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What is a Sales Trigger Event and Why It’s Important to Close More Deals

No, it’s not another buzzword. A sales trigger event is crucial because it distinguishes hot leads from cold ones. It gives you the opportunity to maximize the effectiveness of your sales pitch and help you close a deal.

As a salesperson, timing is everything. Selling your product or service at the optimal time can be the difference between making a minor profit or major bank. In the competitive market, it’s paramount that you keep the upper hand and make your sales pitch at the best possible moment. Trigger events help with sales prospecting by indicating the best time to sell your product or service.

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What is a trigger event

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What is a trigger event?

A trigger event or a buy signal is an occurrence that leads to a sales opportunity. Some of the most common trigger events for business include new funding rounds, mergers and acquisitions, hiring C-level staff, laying off team members, and restructuring personnel. Mergers and acquisitions, increases and decreases in investments, and expansion of a company through new hires or office locations are additional examples of trigger events.

Most changes can be trigger events. Founding a company, acquiring a new customer, losing a consumer, offering a new product, and letting go of an existing vendor can all indicate pathways to change and opportunities for sales. Taking on more of a broad point of view, any industry changes, competitor adjustments, awards or special events are trigger events.

Why do trigger events matter?

Company changes offer a window of opportunity to make a sale – one you should take advantage of before it closes. If a company replaces its leadership, for instance, the new executives could be seeking a change and require RFPs as they re-evaluate spending on products and services they outsource. A company is primed, then, to be more open to working with new businesses, customers and investors.

Increases in investments, sales, staff, and office locations indicate a company is growing meaning it likely has a greater amount of revenue coming in to spend on products and/or services.

When a business receives accolades or begins hosting special industry events, it’s garnering or seeking greater attention. This offers the perfect opportunity to pitch a product or service that could help the company keep its momentum. If a prospective lead just got upstaged by a competitor, it may drive them to seek alternatives that will help them outshine that rival. That’s where you come in, offering a product or service that can push that prospective lead to that next level.

How to track trigger events?

There is a multitude of ways to track trigger events. Google allows you to set up alerts whenever a set search term is mentioned. Simply input the names of your potential leads. Then you’ll get an email when a business is mentioned in the news or anywhere on the web.

You can also set up alerts for Facebook and Twitter. In the millennial age, social media is sometimes the first channel where a business will post their breaking news. Being the first to know when a potential lead makes a big announcement or becomes a trending topic can give you a time advantage when it comes to making a pitch.

LinkedIn also has a feature where you can set up alerts when jobs at a company are advertised. This can alert you to potential personnel changes. It’s a great initial foot in the door for a sales pitch.

Signing up to get information from resources such as Crunchbase can provide valuable data on a company’s investments and funding activity, which can indicate that a business has money to invest in your product or service. Any substantial funds that move in and/or out of a company will help you to identify the best time to pitch, or conversely when to wait for a more opportune time.

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Staying on top of industry news can sometimes be the best indicator of trigger events. Regularly check up on news relating to the industry you are targeting. Subscribing to sites such as Cision’s PR Newswire, Crunchbase News, and Crunchbase Daily can help you stay in the know on impactful events.

How Crunchbase can help

Regularly monitoring a company’s activities can be time-consuming and waste valuable resources while also costing a lot of money. So let Crunchbase Pro send you all of the important information you seek.

Whenever a company you want to monitor raises money, Crunchbase will let you know about it. Refine your search with customizable filters based on your target prospect.

Generating a potential lead or re-engaging a cold lead is just the first step toward making a sale. Crunchbase can help narrow down your search to find the best leads for your business. The key to turning a lead into a sale is knowing when to sell your product or service. By identifying and tracking trigger events, you’ll be able to react to potential sales opportunities more quickly. Close more deals and increase your likelihood of beating competitors to a new prospect.