Using Social Selling to Increase ROI on Your Small Business Lending

Posted by Lindsay Borgen on October 29, 2015

Land lines. Disco. Heavy TVs. Cold calling.

All of these were once fresh, new ideas, but that time has gone. If your small business lending lead generation strategy is still cold calling, you may as well be giving your prospects away to other companies. Potential prospects don't want to be bothered by old school selling, they want companies to prove their worth up front. It's vital to move away from cold calling and open up to new, less cumbersome ways of gaining leads and converting them into customers that affect the bottom line.

But how?

The answer is social selling. By forging and tightening relationships through social networks and with knowledgeable content, it's possible to build a pipeline of richly promising, highly qualified sales leads. All it takes is a commitment to the process.

First, be available online. Find social media sites where your prospects are present, and create an engaging, fresh profile. LinkedIn is usually the best platform for social selling when it comes to the banking industry and small business lending. Contribute to a variety of conversations, and share your vast array (you know you have it!) of experience and knowledge via content to set yourself apart from your competitors.

Then, engage and join. Find groups your target audience finds relevant, and join. Offer up answers to questions in your wheelhouse, and share content that answers a common question or addresses a particular pain point. The more active you are the faster and more plentiful the benefits of your actions will be.

Also use low threat connection strategies. Ask to connect with potential prospects with personalized messages and send them interesting content or webinar invitations. Show your expertise and value, and let them get to know your brand. These initiatives serve up far greater respect and response than a cold call. Once they are comfortable with your message, move forward with real conversations about your small business lending opportunities.

Finally, take stock of your results. A fantastic aspect of social selling is the ability to measure return on investment (ROI) in black and white. Track your efforts and see what panned out. Hone, edit, and keep attacking this strategy!

Social selling leverages your knowledge to construct more personal, stronger relationships than cold calling. Small business lending benefits from social selling by increasing the number of qualified sales leads, bringing more closed business and higher revenue. If you’re interested in social selling to improve your lead generation efforts and how to prove the ROI to your boss, download our eBook today!

Marketing ROI for financial Institutions

Topics: LinkedIn, Financial ROI, Lead Generation, social selling

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