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Rethinking KPIs in B2B Sales: Building Connections Over Cold Calls
The traditional methods of B2B sales continue to rapidly evolve. The days when buyers reached out to sellers at the very beginning of their purchasing journey are long gone. Now, buyers are doing their homework, consuming vast amounts of content, and engaging in self-service research long before they ever speak to a sales representative. This shift necessitates a re-evaluation of our Key Performance Indicators (KPIs) to reflect the new reality of buyer behaviour.
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The Changing Buyer’s Journey
According to recent studies, the typical B2B buyer is already 57% of the way through their decision-making process before they reach out to a salesperson. This statistic highlights a crucial change: buyers are well-informed and prepared by the time they consider direct engagement. They’ve read white papers, watched webinars, reviewed case studies, and gathered peer recommendations.
LinkedIn: The Modern Networking Powerhouse
LinkedIn has emerged as a critical platform in this new buying landscape. Research shows that LinkedIn is the most used social media platform among B2B buyers, with 80% of them using LinkedIn to make purchasing decisions.
Additionally, it’s been found that B2B buyers consume an average of 13 pieces of content before making a decision. This content consumption often happens on platforms like LinkedIn, where buyers can follow industry leaders, join relevant groups, and engage with insightful posts.
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The Ineffectiveness of Cold Calls
Despite these shifts, many sales organisations still prioritise traditional KPIs like the number of cold calls made. However, data shows that cold calling has a dismal success rate, with less than 2% of cold calls resulting in a meeting. In contrast, building a network on LinkedIn allows salespeople to nurture potential buyers over time, providing value and establishing trust well before a sales pitch is ever made.
Rethinking KPIs for the Digital Age
Given this context, it’s imperative for sales leaders to rethink their KPIs. Instead of emphasising cold calls, consider metrics that reflect the importance of digital engagement and relationship-building. Here are a few suggestions:
1. New LinkedIn Connections: Track the number of new, relevant connections made on LinkedIn each month. This KPI emphasises the importance of expanding your network and reaching potential buyers early in their research phase.
2. Content Engagement: Measure how often your content is viewed, shared, and engaged with on LinkedIn. This can include posts, articles, and comments on industry discussions.
3. Profile Views: Monitor the number of views on your LinkedIn profile. An increase in profile views can indicate that potential buyers are researching you and your offerings.
4. Inbound Leads: Track the number of leads that come from LinkedIn and other digital platforms. This KPI highlights the effectiveness of your digital presence in generating interest.
Building a Strategy Around Digital Engagement
To successfully transition to these new KPIs, sales teams need to adopt a strategy focused on digital engagement. Here are some steps to get started:
1. Optimise Your LinkedIn Profile: Ensure that your LinkedIn profile is complete, professional, and highlights your expertise. Include a clear summary, a professional photo, and endorsements from colleagues and clients.
2. Share Valuable Content: Regularly post content that is relevant to your industry and valuable to your target audience. This can include articles, insights, case studies, and industry news.
3. Engage with Your Network: Actively participate in discussions, comment on posts, and share insights. This helps establish you as a thought leader and keeps you top of mind with potential buyers.
4. Leverage LinkedIn Analytics: Use LinkedIn’s analytics tools to track the performance of your posts and engagements. This data can help you refine your strategy and focus on what works best.
Conclusion
The modern B2B sales landscape requires a shift in how we measure success. By focusing on building connections and engaging with buyers on platforms like LinkedIn, sales teams can better align with the new buyer’s journey. It’s time to rethink our KPIs and embrace the digital tools that allow us to nurture relationships and provide value long before the sales pitch.
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