Tracking sales triggers is a great way to identify prospects who are ready to buy your company's products or services. Some trigger events, however, are more effective at generating sales leads than others. The following five trigger events offer minimal value to B2B sales reps.
Many B2B sales reps use upper-level management as a trigger event. When a company hires a new executive, for instance, they'll target the company to pitch their product or service. The problem with using new upper-level management as a trigger event is that companies frequently change leadership. Just because a company hires a new chief operating officer (COO), it doesn't necessarily mean they are ready to buy your company's products or services.
Here's one exception: If were not able to gain business from the account because that upper management contact had a relationship with your competition, this can be an opportunity. You’ll be able to keep track of new executives with our database. Then create your strategy to re-introduce yourself to the existing executives and a new introduction to the new executive.
Another overrated trigger even is poor financial earnings for a specific period of quarter. Companies frequent release their financial information to the public, especially if they are a publicly traded company that sells stock on the open market. Some B2B sales reps assume that companies are ready to buy their products or services if they report poor earnings. In some cases, this may prove true. In many cases, though, companies with poor earnings cut back their spending to save money and improve their financial situation.
To create the exception, know how your product or service creates value with an ROI. If you can show the prospect how it relates to them and their customer, you may be able to help them find creative ways to get back on track and remove some of the pain.
On the other hand, high financial earnings is also an overrated trigger event. Even if a company reports higher-than-expected earnings for a period or quarter, you may struggle to convert it into a customer. The reasoning for this is that companies with high financial earnings are simply conducting business as usual. They've found a method that works, so they are less likely to make changes to their operations.
It is hard to move a person when they believe that “If it ain’t broke, don’t fix it.” However, that’s when they need to move the fastest. Do they know how long it will last? What goes up, always come back down. The same in #2 is true for #3. Show how your product/service creates value with an ROI. You’re never too comfortable to discover more ways to show value to the customer’s customer.
Funding typically signals growth, leading many B2B sales reps to believe that a new round of funding is an indication of a company's readiness to buy. This isn't necessarily false. On the contrary, many companies will purchase more B2B products or services after raising money. However, you can expect other B2B vendors to reach out to them as well. This competition can make it difficult for you to generate sales.
The injection of cash has to be accounted for. Investors always want to know what they are getting back for their investment. Find out some great statistics internally. How has it saved other customers money, how did they use the product / service and give the prospect ideas on how it can work for them…and create value. Now they have something to report back on from their investment.
Finally, the launch of a new product or service is an overrated trigger event in B2B sales. Unless it's an entirely different "type" of product or service than that the company already offers, it may not indicate a willingness or desire to buy. You must consider how the new product or services relates to the company's existing line of products or services.
Ask yourself, “How can this new product or service provide value?” “How can it be positioned differently to prospects that may prompt a response?” Now you have something new to lead with.