Most every company has recognized that social selling and the digital ecosystem are now part of the fabric of a sales organization. And, as they go through digital transformation – wherever they are in the process – establishing KPIs (key performance indicators) to measure success is foremost on sales leaders’ agenda.
While there are dozens of tools in the digital sales stack, all of which require KPIs that align with your company goals, for this post we will focus on LinkedIn. Keep in mind, as we review these points of measurement, that social selling success entails a program and playbook that includes professional profile branding, customized message templates, and a solid process that leverages your sales rep’s respective networks.
Begin by answering the following questions:
While there are many social selling KPIs to measure, listed below are six specifically focused on LinkedIn that, if implemented correctly, will have an immediate impact on guiding your reps to focus on the right activities that convert to business.
KPI #1: GROWING LINKEDIN CONNECTIONS WITH THE RIGHT STAKEHOLDERS
Looking at total new connections week over week, month over month, can be a mistake. It is simple to grow your network quickly with the wrong people. Be sure to measure the number of new connections in your sales rep’s network that match the title of your buyers.
Here are the steps to: 1) get a baseline of those with whom they are already connected and 2) identify the new number of connections on a consistent basis.
KPI #2: CONVERTING NEW CONNECTIONS TO PHONE CALLS
KPI #3: NUMBER OF CONVERSATIONS TO PROSPECTS
This is a vital KPI as your reps can spend a lot of their time on the phone with the wrong people – or having the wrong conversations.
This ratio will help you identify one of two things:
KPI #4: NUMBER OF PROSPECTS TO PROPOSALS
While LinkedIn itself may not help in this step, thought leadership can.
Nurturing your prospects during the sales process with the right content at the right time is key to leading them to your solution. Consider what content reps are posting. Do they have a healthy supply of content provided by your marketing department? Do your reps know how best to use that content?
KPI #5: NUMBER OF PROPOSALS TO CLIENTS
Clearly, closed business is what feeds the top line and is the number sales leaders truly care about. This is the ratio that helps determine whether all the time invested in LinkedIn activities was worth it.
There are many reasons opportunities get dropped, but a primary culprit is often that the sales rep didn’t get buy-in from all the decision makers and influencers. If this ratio is low, it might be time to leverage LinkedIn to go wider inside of an organization and, instead, share powerful insights and relevant content with a multitude of stakeholders and build more relationships – avoiding a single point of failure inside a targeted account.
KPI #6: CLIENT REFERRALS TO APPOINTMENTS
Successful salespeople grow their business through referral relationships. Successful social sellers proactively leverage their client and COI relationships to get warm introductions into targeted prospects.
Sales Navigator will allow your sales reps to search and filter their connections’ connections. Use this feature to identify who your sales reps’ key referral sources know and have them leverage those relationships to gain access to their targeted stakeholders. Measure this in your CRM by tracking LinkedIn Referrals as a source of business.
These six LinkedIn social selling KPIs must be accompanied by consistent behavior to achieve Sales 3.0 results
Brynne Tillman is chief learning officer at Vengreso. For more information, contact: