INDEED, THREE TYPES OF LEADS: MEET THE 'SPEARS' (3/3)
Do you think you're making the maximum use of the marketing and prospecting? Creating predictable revenue is possible only if you are reaching out to all three types of leads: Seeds, Nets and Spears. FaceValue, the Purchase Generator, helps you identify these leads and create targeted campaigns to make the most out of it. In this blog, let's see what Spears are and how you can create predictable revenue with them.
What are Spears?
Spears are one-to-one marketing campaigns typically used for targeting prospects who aren't coming to you by their own. Several companies have created $100 million-plus revenue machines with Spears like Salesforce, Zuora and Responsys.
When people haven't heard of your company, how can you make the cold calling work?
Outbound prospecting model to succeed with cold calling
- If companies want to create predictable revenue, then salespeople should have specialized roles. An outbound system with salespeople looking after a section of the process will do the trick. Instead of salespeople taking care of everything—prospecting, responding to leads, closing and managing accounts, the responsibilities should be split among the team.
- Rather than cold calling to numerous people, salespeople can create friendly alternatives like cold referral emails and cold referral calls.
- Salespeople can create a systematic funnel that creates predictable revenue even from companies who haven't yet heard of the business. When you can build such a conversion funnel, you can remove the growth ceiling.
Outbound prospecting took a backseat as inbound marketing became the rage. But, now many are realizing the advantages of outbound prospecting in creating predictable revenue. Even the marketing giants like HubSpot and Marketo, who are leading in inbound marketing, have outbound prospectors to speed the growth. Companies like Google, Facebook and SurveyMonkey also outbound prospecting.
Your sales team may think that outbound marketing is a burnout job or feel awkward to disturb people you never know. But, these are misplaced ideas. You aren't disturbing people who don't want your company. You are reaching out to those who want the kind of product you offer in a friendly way. Even when you are doing good with inbound marketing, outbound prospecting can still be a great opportunity.
Why should you choose outbound prospecting?
- Avoid 'inbound dependency' and reactive teams
You don't want to become too dependent on inbound marketing. When the inbound leads slow down, you can quickly use outbound marketing to make up for it if your salespeople are already trained. The salespeople will get the quality of going out and getting things done without waiting for things to fall into place.
- Easier to double
Once you have figured out how to succeed at outbound prospecting, it's just a matter of doubling your sales team to double the results!
- Increase deal sizes
Since you have control over who you target, you can specifically pick big opportunities and avoid smaller ones. So, you can increase your deals by 3 to 10 times with outbound prospecting.
- Increase market coverage
There can be thousands of companies in your target market. Can you imagine how long it will take for you to target them all by inbound marketing? Instead, you can use outbound prospecting to cover the gaps left by inbound marketing. (Use the FaceValue application to analyze the gaps in inbound marketing and find out the prospects you have missed.)
- Less competition
Let's compare the prospect's nature in inbound marketing and outbound prospecting. When someone contacts you through inbound marketing, they are actually contacting similar other companies like yours and hence, you have to battle the competitors. But, in outbound prospecting, you come across a project where your project can be of help and reach out. So even if you lose the deal, it's not because you lost it to the competition; it's just because the company wasn't interested.
- Small team, big impact
You don't have to hire a large team for outbound prospecting. Even if a few outbound reps can add 10% of the sales, it will have a massive impact on the yearly profits and valuation.
Create a systematic outbound prospecting model with FaceValue
If your sales team is feeling overwhelmed to start outbound prospecting, don't worry. All you need is the FaceValue Application to create a sales funnel and manage the complete process of outbound prospecting. You can:
- Feed the customer data to our CRM,
- Map the customer journey,
- Observe the customer pain points,
- The ways in which your product is used and
- Leverage this information to interact with the prospects.
Further, you can track the progress of leads, analyze responses and collaborate with the prospectors on the FaceValue app. Discover here how.
This blog is excerpted from: ‘From Impossible to Inevitable: how hyper-growth companies create predictable revenue’ co-authored by Aaron Ross and Jason Lemkin.
Break your revenue records. The Silicon Valley’s 'Growth Bible' makes very clear how to get to hyper-growth and the work needed to actually get there.
Try FaceValue now and get for FREE the bestseller 'From Impossible to Inevitable: How Hyper-Growth Companies Create Predictable Revenue'. Try It Now.
