Most of us are aware that the buyer’s journey has changed dramatically in the last few years (and months given the global pandemic).
This is supported by a CEB (acquired by Gartner) report in 2016 that shared “buyers on average are 57% of the way through their buying journey before even reaching out to a vendor”.
Fast forward a few years since that report, the explosion of Inbound Marketing, and the development of buyer journey optimized content I would argue that it is probably closer to 90%.
That is, buyers have almost all the information they need to make an informed purchasing decision.
In 2007 Chet Homes shared the statistic that only 3% of any market is in the “buying mode” now. This means that 97% of prospects aren’t actively looking to purchase a product or service.
It goes without saying that buyers today have a very different set of tools at their disposal versus just 10 or 20 years ago. There’s a tremendous amount of information online and on social networks that they can use in order to make a purchase decision.
Think of the last time that you purchased a product. You probably started with a Google search where you didn’t leave the first page of results, and you started to get a feeling for what was out there. You may have checked a few review sites to see what other people are saying and see who the top players are in the market.
Once you narrow down your top three or four you probably went to their websites and started to look at what their content and thought leadership. Are they legit?
At some point in this process, your phone probably rang with an unknown number that you either blocked or sent to voicemail. If you decided to take that call or listen to your voicemail, and it was someone describing a problem that you were trying to solve at the moment and how they may have helped you might have added that company to your list of ones that you were checking out, you may have then filled out their lead form or taking a demo.
There’s an old axiom in business that says “nothing happens until somebody sells something.”
No customer success can happen until there’s a customer. No money can be counted and no invoices sent without a transaction. No trade shows are funded, no salary payments made, no catered lunches. Until there’s a signed contract and next sales transaction is done, nothing happens.
Each day we read about companies with massive funding and a great idea that quietly fold or are purchased for a hugely discounted price in what’s described in a myriad of ways but what it comes down is one thing: they didn’t sell enough.
In an office somewhere around the globe there sits someone with an amazing product that can definitely change lives for the better that is slowly wilting under the hot glow of time. The product may be great and the team may be amazing but if nobody is selling anything the company is slowly dying.
Over the summer, Tenbound Research Labs organized the different sectors specific to the Sales Development landscape into this map to make it a bit easier to get an overview.
When we released the map and announced it at The Sales Development Conference, over 50 companies involved in Sales Development reached out to get on the map.
It seems we have more support than we ever dreamed of to score that next appointment and build more pipeline.
And of course, leave a comment below with what we missed, misclassified, forgot, etc.
Tenbound Research Labs stands ready to begin work on Version 3.
Anyone managing a Sales Development program realizes pretty quickly how important alignment is to the success or failure of your plan.
After experiencing the relationship between Sales and Marketing on many levels, I believe it all boils down to one word: trust.
Trust is a big word and it’s been written about extensively.
In this context, I’m talking about the trust built between Sales and Marketing leadership, and its importance to a successful Sales Development program.
Trust answers the questions: Does Sales leadership believe Marketing has their best interests in mind? Do they trust the metrics they’re getting from Marketing? Does Marketing trust Sales is taking the leads they are creating and following up properly? Can key players talk openly about their concerns and are those concerns followed up on?
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