Social selling and how to measure success

18 December 2023

The increasing use of social media encourages business owners to carry out marketing strategies through social media. Social media is one of the "tools" used by business people to get revenue conversions from social media.

Maybe you already realize the importance of social selling from using social media, but are not sure about how to use it. If so, you can pay attention to the following information to be able to take advantage of social selling strategies.

What is Social Selling?

Social selling is the process of researching, connecting, and interacting with potential consumers through social media networks. Usually, the sales team builds organic relationships with buyers who respond to brand posts on social media.

Instead of carrying out relatively difficult sales closing tactics, social selling tends to take the form of lead nurturing. Social selling is not a way for sales representatives to get the best solution or a quick win, but rather an effort to build credibility by interacting with their target consumers.

How to Measure Effective Social Selling

Measurement can be called the most challenging part of social selling because its impact is not linear. There is no formula that can map the correlation between content performance and the number of transactions completed.

Social selling involves a more personal mode of selling by building relationships on social media. Social media can be viewed from a qualitative and quantitative perspective so measuring effectiveness must involve both in the following way.

1. Brand's online presence/awareness

Salespeople usually show a willingness to discuss the value offered by the brand. Audience enthusiasm that appears repeatedly is an indicator to stay connected with potential customers better.

Audience reception of content posted online via social media can be an indicator for assessing sales effectiveness. Qualitatively, you can also analyze consumer responses when differentiating your product from competitors.

The metrics used to measure brand awareness can also be measured based on website traffic, social media engagement, share of voice, blog traffic and shares, and online media coverage.

2. Networking strategy

There are various tools that can be used to identify prospects from social media. When contacting customer prospects, the sales team can do it manually or create a list using certain tools. It's best if they also have a schedule for contacting potential customers.

The sales team needs to personalize to connect with potential customers. Connection can be made by searching for the main channel or selecting an alternative. This can be considered a cold call so that potential customers don't just disappear.

Sales effectiveness can also be assessed based on the strategies used by the sales team in forming strong networking and pipelines.

3. Insight knowledge

The sales team must have strong skills to know the customer domain. In social sales, insight into what customers are looking for is seen through the way they convey information to stay connected with potential customers.

The fastest way to build this network is to identify the problem point correctly. After that, you need to take the time and effort to provide information to solve it.

Another way to measure effectiveness is to measure the open rate of InMail sent by the sales team. After that, you can use LinkedIn tools that measure the level of success in a non-forced manner.

4. Customer relations with Key Account Management

Social selling is not about the number of connections you have through your profile, but rather the right connections. You can track this by measuring requests received compared to requests sent.

Another way to measure the quality of your networking is to find out the number of key connections your sales team has. CRM contacts need to be built with contacts on social media to make a difference in customer relations and Key Account Management. Not only can it measure sales effectiveness, this method can fill in the missing link in measurement tools that can only be obtained from social media.

Measuring social selling can complement traditional ways of measuring sales effectiveness. Managers who want to measure the effectiveness of social selling should systematize their practices and train representatives on social impact before measuring the impact of new routines and comparing the results in the future.

Customer Relationship: Meaning, Benefits, Types, How to Build, and the Difference from Customer Service
17 June 2024

The relationship between business and consumers must be a primary concern and continue to be maintained. Building strong customer relationships is one way.

Consumers always expect business commitment to provide the best products and services. Consumer loyalty is a result that will be directly proportional to business profits.

In this article, you will learn in depth about customer relationships, from the meaning, benefits, types, to how to build them.

What is Customer Relationship?

Customer relationship is a method used by companies to ensure customer satisfaction and loyalty. This method, citing HubSpot, requires companies to proactively provide the best service, solutions to consumer problems, and ensure their needs are met.

Companies with the best products or services are not limited to what they sell. Because today's consumers also want to know the image of the product and the level of company awareness after the product or service is purchased.

Therefore, strong customer relationships will ensure business success in the future.

Benefits of Customer Relationships

In addition from bringing business success, also know the benefits of customer relationships in your business in the short and long term.

  • Consumer loyalty to buy any product sold.
  • Know and understand consumer needs.
  • Becomes important capital in making business decisions.
  • Understand what problems they face and how the product can help them.
  • Improve the overall reputation and image of the company.
  • Make your brand or business at the top of consumers' minds.
  • Improve customer experience and satisfaction.
  • Creating opportunities for businesses to have more diverse products.

Types of Customer Relationships

Depending on the business, type of product, and type of consumer, there are three types of customer relationships. Summarizing HiverHQ, here is the complete explanation:

Proactive customer relations

Proactive customer relations is directly building customer relationships proactively. Companies must contact consumers before any complaints or problems occur. From the start, companies must:

  • know who the consumers are
  • what are the needs
  • what is the thought process before buying
  • what kind of product is expected
  • what image is expected
  • understand how to keep them satisfied

You can run this type with a variety of rewarded surveys. Make sure the survey is run consistently, for example every quarter (3 months).

Reactive customer relations

Different from the previous type, reactive customer relations is a way for businesses to respond to, understand and resolve problems experienced by consumers. Therefore, you must know all the problems and complaints that consumers convey in various forms and platforms.

Several strategies that businesses can implement to produce positive reactive customer relations include:

  • Validate consumer complaints and input.
  • Apologize and make sure the business is ready to resolve the complaint.
  • Understand the problem and offer the best solution.
  • Follow up even though the problem has been resolved and show concern.

Strategic customer relations

Strategic customer relations means that the company's culture and references are based on consumer needs and satisfaction. Every product made is always confirmed and tested by loyal consumers. Usually this type is carried out by companies that already have a special image in general.

How to Build Customer Relationships

Follow these steps to build good customer relationships:

Build a strong foundation in communication

Good relationships are based on clear and open communication. Convey all information as it is and use sentences that are easy to understand. Avoid jargon or difficult words.

Be realistic and don't lie

Don't give false and unrealistic hopes. Make sure the solution offered makes sense and can be done easily by consumers.

Receive and collect input from consumers

Always record and pay attention to every input, suggestion, and complaint submitted. Use this as a reference for development and solving various problems.

Track the problem resolution process

As long as the problem is not resolved, consumers should not have to report the same thing again. Also track the problem resolution process with the relevant team. Continue to convey how far your team is working.

Anticipate consumer needs

Even though the problem has been resolved, consumers will continue to use your product or service. By understanding consumer habits and profiles, create a list of needs that may arise in the future.

Make the relationship more personal

Make consumers feel like you are a friend who helps them solve problems. You can also call consumers by name in each communication process.

Monitor consumer changes

Monitor consumer changes and check for possible problems that may occur. These problems can be related to how the product works, the taste of the product, the impact of the product on consumers, and even the image of the product.

Competitor analysis

Find out how they build relationships with consumers. Especially competitors in the same industry. You can build stronger and better relationships to attract new consumers.

Understand market changes

Understand market changes and consumer needs. Changes that occur in the economy, ways of thinking, and needs will influence the company's customer relationship strategy.

Reach new consumers

Reach potential consumers who can become loyal consumers in the future. You can expand the range of services or products marketed or add product lines.

Difference between Customer Relationship and Customer Service

In short, here are the basic differences between customer relationship and customer service:

  • Customer service focuses on the process of solving consumer problems directly.
  • Meanwhile, customer relationship focuses on the process of building and maintaining long-term relationships with consumers.

Both play an important role in business and consumer relationships.

Customer relationship is a concrete step to ensure consumers continue to use your product in the long term.

Building customer relationships requires time and the right strategy.

Want to learn more about customer relationships and how to build them?
Join our class and learn how to build good customer relationships, click here now!

Pricing Strategy: Definition, Goals, Factors, and How to Do It
06 June 2024

To create a pricing strategy, you need to do in-depth research, consideration and calculations.

You can't set prices based solely on the company's wants or needs. There are various important factors and ways to determine prices.

The following is a complete explanation of pricing strategies.

What Is a Pricing Strategy?

Pricing strategy is a method of determining the best price for a product or service.

According to HubSpot, this strategy must be based on many things, such as:

  • company business strategy
  • target consumers
  • needs of potential consumers
  • prices offered by competitors
  • current market or economic conditions

Pricing Strategy Objectives

Pricing strategy is not just about finding and determining a number. There are various goals or targets that will be achieved.

Attract consumers' attention

Quoted from Indeed, the price of a product will influence consumers' views and opinions. Later, they will compare your product and competitors.

Meet consumer expectations

In connection with the previous point, the process of comparing the prices of your product and competitors will answer; Is the price commensurate with the product's values?

Shows the value of a product

The more expensive it is, the better it is, or vice versa. Functional values ​​and what makes your product superior compared to competitors.

Determining company profits

The pricing strategy must refer to the income and profits obtained by the company. This strategy must be able to answer whether consumers like it and become loyal buyers.

Determining Factors of Pricing Strategy

The pricing strategy you create must be flexible to ensure consumer needs are met and company growth is guaranteed.

Here are some important factors in making it:

Economic conditions

Many businesses have to think twice when economic conditions decline. Decreased purchasing power is also included in this. An example is when consumers who are in weak economic times will prefer cheaper products.

So, an example of a pricing strategy that you use is focusing on profits and not considering price. So, if you are reluctant to reduce prices or make adjustments, consumers will choose competing products or services with similar quality but more affordable prices.

Market needs

Economic conditions will certainly influence market needs. Consumers who previously could buy your products or services every day, may suddenly become once a week or even not at all.

Apart from that, changes in consumer habits and needs can also be a factor in changing market conditions. For example, you only sell one soap product, but there are many competitors with lower prices.

So, an example of a pricing strategy that you must implement is flexibility and a willingness to adapt. You can create new products such as affordable shampoo with quality and competitive prices.

Company revenue and profit targets

Of course, your company wants to maximize profits from a product. So, in the strategy it must be clear what your sales goals are.

If you want income in a short time, then examples of pricing strategies that you can use are discounts and bundle promos.

Meanwhile, if you want long-term profits, then the example pricing strategy you create must prioritize consumer needs with the main aim of getting loyal consumers.

Who are your competitors?

You can carry out in-depth analysis and research regarding companies or brands that sell similar products.

Make sure that in your research the following questions are answered:

  • What prices do competitors set?
  • What is the attractiveness of competitors?
  • What kind of products and services do competitors offer?
  • What is the position of competitors in the market today?
  • What things can attract consumers' attention?

The value of the product or service

Surely you have heard the term "There is a price, there is an item". This term can be interpreted as if a product or service is expensive, then the quality must be good. But it is not always true.

So, the value that your product or service offers can influence consumers' opinions and views of the brand. You can be known as a company that offers affordable products with high quality.

Applicable regulations and consumer demographics

Make sure you follow the trade regulations that apply in Indonesia. You must also be able to meet the conditions required according to applicable regulations to create loyal consumers.

You can also create a pricing strategy based on the demographics of potential consumers. Make sure you map their age, place of residence, educational background, and type of work.

How to Set Prices

It's better not to immediately think about the number that will be the price of your product or service. To determine the price of a product or service, according to Shopify, you must have the following three foundations.

Determine the sales unit

Value metrics will determine the sales units of your product. For example, what is the price of your product per product, per box, per 100 boxes, or a special price for loyal consumers later.

This sales unit is important so that you don't set the same price for personal consumers, wholesalers or other companies. Another reason is that you can determine how much revenue and profit target you want to achieve.

Determining consumer profiles

As mentioned above, consumer habits, needs and demographics are very important in determining prices.

Make sure you create a complete and detailed profile regarding your target consumers. Also make sure the profile is in quantitative form (numbers).

You can record or target how many target consumers are in the profile you have created.

Examples of profiles in pricing strategies are:

  • Consumer profile A (high potential)
  • Age: 25-35 years
  • Gender: Female (80%) and Male (20%)
  • Location of residence: Jabodetabek, Surabaya, Makassar, Medan, Bali
  • Occupation: private employee, civil servant, and business owner

Estimated number of potential consumers:

  • Jabodetabek: 1 million
  • Surabaya: 750 thousand
  • Makassar: 100 thousand
  • Bali: 100 thousand

Conduct in-depth research and experiments

After you have value metrics and consumer profiles, it's time for you to do in-depth research on market conditions, consumer spending habits, and competitor analysis.

Don't forget to experiment with prices. With a flexible pricing strategy, you can change prices and sales units. Also analyze the results of your experiments, to gain insight and new values ​​regarding the product.

The right and appropriate pricing strategy will help your product become more valuable in the eyes of consumers. After that, you will get loyal consumers who will of course support your income and profits.

Want to learn more about pricing strategies and how to structure them?

Join our class and learn how to create the best pricing strategy and get examples.

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What is CPA and How to Create It in a Marketing Plan
03 June 2024

Creating a marketing strategy in company planning is one of the important things for allocating costs. Proper allocation of costs to carry out a marketing strategy will help the company to achieve returns that are no less profitable.

However, this must also be thought out carefully in order to produce optimal conversion value. The use of advertising is often controversial

Understanding CPA

Cost per action (CPA) is the commission value offered to affiliate partners if the targeted audience takes certain actions. When an audience takes the action you expect, you will pay CPA prices to affiliates or collaborators who promote the product or service.

Regardless of the cost allocation, quite a few people consider that CTA is a cost-effective strategy because you only need to pay if the desired interaction occurs through the "ad" that is created. Examples of actions that can be targeted via CTA include clicking on website pages, sharing videos, using voucher codes, and so on.

How to Create a CPA in a Marketing Plan

The application of CPA for marketing strategies can be implemented on website review pages, splash screens, or through affiliates and influencers. Here's how to design CPA for your marketing strategy.

1. Determine the campaign objective

Your goal when creating a strategy through CPA should aim to make potential customers aware of something. For example, you can choose to introduce a brand, new product, event, service, discount promo, and so on. This is important to be able to influence the advertising material brands and affiliate partners use.

2. Determine the target audience

Targeting the audience is the most important role in running a campaign by determining CPA. This is very crucial because you have to ensure that your targeted ads or links only appear to people who might be interested in your offer. Targeting your audience also helps determine the best affiliate, networking, and influencer partners to collaborate with.

3. Do competitor research

Directly or indirectly, you will share your target audience with business competitors. In this case, it is important to understand the brand's position in the market with the market share already owned by competitors. Market research will help identify which competitors you want to share affiliation and influence with.

Determining which affiliates and influencers are suitable for your brand doesn't have to start from scratch because you can target partners from competitors. Working with affiliates from competitors also relatively saves time because you can ensure that they already have experience.

Take advantage of market opportunities and potential that have not been touched or used by competitors. In this way, your campaign strategy will remain different because you also understand the strategies used by your competitors.

4. Set rational expectations

When developing a strategy for a campaign, set expectations and goals to achieve. Your campaign won't necessarily be successful by placing affiliates and influencers on a large scale, but you might be able to achieve it by using newcomers.

Affiliates and influencers can charge fees at their discretion when promoting products. The more traffic or followers, the higher the costs charged for promoting the product. Collaborate with affiliates and influencers in the development stage of your business.

5. Conduct a CPA evaluation

Your CPA marketing strategy may change over time as your business grows. For this reason, it is very important to evaluate campaign strategies. Set a weekly, monthly, or quarterly schedule to track your campaign ROI. Keep an eye on important metrics such as overall performance traffic, affiliate traffic, and competitor performance throughout the campaign.

Understanding the CPA concept and its application in marketing strategy cannot be separated from research on competitor brands. Apart from that, you also need to ensure that the strategy you take is still relevant to market conditions. This is something that company executives can continue to develop through Digital Marketing Fundamentals to design strategies and understand the ideal customer journey in the digital world.