The stats seem to support the claim that social selling provides a competitive advantage vs. traditional prospecting strategies: LinkedIn reports that companies using social selling have 15% more customer renewals, 31% higher team quota attainment, and 21% more sales reps achieve their quota.
These types of numbers get my attention so I was all ears during LinkedIn’s recent webinar demo of their social selling tool, Sales Navigator.
Is LinkedIn Sales Navigator worth it? Let’s take a look at its features and find out.
Sales Navigator for lead generation
As a hunter, the Sales Navigator’s Lead Builder tool enables you to generate leads, conduct (warm) outreach, and build rapport and trust with prospects.
Lead Builder allows you create specific buyer profiles by job title, function, industry, location, etc. to target potential decision makers. You can further refine your buyer profile using Boolean search. Sales Navigator allows you to have 3rd degree visibility: it unlocks the full profiles of 3rd degree and up connections.
You can save your searches as well as your list of leads and accounts. One of the more valuable features is Sales Navigator’s lead recommendations: based on your previous searches, Sales Navigator will find you similar prospects.
Sales Navigator for warm outreach
You can conduct warm outreach by leveraging your connections. Sales Navigator shows you all the possible connections you share with a prospect. In addition, the TeamLink tool allows you to see who else at your company is connected to the prospect that can introduce you.
Surveys reveal that you need to talk to about 5 people on average to close a B2B sale. By showing you all possible connections, Sales Navigator allows you to create an org chart of an account’s multi-thread buying committee.
The Sales Navigator homepage also reveals insights and triggers, such as your prospect’s status updates, that you can use to customize your sales message. If you can’t get an introduction to a prospect, Sales Navigator allows you to send an InMail, which LinkedIn claims has a higher response rate than regular email or cold calling.
Sales Navigator for relationship management
As a farmer, the Sales Navigator tool allows you to nurture and grow accounts. On the company account page, as corporate and employees share updates (e.g., a work anniversary, a job change), you’ll know what’s top of mind for them. As well, with LinkedIn’s acquisition of Newsle, you can see what external news sources like the press and other social media are saying about your accounts.
Sales Navigator for CRM integration
Sales Navigator integrates with Salesforce and Microsoft Dynamics. But a major limitation is that account data from Sales Navigator is not exportable into your CRM – instead, it sits on an iframe as a widget. So although it helps protect you against stale data because you can see LinkedIn updates in your CRM, you still have to update your CRM data manually.
Sales Navigator Pricing
Pricing is volume-based so it’s “customized for everyone.” My colleagues pay $50/month for their Sales Navigator subscriptions.
The bottom line
Should you use Sales Navigator? I say yes as long as your customer base is on LinkedIn.
As a sales prospecting tool for generating leads and nurturing relationships, it seems like a no brainer for saving you time and making you more money.
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