The age-old saying of “timing is everything” typically proves true. In the world of business prospecting, this adage could be considered law. Having the appropriate messaging, targeting and outreach strategy are essential to any successful prospecting initiative, but what if all the right actions happen at the wrong time? Recognizing these key prospecting triggers will validate your outreach, and more than likely result in a sale:
Decision Maker Shifts
Keep your eyes open for announcements related to key executive shifts and the introduction of new roles. Roles closely associated with engagement opportunities include Chief Marketing Officer, Chief Digital Officer and Chief Growth Officer. When assessing opportunities, pay particular attention to the use of terms such as re-launch or redirection, Omni-channel focus and new demographic focus –these usually indicate the need for additional resources and services.
The technology space is primed with emerging companies and startups with dynamic and diverse products, services and applications. Keeping tabs on when these companies enter the market and their growth trajectory will provide the opportunity to effectively position your key offering as a resource in their introduction to the mass market.
Emerging companies are in need of partners to help with their go to market strategies, signaling opportunity for you and your team. Rather than fish in the same pond of opportunity with big-name advertisers, approach emerging companies gearing up to make a splash in their industry.
An additional trigger for prospecting opportunities is the introduction of new product offerings into the marketplace. Launching a new product typically not only requires the direction of a variety of advertising agencies, but it presents the prime opportunity to utilize new tools, applications, and services to ensure, monitor and track the success of the new offering.
Typically, when a brand rolls out a new product significant efforts are made to promote the launch of the product. According to sources, companies that are launching new products or brands or entering new markets often spend up to 20% of their revenues (and sometimes more) on marketing.
Pay close attention to the dedication of advertising dollars. When companies and brands shift spending between channels (ex. Broadcast dollars shifting to Digital) or dedicate spending to a new vertical (ex. Mobile or Native Advertising), this is a good indication of opportunity for new alignments. Leverage this type of sales intelligence when you’re pitching a prospect – it will show that you’ve done your homework.
When a brand is attempting to combat continued struggles, often strategy shifts and leadership changes will occur. If the current strategy is not working, brands will likely re-evaluate relationships in place and make shifts as a last resort for hopes of overcoming challenges. When approaching struggling brands, focus pitches on helping them reverse downward trends and remain top of mind amid competitors.
New Campaigns/Product Launches
By releasing a new product or campaign, a company is venturing into uncharted territories which calls for different types of marketing to support promotion strategies. The introduction of a new product presents a prime opportunity to utilize new tools, applications, and services to monitor and track the success of the product.
New Agency Hires/AORs
If a brand just hired an agency, what does this mean for you? Agency shifts tend to come in pairs, so when one agency is hired there may be a domino effect for your company. For example, when a media AOR shift occurs it’s likely a creative or digital shift will follow in the next six months. . We’ve found that it’s especially important to keep an eye out when an agency reaches their 3-4 year tenure as reviews tend to take place.
Timing is everything. The last thing you want is to waste time pursuing prospects that don’t have any budget available. In order to keep you ahead of the curve, and budgetary window, it’s vital to keep track of brand planning periods. This way, you’ll know when to approach and pitch to brands as they allocate dollars. Whether you’re an agency, selling ad space or selling sponsorship this will be the prime window of opportunity to pitch new campaigns, technologies, and partnerships.
Effectively engaging a prospect at the appropriate time is just the tip of the new business iceberg. If you’re actively tracking the triggers above the likelihood of increasing your pipeline is high. Don’t have time to do all the work yourself? Winmo’s essential sales intelligence puts you ahead of sales opportunities, alerting you of reveleant leads as they happen. Consider us your own personal sales support team, helping you close the deal every time.