The words “insider information” evoke visions of Charlie Sheen and Michael Douglas in Wall Street. Insider information is illegal. The SEC carefully and diligently monitors and tracks potential transactions based on insider information. But does the same hold true for business to business (b2b) transactions? Are B2B insider information transactions the most profitable ones and yet completely legal?
In fact, insider information when it comes to B2B sales is sought after information (not that insider stock trade aren’t). We have seen terms like ‘trigger selling’, ‘timed selling’ and other similar expressions to denote knowing the right time to actually sell to a prospect. But, what about when a sales professional at a company has insider information about an upcoming sell. Let’s say you are selling security software or services to a company. You hear that they are sick and tired of their current telephone provider and are looking to switch vendors. Is this insider information? What could you do with this information? If you had a VoIP division you would certainly email someone about this opportunity. This represents an excellent referral opportunity.
If I told you that you could list your clients opportunity on Salesconx and make some extra money, is that something that you might be interested in? (Please note that this should be read with the voice of Bob Ryan of Entourage). And why not? This information is extremely valuable. Think about what a VoIP vendor would have to pay to generate the qualified lead and opportunity that you are now a party too? The PPC for VoIP is around $5. With a 1% conversion rate, that would equal around $500 (3% would be $165). Use an appointment setting firm or telemarketer and it could cost you $250-$1,000 for the appointment. In short, companies are spending $90billion per year to find qualified prospects and drive revenues for their companies (of course we could expect this number to come down but 80% of $90billion is still enough). Armed with the information that a company is indeed “in the market” for a product or service should be worth as much (if not more) than your standard qualified lead.
Now, how about pulling this insider information out of your client? Why not ask your client what other pains they might be having. Don’t think for a moment that an investment banker (the few remaining) isn’t sitting down with the CFO or CEO and asking them where their pains are. The objective of course is to ascertain where the investment banker could play a role in driving revenues for his company. Most their activities revolve around advice and introductions. Why not become the investment banker for your customer? Find out where are their pain points and help them find solutions to solve those problems. In today’s economic turmoil driving some extra revenue is certainly something we all want.