Job change events are some of your company's best and easiest revenue opportunities.
Every time a customer changes jobs, there is an opportunity to either generate new revenue at new companies or defend existing revenue at current accounts.
Job change events for contacts in your CRM present a massive opportunity for revenue-generating events. Here are three tactical ways for GTM teams to make the most of job changes:
1. Drive pipeline with “warm intros” to new companies and accounts
Selling to your previous customers and product champions as they change companies and jobs is simply a better way to sell. There are a host of reasons that your champions are your easiest sales, including:
- They are “pre-educated” – Your champions have already moved through the stages of awareness and are already familiar with your product.
- Win once, sell forever – Former customers have a relationship with you. Instead of starting from scratch, invest time into someone you’ve already closed.
- More direct contact – You already know how to reach your existing customers. They will be more responsive to direct sales outreach than those you target with other campaigns.
- Increased close rate – New opportunities with champions close 2-5x more than other channels.
- Make the most of your advocates – Your previous champions have new people to sing your praises to and new budgets to tap into.
2. Secure existing revenue streams and maximize upsell opportunities
When a previous champion or buyer leaves a company account, you can protect your existing revenue streams or even make the most of a potential upsell opportunity.
Secure your existing revenue by:
- Reaching out to existing accounts when a champion leaves – By reaching out to your existing accounts, you can make sure that your value doesn’t end when the employee that was the buyer or power user leaves.
- Providing excellent customer service – Start by asking how you can best continue to provide value to your existing accounts and customers, and go above and beyond to meet their needs.
- Build relationships with your customers – Cultivating direct relationships with both the buyers and end users can help them feel more connected to your company and more likely to continue doing business with you.
- Consider offering incentives or loyalty programs – Everyone loves a deal, and defending your existing revenue may require creating incentives to do so. Building loyalty can help encourage customers to continue doing business with you.
At the end of the day, the best way to retain your company's accounts is to build long-term relationships with your customers – job change events are just another time to reach out and connect.
3. Reengage with previous “not right now” responses
There are several factors that companies consider when deciding whether to buy a tool or product. “No” or “not right now” responses to sales and marketing campaigns may be due to these factors that can change over time.
Job change events are frequently a catalyst for larger changes within a company or business team and can indicate readiness to buy – here are a few ways job changes indicate intent:
- Increased budget – Companies that are hiring likely have the budget flexibility to consider new tools or products.
- Increased need – Does the company have a specific need that the tool or product can address? For example, if a company is looking to improve its customer service, it may consider purchasing a customer relationship management (CRM) tool.
- Increased support and training – Does the company have access to adequate support and training to ensure that employees can effectively use the tool or product? If they just hired managers or team leaders, they are likely to have more resources to support implementation and training initiatives.
- Tools help scale – Does your tool or product help companies scale? If so, targeting companies that have grown is a great opportunity to reengage.
Ultimately, the decision to buy a tool or product will depend on the specific needs and goals of the company, as well as the potential benefits and costs associated with the tool or product.
Job change events open the door for re-engagement and new conversations with a new buyer or decision-maker.
Start tracking job changes now to generate hot leads and win revenue opportunities.