Why your leadership is wrong when they tell you that to get more pipeline requires you to send more email and make more calls
Timothy "Tim" Hughes 提姆·休斯 L.ISP
Should have Played Quidditch for England
The world has changed and it's changed a lot even in the last 24 months.
But just think how things have changed since the?1980s?and?1990s.?Walkmans,?Faxes,?Backberries,?iPods?all of these pieces of technology have come and gone, some of you reading this, won't even know what some of these things are.
My partner's youngest was born in?1995, he's now 26.
His frame of reference is different from somebody in leadership who got their degree in the 1980s and 1990s when?advertising?and?cold calling?where the two main ways of demand generation.?Let's not forget that?email marketing?was only adopted on mass in the mid 1990s.?But that was 30 years ago!?
Let's look at the legacy world of sales and marketing?
Cold calling
In case you missed it, the?Bank of America’s Merrill Lynch?have?banned cold calling?and have moved all their people to?social selling. This isn't some trendy tech company that might have decided to do this on a whim, this is a very conservative financial services company that has made a decision based on data.
But surely cold calling has a better ROI than social selling??Not according to Merrill Lynch.
"They will also be encouraged to contact prospects over LinkedIn, which has a higher hit rate than cold calling"
Email marketing?
Hubspot?(and don't forget they sell email marketing so they have a vested interest to talk this subject up) say in this?article
"Thank you Covid-19, we just broke the record for poor performance.?According to?Hubspot, the response rate to emails fell to a record low of 2.1% ......?Said differently,?98% of our efforts to reach new prospects failed.
With conversion down, what did we do? You guessed it,?we increased the number of emails sent during the same period by 50%, according to Hubspot’s survey of 70,000 customers. We are playing a zero-sum game, and it’s literally a race to the bottom."
When a pro-email marketing site is writing articles like this, you know there is a problem.
Let me just reiterate this, Hubspot say that email marketing has a 98% failure rate.
This is why your leadership is wrong
Social selling have been proved to increase revenue in an organisation by 30% and reduce the sales cycle by 40%.
This is not my opinion, there is data to back this up.
Yesterday, I?wrote?about how social selling was increasing the conversation rate on Director level calls by 42%.?Again, not my opinion, this is all date backed. I agree that we can only increase the conversion rate on rank and file people by 25% but either way scaled across your business this will make transformational difference to your?revenue,?profit?and?EBITDA.?
So who's social selling?
The?CRO?(chief revenue officer),?Richard Eltham?of?Namos Solutions, of one of clients posted a comment on LinkedIn about?social selling. See?here.
“Social selling is not an option now it is the way of the world and you either learn and execute it or fear getting left behind”?
Kevin Murray?who is the Head of Sales at?MacArtney?Underwater Technology recently posted about his success with social selling?here?and wrote an article about the transformation that has happened in sales?here.
Here at?DLA Ignite?we don't do?"hints and tips sessions"?we don't want you to waste your money. Our social selling and influence methodology will provide your sales team with the stable platform for growth. It is also the only social selling program based on 70:20:10 change management principles which gives your business the mindset change and habit change they need in this digital world.?
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Revenue Through Reputation. Founder, The LinkedIn Prospecting Playbook. I help leaders become more connected, more relevant and more influential for revenue growth. Podcast Host x2 | Founder, Fist Bump.
3 年For me it’s not that more is just wrong but it’s not efficient as you explain in the article. Which, I guess means it’s wrong. Ok.
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3 年I read an article this morning talking about the death of cold calling from 2011. It's remarkable that there are many organizations that continue to measure the number of dials for sales productivity.
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3 年Cool article. Making and leading these changes is like steering the Titanic. A lot of companies talk about “innovation” and “transformation” but are they doing it themselves to themselves? Hmmmm….??
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3 年Timothy (Tim) Hughes 提姆·休斯 eye opening from HubSpot and yet so many in #salesleadership still slam the emails out. What is a good first step for a leader that is convicted by your blog?