The Physics of Trigger Events for Lead Generation
Most buyers aren't ready to buy when we're ready to sell. This trite but true observation has significant implications when it comes to lead generation. It means that we must continue to nurture viable prospects until they are ready to buy. But what about the prospects who are not in your nurturing database yet?
This dilemma has led me to think about how trigger events are related to one of the basic laws of physics. Newton’s first law of motion (also called the law of inertia) is often stated as “an object at rest tends to stay at rest and an object in motion tends to stay in motion with the same speed and in the same direction unless acted upon by an unbalanced force.”
The first law of motion can act much like one of your potential prospects. Unless there is an “unbalancing force” acting on them that is sufficient to move them away from the status quo (as rest), then they will not change their direction. In this context, trigger events can be seen as the sufficient force or event that moved and changed the status quo.
So in the context of lead generation, what’s a trigger event? A trigger is a happening associated with a consequence so significant that it causes new behaviors, new ideas and new opportunities. One of my clients found companies with their key trigger events was 400% more likely to buy than companies without those trigger events.
When InTouch conducts an ideal customer profile workshop for a client, we help them understand favorable trigger events and related implications. The above trigger event mind map figure (Click Image to Enlarge) shows just some of the possible trigger events that you can track.
Trigger events matter for two key reasons. First, they may indicate the status quo in an organization is changing and secondly, they can contribute to the development of timely and relevant sales and marketing messaging. Relevance is one of the most difficult things to achieve with lead generation programs but trigger events can help a great deal.
Messaging that addresses (in a personalized manner) a specific problem that your prospect is having is more relevant and thus will be more effective than a generic features and benefits message. What’s better is that the problem can often be tied to a specific event or events.
There are three basic steps if you want start using trigger events:
1. Review 10 - 15 recent sales "wins" and look at what business pains or events were present. (See the above mind map for examples)
2. Develop an intelligent system to identify when your trigger events happen.
3. Understand trigger event implications and what to do once they happen.
You can research new business opportunities based on trigger events, for little to no cost, by leveraging press releases, websites and news wires. If you have a corporate librarian or local business library they can help you find what you need.
To begin collecting trigger events, I'd start with using free tools like the following:
Don’t try to do everything at once. Start with some basic trigger events and then build upon your foundation over time. Remember it’s an iterative process… you want to first crawl, walk and then run. As your sophistication grows, you will be ready to look into third party tools that specialize in tracking trigger events.
Trigger event are a great way to change the physics of the buying process and yet another way that we marketers can to go beyond the lead.
Are you using trigger events? I'd love to hear your comments or experiences.
BTW - You can read more about trigger events in Chapter 5 of Lead Generation for the Complex Sale or search my blog archives for "trigger event." Also, Jill Konrath has some great information on trigger events (geared for sales people) in her book Selling to Big Companies and her blog too.
June 13, 2007 | Permalink | Comments (6) | TrackBack
Podcast: How Trigger Events improve Lead Generation
Have you ever wondered why some sales happen twice as fast others?
For my first podcast I thought it would be fun to tell a true story about one of my clients. We'll call her Kristin. At the mid-year point, in 2003, Kristin's marketing budget was cut by 50%. Amazingly, her CEO still expected her meet her revenue contribution goal. She had 2-choices...either quit or get creative.
In the final 6-months, with a smaller budget, she exceeded her total revenue targeted by 25%! In this podcast, I'll tell you her secret... okay not her entire secret but most of it.
Listen to podcast on trigger events
(File size is 5.58 MB) (Show length 12:07 minutes)
Show notes
Links to companies and articles mentioned in the podcast:
- Technorati watchlists
- Google news alerts via email
- Yahoo! RSS feeds & via email
- HillSearch online Business Library
View my podcast feed
March 27, 2005 | Permalink | Comments (2) | TrackBack
job postings are trigger events
I met with a client today and the subject of trigger events came up. They look for companies that have an executive leadership opening or an active search in process. Job openings are trigger events or they are a leading indicator that a bigger trigger event is about to happen. Job postings are created during mergers, acquisitions, expansions, reductions, resignations etc. You just need to understand how each of these trigger events has a different consequence. What they do Their process is to search various job sites like Monster.com, Hotjobs.com and industry job sites for certain positions that are relevant to their value proposition. They use the job posting information they have collected to build a list of potential opportunities which they research further before making first contact.
December 17, 2003 | Permalink | Comments (0) | TrackBack
Trigger events improve lead generation results
Have you ever wondered why some sales happen twice as fast others?
This is a true story. I've changed my friends name because she didn't want to her competitors to know what she was doing and she is busy like all of us. Let's call her Kristin.
Kristin, a marketing manager, works for a B2B company that sells to executives in mid-sized to Fortune 500 companies. Last year, her marketing budget was cut by 50% mid-year, yet her CEO expected her to still meet her revenue contribution goal. She told me about how she used trigger events to focus her marketing efforts and exceed her revenue targeted by 25%! Here's her secret...
Her key to success
In short, she studied, trigger events. She only targeted companies that were highly likely to need their solutions based on their trigger event and ideal customer profile.
Her VP of Sales requested a meeting. It turned out that he wanted to know, "what she was doing?" Bottom line: he was seeing more sales activity and hearing good things from his sales team.
He shared their revenue forcast. Later she took that information and plotted out her lead generation results against his sales forcast. She compared leads with trigger events against those leads with out trigger events. Companies with trigger events appeared 400% more likely to buy than companies with out trigger events.
Kristin's initial trigger events list
What are your trigger events?
Below are some questions to help you define your events.
Collecting trigger events?
You can research new business opportunities based on trigger events, for little to no cost, by leveraging press releases, websites and news wires. If you have a corporate librarian or business library they can help you find what you need.
I personally use technorati watchlists, google alerts and yahoo RSS feeds.
You can also do research on HillSearch Business Intelligence for a small monthly fee. You can try HillSearch Membership risk free for one month.
December 15, 2003 | Permalink | Comments (2) | TrackBack
