If you feel that prospecting seems to be getting harder, you’d be right. Recent research by HubSpot suggests that businesses around the globe are finding it more difficult to identify good leads, engage with the right decision makers, research for a quality call, or even get a response.
A sales trigger is a sales opportunity created by something that happens naturally to or in every business – from something as simple and regular as the annual accounts, to something complex and one-off, such as a business expansion into a new market.The potential of sales triggers makes them a key part of any sales and marketing strategy.
How sales trigger events can supercharge your sales performance
Sales trigger events are happening all the time, everywhere, and they can take you straight to a hot prospect. This speed-to-prospect process can boost your sales performance by:
- Giving your sales team more time and energy to focus on better quality leads
- Sourcing new targeted leads and quality prospects
- Increasing win rates
- Making research time more effective - the nature of the trigger will help you frame your offer more accurately
- Reducing the length of your sales cycle
- Informing and enabling your account managers
10 sales triggers to turn into opportunities:
1. New director.
A new person at the helm often means change such as a drive to increase efficiency and profits or expansion into a new market.
An opportunity to: Build a new relationship; offer a specialism that chimes with their track record.
Great for: Strategic consultants, IT, executive recruitment, employee engagement specialists, market analysts.
For example: 104,244 businesses changed director in November 2019.
2. Shareholder change.
A change of ownership could mean a new focus on quick profits, new investment or big internal changes.
An opportunity to: Arrange a meeting with your sponsor and understand more about the impact of the restructure.
Great for: Any businesses.
For example: 31,202 UK businesses changed shareholders in November 2019.
3. Rise in headcount.
Employee growth demonstrates a business is confident and has money to spend.
An opportunity to: Provide services for recruitment, IT onboarding, internal communications, payroll, employee benefits, and any other people-centred services.
Great for: Recruitment, employee engagement specialists, HR and payroll operatives, IT providers, office furnishings and equipment providers, car leasers.
For example: 357,904 UK companies showed employee growth of over 50% from penultimate filing to latest filing with Companies House.
Business activity triggers:
4. Your prospect starts importing and / or exporting.
An opportunity to: Provide something that they’re importing; offer fulfilment or logistics services; streamline their service; help them find new markets abroad.
Great for: Logistics specialists, manufacturers, market analysts, product design and developers, IT providers, foreign exchange specialists.
For example: In the 12 months to November 2019, 180,418 businesses imported and 59,397 exported.
5. Merger or acquisition.
A big shake-up provides a ton of sales opportunities, including the re-evaluation of existing suppliers.
An opportunity to: Cross-sell and big up your offer, if you’re already a supplier. Provide goods and services across the business.
Great for: Any business.
For example: 666,182 UK companies changed beneficial owner in 2019, of which 1371 had over 100 employees.
6. Change of address.
Relocating or opening new offices may mean more employees, more office services and fittings.
An opportunity to: Welcome them and offer relevant services.
Great for: Office refit businesses, recruitment, IT and VOIP providers, local caterers and gyms, cleaning and office supply companies.
For example: 48,984 UK businesses changed their address in the during November 2019, of which 361 have a pre-tax profit over £1m.
Corporate performance triggers:
7. New accounts filed.
Last year’s performance is now public and talked about, and the company leads will be open to suggestions on how to improve poor performance or capitalise on good performance.
An opportunity to: Pick apart the accounts to identify specific opportunities for your services.
Great for: Any business.
For example: 264,905 businesses filed new accounts during November 2019, of which 167 had net assets over £1bn.
8. Sales trigger: Great performance. With solid net profit and increased turnover, the company will be open to new activities and maybe even confident enough to try new projects and suppliers.
An opportunity to: Research specifics about company success and offer your services that best support accelerated growth.
Great for: Recruitment, new tech and IT suppliers, product developers, new market specialists, employee benefit specialists.
For example: 11,628 UK companies have increased gross profit by over 100% from penultimate filing to latest filing with Companies House.
9. Poor performance.
On the flip side of success, poor performance makes a company open to anything that can help it improve productivity, decrease costs and increase turnover.
An opportunity to: Acknowledge the problem and paint a picture of how your services can solve at least one of the problems.
Great for: Outsourcing suppliers, redundancy specialists and employee assistance schemes, IT providers, management and process consultants.
For example: 61,163 UK companies have decreased turnover by more than 50% from penultimate filing to latest filing with Companies House, of which 685 have a turnover over £10m.
10. Financial year end.
Departments are looking to soak up this year’s underspend and to budget for next year.
An opportunity to: Offer quick and useful solutions to their underspend and, if you’re successful, provide excellent service to prove yourself as a great supplier.
Great for: Any business.
For example: 930,485 UK companies had a financial Y/E in Q4 2019.
To find out more about how we used DueDil's company insights to get these figures, please get in touch.