Lead Generation Glossary: Sales Strategy
Building a sales strategy is the first step to creating a successful outbound sales engine. From buyer personas to email cadences, our sales strategy glossary outlines all the important aspects of a complete sales development strategy and playbook.
A value proposition is a defining statement in which a company describes specifically in detail the reason for their existence. It’s a promise of what an organization can deliver to their clientele. Often it’s used as a persuasive hook to catch the interest of a sales prospect, and is a core element of a well-structured sales pitch. Having a well thought out value proposition can better help customers understand what a company stands for and brings to the marketplace in a certain industry.
Whale hunting is a term that refers to a sales rep going after the largest deals possible. The deal being the “whale” and the SDR being the hunter. Hunting down big sales deals has often been compared to the Inuits hunting down large whales, as it takes an intricate amount of planning, execution, and persistence to land multi-million-dollar sales deals. There is a great sales book called “Whale Hunting: How to Land Big Sales and Transform Your Company” by Tom Searcy.
A buyer persona is an ideal description of the demographic of people who want to purchase a company’s goods or services. This customer profile will likely inform your buyer personas, but the personas themselves should be defined by categories such as age, gender, job title, function, seniority and income. Most importantly, learning the buyer persona should help a company understand the pain points and challenges of each individual to know how a product or service solves those issues. Sometimes the term “ideal customer profile” and “buyer persona” are used interchangeably, because the core concepts of ideal customer profiles are used to build out buyer personas.
A buying trigger is an event that makes a buyer, whether it’s an individual customer or entire company, more interested to purchase a company’s products or services. The buying trigger creates a sense of urgency. Sales development reps use buying triggers to increase their conversion rates by targeting companies that have a higher likelihood of buying. Sometimes employment changes create a higher likelihood of buying due to the fact that new managers tend to make large changes, including buying new products and services.
Growth hacking is a form of marketing in which a product or service generates new business passively without spending a lot of budget money. Most of the time it features a key or best-selling product that will perpetuate user growth. For example, the default email signature for an iPhone is the words “sent from my iPhone.” This feature was built into the product so when a user sends an email the recipient reads the word iPhone, thus generating product awareness passively.
Market reach is the amount of companies or contacts that a company has reached out to during a specific campaign. Since some companies and contacts prefer different marketing channels, it is important to use multiple channels to maximize the market reach. This is particularly important when there is a small target market, so the end goal is to have a high market share or greater sales as the result.
Marketing investment is the amount of revenue a company spends on a specific marketing campaign or source. This strategy can make or break a company depending on the amount of revenue they earn from their marketing investment.
Marketing return is the amount of revenue a company generates from a specific marketing campaign or source. Obviously, a company wants to make more money than they spend to allow any marketing campaign to be a worthwhile investment.
Multi-Channel Prospecting (MCP)
Multi-channel prospecting (MCP) is the technique of using different marketing channels to prospect into a contact or account. The most popular channels for multi-channel prospecting are email marketing, cold calling, LinkedIn marketing, direct mail, and advertising. By combining and reaching out to a specific contact or company across multiple channels, it improves the total reach and conversion rates. It increases reach as some contacts may only be found on LI and not on email. By increasing convergence, this allows you to communicate with prospects on their preferred communication channel. An example of a MCP campaign would be to first send a LinkedIn invite, then send an email letting them know you did so, and finally calling a week later to follow up and try to set a meeting. This gives the prospect three opportunities over different channels to read your messaging, appreciate your persistence, and communicate on the preferred channel.
An objection is when a prospect responds and pushes back on the value prop due to one reason or another. Common objections include, bad timing, not enough budget, they already have a partner, or don’t see the company as the right fit. Objections can be overcome through the process of objection handling. When barriers exist from a prospect it’s up to the sales person to come up with the correct solutions to convert that person into a client.