Lead Management and Better Conversion Rates
By: Gilda Stein | Posted: 01st July 2008
Is your sales team working hard but just not getting the sales they should be? The market place has changed dramatically from the 80's and 90's. What worked well before just doesn't cut it any more. Fortunately, there are a number of things you can do to improve your conversion rates. A couple of them are:
Find your customers hot buttons
There are any number of reasons why companies buy. Why they bought last year may be different from why they buy this year. They may be focussed on purchasing products and services that help them boost their sales or reduce the number of steps they take to produce their product. Your prospective customer could be in a rapid growth period and needing extra help and/or product to deal with it. Maybe they want to explore new markets, downsize or bring a new product to market.
Whatever their issues are will effect why they buy. You need to know what these issues are and how to address them before you even think about contacting them.
Focus on qualified and profitable targets - only
If it costs $700 to make one sale when you are targeted imagine how much it would cost to make one sale if you don't take the time and effort to make sure you are selling to the right people. 60% of success in any cold calling program is based on the quality of the list you use.
Know Why Your Customers Are Buying
I'm sure your product or service is excellent but that's not why your customers bought it. People buy to solve a problem they have or to fill a need. Study your current customers and develop a profile for each one. What industries are they in, how big is their company, how many employees do they have? What business issues do they have? Are they in growth mode, exploring new markets or developing new products? You need to know as much as you possible can about your customers.
If you feel you don't have enough information on your customers conduct a survey. Ask them what their business issues are, what solutions/products they've tried in the past. Find out if their company is headed in a new direction and let them know you would like to work with them to help them succeed.
Once you have developed profiles on all your customers analyze them to find the common issue and/or need. Then focus your sales efforts and material on addressing these needs.
Use Several Tactics
You won't be able to reach all of your clients with a phone call or a fax. The proper use of websites, trade shows, networking, public speaking, article writing and press releases can add lots of qualified prospects to your list.
Make Sure Your Sales Team is Trained to Deliver Maximum Performance
Once you have developed a good size qualified list you don't want to place in at the mercy of a less than qualified sales person. Be sure your sales staff has skills that are current. Old style scripts and approaches just don't work today. Get professional help and remember with professional assistance you may be able to do some of the work yourself and build your sales along with your expertise.
Marguerite Mcleod-Fleming is the President and Chief Catalyst of
The Result Source. In operation since 2001, The Result Source uses a new approach to help companies get in front of more qualified prospects. Marguerite also delivers seminars and boot camps to organizations keen to build sales forces that consistently deliver high-quality results. She has recently authored Cold-Calling 2.0: The Next Generation of Prospecting White Paper, which is available at: www.coldcall20nextgen.com.
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Tags: conversion rates, prospective customer, developing new products, targets, cold calling, purchasing products, business issues, hot buttons, solutions products, growth mode