Digital technology has forever changed the buying landscape. Information about a firm and its employees is available and can be accumulated. This data is then sold and repackaged in many forms by middlemen firms.
From this tech boom, the lucrative business of lead-gen agencies was born. For a few years, B2B companies benefited from employing these agencies: the cost and effort involved in hiring and maintaining a productive lead-gen team far outweighed the benefits.
However, companies are waking up to the harsh reality of poor conversion rates that lead-gen campaigns deliver. The sales prospecting game has changed significantly. It is not all about lead-generation anymore. A report from Forrester said the conversation rates on lead-gen campaigns are less than 1%.
As a result, Salesstaff and other outbound appointment setting firms are closing doors on their business or trying to reinvent themselves.
So, let me get to the point. How do you close more deals in the quickest time, in this “new landscape,” where lead-generation is dead?
If you are expecting the answer to be Account Based Marketing (ABM) or Content Marketing, guess again.
No, while the ABM approach centered around personalization and content drives phenomenal results for us, and for our customers, the answer to closing deals needs something bigger.
The answer: a “Growth Mindset” revolving around measurement, humanization and rapid experimentation that every marketer and Digital Sales Development Representative (D-SDR) needs to bring to this game.
What must you do to win at this new game?
Strategy cannot simply be left to the CEO and management. Facing disruption, strategic transformation to a “Growth Mindset” must be the top priority in your Marketing and Sales Organization. This transformation demands a start-up like mindset. The freedom to strategize and test marketing tactics with speedy efficiency should form the foundation. Too often, Marketing departments—especially within Tech organizations—become so focused on leads, creating content, and planning events that speed and risk-taking audacity to run bold Account engagement campaigns is lost.
It is important to assign ABM Target accounts with a fitment score of 85% or more to your Marketing and Sales Development teams. Having teams that are a better fit with your accounts make for better deals. Tools such as Everstring will predict a list of target accounts who will be your best fit when you feed in your current customer data. Use the scoring they provide to segment your ABM customers. (This is assuming you’ve already nailed down your ICP). Then, set time-based benchmarks on those target accounts for every stage of the funnel.
A new business model usually requires a very different mindset and new capabilities. Demonstrating value through short creative content, planning multiple touches, exploring several channels of engagement, and humanizing communication are essential to D-SDRs making any headway with target accounts. In the IT services business, for example, success requires Marketing and D-SDRs to hold proactive digital conversations with CEOs and CXOs about their pain points in their business, rather than simply sending out cold sales emails or responding to project requests for proposals (RFPs) issued by the IT department. This happens early in the process much before the need arises within the customer. Building Marketing and D-SDR teams with these capabilities is time-consuming but the pay-off is certainly worth it.
There must be a harmonious, collaborative relationship between Marketing and Sales. Marketing should only represent Sales approved accounts. It must be made clear that Marketing’s top priority is not delivering leads per quarter but closing deals. Their job is not done unless they influence the customer throughout the pipeline, leading to the customer finally signing the agreement.
I hope that this will help you, the Head of Sales, get started on the growth journey and try something that has statically proven to work for many organizations.
Check back for more marketing posts! If you or your team would like our help in your growth and ABM programs, please feel free to get in touch!
Here’s the offer we promised –
Connect with us if you are not sure which customers in 2018 will be your best fits to focus sales efforts, and those who will likely end up buying your product or service.
We’ll gladly have a quick chat and send you at least 10 best fit customers who match your ICP and who show high purchase intent for your product or service.