I’ve just watched the Bill Gross’s The single biggest reason why startups succeed on TED Talks. And he claimed that majority of startups fail because they entered the market at the wrong time. In fact, timing accounted for 42% between success and failure.
In other words, too soon or too late and you’re DONE!
And, I hear you saying: “But I don’t care about startups!! My company isn’t a startup – I’m only here to sell stuff!”
Sales world is no different! Timing is everything – if you find customers who need your product like an air to breathe – they’re going to pay a premium and willing to purchase it on the spot. More or less.
Sounds great, but how does one find such customers? It can’t be based on luck, right?
It’s not! There is this thing called trigger-based selling. An idea behind it is that there are certain times in all companies where the money is in or change is needed. And they are seeking for new investments. And guess who shows up at their doorstep? YOU! With a perfectly wrapped package that fixes previous management mishaps, liquidates abundance of cash and offers a sizeable investment forecast that execs cannot miss.
In short, let’s have a look at these occurrences in companies. Right place at the right time rule is highly applicable here:
New projects. New projects are launched daily! With new projects come new problems, especially if those new projects are launched by competitors. Guess who’s ready to fix them?
Winning contracts. Signing new contracts usually bring financial benefits. Be ready to reinvest those benefits.
Funding. Startups getting funded, projects being written. Money is in. We all live today, we need solutions now not tomorrow. Let’s set a portion of cash to make our lives easier. Perfect!
Management changes. Whoop! The board is not satisfied with performance, company needs a ground-up rebuild and so on.
Acquisitions, mergers. Happens not too often, but could be very beneficial.
Ok, but how do you find those triggers?
Simple formula would be:
Build. Monitor & Show-up
There are no shortcuts here. You have to work on it.
1. Build your own list.
Don’t buy leads from others. If you can buy them, your competitors also can. You can always use your masterful SDRs or find them yourself.
2. Monitor them.
Social media, public announcements and so on. Even newspaper publications could be relevant if found not too late. Because, usually if it’s in the newspaper – it’s already too late. I suggest taking an easy route and monitor them by using Google Alerts and LinkedIn.
Overall, you have to be sitting here with a finger on the trigger to make sure you won’t miss the opportunity. Because the first one wins the pot.
Once you notice a trigger – call them, schedule meetings and offer solutions to existing problems. Amplify those problems. Even if they weren’t aware of them in the first place.
And at those times when you appear at their front door with a prepared solution, is when you don’t have to struggle with disagreements and counter their objections.
I won’t go too in-depth on how to present demos since we already covered it in our previous campaign.
Keep striking iron while it’s hot and present that killer demo, covering features that solve their problems. And congratulate yourself, you didn’t skip the process or tried to find any shortcuts. Your reward is sitting across the table with a Montblanc ready to write you a cheque.