Predictive actions, behavior modeling and feedback loops for decision making
By: Ben Dixon, CEO, Naxum Online Marketing Services, LLC
When the rules of the game change, you can’t do the same thing and expect to win.
The social selling space has evolved drastically over the last few years. A select group of companies has continued to dominate in the rapidly changing space and reap massive rewards, outpacing the competition while average companies are declining.
The rules of the game have changed.
To discover where the “advantage” stems from requires looking deeper into the behaviors, systems and processes that winning companies deploy. The age-old business quote is indeed true: “If you cannot measure it, you cannot manage it.”
Traditionally, most direct selling companies’ data used for decision-making comes from transactions, orders, commission payouts, and all historical events that happen when and after the sale is made. What’s missing?
All the Data Leading Up to the Sale Is Rarely Accounted for
Years ago, teams would call into team conference calls to share their “daily numbers” of dials made, presentations hosted, and follow-up meetings booked. More sophisticated teams would post their numbers into a Google spreadsheet that was shared. In the end, the corporate teams have rarely had access to the data showing what the field is actually doing to grow sales.
Because the data source of the independent promoter’s actions is not accurately tracked, corporate leaders resort to interviewing top sellers to gather data on what is working and what is not. The challenge is then enlarged since many top sellers do not have their own depth of data required and are only sharing feedback from the phone calls they have had with their own teams.
Then comes the possible awkward feeling for the corporate team if they decide not to take action on certain top field leaders’ suggestions during feedback sessions. At this point, people can become offended or feel favorites are coming into play.
How does one escape the drama of the old broken feedback cycles?
‘Predictive Action’ Technology
Companies around the globe are learning that in order to get the pre-sale data, a story is needed along with a platform powerful enough to have members actually use the system.
Presently, there are companies creating online platforms and mobile phone apps that feel like a top leader is suggesting what to do throughout the day, and this helps members imitate the modeled proper behavior.
The power of these predictive action platforms is that the field actually adopts and uses them at high rates to bring real-time feedback loops of actual data.
A brief list of applications include:
- How to invite a new contact
- How to follow up with a prospect
- How to have a customer reorder
- Training and leadership development
- Best practices for sharing in social media
- Mentorship opportunities downline
- Share streaks and consistency of the team’s behavior
Delivery Methods For Predictive Technology
The predictive applications can be delivered through web-based or app-based interfaces to members. The key is to create fun gamified experiences that hook members to engage daily in order for the data on the platform to be maximized.
Some companies position the actions they want members to take as a daily commitment and have members focus on winning the day. Members will commit to how many prospects they will reach out to, follow-up calls they’ll make, and minutes they’ll spend watching training content. Companies will gamify daily goals by tying activity to a dashboard that measures streaks and consistency for the team members taking action and will display the results to create a fun, competitive environment that engages members.
The key to the dashboards is to make them public. As Robin Sharma says, “What you focus on grows.”
Other companies will put the work in to interview top field leaders and create business rules around the kind of words to say or text to prospective customers. By organizing the actual words and phrases for inviting contacts, following up, and sharing products and services, platforms can feel like a coach that models the next thing to say or do to prospects.
When the content and business rules are wrapped with a predictive engine, the system becomes intelligent and can even “suggest” the next action for members to take. The displays for the suggestions can then be set up to maximize the member’s time, where they simply tap and follow the next suggested action and move on, instead of learning how to read reports to know what to do next.
Predictive actions allow for more activity in less time.
How Is The Data Used?
Companies with predictive action platforms can answer questions such as:
“How do the majority of our members share our story in English? And in Spanish?”
“Which social media content are members willing to share from our library? Out of what they are willing to share, which assets get the most guests to our shopping cart? Which pieces of content are driving purchasing?”
“What messaging is NOT WORKING? Where are our field reps sending everything we’ve coached them to say and are still not getting results?”
“What training content is the field actually finishing?”
“What responses to objections are most effective for our members in each language and country?”
What Are the Benefits of Daily Feedback Loops?
Most organizations that deploy independent affiliates to share the company’s stories are concerned with compliance. The predictive systems not only suggest what to say compliantly, but, because the corporate teams can track the results, the content can be continually improved.
When organizations do the work to create compliant systems that are relevant and actually convert sales when promoters use them today, they remove the incentive and temptation for independent promoters to make outlandish claims to get sales.
2) Financial Savings
The feedback loop from predictive engines can guide in making content-creation plans. With the known data showing what promoters are willing to share and which styles of content are converting the best, the focus can then be shifted to the content budget for producing videos and shareables that have an increasingly higher impact.
The financial savings of knowing which content to produce, which to leave behind, what to translate into other languages for market expansion, and more are all benefits of daily feedback loops.
Predictive platforms give sales teams a path to run on. When would-be promoters seek an opportunity for a side-gig or social selling opportunity, they always ask themselves, “Is this something that could lead to success?”
Because the predictive platforms present a proven path to follow, even the newest members of the social selling community can have the confidence to commit and take daily actions promoting offers.
Link to share this article: https://socialsellingnews.com/features/using-leading-indicator-data-to-change-the-referral-marketing-game