Social Buying Meets Social Selling: How Trusted Networks Improve the Purchase Experience

Social Buying Meets Social Selling: How Trusted Networks Improve the Purchase Experience

• 1. Social buying meets social selling: How trusted networks improve the purchase experience
• 2. Social buying: Leveraging professional networks for buying support to increase confidence in decision-making
• 3. Source: IDC White Paper Sponsored by LinkedIn, "Social Buying Meets Social Selling: How Trusted Networks Improve the Purchase Experience" #247829, April 2014 For all respondents, n = 760 of C-Level and VP-level buyers use social media for B2B purchase decisions Social buying is widely practiced among B2B decision makers, especially C-level and VP-level executives of all buyers use social media for B2B purchase decisions
• 4. New research conducted by IDC and sponsored by LinkedIn explores the habits and preferences of these social buyers • How do buyers use social media for purchase decisions? • Why do buyers use social media for purchase decisions? • What are the ideal situations for using social media for purchase decisions?
• 5. Social media is an efficient way for buyers to access resources and inform complex, high-risk purchase decisions “It made the process much faster and easier and ultimately helped with a better end product."
• 6. Average spend of non-social buyers Average spend of social buyers Compared with other B2B buyers, buyers who use social media for purchasing spend 84% more per purchase Source: IDC White Paper Sponsored by LinkedIn, "Social Buying Meets Social Selling: How Trusted Networks Improve the Purchase Experience" #247829, April 2014 For all respondents, n = 760
• 7. Social buyers also make 61% more purchases on average than buyers who don’t use social # of purchases made by non-social buyers # of purchases made by social buyers Source: IDC White Paper Sponsored by LinkedIn, "Social Buying Meets Social Selling: How Trusted Networks Improve the Purchase Experience" #247829, April 2014 For all respondents, n = 760
• 8. And social buyers have a higher level of company influence than purchasers who do not use social media Source: IDC White Paper Sponsored by LinkedIn, "Social Buying Meets Social Selling: How Trusted Networks Improve the Purchase Experience" #247829, April 2014 For all respondents, n = 760 of non-social buyers make purchases for their entire company, business unit, or multiple departments of social buyers make purchases for their entire company, business unit, or multiple departments
• 9. More confident we had the right information More comfortable with the expertise and credibility of our vendor More satisfactory options were available to us Source: IDC White Paper Sponsored by LinkedIn, "Social Buying Meets Social Selling: How Trusted Networks Improve the Purchase Experience" #247829, April 2014 For all respondents, n = 573 Business buyers reported the greatest benefit of social media as gaining greater confidence and comfort in their decisions
• 10. They value social media as a way to access their trusted personal and professional networks Source: IDC White Paper Sponsored by LinkedIn, "Social Buying Meets Social Selling: How Trusted Networks Improve the Purchase Experience" #247829, April 2014 For all respondents, n = 760 Prefer to work with vendors who have been recommended Prefer to work with sales professionals who have been referred Consider friends and colleagues as critical for reference checking
• 11. Source: IDC White Paper Sponsored by LinkedIn, "Social Buying Meets Social Selling: How Trusted Networks Improve the Purchase Experience" #247829, April 2014 For all respondents, n = 760 In fact, as buyers get closer to making a decision, online professional networks become their #1 purchase resource Third-party expert recommendations Industry-specific media Professional social networks (e.g. LinkedIn)
• 12. Source: IDC White Paper Sponsored by LinkedIn, "Social Buying Meets Social Selling: How Trusted Networks Improve the Purchase Experience" #247829, April 2014 For all respondents, n = 422 LinkedIn helps buyers build confidence in the credibility of potential business partners Researched vendors via their LinkedIn profiles Searched for potential vendors on LinkedIn Found vendors through common LinkedIn connections
• 13. The biggest deterrent to social buying is the authenticity of online profiles, but adoption should increase as social networks grow Source: IDC White Paper Sponsored by LinkedIn, "Social Buying Meets Social Selling: How Trusted Networks Improve the Purchase Experience" #247829, April 2014 For all respondents, n = 187 Non-social buyers who would use social media if their peers did Non-social buyers who are concerned / strongly concerned about online profile authenticity
• 14. Following leaders Senior executives are most likely to engage in social buying. Where these leaders go, others tend to follow. Seeking outcomes The value of social buying (greater efficiency in reaping trust and confidence from social networks) is highly desired by most B2B buyers. Amplifying benefits As vendors gain more experience at social selling, their skills will improve. This will amplify the value buyers receive from social. Moving forward, IDC expects social buying to become increasingly popular and beneficial
• 15. Sales professionals can partner more effectively with social buyers by increasing social proximity, presence, and capital Social proximity Grow social networks and contribute to conversations. Social presence Manage a professional identity that is credible, authentic, accurate, information-rich, and service oriented. Social capital Do your social homework to ensure relevancy before you reach out and facilitate peer- to-peer recommendations.
• 16. Are you prepared to reach social buyers? Find out how. Download the research: lnkd.in/b_xEzKS Get more tips and insights: sales.linkedin.com/blog