3 Ways to Grow Revenue with LinkedIn
There are four classic ways to increase revenue:
- Sell To More Customer
- Sell More Products/Services To Current Customers
- Sell More Frequently To the Same Customers
- Raise Prices
LinkedIn can help with the first three. Here’s how:
Sell to More Customers
This is the most common use of LinkedIn for social selling. There are two approaches. LinkedIn can be searched as a massive, up-to-date database to find new customers (outbound prospecting). Identifying prospects then leveraging one’s own network for introductions and referrals is an effective technique. LinkedIn can also be used as a social publishing platform to attract buyers with content (inbound marketing). Content can be obtained from internal sources (i.e. Marketing), external sources (i.e. industry news site), or created from scratch (i.e. brain). Getting brand new customers is typically the role of a sales hunter.
Sell More Products/Services to Current Customers
As a supplier grows its product line, sometimes business comes from the same people who are buying now and sometimes it comes from new people in different department. One of the worst things a salesperson can hear from a loyal customer is “Oh, you sell that, too, now? I wish I’d have known before I place the order with [competitor] XYZ.” The drip-marketing aspect of social content sharing helps keep existing customers informed of expanding product lines. Finding new opportunities with new departments can be accomplished using the same prospecting techniques as described above. This is important in industries like Information Technology where the “consumerization” of technology has resulted in decision making moving away from IT departments to Business Unit executives. Often, expanding revenue with existing customers is the role of an Account Manager (farmer).
Sell More Frequently to the Same Customers
One way to encourage more frequent orders is by helping your customer grow their business. That requires understanding their business better. That is where the social listening aspects of LinkedIn can be a benefit. Follow your customers’ LinkedIn company page to see updates on your LinkedIn Home Page. Connect with more people at your customer companies to increase individual updates, too. You can even use the LinkedIn news feature (Pulse) to follow news about their industry. By becoming a business consultant to your customers, you are not only building competitive barriers but you increase the opportunities to help them grow which may result in more frequent orders.
I have not figured out how LinkedIn can directly help you raise prices, but strengthening your relationships using all the above techniques if a good place to start.
Can you think of any other ways that LinkedIn can help you increase revenue?