3 Ways to Accelerate Social Selling for Regulated Organizations

Accelerate Social Selling for Regulated Organizations
Tuesday, August 26
©2013 LinkedIn Corporation. All Rights Reserved.

Today’s Speakers
Dan Swift
Director, Financial Services
LinkedIn Sales Solutions
@danjswift
David Ambrose
Director, Technology Partners
Smarsh
@davidatsmarsh
©2012 LinkedIn Corporation. All Rights Reserved. 2

Changing buying landscape in financial services
Using LinkedIn Sales Navigator in a compliant manner
Measuring success of your LinkedIn Sales Navigator program
Agenda

Changing buying landscape in
financial services

Your
competitor
Harvard Business Review 2012 – Tweet Me, Friend Me, Make Me Buy. Decision makers are C-level
90%
of decision makers say
they never respond to
cold outreach
FACT: Decision makers now ignore cold outreach.
You
Your
competitor
X
X
X
Your
prospects

are now involved in the
average corporate buying decision
people
Boss
Peer
Direct
report
Business
leader
Cross-functional
partner
Corporate Executive Board 2013 – Winning The Consensus Purchase
Business Owner
5.4
FACT: Decisions involve more people than ever
before.

75%
of business owners now use
social media to conduct
research
IDC 2014 – Social Buying Meets Social Selling
FACT: People rely on social media when determining
their financial needs.
Network
referrals
White
papers
Company
websites
Blog
posts
Company
pages
Your
target buyers
Social
relationships

Billions
of professional
relationships
300M+
members
2B+
member
updates
per week
LinkedIn has a wealth of information on the people &
companies with whom you want to build relationships

FACT: Your customers and prospects are on LinkedIn

Billions
of professional
relationships
300M+
members
2B+
member
updates
per week
LinkedIn has a wealth of information on the people &
companies with whom you want to build relationships.

Senior advisor in his fifties
 After 12 months…
– 214 introductions from 18 LinkedIn connections
– 24 of the 214 through a ‘feeder list’ from 3 prospects
– 8 new families generated $225k of Life and DI premium, not including
AUM
– 3 new families in Underwriting with a possible $85k of premium
– 27 new families opened as New Opportunities
– Received 23 introductions from a 20+ year client who previously only
gave him 3 referrals in the preceding 20 years

Brian McGrath, Financial Advisor
Guardian Agency, Wellesley, MA
Adapted from Forbes.com article:
“I have used LinkedIn to help secure quality referrals. I have received
as many as 25 names from one list. I truly believe people want to
help each other, but it is sometimes hard to think of names in a
meeting. LinkedIn allows me to share names from my professional
network and prompts my contacts and clients as they help others.”

LinkedIn Sales Navigator Drives Real Results for
Guardian Agents during Pilot Phase
 +56% growth in connections during 12 week pilot
 89,000 searches performed over 12 weeks by 250 pilot participants
 Average number of messages sent per user: Pilot Group 85 vs.
Control Group 30
 LinkedIn’s Social Selling Index Comparison: Pilot Group 59 vs.
Control Group 25
 Over $21m Total Face Value of Life Insurance Sold

“Our partnership with LinkedIn is one of the
most valuable in our repertoire. The
professionals at LinkedIn understand the
challenges facing our newest and our most
successful advisors. By offering a strategically
sound training curriculum and committing to
working “shoulder to shoulder” with our
advisors, LinkedIn has shown us a whole new
way to drive quality prospecting activity, leading
to quality sales opportunities”
Beth Wood, 2nd Vice President, Life and Agency Marketing

20
How are financial advisors really using LinkedIn?

“Sales Navigator has a direct impact
on sales of financial products. The ROI
on the meetings we’ve obtained by
using LinkedIn and the educational
curriculum is 400%.”
-Martin Gagnon, Senior VP of Intermediary Business Solutions, National Bank of Canada
National Bank of Canada forms one of Canada’s leading
integrated financial groups, and has been named among the 20
strongest banks in the world by Bloomberg Markets.

7%
36%
other Top 25
22
LinkedIn Sales Navigator works
Sales reps using LinkedIn Sales Navigator are 5.2x more successful than
their peers
Sales reps not on
LinkedIn Sales
Navigator
Sales Navigator users:
 Do 4.3x more searches for
prospects than their peers
 View 2.1x more pages than
their peers
 Are connected to 2.0x more
people than their peers
Sales reps w/
LinkedIn Sales
Navigator
5.2x
Data is from April 2013. Data is for 14 of 17 sales reps that were provided that could be matched. Growth in Monthly Net Sales is calculated as average sales from July 2012 to
November 2012 vs. average sales from December 2012 to April 2013
Average growth in
Monthly Net Sales after activating
LinkedIn Sales Navigator

“Sales Navigator has allowed
us to get in front of companies
that we weren’t able to
connect with in the past.”
-Richard Kopelman, CEO & Managing Partner, Habif, Arogeti & Wynne, LLP
Habif, Arogeti & Wynne, LLP is the largest independent accounting and
business advisory firm headquartered in Georgia, and one of the top 50
firms in the United States. The Firm provides a wide range of financial
solutions to more than 15,000 clients in a variety of industries.

“Sales Navigator gives us the ability to
get access to buyers who we couldn’t
previously reach, and in a way that is
more efficient than simply cold-calling
and hoping for a response.”
–Regina Spratt, US Sales Leader, Marsh
Marsh is a world leader in delivering risk and insurance services
and solutions to its clients. From its founding in 1871 to the
present day, Marsh has provided thought leadership and
innovation for clients and the insurance industry.

“I called on companies for 2 years
without getting a meeting, and within
3 months of using Sales Navigator, I
was able to get in the door.”
“We haven’t found a better source for
getting to the proper contact as quickly
as we can with LinkedIn Sales
Navigator.”
–Lynn Sigfred, Vice President, First Business Bank
First Business focuses exclusively on the specific needs of
businesses, key executives, and high net worth individuals
seeking a higher level of financial service and expertise.

Using LinkedIn Sales Navigator in a
compliant manner
.

©2012 LinkedIn Corporation. All Rights Reserved. 27*Smarsh 2014 Electronic Communications Compliance Survey
Common Misconceptions for the compliant use of Social
Media.
Unknown reach
Low industry adoption
Too much work

LinkedIn is the most popular social network among financial
services professionals and continues to grow in popularity

There is a significant gap between usage and systems in place.
The Compliance Gap.

THE
ARCHIVING
PLATFORM
BUILT FOR SUPERVISION
AND E-DISCOVERY

WE ARCHIVE EVERYTHING
DESIGNED TO SUPPORT ARCHIVING OF EMAIL, IM, SOCIAL, MOBILE, AND WEB

“Social media, including LinkedIn, is
an essential communications channel
and business tool for our firm. With
Smarsh, we’re able to meet
our compliance requirements without
placing a burden on our IT
department, as the platform allows us
to seamlessly control, authorize and
monitor users.”
-Jesse Reinfelder, Compliance Officer, Rosenblatt Securities
Rosenblatt Securities was founded three decades ago with a
simple goal: help institutional investors prosper with trusted,
conflict-free advice and expert trade execution services.

Measuring success of your LinkedIn
Sales Navigator program

Social selling leverages
your professional brand to fill your pipeline
with the right people, insights,
and relationships.
Social selling helps you adapt to the buyer’s new process

35
What’s LinkedIn’s Social Selling Index?
First-of-its kind measure that measures your company’s
adoption of social selling practices on LinkedIn
• Gain visibility into your
company’s activities
• Uncover new opportunities
• Benchmark yourself against
peers and competitors

How can you use LinkedIn to socially sell?
Establish a professional presence on
LinkedIn with a complete profile
Create a professional brand
Prospect efficiently with powerful
search and research capabilities
Find the right people
Discover and share valuable information to
initiate or maintain a relationship
Engage with insights
Expand your network to reach prospects and
those who can introduce you to prospects
Build strong relationships

SSI leaders create
45% more opportunities per quarter
than SSI laggards.
SSI leaders are
51% more likely to hit quota
than SSI laggards.
45%more opportunities
51%more likely to hit quota
Based on a global study LinkedIn ran in Q4 2013 of Q3 performance for reps focused on new business and reps
focused on existing business. Respondents reported performance; they were matched to their LinkedIn profiles
to understand their SSI.SSI leaders have an SSI > 70; SSI laggards have an SSI < 30
Why is social selling important?

9.4
3.9
1.1
6.7
Social Selling Index 21.1
Social Selling Index measures
adoption of LinkedIn social selling
practices on a 0-100 scale
SSI is how LinkedIn measures social selling
Performance on four key
dimensions, each worth 25 points
Company X:
Company
Based on Linked members who report working at your company who have sales titles or sales keywords in their headline.
All sales pros

9.4
3.9
1.1
6.7
Social Selling Index 21.1
Company X
How do you compare to industry average?
9.0
4.1
1.2
5.5
19.9
Industry
Company X:
All sales pros

How do you compare against your competitors?
Weaker
social selling
Stronger
social selling
118
Peers:
of
• Company A
• Company B
• Company C
• Company D
• Company E
• Company F
• Company G
• Company H
• Company I
• Company J
Company X:

In July 2013
Goldman Sachs
explored the
unparalleled value
organizations are
getting from LinkedIn
Sales Navigator.

In fact, Goldman Sachs found that many customers
were pushing for full adoption
100%
Current adoption or
adoption goal for interviewed
LinkedIn Sales Navigator
customers
Source: Goldman Sachs, Exploring the Sales Navigator opportunity with early adopters, July 2013.

This is not brain surgery

44
Dan Swift
dswift@linkedin.com
www.linkedin.com/in/danjswift
lnkd.in/fins
David Ambrose
dambrose@smarsh.com
www.smarsh.com
Thank you!

3 Ways to Accelerate Social Selling for Regulated Organizations

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