Recently I attended a webinar entitled, “What B2B Sellers Need to Know Before the Call”, sponsored by LexisNexis and presented by Craig Elias, S. Anthony Iannarino, and Peter Ostrow. The hosts addressed many key points that B2B sellers should be aware of before they make their first cold call in order to increase the likelihood of a successful sale.
Here’s a brief recap of some of the key points that B2B sellers need to know before they make their first call.
1. Timing and The Window of Dissatisfaction
Timing is the silver bullet of B2B sales. Craig explained that the best time to reach out to your prospect is just after they begin to grow dissatisfied with the status quo, and before they have started to search for alternatives. He referred to this time as the “window of dissatisfaction”. According to Craig, when entering at the window of dissatisfaction salespeople can experiences sales success rates of up to 75%.
2. Trigger Events & Circumstance
To help recognize potential windows of dissatisfaction, it is important to look for trigger events and use them as a signal to act. Craig cautioned that it’s important to be able to recognize the distinction between a trigger event and a circumstance. To help illustrate the difference, Craig provided the following examples:
- Trigger events: A trigger event could be something like if the prospect’s competitor is acquired, there is a change in decision makers, the prospect wins a large customer contract, or their competitors launch a new product.
- Circumstance: Examples of circumstances could include a falling stock price, shrinking margins, or the prospect being unhappy with their current solution(s).
Learning to recognize and act upon trigger events will help you get in front of your prospect at the right time and increase your odds of a successful sale.
3. Who Are You Meeting?
Anthony Iannarino discussed the importance of knowing who you are going to meet with and the significance of doing your research when prospecting. He explained that in your first call, you get one chance to make sure you get a next call.
By doing your research ahead of time you are able to spend more time creating real value for your prospect as opposed to acquiring low value, easily obtainable information. Prior to your call you should have identified which market forces impact your prospects industry and company, what your prospects current strategies are for taking advantage of opportunities or avoiding unnecessary risks, and the value-creating insights can you share. If you want to learn more about understanding your target prospect, be sure to read our blog Understanding Your Target Prospects for Better Success with B2B Sales.
Utilizing sales intelligence and being prepared before your first call can help ensure a successful sale. If you enjoyed this blog and would like watch the full recorded webinar, you can check it out here. For our readers who are eager and ready to learn more about sales and marketing, be sure to download our white papers.