If you want more commercial clients before you buy marketing lists, spend money on advertising, cold call, ask for referrals or sponsor any events, consider training your relationship managers on how to use LinkedIn for prospecting. For us, LinkedIn is responsible for generating more commercial leads than all other social media channels combined and has been a great source of not only leads but also market intelligence and general brand building. Having intermediate or better LinkedIn skills are helpful for any banker and is now mandatory for any new relationship manager. In this article, the 10 steps it takes to be a LinkedIn-enabled banker, why it matters and offer readers access to our free training, the same training that we give our relationship managers.
Social Media at its Best
While Twitter has some of the most brilliant language that ever graced our planet, it also has some of the worst. LinkedIn, by contrast, doesn’t have the highs of a Twitter breaking news post or the sarcastic comments but it doesn’t have the trolls either. Founded in 2003 as a job seeking tool, the platform has grown into an application for professional connection. Linked now has 562mm users, 260mm of them active according to the Company. The average bank CEO, for example, has 930 connections, a network that is likely helpful to run, and grow, a bank.
The strength of LinkedIn is it has more executives as a percentage of their base than any other social media channel. When it comes to commercial leads, while a bank that is really on their social media game will generate 7% of their social media leads from Facebook and 13% from Twitter, it will generate 80% of their leads from LinkedIn. According to research by the Company, using LinkedIn for sales development creates 45% more sales opportunities and 51% more likely to hit your quota.
While that sounds like a sales pitch, as a bank, we are big believers in the product, and while we can’t validate those numbers, we can support the fact that on average, LinkedIn allows a scalable way to network and if used correctly can generate two to three quality leads per month per relationship manager.
For bankers, part of the attraction is that LinkedIn allows low-risk, non-intrusive networking and provides a level of validation not found at other social media sites. In this age of consolidation, it is also important to note that 90% of bank recruiters use LinkedIn so establishing an active history on the platform can’t hurt.
We are conducting a one hour webinar for our relationship managers this Thursday, Nov. 1st at 2 pm ET. On the Webinar, we will have Jack Hubbard from the bank sales development firm St. Meyer’s & Hubbard providing an intermediate overview to using LinkedIn targeted at bank commercial relationship managers. If you are a community banker, you are welcome to join. To register, please click below:
Submitted by Chris Nichols on October 30, 2018