How Multi-threading Helped NewVoiceMedia Drive Bottom Line Return
LinkedIn Sales Navigator influenced 70% of revenue at NewVoiceMedia
October 20, 2016
In October 2014, Doug Ruth from NewVoiceMedia, an Account Executive at the time, opened a sales opportunity with a medium-sized internet company. Two months later, his key contact at the account left the company. In sales, this situation is all too familiar.
LinkedIn data shows that 1 in 5 decision-makers leave their position within a year*. All this job movement and shifting business priorities make keeping up with accounts even harder. Salespeople may have information about contacts in their CRM systems, but whether or not that information is accurate and relevant can be a complete mystery.
And that was fine a decade ago, when salespeople were expected to operate in puzzles. They’d find a decision-maker on an account, and then rely on that person to help them navigate the company’s organization and close the deal. If that contact left or stopped responding, the salesperson would be left in the dark.
The good news is, we don’t live in that world any longer – we live in a connected world. Thanks to the Information Age, crowd-sourced reviews, and social media, we now have access to a plethora of information about accounts and prospects – everything from company websites to the latest news on hiring or funding to employees’ LinkedIn profiles.
Doug Ruth realized this. As one of the first people to experiment with new technology at NewVoiceMedia, he started using LinkedIn Sales Navigator to track down relevant decision-makers when his original contact left. He also started following those decision-makers, so he would receive updates on any job changes they might make. Within a month, he had closed the account.
What's more, seven of the leads he followed eventually left for other organizations, one of which was also a prospect account. Because of the relationships he formed using Sales Navigator, he was also able to close this new account almost immediately. Here, you can see the power of following key decision-makers and keeping up with their careers, as they shift roles and priorities.
Why should this matter to you?
To understand the impact of social media at-scale on a company’s bottom line, we partnered with NewVoiceMedia to analyze their usage of Sales Navigator and its effect on sales outcomes in their CRM.
As we dug into the data, we wound up finding many deals similar to Doug’s, where sales professionals used Sales Navigator to keep up with prospects. In fact, 70% of won revenue from new business was closed using Sales Navigator. These deals were also more likely to close (80% higher win rates) and had larger deal sizes (30% higher), contributing to 1.7x higher net won revenue per rep.
Much like Doug, modern sales teams are using their professional networks to open doors and break into new accounts, and social selling is paving the way. B2B sales is no longer the mystery it once was, with new tools helping salespeople understand, connect with, and keep up with prospects, for a real impact on their bottom line.
*Source: Based on LinkedIn member profile data. We define “decision-makers” as members with a position at Director-level or higher and a “position change” as any member who leaves a position.