Sales 2.0

Getting to know your customer (AI version)

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It’s critical to know your customer. What do they care about? What’s on their top 5 list? What do they do about fixing those things? What alternatives do they have?
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One thing that bugs me is that 90% of the articles on this topic tell you to “look at your current customers and look for patterns amongst them, then use this information to figure out what your future customers will look like”.

OK, so this makes a bunch of sense…unless you are startup (or entering a completely new market.)
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If you’re just starting, you don’t have any customers!

You cannot analyze any patterns amongst zero customers. Even when you have a few customers, how do you find meaningful patterns amongst so few data points?

As the fog starts to clear on what generative AI can do, one of the things that is starting to stand out is using it to brainstorm. Getting to know your customer is a good application for generative AI systems in my estimation. When you are starting from scratch you can lean on AI to get your creative juices flowing.

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Off-Road vs On-Road Prospecting

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Prospecting is hard. There’s no need to make it even harder.

I’ve run dozens of experiments over the years on how to get through the door and start working with a new account. In every experiment, I’ve found that the number one factor that influences a successful outcome has been a human relationship.

The smartest piece of content has never beaten a warm introduction from another person. In my own experiments, I’ve found a referral of any kind (not necessarily from a client) to be 3.25 times more effective than a cold approach (based on time spent–it’s even more effective in terms of conversion rates.)

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Reps need to self-source leads

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According to recent research from SalesLoft best-performing senior salespeople (like Account Exectuives) need to self-source around 48% of their pipeline–rather than having leads come from a sales development rep (BDR, SDR etc.) or inbound via the efforts of their marketing department.

This uptick in the need for AEs to self-source deals has likely been driven by economics, the need to “do more with less”, but is I trend that may continue as AI tools free up AEs from admin tasks.

If AEs are going to self-source their deals, I believe they are going to have to be good at certain skills.

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The Money’s in the List

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“The money is in the list” is an old direct marketing adage going way back to the development of the envelope. Despite all the digital changes in in sales and marketing, if you’re running a business and trying to use outbound to grow it, the money is still in the list.

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