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Mega Trends

Staying Ahead of Sales Mega-Trends: Consumer Expectations

Jul 2014/in /by

This is part 3 of a 4-part series addressing how Personal Business Analytics help our customers respond to the emerging mega-trends set forth by McKinsey on the Salesforce blog.

B2C-inspired customer expectations

With the proliferation of mobile in consumers’ everyday lives, as well as increased expectation of BYOD workplaces, both B2B employees and customers are coming to expect the same level of personalization that they get as consumers. In order to meet these B2C-inspired consumer expectations, “sales leaders need to develop frictionless and personalized models to connect with the customer across any channel.”

The need to understand how to really connect with your customers has led to the rise of CRM and enterprise collaboration platforms, but employees tend to resist change in their existing workflows—which can result not only in stagnating customer relationships but also in slowing sales cycles. The answer is to place intelligent guidance right where sales already lives, while providing value-based information stickiness in the tools you need them to use. This can be done with very specific, granular insights based on their role, product lines they sell, regions they cover, industry focus and market and competitor relationships.

Connecting with your customer anywhere, anytime is a priority—and as our FirstRain usage stats show across some of the biggest global sales organizations, mobile is the fastest growing platform to connect sellers with buyers’ needs. But for many organizations, gathering the customer intelligence needed to turn the sales team into customer experts is time-consuming. They are simply unable to create very personal experiences with basic sales intelligence tools they may have previously invested in, many of which don’t even have native mobile apps. Consumers today have access to almost everything they need on their mobile devices, from banking to finding their next date, so consumer expectations now mean having the same experience when it comes to customer intelligence. They want their phone to help them build better relationships with their customers so they can win more deals; so, when selecting a tool to match the needs of these sellers, consider:

  • Are your current sales intelligence tools available as highly personal solutions in both native mobile apps, as well as integrated into enterprise workflows like CRM, enterprise portal and collaboration platforms?
  • Can your sales teams quickly create a very personal and intelligent view into their full customer revenue cycle, from initial sale to renewal?
  • Are you meeting consumer expectations by giving them specific, granular insights based on their role, product line, region, industry, market and competitor relationships?

Drop us a note if you’d like to learn more about enabling your sales teams with frictionless and personalized views that help them connect with your customers.

Mega Trends

Staying Ahead of Sales Mega-Trends: New Behaviors

Jul 2014/in /by

This is part 2 of a 4-part series addressing how Personal Business Analytics help our customers respond to the emerging mega-trends set forth by McKinsey on the Salesforce blog.

Micro-segments, macro-behaviors

Today, shifting buyer demographics are forcing companies to change their go-to-market strategies. For example, they must reflect the new buying behaviors that are emerging as millennials outnumber Gen-Xers and as cities in emerging economies contain the majority of new urban consumers globally. These shifts are leading simultaneously to more granular geographic opportunities and new but shared global behaviors. In order to be competitive moving forward, companies will need to develop strategies and philosophies that are flexible to meet both sets of needs.

These shifts are why FirstRain customers are leveraging personal business analytics to help their sales teams stay on top of the trends that are happening in their customers’ target markets—down to spending patterns. They need to know what’s top of mind for the consumers their own customers are targeting—is it security, ease of use, cost—and monitor those things based on how their own solutions can provide value down the line. What we are seeing more and more is that business professionals need a very dialed-in view of their customers’ customer, down to the micro-segment they are targeting. Getting specifics is difficult due to the amount of information available on the web today.

Using analytics to see emerging trends while they are still in their nascent stages is nothing new to large B2B companies, but when it’s delivered with intelligent guidance to sales so they know exactly what to do next, all sizes of company can develop a go-to-market strategy that is agile and responsive. And when they are the first to see what’s coming and adjust accordingly, they will always be one step ahead of the competition.

Mega Trends

Staying Ahead of Sales Mega-Trends: Super Buyers

Jul 2014/in /by

This is part 1 of a 4-part series addressing how Personal Business Analytics help our customers respond to the emerging mega-trends set forth by McKinsey on the Salesforce blog.

Highly-networked super buyers

According to McKinsey, new technologies are making gathering information—and processing it—easy and cheap, resulting in a community of “super-user” buyers, who interact with and influence each other by learning from each others’ challenges and solutions. In an age where social media is prevalent and options for whatever products you need are easy to find—74% of B2B decision makers are using LinkedIn for business reasons, while 42% use Twitter—sales leaders today need to deeply understand context, provide relevant answers to customers’ questions, and shape their customers’ thinking in order to improve the quality and frequency of customer engagements – and win.

So how can sales leaders achieve the same information experience that buyers have, but from the seller’s point-of-view? Only with powerful tools that scan the entire web for sales-driving insights can they become “super-sellers” and trusted advisors in the eyes of their buyers. It’s clear that without targeted, role-based enterprise tools, the noise and information overload from consumer-grade solutions is just too much. As many of our customer success stories demonstrate,  having a dynamic, 360-degree view of customers helps sellers in verticals like technology and communications understand exactly what their own customers’ challenges are—along with WHOM and HOW they should engage. Reaching B2B decision-makers is not an easy task, so when you get there you must be well-equipped to strengthen those relationships with meaningful conversations that both teach and influence their buying decisions.

Whether a sales team needs to know about Data Center adoption trends, government regulations, or changing industry buying practices, getting the right breadth and depth of content and insights about their customers is the first step to adding value for these highly-networked super buyers.

Ask yourself: in order to go head-to-head with these new super buyers, are your sales teams easily able to:

  • Identify and attach themselves to your customers’ most important initiatives?
  • Know what’s top-of-mind for executives, so they’re prepared to add value in sales discussions?
  • Truly understand the most disruptive market changes in your customer’s business ecosystem?

If the majority of them are not, tell us why!

istock_000005733150medium

Sell insights, not just products with customer intelligence

Mar 2014/in /by

Understanding your customer more deeply can lead to an increase in sales. In this data-driven world, the relationship between sales rep and prospect is different than it used to be. In the past, salespeople sold solutions to problems; they now sell insights, according to Mark Bergen of Vision Critical, an insight community technology provider.

With all of the information that is available to prospects today, they have little use for the same old solutions. They are also more likely to know right off the bat whether your services will work for them. Since they arrive into the sales funnel with more knowledge, the entire sales process is being turned on its head. When a sales rep can give them assistance on top of what they already know, this individual has an opportunity to become not just a sales person, but a colleague.

In this new landscape, the most powerful sales strategy is having insight into your customers market that no one else has. Once you have this information, you won’t just be selling clients a solution to a pain point, but valuable knowledge they can only get from you.

How to understand your customer’s end market There are several options, but one thing is clear: a simple Google search doesn’t cut it anymore. Knowing your customer’s market requires in-depth research, from scouring social media platforms to reading industry publications. It can be a time-consuming activity. That’s why the best option is to invest in a customer intelligence platform that will deliver personalized information about customers’ markets. The right solution will allow you to tune out the noise and focus just on relevant events and big data analytics.

Here are just two examples of what you can accomplish when you know your end-customer:

1. Sell your prospect an outcome Don’t work in the dark. Use key insights to determine what your client really needs, beyond how you believe your product can help them. According to Anthony Iannarino for Salesforce blog, you need to focus on the final outcome instead. By honing in on their market, you can develop a better understanding of what the customer is looking for. Successful salespeople pitch the future outcome that the client is looking for. However, depending on where the client is at in the buying process, they may not be aware of their desired outcome. As a valuable asset to your prospect, this is an idea you can help them develop. Iannarino also provides another valuable piece of advice: a sale will only happen if stakeholders are in agreement on the desired outcome. Using the market intelligence you’ve gleaned, you can help guide the decision-makers into a consensus on what direction operations could go.

2. See needs before your customers do According to Bergen, by monitoring your customer’s market very closely, you can often identify problems they don’t know they have. Bergen notes how his company, which provides software that facilitates communication between customers and businesses, found a solution for sports teams whose end-customer was sports fans. After doing some research, his firm determined that sports teams don’t offer the engagement tools that sports fans want. For instance, sports teams weren’t always reaching out on digital platforms. In addition, digital platforms enabling fans to branch out from just supporting local teams. This knowledge helped Bergen’s company pitch their product to sports teams.

When you are well-versed in all the elements that make your customer’s market tick, you have opportunities to provide valuable insight in addition to products and services. The role of the sales person is changing. Do you have the tools you need to be a 21st century sales rep?

whats-in-a-sales-contact-name

The Importance of Choosing the Right Contact Method

Mar 2014/in /by

In the modern, data-driven environment, we have myriad contact methods to reach prospects. The variety of choices can make it difficult for sales reps to determine which medium is the right one. However, making this choice can have a surprising impact on sales productivity. To be a good sales rep, you have to be aware that at any given point in the sales funnel, the right communication strategy is going to be different. On the other hand, the medium also depends on what you have to say.

This may sound entry-level, but if you use the wrong channel to relay information, it may not be received the way you intended; being successful in sales relies on picking up on nuances in the way people communicate. Business executives are busy people, and you want to make things as easy as possible for them. Choosing between email, phone and face-to-face may sound simple, but you have to consider at least two things: first, what is the best medium for what you’re trying to say; second, how will it be perceived by the client?

Think Before Making Contact In a recent article from Fast Company, the author related her surprise that many people contacting her had little knowledge of contemporary communications etiquette. She cited an example of receiving long-winded emails outlining a problem when a quick phone call would have saved time on both ends. Needless to say, when you’re dealing with prospects, you want to do everything you can to use their time most efficiently, and also make sure they actually comprehend your messages.

A similar argument can be made for email. For quick queries or check-ins, prospects are likely to appreciate the use of email over a phone call, because email allows for valuable multi-tasking time that the telephone doesn’t. A face-to-face meeting should be reserved for the most important conversations, according to Anthony Iannarino.

Another point Iannarino makes is that the method of communication sends a message about how important you consider the discussion to be. For this reason, it’s imperative that certain meetings be in-person.

Make Sure You’re Developing the Relationship In response to the email/phone/in-person debate, B2B Lead Blog noted that the primary concern in customer relationships is about developing a relationship. Whatever medium you choose to send your communications, make sure the message helps you build a relationship. So, even if you think your pitch warrants a face-to-face meeting, remember that your prospect probably isn’t ready for that yet, and being too forceful may turn them off.

Developing the kind of trusted relationship that actually creates sales requires that reps start early. Use big data analytics to find potential leads early on in the buying process. Then using expertise gleaned from this market intelligence, begin forming a relationship and nurturing the lead until they are ready to buy—earning you in the coveted role of advisor. You can demonstrate your in-depth knowledge of their field and use this information to gain their trust over time. Being a trusted colleague also means that you understand your customer and the fact that they may need more information before committing to a sale.

However, here’s where communications comes in: bombarding prospects with sales pitches or salesy information too early can be a deterrent. Based on where the prospect is in the buyer’s journey, you should carefully consider not only what you’re saying to them, but what method you’re using to send the message. And make sure you’re aligning the content of your communications correctly with the method you send them.

In sales, these subtleties can make all the difference.

Business-and-Workplace-Email-Etiquette

Use Sales Insights to Send Emails Prospects Actually Read

Mar 2014/in /by

Much of the time, your first contact with a prospect will be through email. However, sending out shoddy messages that appear mass-produced and untailored to the specific business can wreak havoc on your sales productivity. You have to treat each email like it’s a conversation, because that’s how your prospect will be thinking about it. Sending out a generic template just won’t cut it.

For instance, a typical email may tout the company, talk about your services and end with a call-to-action. This could literally be sent out to anyone, and probably is. Instead, you need to do a better job of targeting it.

Sympathize With Your Prospect

In Inc., sales expert Geoffrey James notes that if you think about how your emails look from the customer’s perspective, it may start to make more sense as to why leads aren’t biting. Most likely, they’re asking, “what does this have to do with me?” They may be wondering why you are reaching out to them at all, and they may even be truly annoyed that you wasted their time with spam. In each case, you’ve all but lost your prospect before you’ve begun.

Prioritize Customer Research 

It may seem like a no-brainer, but you need to do some work figuring out who your prospect is before shooting off an email. Once again, a cursory look at their homepage probably won’t be enough. You want is to exceed their expectations, not barely meet them—so you need to dig deeper. Customer intelligence analytics allow you to not only see what your customer has been doing, but what’s going on in their marketplace.

How to Use Sales Insights to Write Messages

Generally, prospects are more likely to respond when a message is relevant to their interests. This means it’s best to contact someone who has been looking around your site. You should not only mention their presence on your page, but exactly what they looked at. However, intelligence gives you the details that can make a cold email work. For instance, it enables you to see trigger events that create new product needs. According to HubSpot, events like this can be an excellent way to open an email.

Now that you have a better idea of their industry, and what it takes to excel in this environment, you will have a much easier time getting into the client’s perspective and understanding what will compel them to respond to your email. Keep things simple. James suggests that you give examples, not just of businesses you’ve worked with, but what you’ve done for them. Even better, align this small pitch to their specific market niche.

Another tip HubSpot offers is that with the first email, you’re really looking for a response, not a sale. Try to establish yourself as a trustworthy source who cares about the outcome of their company rather than going after the pitch right away.

Other suggestions:

  • Start by saying something about them, not yourself. This will grab their attention. Now would be a good time to mention that big market event you learned about.
  • Leverage personal connections if you have them. These should also go near the top of your email. If a mutual colleague suggested you get in touch, absolutely mention this.
  • Keep it short. Prospects are busy people, and the best of us can be overwhelmed by an unbroken wall of text. Make it digestible, clear and direct.

When you take the time to understand your customers, you can write messages that they really respond to.

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Industry Thought Leaders Share Sales Insight

Feb 2014/in /by

As a thought leader selling solutions to enterprise sales leaders, Penny Herscher often gets asked about the trends that she sees in some of the world’s largest enterprise sales teams. Recently, a request came through with just one question: What is the most important shift in sales strategy, technology or process that you’ve implemented or observed in the past year?

Penny shared what she hears the most from our own customers, many of whom are themselves senior sales leaders at Fortune 500 companies. The insight that came to the forefront was that, in order to be successful and grow your business, you need to build trusted relationships with customers that bring real value. The buyer wants to know that you, as a seller, truly understand their pain points and their business needs. They don’t care about all the bells and whistles of the product—they care about what value it will bring to their business. This all but requires that you, and your product, provide year-round value to them—and the only way you can do that is to become intimately knowledgeable about their business.  Of course, to do that successfully and stay productive, sales teams need the right tools that provide real-time insights to solve the business problems customers have.

Penny Herscher was featured this week in ringDNA’s 20 Top Sales Leaders Reveal Their Biggest Productivity Secrets. There are many other great sales thought leaders and practitioners who are quoted as well. Read on and learn from the best!

The e-book is available for download here: http://firstrain.it/1erdrl9

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