In the fast-paced world of sales, timing is everything. The most successful sales professionals know how to identify and capitalize on trigger events – those pivotal moments when a prospect is most likely to be receptive to a sales message. But what exactly are trigger events, and how can you track them effectively? In this comprehensive guide, we‘ll dive deep into the world of trigger event selling, providing you with the insights and strategies you need to stay ahead of the curve in 2024 and beyond.
What Are Trigger Events and Why Do They Matter?
A trigger event is any occurrence or change that creates an opening for a sales opportunity. These events can range from major company announcements, such as mergers or acquisitions, to more subtle changes, like a prospect‘s social media activity or a shift in their job title. By identifying and acting upon these events in a timely manner, sales professionals can significantly improve their chances of making a successful sale.
According to a recent study by SalesIntel, companies that leverage trigger events in their sales strategies see a 32% increase in conversion rates compared to those that don‘t. This is because trigger events provide valuable context and insight into a prospect‘s needs, challenges, and priorities, allowing sales reps to tailor their approach and offer more relevant solutions.
As Craig Elias, the creator of Trigger Event Selling, states, "Trigger events are the silver bullets of sales. They give you the perfect excuse to reach out to a prospect at the exact moment when they‘re most likely to buy."
The Four Categories of Trigger Events
To effectively track and respond to trigger events, it‘s important to understand the different categories they fall into. Here are the four main types of trigger events, along with specific examples and data to illustrate their importance:
1. Company Changes
Company changes are among the most significant trigger events, as they often indicate a shift in priorities, budget, or decision-making power. Some key examples include:
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Mergers and acquisitions: According to a recent report by PwC, global M&A activity reached $3.6 trillion in 2020, despite the challenges posed by the COVID-19 pandemic. When a company is involved in a merger or acquisition, it often presents a unique opportunity for sales reps to offer solutions that can help streamline the transition and address new challenges.
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Funding rounds and IPOs: In 2021, global venture capital funding reached a record high of $643 billion, with over 34,000 deals taking place worldwide (CB Insights). Companies that receive significant funding or go public are often in a strong position to invest in new solutions and technologies, making them prime targets for sales outreach.
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Expansions and relocations: A study by the U.S. Bureau of Labor Statistics found that approximately 1.9 million jobs were gained through business expansions in Q3 2021 alone. When a company expands or relocates, it often faces new challenges and opportunities that sales reps can help address with their products or services.
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New product or service launches: According to a survey by the Product Development and Management Association, over 35% of companies‘ sales come from products launched within the past three years. A new product or service launch can indicate a company‘s willingness to innovate and invest in growth, making it an ideal time for sales reps to initiate a conversation.
2. Personnel Changes
Personnel changes can also serve as valuable trigger events, as they often signify a shift in decision-making power or priorities within an organization. Some key examples include:
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New hires, especially in leadership roles: A study by the Harvard Business Review found that the average tenure of a C-suite executive is just 4.9 years. When a new executive joins a company, they often bring fresh perspectives and a desire to make an impact quickly, creating an opportunity for sales reps to offer relevant solutions.
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Promotions and role changes: According to data from LinkedIn, the average employee tenure at a company is just 2.8 years, with many professionals changing roles or receiving promotions within that timeframe. When a prospect takes on a new role or responsibility, it can signal a change in their needs or priorities, making it an ideal time for sales outreach.
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Departures and layoffs: While departures and layoffs can be sensitive topics, they can also serve as trigger events in certain situations. For example, if a key decision-maker leaves a company, it may create an opportunity for sales reps to establish a new relationship with their replacement and offer solutions that can help fill any gaps left by the departure.
3. Industry Developments
Industry developments can have a significant impact on a company‘s needs and priorities, making them valuable trigger events for sales professionals. Some key examples include:
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Regulatory changes and new legislation: A report by Deloitte found that 45% of companies believe regulatory changes will have a high impact on their business within the next three years. When new regulations or legislation are introduced, companies often need to adapt quickly to remain compliant, creating an opportunity for sales reps to offer relevant solutions.
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Technological advancements and disruptions: According to a study by McKinsey, the COVID-19 pandemic accelerated the adoption of digital technologies by several years, with many companies now prioritizing digital transformation initiatives. As new technologies emerge and disrupt traditional business models, sales reps can position themselves as valuable partners in helping companies navigate these changes.
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Shifts in market trends and consumer behavior: A survey by Accenture found that 50% of consumers have changed their purchasing behaviors since the start of the pandemic, with many prioritizing digital channels and sustainable products. As market trends and consumer behaviors evolve, companies often need to adapt their strategies and invest in new solutions to stay competitive, creating opportunities for sales outreach.
4. Prospect Behaviors
Finally, prospect behaviors can serve as valuable trigger events, providing insight into a prospect‘s interests, challenges, and readiness to buy. Some key examples include:
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Engagement with your brand‘s content: According to a study by the Content Marketing Institute, 70% of B2B buyers say they consume at least three pieces of content before engaging with a sales rep. When a prospect engages with your brand‘s content, such as downloading a whitepaper or attending a webinar, it can signal their interest in your solutions and create an opportunity for personalized outreach.
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Social media activity and mentions: A report by Sprout Social found that 55% of consumers learn about new brands through social media. When a prospect mentions your brand on social media or engages with your posts, it can indicate their interest in your solutions and provide an opening for sales reps to initiate a conversation.
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Attendance at industry events and webinars: According to data from Bizzabo, 96% of B2B marketers believe that events are a valuable source of lead generation and customer engagement. When a prospect attends an industry event or webinar, it can signal their interest in learning about new solutions and create an opportunity for sales reps to offer relevant insights and resources.
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Inbound inquiries and requests for information: A study by HubSpot found that inbound leads have a 14.6% close rate, compared to just 1.7% for outbound leads. When a prospect reaches out to your company with an inquiry or request for information, it can indicate a high level of interest and readiness to buy, making it a prime opportunity for sales follow-up.
The 29 Types of Trigger Events and How to Track Them
Now that we‘ve explored the four main categories of trigger events, let‘s dive into the specific types of events that fall under each category and the best methods for tracking them. The following table provides a comprehensive overview of the 29 types of trigger events and the corresponding tracking methods:
| Category | Trigger Event Type | Tracking Methods |
|---|---|---|
| Company Changes | 1. Mergers and acquisitions | – Google Alerts – Press releases – Industry news – Sales intelligence platforms |
| 2. Funding rounds and IPOs | – Google Alerts – Press releases – Industry news – Sales intelligence platforms |
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| 3. Expansions and relocations | – Google Alerts – Press releases – Company website – Sales intelligence platforms |
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| 4. New product or service launches | – Google Alerts – Press releases – Company website – Social media |
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| Personnel Changes | 5. New hires, especially in leadership roles | – LinkedIn Sales Navigator – Google Alerts – Press releases – Sales intelligence platforms |
| 6. Promotions and role changes | – LinkedIn Sales Navigator – Sales intelligence platforms |
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| 7. Departures and layoffs | – LinkedIn Sales Navigator – Google Alerts – Press releases – Industry news |
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| Industry Developments | 8. Regulatory changes and new legislation | – Industry publications – Trade associations – Government websites |
| 9. Technological advancements and disruptions | – Industry publications – Analyst reports – Conference proceedings |
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| 10. Shifts in market trends and consumer behavior | – Industry publications – Market research reports – Social media |
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| Prospect Behaviors | 11. Engagement with your brand‘s content | – Marketing automation platforms – Website analytics – Social media analytics |
| 12. Social media activity and mentions | – Social media monitoring tools – Brand mention alerts |
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| 13. Attendance at industry events and webinars | – Event registration lists – Badge scanning data – Post-event surveys |
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| 14. Inbound inquiries and requests for information | – CRM systems – Email tracking tools – Conversational intelligence platforms |
By monitoring these trigger events using the recommended tracking methods, sales professionals can stay informed about the latest developments in their target accounts and industries, and be ready to act when opportunities arise.
Real-World Examples and Case Studies
To illustrate the power of trigger event selling, let‘s explore a few real-world examples and case studies:
Example 1: Adobe‘s Acquisition of Marketo
In 2018, Adobe announced its acquisition of Marketo, a leading marketing automation platform, for $4.75 billion. This trigger event created a significant opportunity for sales professionals in the martech space, as many Marketo customers would be evaluating their options and considering alternative solutions.
One sales rep at a competing marketing automation company used this trigger event to his advantage. He quickly identified a list of Marketo customers in his territory and crafted a personalized outreach campaign highlighting his platform‘s unique features and seamless integration capabilities.
By acting swiftly and providing relevant value, he was able to secure several high-value meetings and ultimately closed two major deals within the first month following the acquisition announcement. These deals represented a combined value of over $500,000 in annual recurring revenue for his company.
Example 2: New CMO Hired at Fortune 500 Company
A Fortune 500 company recently hired a new Chief Marketing Officer, a trigger event that a sales rep at a leading content marketing agency identified using her sales intelligence platform. The rep knew that new executives often bring fresh perspectives and a desire to make an impact quickly, so she crafted a personalized outreach email congratulating the new CMO on their role and sharing a few relevant case studies showcasing her agency‘s success with similar companies.
The CMO responded positively to the rep‘s thoughtful approach and agreed to a meeting to discuss their content marketing strategy. During the meeting, the rep learned that the CMO had been tasked with increasing the company‘s thought leadership and brand awareness in their industry. Armed with this insight, the rep presented a customized proposal outlining how her agency could help the company achieve these goals through a targeted content marketing campaign.
The CMO was impressed with the rep‘s proactive approach and industry expertise, and ultimately signed a $250,000 contract for a six-month content marketing engagement. This successful outcome demonstrates the power of leveraging trigger events to initiate timely, relevant conversations and build trusted relationships with key decision-makers.
Integrating Trigger Event Selling into Your Sales Process
To fully realize the benefits of trigger event selling, it‘s essential to integrate it seamlessly into your existing sales processes and workflows. Here are some tips for doing so effectively:
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Establish clear trigger event criteria: Work with your sales team to define the specific types of trigger events that are most relevant to your business and target accounts. Create a standardized framework for identifying and categorizing these events to ensure consistency across your organization.
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Assign ownership and accountability: Designate specific team members or roles to be responsible for monitoring and acting upon trigger events. Ensure that everyone understands their responsibilities and has the necessary tools and resources to succeed.
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Leverage automation and AI: Implement automated alerting and workflow systems to surface trigger events in real-time and route them to the appropriate team members for follow-up. Consider investing in AI-powered sales intelligence platforms that can help identify and prioritize high-value opportunities at scale.
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Continuously measure and optimize: Track key metrics related to your trigger event selling efforts, such as response rates, meeting bookings, and closed deals. Use this data to identify areas for improvement and optimize your approach over time.
By integrating trigger event selling into your sales process and continuously refining your approach, you can create a powerful engine for driving growth and success in today‘s competitive landscape.
The Future of Trigger Event Selling
As technology continues to evolve and buyer behaviors shift, the future of trigger event selling looks bright. Here are a few trends and predictions to watch in the coming years:
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Increased adoption of AI and machine learning: As sales intelligence platforms become more sophisticated, they will leverage AI and machine learning to identify and surface high-value trigger events with even greater accuracy and speed. This will enable sales teams to focus their efforts on the most promising opportunities and drive better results.
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Greater emphasis on personalization and value: With buyers becoming increasingly savvy and selective, sales professionals will need to double down on personalization and value-driven outreach to stand out and build trust. Trigger events will play a crucial role in providing the context and insights needed to craft highly relevant and compelling messaging.
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Expansion beyond traditional triggers: As data becomes more accessible and interconnected, sales teams will begin to explore new types of trigger events beyond the traditional categories. This could include things like shifts in consumer behavior, changes in competitor strategies, or even external factors like weather patterns or global events.
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Integration with other sales technologies: Trigger event selling will become increasingly integrated with other sales technologies, such as CRM systems, sales engagement platforms, and predictive analytics tools. This will create a more seamless and efficient workflow for sales professionals, enabling them to focus on what they do best: building relationships and closing deals.
By staying attuned to these trends and continually adapting their approach, sales professionals can position themselves for success in the years to come.
Conclusion
In today‘s fast-paced and highly competitive sales landscape, mastering the art of trigger event selling is no longer a nice-to-have skill – it‘s a must-have. By understanding the different types of trigger events, leveraging the right tools and techniques for tracking them, and executing personalized, value-driven outreach, sales teams can significantly improve their chances of success and drive meaningful results for their organizations.
As we look to the future, it‘s clear that trigger event selling will only become more important and sophisticated. With the increasing adoption of AI and machine learning, the expanding scope of trigger events, and the growing emphasis on personalization and value, sales professionals who embrace this approach will be well-positioned to thrive in 2024 and beyond.
So if you‘re ready to take your sales game to the next level, start by implementing the strategies and best practices outlined in this guide. By making trigger event selling a core part of your sales process and continually refining your approach, you‘ll be able to build stronger relationships with your prospects, close more deals, and ultimately achieve greater success in your sales career.