here's the scenario: Imagine you recently visited the website of a company that sells software. While there, you downloaded a white paper called, "25 Questions to Determine the Right System for Your Needs."

The very next day, you received an email with the subject line: "Follow up to 25 Questions article." When you open it, here's what it says:

Marcus Jantzen here, CRM Consultant with XYZ Systems and just following up with you regarding your current Customer Relationship Management (CRM) initiatives.  If you are working on a CRM initiative, please take a second to answer the questions below so we can determine if XYZ Systems is a fit for your needs. 

• Your official title?
• Total number of users of the CRM?  (i.e. Sales Reps, Service Reps, & Reps in Field?)
• When are you looking to deploy CRM?
• What other CRM companies are you researching?
• Accounting Platform?
• Integration needs?
• Top 3 functions that you would like your CRM to do for you?
• Final decision maker?
• Would you like a Free Web Demonstration?

If you can also explain your buy in process to finalize your CRM initiative, then that would helpful in setting up the right expectations for both our companies.

Thank you for answering the questions above.  We are generally a great fit for most businesses.  If not, then I would be more than happy to point you into the right direction as well.  Whether it’s our company, Competitor A or Competitor B, the best CRM solution is the one that best fits YOUR needs.

This email message is real. When Patrick McNally got it, he just had to share it with me. Here are his thoughts:

I know e-mails are becoming more common, but when I received this "research driven" e-mail, well, I've had a better relationship with a loaf of bread!  I have received a dozen of these already.  Obviously, I am not interested in a company that thinks this is the best way to do business, but am I outdated; is this the norm?

So what do you think? Is this the new norm? And, more importantly, do you think it's effective?

What Activity Consumes 11 Hours of a Seller's Time per Week?

When I read Ardath Albee's blog post I was blown away. In today's market, it's imperative to know a lot about your prospects prior to meeting them. It's also necessary to spend time trying to determine which companies make the best prospects.

But I had no idea that sellers were spending 11 hours per week on ...

Thought Leadership Attracts Customers

In today's crowded market space, one of the best ways to stand out from the competition is by becoming a thought leader. What does this mean you need to do? Basically, thought leadership is about willingly sharing your ideas, insights and expertise with others who can benefit from them.

So many people are scared of revealing the secrets to their success or their indepth knowledge to the world. Because they have a "scarcity" mentality, they're sure they'll be ripped off or lose out financially.

Writing a Lead Generation Letter that Works

Since cracking into corporate accounts is so tough these days, I'm always looking for ways to help sellers get their foot in the door. Recently Jim Logan, a respected colleague, sent me a special report that's a real life account and analysis of a B2B and B2G direct mail lead generation campaign he led for a client several years ago.

The client wanted to set up face-to-face meetings with executive decision makers in a complex public and private sector sales environment. The result was a 75% success rate in the public sector (getting into the office of elected officials) and over 50% success rate gaining access to F1000 executives.

Podcast: Marketing & Sales for Big Complex Selling

You'll want to listen in on Todd Sattersten's (800-CEO-Read) interview with Brian Carroll, author of Lead Generation for the Complex Sale and CEO of InTouch.  As always, Brian shares a wealth of information that can help you increase your marketplace presence and get customers to call your firm. His strategies enable your company to develop a highly effective thought leadership position in the market which effectively separates your firm from the competition.

When Brian and I met about 5 years ago, I immediately knew that there was a lot of synergies in our businesses. Shortly after that, we pulled together a joint seminar on how to jumpstart sales of new products. We invited 3 related experts to be a part of this event which was co-marketed to our combined databases. It was a resounding success that provided each of us significant business growth opportunities. In fact, I even write about the value of this strategy in Selling to Big Companies on page 93.

Why am I telling you all this? It's been a few years since Brian and I have co-presented. Now 800-CEO-READ is bringing us together again! This week Brian is interviewed. Next week, it's me. Then the following week, Todd interviews both of us together.

Listen to the podcast now.