This is the third in a three-part series, highlighting relationship data's importance and value to businesses.
Humans are social creatures.
So, our genetic makeup means:
- We value relationships
- We cherish those with whom we share the most profound bonds
- And we support them in whatever way we can.
The sales motion is no different. And in a world where everyone seems to be jumping ship, it's expected that the buyer (one with whom you have built a strong relationship over time) will change jobs and move elsewhere at some point.
The most important question here is are you keeping tabs. If you are, you may find yourself faced with two scenarios:
- Your buyer (or power user) has moved to a new company, one you are interested in converting to a customer.
- Your buyer has moved to a new company, and you have to court their replacement to keep the account.
Old buyer, new company
Having a previous buyer move to a new company presents an opportunity to capture the new account and grow your business.
Your strategy should involve two steps:
- Leverage relationship data and buyer job movements to help you:
- Build trust from day one. Having a buyer or a champion who’s already used your product in their previous role instantly differentiates you from the crowd. They’ll champion or help you navigate the buying committee. Or refer you to the right decision-maker.
- Highlight the buyer preferences and tailor your outreach accordingly. The buyer's preferences at their former company are likely to transfer to their role at the new company. And you/your team already have this historical information.
- Gather and analyze intent data to help your old buyer adjust to the new workplace. Presenting insights on who wields power in the buyer's division of the new company and who they need to build close ties with to make a smooth transition will be of great help. If the insights you provide help the buyer build a power structure that allows them to thrive in the new company, they will be forever indebted to you.
New buyer, existing company
Having a new buyer take the reins of buying decisions at a company that’s your existing customer is more complicated (especially if the new buyer is coming from a company serviced by a competitor.)
To retain the account, you need to leverage intent and relationship data to launch a re-selling (or “churn prevention”) campaign to keep/win critical stakeholders to your side. Your strategy, or rather my preferred approach, has always been:
- Get alerts when a new decision-maker (or influencer) joins your customer account. Reach out on time to introduce yourself and welcome them to the team can help you make a good first impression. It also opens for conversations to share what you’ve been helping their team with, discover what their new objectives are, and how you can help.
- Leverage relationship data to solidify your relationship with the existing team that you’ve been working with. The new buyer may want to shake things up when they join. But having their new team on your side is a great way to backup any ROI conversations on your product.
- Use intent data to know the new buyer’s interest (that they might not be telling you). You should thoroughly analyze the new buyer's behavior to determine how they intend to make their evaluation and buying decision.
Relationships will always be critical to your sales success. So, if you haven’t already started, it is time to focus on building a pool of Intent and Relationship data. And as our industry leans further into technology, those with the warmest paths and most profound insights into the customer's needs will win, while those who hold on to archaic methods will wither and die.