1 Overlooked Way LinkedIn Leads Generate Real Revenue
While most panels I’ve sat on have been great experiences with great, luminescent people — I have been on 1 where I was not so lucky.
I had been invited to sit on a panel with some entrepreneurs who were a part of an organization I helped in the past, i.e, we had history.
Before the event, one of the panelists decided to interrogate me, first it began with my income,
“Are you really making good money?” they fired.
Because I got the sense this person was having a tough go with their business, I wanted to be as empathetic as I could and deflected as best as I could, talking about how I was always trying to improve how my business operated.
It seemed to work — until I was smacked with
“C’mon! Does any business actually make money with LinkedIn?!”
It felt like I (and all that I’d been working for) had been put on the spot and I would have to defend myself.
Even then, I can partly understand the sentiment (though I’m aware of more than one way LinkedIn impacts businesses).
Once you’ve been in the marketing industry for more than a minute it seems as though there is a new shiny tool ‘experts’ say we’re too slow implementing.
When we don’t know any better, our response is to run off, spend the money, and implement the snot out of that advice.
However, inevitably, the tool loses its luster right when — another shiny “must-have” tool/bit of software/ ground-breaking-game-changing book/critical course comes on the scene. Enough of this can make originally open and curious professionals skeptical and cynical.
Some people look at anything associated with social media in the same vein, irrelevant nonsense that doesn’t really work OR gets mediocre results OR a tool for narcissists to spam people OR less effective than some ‘old’ type of media or communication (phone, direct mail, in-person networking) OR just confusing (so they don’t even try or figure us online-social types are just a bunch of hucksters).
Did I capture all the objections? 🙂
One of my worst ‘business meetings,’ if you can call it that, was with a local DJ and lighting guy (I know, why were we meeting?) where he went on a rant about how the only people using social media were the insecure and otherwise socially-inflicted (for some reason sales leads were not mentioned).
These objections would be all well-and-good if we all had the same capacity for technology, prospected from the same pool of new customers, in the same region, for the same product, at the same company.
These excuses for not using social media if it weren’t an effective method for reaching MILLIONS, if not BILLIONS of people.
The fact is that different buyers respond to different types of communication and we all have our strengths on which we should lean. I know sales pro who DEPEND upon their telephone to close meetings and deals. I say good for them.
The #1 Rule In Business: Find what works and do more of it.
That said, LinkedIn, the #1 online destination for business-focused social media, with its 500 million + members, it’s not a bad place to start with B2B Lead Generation.
And if you learn how to leverage it correctly, it can and does help companies increase real revenue in several ways. Here’s one.
1 Overlooked Way LinkedIn Leads Generate Real Revenue: Networking for Partnerships
I would have to say that partnerships are one of the least explored paths to business growth and revenue generation. Just think about how many books are written on sales and marketing.
Off the top of my head, I can name
The Ultimate Sales Machine
Traction: How Any Startup Can Achieve Explosive Growth
The Only Sales Guide You’ll Ever Need
World’s Greatest Salesman
Art of the Deal
How To Dominate Any Market
Sell or Be Sold
If You’re Not First, You’re Last
Email Marketing That Doesn’t Suck
Video Marketing That Doesn’t Suck
Note: Not impressed with my number here 🙂 How many can you name?
Now how many books do we have on partnerships? While, Traction does mention content partnerships as 1 of the 19 possible traction channels, I can only think of one book dedicated to partnerships and similar revenue generation strategies (and you’ll find it below).
But the lack of visibility this growth channel gets is no indication of how powerful it can be. Just think of when you (used to) rent cars from the airport — and all the insurance options they offer you. Lord only knows how much money they made off those partnerships!
Sales tech company Pandadoc has found 5 main types of strategic partnerships,
- Strategic marketing partnerships
- Strategic supply chain partnerships
- Strategic integration partnerships
- Strategic technology partnerships
- Strategic financial partnerships
How To Use LinkedIn To Create Beneficial Strategic Partnerships
Asking a stranger for money can be a bit odd and in some instances, just doesn’t make sense. That is what makes using LinkedIn for partnerships preferable in many ways.
Typically, the case for how you (the person asking for the meeting) and the prospect (the person who is accepting the meeting) will find mutual benefit is a lot easier to make when it comes to potential strategic partnerships.
In order to start the conversation, I would recommend a message I’ve sent that’s recently proved successful. You’d send it 1-2 days after sending an invitation connect via LinkedIn. Also staying on top of mind with posting helps.
Hey [First Name],
Just noticed you [Interesting Things You Have In Common].
Always enjoy meeting new business people. I’d like to continue the conversation — learn about your business and have you learn about mine — with the goal of pushing each other forward.
[Ask For Email To Continue Conversation]
For more ideas on partnerships and revenue generation, check out: “Getting Everything You Can Out Of All You’ve Got” by Jay Abraham