Ibm solutions for social selling 20120921

Ibm solutions for social selling 20120921

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  IBM Software Thought Leadership White Paper IBM solutions for social selling A guide to transforming your sales organization
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  2 IBM solutions for social selling Contents Organizations in all industries are making concerted efforts to know their customers better. The recession is certainly the 2 Introduction short-term trigger, but prudent organizations are taking a 3 Challenges facing sales leaders today longer view—one that includes navigating consumer buying behaviors to build sustained and profitable customer 4 Challenges extend to sales representatives relationships. 4 Transforming sales force automation into social selling IBM makes this point in its global survey of CEOs. Getting 4 What is social selling? closer to the customer ranked as the top priority among CEOs in companies that the survey identified as “standout” organiza- 6 Real results tions. In addition, nearly nine in 10 CEOs told IBM that they 7 Getting started: the IBM method will focus on getting closer to their customers in the future. This makes customer focus the number one priority in the new eco- nomic environment. Introduction Almost overnight, the way customers relate to organizations has changed dramatically because of a convergence of new technolo- Nearly nine in 10 CEOs told IBM that they gies, trends and cultural expectations: will focus on getting closer to their customers ●● Mobile devices will soon outnumber desktop computing in the future.1 devices. ●● The world is more globally connected than at any time in our The ways individuals and communities interact, form relation- history. ships, make decisions, accomplish work and purchase goods ●● Cloud-based services are becoming ubiquitous. are changing the way business is done. A social business is an ●● Social media is now a significant form of communication. organization that applies social networking tools and culture to ●● Users expect instant access to answers and information. business roles, processes and outcomes. These new technologies and business trends will require organi- A social business recognizes that people do business with zations like yours to rethink their processes, including the tools people and optimizes how people interact to accomplish that drive sales. Now is the time to step back and reassess your organizational goals: business to determine how you can streamline your processes, improve your customer relationships and reduce the inefficien- ●● Deeply connecting individuals in productive, efficient ways cies that will grow as the business world changes. ●● Providing line of sight across traditional boundaries and better aligning actions to needs ●● Speeding up business with insight to anticipate and address evolving opportunities
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  IBM Software 3 Combining social business capabilities into your sales processes as special offers. Your sales processes must incorporate this infor- can revolutionize your business and increase sales productivity, mation with traditional data to create a full view of your reduce costs, and improve customer relationships. IBM has environment. developed a solution that will transform your sales organization. The solution marries customer relationship with social media How will I deliver a consistent customer experience? Sales tools and analytics to provide you a competitive edge. teams must be able to share information consistently across the growing list of deployment options. Mobile apps must mirror Challenges facing sales leaders today the desktop, for example. Sales executives face challenges that were virtually nonexistent a decade ago. Sales managers are still presented with three funda- How will I keep everyone on the same page? You must mental priorities: enable consistent, contextual and timely data for everyone in your ecosystem, from sales to marketing to customers support. ●● Sales productivity ●● Customer acquisition How will I foster self-learning? We live in a “Google it” ●● Customer retention world today, where customers and employees require instant answers. You will need to create an environment in which But new challenges face sales leaders today: experts are made available and sales teams can continue to improve their skills and understanding of your business. ●● Portfolios of offerings have become more complex. ●● Product lifecycles have accelerated. How will I scale and provide security for my data? As the ●● Competition, including new global players, has intensified. ecosystem expands and barriers are torn down, you must provide ●● Customers are more educated and more demanding. security and compliance, without creating cumbersome systems ●● Workforce dynamics have also changed; the churn in sales and requirements. organizations has increased. ●● Cost and margin pressures have reduced budgets for training How will I analyze all of this? Changes to data sources and and travel. data types, as well as new user demands, will require a full assess- ment of your business analytics. Traditional sales analytics— Here are a few questions sales managers must answer to move charts, gauges and dials—must be integrated with predictive forward: analyses of your business. The rich data you can now collect, combined with advanced predictive analytical tools, will provide How will I manage unstructured customer data? your organization with powerful insight to drive sales. Unstructured data from social media can provide you with a rich, deep understanding of real customer needs—information that will affect products and services recommendations, as well
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  4 IBM solutions for social selling In a recent study of 541 executives at Challenges extend to sales representatives Sales representatives face many of the same challenges their 500 companies, 40 percent found that they managers face from intense competition, customer demands and could see specific improvements and increases a growing amount of customer information generated by social in sales from social customer relationship media. Traditional CRM solutions burden sales reps with com- plex requirements that reduced selling time. Sales management, and 71 percent found that it representatives: led to a reduction in time to resolution for support issues.2 ●● Spend too much time reporting and not enough time selling ●● Are required to use tools that don’t help them sell ●● Waste time on leads that don’t pan out because they lack real customer needs and insight ●● Spend too much time mining customer data to prepare for meetings ●● Cannot easily find relevant and current product information Account and special offer information management Further, sales reps are expected to understand increasingly complex portfolios with little or no training or mentorship. Transforming sales force automation into Contact Forecasting management social selling Historically, CRM and sales force automation solutions have focused on managers managing employees and data with little focus on selling. IBM’s Solutions for Social Selling provide man- agers with the tools they need while dramatically improving sales productivity using social business strategies and applications. Opportunity management What is social selling? A social business isn’t just a company that has a Facebook page and a Twitter handle. A social business is one that embraces and Figure 1: Traditional sales and customer relationship management systems cultivates a spirit of collaboration and community throughout its focus on managing data, not on improving sales effectiveness. organization—both internally and externally. By removing barri- ers, a social business allows sales organizations to apply expertise and insights that improve and accelerate results.
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  IBM Software 5 Technology shifts are empowering people like never before. As a ●● Reach—find customers where they live and work; spend more result, barriers among people are disappearing and traditional time with them roles across the business network are changing: ●● Engage—apply expertise across the organization ●● Discover—understand your customers better than the ●● Employees are self-forming teams around fast moving competition opportunities. ●● Act—focus on opportunities that create the most profit ●● Customers are leading the conversations that define brands. Partners are becoming on-demand extensions of the If companies could increase their customer ●● enterprise. retention rates by 5 percent, they could grow A successful social selling strategy takes advantage of converged their profits by 25 to 100 percent.3 collaboration, dynamic content and analytics in concert. IBM has built an open standards-based, security-rich platform Reach: more customers—and more time spent with them for social business that combines these capabilities, designed to Social selling allows you to reach customers on owned, earned, help sales organizations reach people, engage them, discover and paid channels, through the identities they maintain on new insights and act swiftly to capture value. consumer, business-to-business and corporate social networks, allowing you to: ●● Access core opportunity, contact and account data from mobile devices ●● Spend less time learning about the customer; you have a 360-degree view Spend less time searching for experts and information En ●● ch Spend less time filling in opportunity data for forecasts ga Rea ●● Engage customers remotely with a rich set of collaboration ge ●● and social tools ●● Save time and cover all stake holders with one to many communications Act ●● Keep entire team, including channel partners in sync on closing the deal D is c ove r Figure 2: IBM’s sales effectiveness solution focuses on increasing sales and developing deep insight into customer needs.
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  6 IBM solutions for social selling Engage: connect your entire sales team and apply expertise Act: focus on accounts and opportunities that create the from across the organization most profit Connect sales reps in collaborative communities to solve Integrate social capabilities into the sales enterprise in order to problems and: act on new opportunities, make better decisions, optimize pro- cesses and: ●● Provide easy access to experts so you get customer questions answered ●● Determine the right sales quota for each territory through ●● Offer sales content recommended based on the specific incentive compensation analysis opportunity ●● Get recommended pricing based on past deals and best ●● Easily collaborate with coworkers from across the practices organization ●● Understand what product in the portfolio to sell to whom ●● Quickly reach out to experts when emergencies arise ●● Improve pipeline visibility so salespeople know which accounts ●● Reuse best practices from other teams to focus on that will bring the most revenue/profit ●● Pull a solution together via instant web conference ●● Understand which customers carry a high support and implementation cost Discover: understand your customers better than the competition Real results Monitor and analyze identities, social graphs, communication The results from transforming your organization with a social channels and social content to develop a deep understanding of selling strategy can be significant and measurable. In his book your customers to: The Loyalty Effect: The Hidden Force Behind Growth, Profits and Lasting Value, Frederick Reichheld revealed that if companies ●● Understand customer needs through sentiment analysis of could increase their customer retention rates by 5 percent, they social data could grow their profits by 25 to 100 percent. ●● Develop complete customer profiles by integrating social media with existing customer data ●● Optimize messaging and products based on analytics ●● Understand customer trends and improve forecasting
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  IBM Software 7 Socially enabling your sales processes will help you create a sales team that: Twelve success factors for sales effectiveness ●● Spends more time selling Sales strategy and planning ●● Can easily tap into the wisdom of top sellers and experts • Precise definition of marketplaces and market segments ●● Understands your customers better than the competition does • Detailed definition of customer needs and buying criteria ●● Focuses only on critical data and deals • Effective control of pricing and proactive pricing moves • Sophisticated understanding of value delivered The measurable categories for success for your organization will Sales management and process • Disciplined opportunity pipeline management include: • Disciplined buyer selection and targeted marketing efforts • Effective account planning and global account management ●● Higher close rates • Relationship marketing focus over transaction selling ●● Lower churn of important accounts Sales organization and skills ●● Shorter sales cycle • Effective identification and sharing of sales methods and approaches • Individual compensation programs linked to desired sales behaviors ●● More competitive wins • Clearly defined sales and sales management roles Technology and tools • Appropriate sales productivity support tools, not just the latest technology
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  Getting started: theIBM method With our extensive research, IBM Global Business Solutions has identified the best practices for top performing organizations and identified 12 success factors in sales effectiveness. IBM has integrated these 12 key findings into a robust sales effectiveness framework, which looks at sales from beginning to end. Our © Copyright IBM Corporation 2012 method, combined with our marketplace leading technology, Lotus Software will provide you with a social selling solution designed to help IBM Software Group One Rogers Street dramatically increase sales revenue, attract and retain more cus- Cambridge, MA 02142 tomers, improve productivity, and reduce costs. U.S.A. Produced in the United States of America For more information May 2012 To learn more, please contact your IBM software sales IBM, the IBM logo, and ibm.com are trademarks of International representative, or visit us at: ibm.com/socialbusiness Business Machines Corp., registered in many jurisdictions worldwide. Other product and service names might be trademarks of IBM or other companies. A current list of IBM trademarks is available on the web at “Copyright and trademark information” at ibm.com/legal/copytrade.shtml This document is current as of the initial date of publication and may be changed by IBM at any time. Not all offerings are available in every country in which IBM operates. THE INFORMATION IN THIS DOCUMENT IS PROVIDED “AS IS” WITHOUT ANY WARRANTY, EXPRESS OR IMPLIED, INCLUDING WITHOUT ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND ANY WARRANTY OR CONDITION OF NON- INFRINGEMENT. IBM products are warranted according to the terms and conditions of the agreements under which they are provided. 1 “The Power of Analytics in Redefining and Reinventing Customer Relationships,” Graeme Butterworth, vice president, Global Process Services, IBM Europe, January 2011. 2 “CRM and Social Media: Creating Deeper Customer Relationships,” Coleman Parkes Research on behalf of Avanade, Inc., September 2008. 3 TheLoyalty Effect: The Hidden Force Behind Growth, Profits and Lasting Value, Frederick Reichheld, Harvard Business Review Press, September 2001. Please Recycle LOW14025-USEN-00