Investigating the Truth About Social Selling by Industry
Cause and effect: New research from LinkedIn shows how social selling impacts ROI by industry
September 20, 2017
Innovation is top of mind for sales leaders and one way to find inspiration is to scope out strategies popularized by other industries and regions. However, strategies that work well for one industry or region, may not yield the same outcomes in other industries and regions. When it comes to the strategy of social selling, sales leaders are aware of the benefits, but assessing the potential in one’s own market has been unpredictable until now.
Sales Navigator, LinkedIn’s social selling platform, empowers sales professionals to effectively target, understand, and engage their buyers. LinkedIn can now precisely measure the revenue influenced by Sales Navigator to its customers through a newly added CRM sync functionality. By grouping similar companies based on their markets and location, it is then possible to learn how the platform performs across different industries and regions.
Out of fourteen industries analyzed, all of them show more than half of their revenue being influenced by Sales Navigator. It is not surprising to see tech industries driving value through the platform, but what is perhaps less expected are the equally strong results in non-tech industries, such as financial services or logistics & supply chain. All of these industries attained 50% or more revenue influenced by Sales Navigator in less than two years on average, suggesting that a multi-year social selling program is necessary to measure success. By knowing that their peers in the same industry are seeing strong results over a long-term investment, sales leaders now have evidence that social selling could work for their business.
Social Selling Influences 40% or More Revenue by Region
By region, NAMER, EMEA, and APAC companies are seeing 64.1%, 59.5%, and 46.6% of their revenue influenced, respectively. Despite the unique business practices across the globe, these results demonstrate Sales Navigator can still significantly impact revenue impacted regardless of the region. These results strengthen the idea that deploying Sales Navigator across regions can usher in a successful global program.
Over the last few years, several qualitative studies have showcased the value of social selling. This year's research from SalesforLife, which states that social sellers gain 57% higher return on investment from social selling compared to a 23% return using traditional tactics. We now have quantitative results that social selling significantly impacts business outcomes. When using Sales Navigator to close deals, win-rate and deal size increase by 5% and 35%, respectively. As for percentage of revenue influenced, sellers on Sales Navigator see more than half of that amount tied to social selling actions. The results show that social selling is a strategy that is equally effective for various industries and regions. With this knowledge, sales leaders can be confident that deploying a social selling program globally in any industry has the potential to be highly impactful.
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