Strategic selling, influencer marketing, and affiliate marketing for your B2B sales reps
Each approach serves a different purpose and can be measured in various ways.
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Measuring strategic selling, influencer marketing, and affiliate marketing for your B2B sales reps
Strategic selling, influencer marketing, and affiliate marketing are distinct approaches used in business to drive sales and expand customer reach. Each approach serves a different purpose and can be measured in various ways. Here’s a concise explanation.
Strategic selling involves identifying key opportunities within targeted accounts and planning personalized strategies to win them over. It involves developing relationships with decision-makers, understanding their needs, and aligning your offering to solve their problems effectively. The primary objective is to sell products or services through a consultative approach that maximizes value for both the buyer and the seller.
Key metrics to measure strategic selling success may include sales revenue generated from target accounts, conversion rates from lead to customer, customer satisfaction scores, and repeat business from strategic accounts.
Influencer marketing leverages individuals or groups with an established influence over potential buyers within specific industries or demographics. This approach involves partnering with influencers who promote your brand or products through their platforms or networks to leverage their credibility and reach among their followers.
The objective is to tap into the influencer’s audience trust and generate interest or purchase intent for your offerings. Measuring influencer marketing can be through metrics such as engagement rates (likes, comments, shares), click-through rates on shared content or referral links, relevant mentions of your brand across social media channels, and ultimately tracking conversion rates or sales attributed directly to partnerships.
In affiliate marketing, online businesses partner with third-party affiliates who promote their products or services on their websites or platforms for a commission on any resulting sales. Affiliates can include bloggers, content creators, industry experts, or niche influencers collaborating with businesses through affiliate programs or networks. Affiliate marketing aims to increase brand exposure by tapping into an existing network of potential customers available to affiliates.
Measuring the success of affiliate marketing can be done by tracking referral traffic from affiliate sites, monitoring conversion rates, calculating return on investment (ROI) from affiliate partnerships, and analyzing revenue generated through the affiliate channel.
To determine which activity is most effective for B2B sales reps, you can consider several factors:
Assess the contribution of each activity in generating sales revenue. Analyze the percentage of revenue generated from strategic selling efforts compared to influencer marketing or affiliate marketing initiatives.
Customer Acquisition Cost (CAC)
Compare the cost per customer acquired through strategic selling, influencer marketing, and affiliate marketing programs. Determine which approach provides the most cost-effective customer acquisition.
Measure each activity’s conversion rates at different stages of the sales funnel. Analyze which approach consistently delivers higher conversion rates and moves prospects closer to becoming customers.
Customer Lifetime Value (CLV)
Evaluate how much value each activity brings over a customer’s entire lifetime with your business. Calculate CLV for customers gained through strategic selling, influencer marketing, and affiliate marketing efforts and compare their long-term profitability.
Return on Investment (ROI)
Determine the ROI for each activity by comparing the costs associated with executing them against the resulting revenue or other relevant metrics like brand awareness or customer loyalty.
By analyzing metrics and considering your specific business goals and target audience, you can gain insights into which activities are most effective for your B2B sales representatives and allocate resources accordingly. Combining these activities might provide optimal results based on your industry, market conditions, and target customers’ preferences.