Technology is supposed to make our lives easier, but as many of us in sales know, that isn’t always the case. Take the smartphone, for instance. Sure, it’s great to have the world at your fingertips — no matter where you are. But from a work-life balance standpoint, the downside of having email and text capabilities in your pocket at all times can be that we sometimes make ourselves a little too accessible. Who among us hasn’t taken a work call from a child’s soccer game or checked our work email on the weekend?
Whether in the office, at home, or on the soccer sidelines, the result of consistently working numerous hours beyond the typical work week can be burnout, mistakes, or even worse, injury. Though thankfully in the U.S., we do have laws in place to protect workers from excessively long workdays, those of us in sales know that when the prospect calls, we’re going to answer. But beyond that, are we potentially doing ourselves and our prospects a disservice by frequently working long, difficult hours?
Stanford University economics professor John Pencavel studied people’s work week hours in order to quantify the impact on productivity, wellbeing, and health and how it has evolved over time. In a 2013 study, Pencavel found that productivity per hour sharply declines when a person works more than 50 hours a week. Beyond 55 hours, productivity decreases significantly, making any additional hours ineffective. In fact, individuals who work up to 70 hours a week accomplish the same amount of work as those who work 55 hours.
Prospecting with purpose
Ok, so working more hours doesn’t necessarily mean getting more work done. But the challenge, of course, is that we still have a certain amount of work that has to get done. We have tasks to complete and goals to meet (or, ideally, exceed!). How are we to reconcile these things?
As we all strive to achieve a healthier balance between our work and our personal lives, a common refrain is to work smarter, not harder. And for those of us in sales, I would borrow a twist on this concept from our colleague Brynne Tillman, CEO of Social Sales Link, who suggests we should “prospect smarter,” not harder. And this is one of the ways in which technology actually can make our lives easier!
Instead of logging all of those extra work hours, the key is to tap into your technology resources in order to spend your time on what really matters at work. For those of us in sales, it should be about identifying and nurturing not just any prospect, but our ideal prospects. And by using the Industry Intelligence and economic data on Vertical IQ, you can focus on the industries and businesses that are the best fit for your products and services. Here’s how to prospect smarter, not harder…
1. Identify good-fit prospect industries.
By examining the challenges, risks, trends, forecasts, and benchmark data in the Vertical IQ Industry Profile, you can identify key data points to consider when selecting target industries. These insights are crucial for financial institutions that provide credit to businesses, but they are also valuable for insurance companies, accounting firms, BPOs, and just about anyone in sales choosing which niches to target.
A few of the specific data points within the Industry Profile that you might consider as you strive to prospect smarter, not harder…
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- Business exit rates
- Cyclical sensitivity of the industry
- Barriers to entry
- External risks
- Industry outlook
- Financial summary
(The handy-dandy Sort & Target feature of Vertical IQ enables you to sort our hundreds of Industry Profiles based on whichever of these criteria is most important to you.)
Additionally, each Industry Profile on Vertical IQ has Localized Industry Data, which offers even more comprehensive local market data down to the metropolitan statistical area (MSA) and county level. You’ll find the number of establishments for that industry in your preferred geographic area, as well as the industry’s local-level spending patterns, incomes, population growth, and wages — with the ability to see the 10-year trends in each of these areas.
Related: Make the Right Pick: How to Select Industries to Target in Your Local Market
2. Engage with industry-focused communications.
Industry Intelligence can make your interactions with a prospect more effective from your very first contact. In fact, one current Vertical IQ customer said that using our Industry Intelligence “makes the first call feel like the third.” Here are a few time-saving but highly effective prospecting tips:
- Review the Industry Profile prior to reaching out by phone so you can incorporate industry lingo, as well as top trends and potential challenges, into your conversation.
- Use the Call Prep Questions to ask industry-focused questions that will get the prospect talking.
- Print a relevant Industry News article from Vertical IQ, highlight some key points, and staple your business card to it as a value-added leave behind.
3. Continue to follow-up with value-added industry-specific touchpoints.
Today’s buyers aren’t just looking for the lowest price; many of them are in search of value. Vertical IQ puts resources at your fingertips to show the prospect that you understand their industry, can provide solutions, and maybe most importantly, can offer value to them and their business.
Use Industry Intelligence to continue to prospect smarter, not harder as you reach out and nurture prospects. A few simple ideas include:
- Use the SalesKit to create industry-focused sales presentations that connect the dots between industry trends and pain points and your organization’s recommended solutions.
- Print or email salient portions of the Industry Profile to the prospect, along with a personal note, as a tailored follow-up.
- Sign up for the Quarterly Industry Update for your prospect’s industry, and when it arrives in your inbox, hit the “forward” button to pass it along to your prospect, calling out any areas of the update that might be of particular interest to them.
- Print and share the Industry Profile for the prospect’s top buyer or supplier industries so they can get insights on ways to capitalize on those industries’ trends.
- Offer sage guidance on your prospect’s growth plans by reviewing Vertical IQ’s Local Economies content of their targeted location.
A technology tool for smarter prospecting
At Vertical IQ, we’re big believers in not only work-life balance, but also in the concept of working smarter. In fact, our company was founded on the idea that there had to be a more effective way to connect with clients and prospects than just asking, “How’s business?”
If you’re looking for ways to harness the beneficial side of technology in order to save time while you also win, grow, and retain more business, Industry Intelligence from Vertical IQ may be your perfect solution. You’ll be able to zero in on the industries and prospects that are ideal fits for your product or service. You’ll also be able to show them that you have the value-added industry expertise that they are searching for in order to move them through the sales process faster and win the deal.
Ready to start prospecting smarter instead of harder? Contact us today to learn more about time-saving Industry Intelligence from Vertical IQ or request a demo!