Let’s face it, the market’s completive and everyone is out to make more sales and trying to hit their sales plan. We have heard for years: a sale is about being at the right place at the right time with the perfect solution. Most salespeople work their market like a bread route hoping to fall upon, or fall into an urgent problem someone is willing to pay to solve. How do market leading teams create repeatable sales velocity each year? Why do market losers keep kicking their sales team’s in the butt and getting no where when market leaders hit plan year after year? It’s because market leading sales teams have learned how to “Pull the Trigger”.
One of the industries I served was handicapped accessible vehicles. It was a really rewarding job helping those with physical challenges drive again with a lowered floor mini van they could drive from their wheelchair or a stowage lift fitted to their current vehicle. I was tasked with growing our sales in the face of a huge dominant market 800lb gorilla that seemed to have a media and advertising budget that was limitless. Our team was forced to sell smarter since we would never have the marketing budget of our competitor who seemed to spread a blanket over all trade publications, the web, trade shows and even local TV advertising. The first thing we did was start interviewing our past customers and current customers to understand their buying process. We needed to know what made them buy, why they bought, why they chose us and so on. In doing so we identified events that cause (trigger) this market’s buyers to seek a new handicapped accessible vehicle. We found trigger events like;
- a recent injury
- a medical condition
- completing rehabilitation and needing new transportation
- caring for a parent or other loved one in a wheelchair
- military veterans returning home with physical challenges
- past customers who have experienced a change in their physical condition
- tax returns, customers receiving tax returns and they waited for their tax return to be a down payment on a handicapped accessible vehicle
- aggressive OEM automotive rebate programs
- their current vehicle needing an expensive repair
- their current vehicle breaking down and leaving them stranded or missing work or important medical appointment
- their current accessible vehicle moving out of the manufacturers warrantee
There are ways to reach each of the above consumers who are experiencing what I call a trigger event however we were forced to eliminate those that required large marketing budgets. So we reviewed our interview notes and found one of the most common trigger events was buying a new vehicle just before the manufacturers warrantee expired. We also saw a high correlation of sales when the OEM manufacturer offered new car incentives like rebates or aggressive financing programs. We created a very simple letter that said we see your vehicle (based on our sales database and service records) was about to go out of the manufacturers warrantee and shared any OEM automotive rebates or finance programs currently available. The results?… After about 90 days our quote volume tripled and after six months our averaged monthly sales revenues doubled.
Trigger based marketing and sales increases quote volume and closed sales revenues.
Triggers are nothing more than occurrences that define conditions that warrant action. Good trigger-based marketing strategies leverage these occurrences to present solutions at the right place and time. The two key factors to trigger based marketing and sales is timing and relevancy.
What are the triggers that make your buyers want to take action?
Below are some other industry examples I have experienced to help get your trigger list started.
Training Seminars – new employees joining the team, employees being promoted, large companies publicaly missing a revenue objective, merger or acquisition, competitor launching innovative product or service they should have launched
Snack foods – Super bowl, Fourth of July, back to school
Loss prevention industry – new product with high value with small shelf footprint launching, packaging change like videos moving from cassette to DVD, Compact Discs in 12” cardboard packages moving to just the CD jewel case, new store opening in high crime area, local crime reports
Consulting services – new executive, merger or acquisition, dip in quarterly earnings, high sales turnover, high executive turnover
Pension and 401k industry- sale of a business, employee buy out, April- right after business owners had to pay taxes that could have been avoids with a properly designed defined benefit and or defined contribution strategy
Mechanical equipment – plant expansion, new plant manager, new plant, and state grant awarded for job creation, landing large high profile customer, change in technology, and change in government regulations, current equipment failure, incentives for energy savings equipment
Physical fitness – consumers turning 50 years of age , mothers who just had babies
Tanning Salons – weddings and prom’s
Window cleaning – sale of a home, graduation parties, wedding announcements
Understanding your market and specifically your buyers and their buying process is key to trigger based marketing and sales. While market losers keep cold calling, hoping to fall into an opportunity your team will be targeting known buyers with a high probability of having a problem you can solve and they are urgently seeking to solve it. With technology today you can establish alerts through Google Alerts that will send you a message when a trigger event occurs.
What events trigger buyers to take action in your industry?
Is their an industry that trigger based marketing and sales would not work? Why?
Trigger based marketing and sales is not expensive and will produce measurable sales increases once you identify the leading buying triggers and refine you message and sales tools to solve those buyers problems.