Most likely the coronavirus (COVID-19) outbreak has impacted your business in some ways, and will continue to do so in the coming months and even quarters.
Demand across the board is expected to soften. Remote working is the new normal. Conferences are canceled or moving to virtual. (And everyone for the first time realizes how much they love touching their faces, but I digressed.)
Whether you’re an organizer, a booth sponsor,or an attendee, conferences are an effective channel to drive interest and in-person conversations with prospects, customers, and partners. Many companies rely on conferences and trade shows for 30-40% of their lead volume. But now everyone needs to find new ways to fill their pipeline amidst the market uncertainty.
Why going after your previous customers who changed jobs to new companies?
Since 20-30% of people change their jobs every year, this is the only lead source that automatically grows when your company grows.
As an example, if you have 10,000 customer contacts (including decision makers, influencers, admin users, power users):
- 2,000 of those are already at new companies, and
- 2,000 more will change their jobs in the next 12 months.
That’s a total of 4,000 leads for your pipeline this year.
More importantly, these prospects already knew your product in their previous companies.
They are more likely to respond and buy from you again compare to your average leads, and therefore yield higher conversion rates and lower your cost per lead.
During a time of uncertainty, businesses tighten their spending and therefore more hesitant to buy new tools.
Having internal champions who have used your product to advocate during a deal could make a difference in winning and losing.
Here are some ways sales and marketing can use job changes to hit their pipeline targets:
- Four Ways To Generate Demand When Your Customers Change To New Companies
- How To Book More Meetings At Scale When Your Champions Switch Companies Or Roles
Marketing and selling to your previous customers will help you close your pipeline gap, making it easier to hit your number.
Nobody ever regrets making fast and decisive adjustments to changing circumstances. In downturns, revenue and cash levels always fall faster than expenses. In some ways, business mirrors biology. As Darwin surmised, those who survive “are not the strongest or the most intelligent, but the most adaptable to change. - Sequoia Capital
Stay healthy, adapt quickly, and keep on growing!
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