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“So play the long game with your marketing team and invest in making your existing customers massively successful.” – Rishi Dave in today’s Tip 1685

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Transcript

Scott Ingram: We’re doing the countdown of the Top Tips of 2023. Here’s #13:

You’re listening to the Daily Sales Tips podcast and I’m your host, Scott Ingram. Today’s tip comes from Rishi Dave. Rishi is a member of Bain’s Commercial Excellence practice with expertise in B2B and digital marketing. Rishi partners with CMOs and management teams to drive marketing transformations and build modern marketing capabilities. He has held global CMO roles at public technology and cloud companies including Dunn & Bradstreet, Vonage, and MongoDB. Here he is:

Rishi Dave: Do not underestimate the power of The Day One List. So what is The Day One list? Is the list of vendors, buyers already have in mind before they begin their buying process. We did a large-scale research study and we found that 86% of buyers have this Day One List. And most powerfully, no matter how thorough the buying process is, 92% of buyers end up buying off that Day One List. And our research showed that this is virtually universal. We found this to be true across industries, across buyer walls, across transaction sizes, and no matter how thorough the buying process was.

Let me talk you through an example.

We talked to a VP of Fintech at a media entertainment company. They went through a six-month sales cycle, built a cross-functional team of experts and end users, ran a very data-driven vendor research process that was highly objective, and they still ended up picking someone off that Day One List.

So how do you get on that Day One List? We talked to buyers. There’s a few key ways.

Number one, the buyer had worked with that vendor at a previous company and wanted to potentially work with that vendor again.

Number two, that buyer received strong recommendations from colleagues.

And number three, that buyer had been made aware of that vendor before they began their buying process and got and understood what that vendor did.

So you may think; Hey, look, you’re a major brand. Everyone knows who you are, so there’s no need to worry about the Day One List. However, the key question is, do the right people know who you are. And do they know what you do today and where you’re going versus where you’ve been, which is often not relevant for them.

So what can you practically do?

Number one, play the long game with your marketing team. Understand which accounts matter to you now and in the future, what their perception is, and invest in strong digital marketing and a very powerful website to help that company understand who you are, what you do today, and where you’re going. As a seller, understand what accounts matter to you now and in the future, and invest in those long-term relationships before the buyer begins their buying process. And that includes a lot of education in addition to relationship building.

Number two, make your current clients massively successful so that they recommend you to their colleagues and as they move to a different company, they consider you again on their Day One List.

So don’t underestimate the power of that Day One List. 86% of buyers have one, and it’s typically three vendors. 79% of buyers will do more research even if they have a Day One List. Of those, 81% will add at least one vendor. However, end of the day, 92% of buyers will buy off that Day One List.

So play the long game with your marketing team and invest in making your existing customers massively successful.

Scott Ingram: For links to connect with Rishi and to check out their HBR article on What B2Bs Need to Know About Their Buyers, just click over to DailySales.Tips/1430. Once you’ve done that, be sure to come back tomorrow for another great sales tip. Thanks for listening!

Welcome to the Daily Sales Tips Podcast. My name is Scott Ingram and I’ll be your host. In this short introductory episode I’d like to share with you how this show came about and what you can expect, at least based on the initial vision.

As the host of the Sales Success Stories Podcast where I only interview quota carrying individual contributors who are either #1 or at least in the top 1% of their sales organizations I go deep. The average interview on that show is typically between 75 and 90 minutes long. The feedback has been amazing, but it takes some pretty serious commitment to get through each of those episodes, and rarely is it possible to do that in a single session. I wanted to solve for that and make some of the nuggets of knowledge from that show, more accessible.

Initially I thought a very short, daily show that features clips and quotes from those interviews would be just the thing, but quickly my vision started to grow. Rather than limiting the tips to only those that come from the Sales Success Stories Podcast I thought this show would be even more valuable if it were to deliver a broader set of insights from a larger pool of contributors. So why not use this as a platform to allow you to stay up to speed on the latest, trends, books and events from across the sales ecosystem?

If this works the way I hope. We’re going to give a lot of books away to listeners who are the most interested and engaged in that topic. My goal is provide you with a valuable and hopefully actionable tip everyday, while allowing you to hear directly from the authors of new books, speakers at upcoming events, conferences and webinars and secure discounts for other tools and education to help you improve your results and more rapidly advance in your sales career. All in 5-10 minutes per day or less. That way you can easily fit it into your daily routine, or binge through an entire week’s worth of content in an hour or less.

Speaking of binging. To allow for the rapid consumption of a series of episodes I’m not going to add any intro or outro music. Instead I’ll jump right into and out of each episode so that you an listen to a whole bunch in a row.

While podcasts can be a very passive medium, I hope you’ll become an active participant. You can start by subscribing to the listener list to get updates. Don’t worry, these won’t come daily, but instead will average once or twice a week. To do that head on over to top1.fm/DST OR DailySales.tips, both will take you to the same place.

I’ve also upgraded the commenting software on the blog so that you can jump into the conversation around any specific tip and add your own two cents and learn from others. I’ll be sure to find ways to reward the most active contributors as we go.

Speaking of contributors. I will likely setup affiliate links for many of the books, events and other offers I’m able to secure for you. I’d appreciate if you would use those links, as any affiliate income will help pay for the show and any excess will help pay for my two daughters to go to college, As I record this that is just over 2,000 tips away, but I’ve been at this game of live long enough to know that time flies when you’re having fun, and we’re going to have a lot of fun with this!

And for fans of the Sales Success Stories podcast. Don’t worry. Nothing is going to change about that show. You’ll still find the great deep dive interviews with top performers that you know and love.

That’s it. Please make sure you’re subscribed to the podcast in your favorite podcast player and join the listener list at top1.fm/DST

Thanks for listening!