Boris Grozev's Blog

” To improve is to change, to be perfect is to change often ” Winston Churchill

Change is constant. We want it or not technology and digitization are among the main business transformation drivers of our time. In many industries,  we have seen major changes. In the media sector for example print outlets have gradually let their place to digital publications. Print is struggling to compete against digital media as well as freely available information sources such as blogs, youtube videos, tweets, etc. Consequently, revenues from printed ads have been decreasing significantly.  Similar change has occurred to the advertisement industry. Consumers spend more and more time on their phone screens these days, more than ever before… As a result “non traditional” platforms such as instagram, snapchat, facebook get more and more the consumer attention. The way marketers spend their budget has changed.  Traditional media had lost and digital has won more revenue.  Inevitably, the process of selling is also changing. Selling keeps going more and more digital. Traditional methods like cold calling are less relevant while at the same time social networks can bring credibility and eventually influence purchases by both saving efforts and costs.

What is social selling?

First this is not just a buzz term, it is a building substance of today’s business environment. Even more so of tomorrow’s business reality. Social selling is about leveraging your social network connections, to reach the right prospects, build trusted relationships by posting the right content and ultimately achieving sales targets. This sales technique enables better lead generation, prospecting and reduces the need of using traditional techniques such as cold calling. It also allows efficient time allocation.

Why should you care?

Whether you are a seasoned sales professional, an entrepreneur trying to sell your product, an UHWI looking for the right investment or a student looking for the right internship, my view is you should be interested in social selling. Why? Because, there is so much upside that lies out for you in the network. For example, if you are in sales and aim to provide value and tangible solutions to your target audience chances are you will get noticed. Your contributions will be documented and be way more visible to your industry than if you were to do cold calling. Same if you are entrepreneur solving a a challenge with your product or service, the world of what you do will easily spread on social media. If you are an UHWI and want to find your next investment destination, you can enhance your due diligence and allow the right proposal to find you by using social media. In short, leveraging social selling allows you to create a professional brand that you can entirely control, focus on the right prospects for you, share valuable insights and eventually build and manage trusted relationships.

How does it work?

Well there a number of frameworks that can be used to reach your targeted customers on social media. What seems to be working for myself is the L.E.E.D model.

L for learn

Learning about your potential customer has never been easier. You can easily go and browse their linked in, have an idea of their background and achievements, as well as school and year of graduation. Looking up at someone’s twitter can be a fantastic way of learning what your prospect thoughts are expressed in 280 characters. In a matter of couple of minutes you can find significant information about your potential customers. Additionally, you can always be up to date.

E  for engage

Here you need to be careful, as it is about how your potential customers experience you, what is the authentic content you create for them. Think of the comments you make and the opinions you express. How engaging these are? Also, remember that as you research your target audience, your audience will research you as well. How do you want to be seen? How your personal brand needs to be presented?

E for Educate

What is the subject matter of your audience interest. What is the value that you are aiming to bring to your future clients. How you can educate them by solving their challenges. What is your value proposition. This is your time to shine and help your audience solve a challenge with a product or a service. Share the content that engages your prospects across different channels. In most cases the results are not only positive, but lasting. Educating on the web helps you build credibility, create new markets and eases your conversation with prospects.

D for Dealing

This is where you are hopefully in a position to start dealing with your prospect. Depending on what you are selling or looking for this where the next step in the process is happening. This is where you can explain in details about your product or service, display a proposal or even a draft agreement.

After the basics

Following the LEED model is a good start in social selling. Certainly, there are other models that can be followed, however this is a good start. Once you start thinking to use social selling, it can be smart to find an expert coach that can help you create the most relevant content, so that you start engaging your audience. Try different strategies, observe what works and what does not. Do! You won’t regret. Like. Share. Comment.

About the Author:

Boris Grozev is a seasoned fintech executive. Entrepreneur by heart Boris has helped number of businesses to create and implement business development and product strategies. His advisory work in Emerging and Frontier markets has promoted culture and technology change, fostered innovation and lead to tangible results. He invests in variety of asset classes. Boris is a fast learner, whose leadership abilities, ambition, stamina, passion to succeed and attitude naturally spread to others helping to achieve common goals.