Creating and converting cold pipelines is a pressing challenge for many sales teams right now. With increasing sales cycle times and numerous stakeholders involved in purchase decisions, traditional strategies often fall short. This necessitates a strategic shift – a move towards an intentional, personalized approach to manage and convert cold pipelines.
This blog explores the ways in which you can refine your sales process to not only create but also effectively convert your cold pipeline. We’ll dive deep into insights drawn from the recent live session with Matt Green, Todd Caponi, and Jen Allen-Knuth – as they discuss the critical aspects of Creating and Converting Cold Pipeline. This includes strategies such as initiating stakeholder conversations early, leveraging champions and advocates in your sales process, and reciprocating value in relationships.
We will also discuss how technology, particularly AI like ChatGPT, can enhance these personalized strategies, helping you identify key stakeholders and engage in meaningful conversations. Moreover, we’ll address the often-overlooked power of social proof and peer-to-peer communication in nudging prospects further down the pipeline.
So whether you are a seasoned sales veteran or a newcomer to the field, this blog will provide valuable insights to help you navigate the evolving sales landscape. From creating a robust and engaging pipeline to converting it successfully, we’ll explore the power of personalization in sales, because every stakeholder, every champion, and every relationship matters in your journey to sales success.
Warm Pipeline Plays Before Moving to Cold Pipeline
We know you’re looking for cold pipeline plays, and we will dive into that. But, many sellers have great warm pipeline plays that they aren’t activating and it’s a huge opportunity. Building a warm pipeline revolves around nurturing existing relationships, leveraging current clients, and generating referrals.
- Strategic Referral Process- Build a structure around asking your champions for referrals. It’s essential to continuously expand your list of champions, actively ask for referrals, and have structured, repeatable processes in place.
- Activating Community- It’s vital to understand how your buyers learn and what they’re learning about. By putting yourself in the shoes of a buyer and understanding their learning journey, you can earn credibility and be more effective. This insight should encompass not only your primary buyer but also others involved in the buying decision.
- Content-Based Prospecting- One simple but effective strategy includes prospecting on your own social content and prospecting on your team’s content. Creating tactical, high-quality content can draw prospective customers and position you as a valuable resource in your industry. When they start engaging, you can more easily start a conversation tied back to each post they share.
- Understand Your Buyer’s Buying Process- While you may not need to become an expert, it’s important to understand the perspectives and language of your finance counterparts. This knowledge aids in understanding the trade-offs, the cost of inaction, and the reasons why customers renew their subscriptions. A useful technique for gaining insights is bringing different teams into your sales meetings. For instance, inviting a marketing team, a CFO, or even a cost accountant can provide unique perspectives and language insights. These are resources readily available to help your proposals resonate better.
- Send a 3-Minute Overview with Proposals- It’s also crucial to simplify your proposals. The goal should be to make it as easy as possible for the buyer to consume your proposal and convert it into their internal sales pitch. Providing a concise, high-level overview, possibly through a short video, can facilitate this process. Once your buyer has the short video, it’s far easier for them to share the video than have to internally sell on your behalf.
If you have truly implemented these 5 plays, and you are still looking for more active pipeline, check out the rest of this blog to understand proven ways to create and convert cold pipeline.
How to Become an Executive’s #1 Priority
Every seller experiences the challenge of getting the attention of an executive. These individuals are typically inundated with countless meetings, emails, and tasks each day, making it increasingly difficult for potential vendors to secure a spot on their priority list. However, understanding how to effectively engage with executives can significantly enhance business relationships, open doors to new opportunities, and help you stand out in a crowded marketplace.
Below is Todd Caponi’s explanation of exactly how to raise up to the top of a CROs priority list, and his explanation will help you understand the executive mindset and tailor your approach accordingly to become a valued and recognized contributor.
- Understand the Executive’s Priorities: In order to be taken seriously by a Chief Revenue Officer (CRO) or a similar executive, you need to align with their priorities. Todd explains that a CRO’s priorities are their team, customers, prospects, peers, boss, investors, board, partners, current vendors, and the list goes on. Unknown potential vendors were ranked 14 out of 15. So you have to recognize when you reach out, you are already at priority 14 out of 15 on a list of massive priorities. Your goal should be to directly align yourself with higher-level priorities.
- Avoid Self-Centered Communication: Emails that start with “I just wanted to” are a red flag, as it suggests that the sender is primarily interested in their own needs or agenda, rather than providing value to the executive. Such emails were quickly deleted. Avoid the words “I” or “me”. Instead, directly address them with words like “you.”
- Provide Value and Make Deposits: Providing value and making ‘deposits’ to the executive is one of the only ways to become a higher-level priority. Focus on sending executives useful, personalized, and timely resources that align with their current needs and priorities. Todd highlighted the example of a recruiting firm sending a timely salary study and a board deck template based on the fact he was hiring SDRs at the end of a quarter, and this was the only cold call he’s picked up.
- Personalize: In a crowded inbox, it’s crucial to make your communication stand out. Become that ‘beacon in the night’ email that was personalized, unique, and valuable immediately caught their attention. Especially taking into account recent data from Outreach that shows only 4% of emails are personalized, if you can get really specific, and focused entirely on the executive, you’ll stand out in the inbox.
- Utilize Tracking Technology: Knowing when and how your communication is being engaged with can offer valuable insights. The best way to know when to engage more directly is with tracking technology that shows exactly when a prospect is directly engaging on the website. This creates a clear opportunity for a call when the buyer is already thinking about you.
- Be Patient and Consistent: Building this relationship doesn’t happen overnight. It involves consistently demonstrating your value and commitment to helping the executive succeed in their role over time. Continually provide true value without an ask for a meeting, and let your email signature do the work of converting the buyer to visit your website.
This approach takes more time than most people would want. We all want that single sequence we can automate to thousands that will deliver consistent pipeline. But those sequences (often) don’t exist. The best way to truly provide value is be truly personalized and focus on aligning your business use case with an executive’s top priorities.
Mirror Your Buyer’s Learning Journey
We are coming out of a season in B2B where demand for products was plentiful. Right now, people are becoming far more protective with their budgets. Which then begs the questions like:
- Do we stick with the same strategies or evolve with changing circumstances?
- Do we keep with the current org structure?
- How do we best allocate our time and resources to drive sales?
As you delve into the role of an Account Executive (AE), the question becomes even more significant. In light of an unpredictable demand environment, and with marketing not always able to provide a constant stream of leads, AEs must rethink their approach.
Rather than fixating on what should be (marketing delivering more leads), successful AEs focus on what can be done to generate their own leads. And the best way to self-source your pipeline is to mirror the learning journey of your buyers.
We know that at any given moment, only 3% of the market is actively looking to buy, and 17% is actively researching. The best sellers work the 3% and support the learning journey of the 17% so when they become ready to buy, they already trust those sellers.
Understanding where your buyers learn and what they’re learning about can provide invaluable insights that can be used to foster meaningful conversations. This shifts the paradigm from being a salesperson to a trusted source of knowledge. The goal is not to convince potential customers they need your product right away but to position yourself as an expert who can help solve their problems. It’s about adding a unique perspective that resonates with them, based on your experiences dealing with similar challenges across organizations.
Mirroring your buyer’s learning journey entails a significant shift from traditional selling methodologies. The majority of buyers aren’t ready to purchase immediately. Many are still figuring out if they need to buy, to build a solution themselves, or to ignore the issue entirely. As such, focusing on talking about problems, not solutions, can set the stage for better engagement. This shift in mindset will allow potential customers to pull you into their decision-making process rather than feeling like they’re being pushed by a seller.
This approach requires patience, the ability to introduce new information, and a knack for guiding potential customers toward discovering problems and their possible solutions. It’s not about telling them they have a problem; it’s about giving them a new lens through which they can see their world. They remember that you were the one who provided this perspective. You’re now a trusted advisor.
With this methodology, the focus is not on the hard sell but on sparking interest through interesting, new insights. In this way, the interaction ceases to be a typical vendor-prospect relationship and morphs into something more consultative.
To help you get started, start by making good use of existing content. Most sellers have content that can help potential buyers understand the problems they’re experiencing. Repurposing and posting this content on platforms like LinkedIn can help establish your expertise in your field. Additionally, take note of ‘wow’ moments in meetings, document them, and use them to create unique content pieces. As you consistently provide meaningful value, your messaging can eventually create a brand for yourself, transforming you into a recognized expert in your field.
By educating your buyers and walking them through their learning journey, you become a trusted source of knowledge. When you shape the way people think, they naturally gravitate toward buying from you. Making mirroring your buyer’s learning journey emerges as a crucial tool in creating and converting a cold pipeline.
Proven Pipeline Acceleration Plays
There’s no denying that accelerating a stalled pipeline is a challenge for many businesses in 2023, especially as recent data indicates that deals are taking an additional four to six months on average to close this year. However, a variety of strategies can be employed to mitigate these delays and start moving your prospects to the next stage.
First, it’s important to start with the table stakes of engaging the buying committee early. Be intentional from the very beginning and get as many stakeholders as possible involved in the conversations with the prospect from the get-go. Ask questions like “who else is going to find interest in what we’re discussing today?” to figure out the different stakeholders you need to engage.
Additionally, if you’re dealing with a large number of stakeholders, leveraging technology like AI chatbots such as ChatGPT can help you identify potential stakeholders in a scalable manner. A prompt like “I’m trying to sell [Product] to the [Main Buyer] at [Company] so they can [Benefit of your Product]. Who are the best people for me to try to reach out to that would be involved in buying [Product] at [Company Name]?” will give you some direction on the buying committee at that organization.
Once meaningful conversations have begun with prospects, it’s time to start proactively leveraging your champions and advocates. These are individuals who are similar to your buyer and have had positive experiences with your product or service. This approach utilizes the power of social proof to make your case to the prospect. It’s a play that isn’t used enough, and it’s a surefire way to leverage the champions you already have in your corner.
However, it’s worth noting that many salespeople hesitate to employ this tactic, fearing that they will come across as bothersome. In reality, though, customers who already love your product or service are often more than happy to help – if you ask them.
With that said, it’s essential to ensure you’re not just continuously taking from your advocates without giving anything back. Just like you wouldn’t repeatedly make withdrawals from a bank without making any deposits, you shouldn’t continually ask for introductions without offering something in return. This could be in the form of gifts, donations to their favorite causes, or anything else that demonstrates your appreciation. After all, your advocates are doing you a solid and deserve some level of recognition.
Accelerating your pipeline involves early engagement of all stakeholders, proactively leveraging your champions and advocates, and ensuring that you reciprocate value to your advocates. It’s a careful balance of strategic thinking, effective communication, and thoughtful relationship management that ultimately sets the stage for successful pipeline progression.
Above All, Personalize Your Outreach to Drive Cold Pipeline Results
Driving cold pipeline results in today’s sales landscape demands a shift from generic approaches to highly personalized outreach strategies. The success of your sales pipeline hinges on your ability to engage with all stakeholders, leverage your champions and advocates effectively, and reciprocate value in your relationships.
Engaging with all stakeholders from the outset requires a personalized approach to each conversation. Every stakeholder has unique interests and concerns that should be addressed, and it is through recognizing these distinct interests that we can drive engagement and bring them on board more effectively. A human touch in initiating and maintaining the conversation remains crucial.
Additionally, the use of your champions and advocates to influence potential customers illustrates the power of personalized, peer-to-peer conversations. Having a champion who understands your product or service and can personally vouch for its benefits, speaks volumes to the power of personalized communication.
Furthermore, reciprocating value in relationships with advocates and champions should also be personalized. The ‘give back’ or ‘thank you’ should align with the individual’s preferences or interests, whether that be a favorite drink, a donation to a beloved cause, or something else that shows genuine appreciation. This not only ensures that the individual feels valued but further solidifies the relationship on a personal level.
Personalization in your outreach efforts is not just a helpful approach for driving cold pipeline results, it is essential. It entails understanding and addressing the unique interests of each stakeholder, leveraging advocates in a way that highlights the power of peer-to-peer communication, and reciprocating value in a meaningful and personalized manner. As the sales landscape continues to evolve, this personalized approach to pipeline management will become increasingly critical to success.
Empathy for Decision-Makers, and the Art of Unstalling Deals
Half the battle is won in pipeline generation. However, the more significant challenge often emerges when deals stall. It’s worth noting that the main cause for such stalled deals is not usually competition or pricing, but rather, the clients’ decision that they could either improve their team’s training or choose not to.
The first step to tackling this issue is returning to your initial conversation. By doing so, you can determine if the mistake was on your end or if there was a change in circumstances midway through the deal. If you find that you were overenthusiastic at the early stages and neglected to understand potential obstacles, it’s essential to acknowledge this error.
An honest conversation with your clients can help rectify such situations. Leading with transparency, vulnerability, and authenticity can promote similar behavior from your clients. It’s not about persuading them, but about gaining a better understanding of their needs and barriers.
If the deal got stuck halfway, the objective is to create an environment where they can communicate the truth to you comfortably. Make your assumptions clear and ask for their feedback. This approach encourages transparency and allows you to deal with any unpleasant news appropriately. It’s often the case that deals are lost because the buyer finds it difficult to express their true feelings due to an overzealous attempt to convince them to meet a sales target.
Additionally, you need to ensure that you remain relevant during the sales conversations. Just like your priorities are changing rapidly, your customers have changing priorities. Understanding what your buyers care about is critical to staying relevant. Your value propositions, emails, communications, demos, all should reflect this understanding.
For instance, consider what success looks like for your buyer. What are their measures of success? How do they aim to get promoted, or earn a raise? By understanding these aspirations, you can tailor your conversations to align with their goals.
Often, sales communications revolve around the features or benefits of the product or service without considering its relevance to the buyer. Such communications tend to lose their effectiveness. So ensure every conversation ties back directly to the performance metrics that matter to your buyers.
It’s important to remember that even when you’re ignored or a deal is labeled as ‘closed, lost’, there’s still a chance for recovery. By communicating openly and providing a comfortable channel for them to respond, such as an asynchronous survey, you might gather insights that could help revive the deal. Sometimes, it’s as simple as realizing that the timing wasn’t right initially but could be more favorable in the future.
When looking back at stalled deals, it’s crucial to consider what might have been overlooked in the previous stages. Conducting strategic deal reviews and asking uncomfortable questions can pave the path to future success. This exercise of asking for feedback is equally vital when applying for jobs and not getting them. While not everyone will provide the feedback you seek, when you do receive it, it offers an invaluable learning opportunity.
Lastly, the role of empathy in your dealings cannot be underestimated. Decision-makers you’re selling to have numerous priorities, and they can only concentrate on a few at a time. The decision to choose one over the other is triggered by predictability and the evaluation of whether the perceived reward is worth the effort. Sometimes, stalled deals result from the buyer’s inability to predict the outcome. By assisting them in this prediction process and demonstrating why your solution deserves to be a priority, you enhance your chances of closing the deal.
