Quality lead generation proves its importance during difficult economic times
Tom Aley, vice president and managing director, Dow Jones Business & Relationship Intelligence Group
A representative from a data protection and storage company is the first to be alerted that a computer theft at a university has exposed the personal information of thousands of students. By getting in the door first to speak with the chief technology officer of the school, the sales professional can discuss his or her products and services while security is still top of mind. Likewise, if a hospital receives a $100 million dollar grant for a new cardiovascular center, a company that manufactures machines necessary for echocardiograms would be interested to discuss its product with the medical center.
How did these sales professionals find the right opportunities, staying ahead of the competition? The answer is simple. They took a holistic view of their customers and became well versed in specific scenarios facing them that would prove a need for their products and services. Instead of merely focusing on their solution or service differentiators, top-notch sales professionals study their customers from every angle and learn as much about them as possible. That’s easy enough to say, but in today’s business atmosphere, sales teams are not as big as they once were and those remaining professionals spend most of their time on the road or on the phone. So is it even possible to dig in and get the insights needed about target prospects?
The uphill battle of sales
Searching the web can be extremely time-consuming, and often yields little credible data. According to CSO Insights’ Sales Performance Optimization 2009 Survey Results and Analysis, sales professionals spend nearly 20 percent of their time generating leads and researching accounts. With sales cycles becoming longer because of the current uncertain economic situation, it is more important than ever to optimize the amount of time that sales representatives spend selling. And as sales teams become thinner, available time and resources to conduct research becomes less available. Moreover, competitors have access to exactly the same information so relying on the web alone for research doesn’t add unique value.
With the advent of new sales intelligence tools that combine Web 2.0 technologies with knowledge management practices, it is possible that a sales professional can create a truly forward-thinking account plan that accommodates tighter time constraints. By integrating news and information into a single sales portal, sales force automation, or customer relationship management application that is used every day, an organization can bring together internal customer data with rich market intelligence to create a powerful sales tool. This single interface guides sales professionals to hone in on their most desirable sales prospects, and to manage information that, in the past, has been difficult to obtain.
Selecting the right triggers
In order to truly make a lasting impression, a sales rep must understand his prospect’s core markets, organizational structure, culture, decision making process and be aware of current news. Once you know the company inside and out, decide exactly how your product is going to help the organization achieve its goals. How will your company help drive their success? Will your product give them an edge on the competition? What is the most opportune time to approach the prospect about a buying decision? Selecting the most appropriate triggers will answer these questions, providing an event that will signal you to take action.
What exactly is a trigger?
Sales triggers are specific business events, such as an executive move, financial results or a company merger, that will likely have an effect on the buying decision of a potential customer. For example, new legislation on tax breaks may create some confusion for real estate investors. A tax preparation company might use this news to reach out to the investors to answer any questions that may arise. Busy and overworked sales professionals need a mechanism for grouping all of these pieces of information into something meaningful, and actionable. Merger and acquisition activity, legislation changes, product introductions by the prospect, environmental issues that influence business and management moves can all be classified as triggers.
Outperform your competition
Calling a prospect with minimal data about their company often makes a mediocre impression, at best. You very well could have wasted valuable time and resources contacting a prospect who is no longer in the market for your product. And in these times, wasted time is much more detrimental than it used to be.
However, combining a holistic view of the prospect with relevant news empowers sales professionals to act on specific, relevant information that will allow for a timely and unique sales pitch. Leads generated by specific business events such as a merger, new funding or management change, known as triggers, have significantly higher conversion rates than traditional lead sources and sales professionals who choose to take advantage of triggers will no longer miss out on hot opportunities, and will close deals much faster.
Tom Aley is the vice president and managing director at Dow Jones’s Business & Relationship Intelligence Group. For more information, go to http://www.solutions.dowjones.com.