What are Sales Triggers and why you need to be tracking them: Part 7, New Product Developments
15 min read
Welcome to our 22nd episode of The Sales Syndicate Podcast. In this episode, Jamie Pagan, Associate Director of Marketing at Selligence, sits down with Nic Biffen for the next installment of our sales trigger deep dive series.
This week, the pair run through New Product Development sales triggers.
This is a good indicator that a company’s area of operation is growing. Expanding their product offering will lead to investing in new tools and technologies and putting new product management or manufacturing processes in place to support it.
New Product in Development
This can give insight on where budgets and resources have already been allocated. Announcements like these are a great opportunity to reach out to a company before their new product goes live.
When a company releases a new product, they may be exploring new territory and, as a result, may need a different type of support or new vendor.
No matter how good the product, a company entering a new market will have new challenges, as well as new needs and a new budget. In short, a new market means a new sales opportunity.
The window of opportunity doesn’t close once a launch is complete – there will be demand for supporting products and services. Following launch, a company will need marketing services, sales training, e-commerce etc.
Planned Upgrade/New Feature
This is a great insight into a company’s market intent and can be useful to understand competitor strategies and areas of focus.
Completed Upgrade/New Feature
A great conversation starter if you’re genuinely interested in the product.