Ever wondered why you’re losing valuable business? In many cases, in the B2B environment it’s about employee churn. When one employee who is a fan of your product changes jobs, the company might decide to switch vendors as well. We tried to work out a solution to this problem with Kyle Morris, at SifData, who taught us how you can get valuable data from your CRM in the form of sales trigger events.
Prospect Change Jobs – and Tools All the Time
Kyle Morris founded and runs SifData, a company that helps offer valuable information about how major changes in your prospects’ professional lives can affect your business. In his former venture, Kyle saw a problem and an opportunity, when dealing with customer churn.
“We were doing a lot of enterprise type deals. We were churning a lot of midmarket and lower level accounts. One of the biggest reasons for churn was that executives would leave, and then the new person would come in and rip out our product,” said Kyle, on the Playmakers Podcast.
Using Sales Trigger Events To Your Advantage
The first step he took was to encourage the sales development reps to reach out to former customers, especially if they changed jobs. Using sales trigger events to your advantage, and making sure you keep your influencers can impact your numbers.
“I would encourage people to reach out to former customers, because we found that they were the easiest meetings to set up. So from hitting a quota perspective, that was the number one way to do it,” said Kyle. Former customers also tend to close very quickly, because if they purchased in the past then they know what kind of value they are getting and how you can help their new business.
Old Leads Are the New Black
Sales reps are constantly going out after new business and contacting new leads. However, stats show that a former customer has a significantly higher chance of converting than a new one – and takes much less effort to convince.
“So many reps are missing quota. They’re trying to do the same thing by cold outreach to new companies. A referral customer has a 50x likelihood of closing compared to cold outreach, but everybody puts effort into cold outreach,” adds Kyle.
However, getting to the news before anyone else does – has the prospect changed jobs – is difficult.
In this podcast, you’ll learn:
- Why changes in your customer or prospect’s professional life can impact your numbers
- How to get info on your prospect’s moves without breaking LinkedIn’s terms and conditions
- When to outsource and when to buy a sales solution for trigger events
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