Stop Wasting Time on Bad Leads!
Bad leads are a waste of time. They waste your time and they waste the client’s time. If you have new sales members on your team and they are saddled with bad leads, the morale of the team can go down.
“You might be thinking, “Why would I ever want to discourage someone from taking action toward becoming a client?” The answer is – not every lead is a good fit for your prices, products, services and YOU! While it feels good to be flooded with leads (qualified or not), it’s a waste of time to deal with ones that just aren’t right.” – Plume & Post
Define Your Customer
The first thing to do might seem like the most obvious, but it’s amazing how many people ignore this, reducing the effectiveness of all of their marketing efforts. Define your customer. Know who you are selling to, their demographics, their spending patterns, their needs, wants and likes. Analyze all of your previous customers, and see if you can find out what they have in common. What type of companies do they run? What size are these companies? How much do they usually spend on what you are selling?
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Identify the Key Selling Event
Once your customer is defined, it can be a great idea to do some more historical research. Each sale has a selling event, and it’s a great idea to try figure out what customers do when they decide to buy your product. Do they request a call back from you? Do they download an application form? Do they fill in a request demo form? What is the one thing that EVERY customer you have earned does? Once you figure out what it is, you can start to watch for it. Don’t see it? Maybe they’re not going to be a customer no matter how much you want them to be.
Using Inbound Marketing to Separate the Wheat from the Chaff
Content is now king. This also leads on from the ‘define your customer’ project. You now know your customer so well you also know what sort of content he likes to read. Take a look at target companies on LinkedIn, and see what their executives are reading, contributing to, and interested in. Then start tailoring your content to these executives. This is the best way to encourage interaction and engagement from your customers right now. Define your product, and write content reflecting what you are experts at. Then encourage sharing!
Expect and Encourage a High Conversion Rate
Place importance on moving conversation rates higher, even past the 60% mark. This will help create a company culture of weeding out crappy leads, and help you sell faster and better. The method of encouragement is yours to decide. Financial reward for maintaining a great conversion rate is a good idea, and along with your sales team commission, can produce spectacular results.
Use Marketing Automation
There is a lot of noise involved in the selling process from lead generation through to final stages of your funnel. It’s best to automate as much as possible at the start until your leads are qualified and ready for the personal touch of the sales team. This saves time and money, and helps the sales team keep their conversion rates high. They will love you for this.
This season, ask the right questions and try progressive profiling to reduce bad leads.
If you are addicted to noise, headcount or being inefficient, this may be painful. Chasing sales is one way to feel good about ourselves, however, this strategy will create more clarity in your sales process and build trust with those that are truly qualified.