Optimizing Sales Leads
Moving Quickly from Inquiry to lead to closure
Drew Stevens PhD
A growing concern for many sales and marketing managers isoptimization of sales leads. Each year selling professional's get a plethora ofbusiness development leads unfortunately unearthing less than 47 percent.Worse, over 50% remain dormant. Managers postulate but to no avail. The numbersbarely move. In recent research for this article, several clients utilize theInternet for sales leads with less than 5 percent reaching closure. To developand optimize a productive lead generation program sales and marketing leadersmust formulate a B2B strategic plan. The following information is meantinitiate dialogue.
Content is King.Since the dawn of the Internet information has proliferated our society.Present clients obtain more information about your organization then yourealize. Press releases, news stories, earnings even advertisements all provideanalysis of the organization. When a lead finally does reach a sellingprofessional, research illustrates that 87% of selling professionals reiterateknown content.
Solution - Sales and marketing must formulate strategicclient questions that provide client value. Rather than rehash features andclaims, new leads are taken through an analysis to better understand needs. Anexemplar might provide competitive product samples or packaging. Competitivefirms can then provide alternative means and find gaps.
Mom always liked you best. Clients today inform all representatives of a lack of time and a lackof interest. In fact, according to CSO Insights the quality of leads ispositively impacting the conversion rate of leads to first calls. Marketing andsales must collaborate on lead completion strategies. These are plans thatassist in collecting a myriad of data for lead movement through the pipeline.Marketing instructors always discuss the " ...phics when discussing the 4 P's andso must sales.
To help lead movement organizational strategies must bedeveloped to understand demographics, geographic, psychographic and behavioralissues. This tool assists sales representatives with a better initial call tocomprehend issues. Similar to an archeologist trying to unearth the past, aselling professional has more data to motivate the lead to a next step.
Solution - Provide sales representatives with enough datato move the lead through the management system. Have marketing work with salesto establish the type of content required for your organization. Additionally,clients today require multiple "touch points". Produce value for prospectiveleads with white papers, analysis, industry trends, market data reports, EPAanalysis etc. When available gain an email address or physical address to sendupdates to prospects. Constant contact with leads will help convert them intofuture sales.
Technology for technology sake. People today areoverwhelmed with technology. Just recently I attended a Blue Man Group concertand the following information was displayed.
GENERAL EMAIL STATISTICS
· In 2001nearly 12 billionemail messages will be sent every day Jupiter Communications
· The average number ofemail messages per day is 32, up 84% per year.
· There are now as many as170M corporate electronic mailboxes in use, growing 32% per year, with 440Mmailboxes in total.
SPAM STATISTICS
· In 1999, the averageconsumer received 40 pieces of spam. By 2005, Jupiter estimates, the total islikely to soar to 2000. The Standard
· America Online estimatesthat spam already accounts for more than 30 percent of email to its members -as many as 24 million messages a day. The Standard
· 7% of ISP churn was directly attributed to spam. Gartner Group
People are simply too tired of electronic commerce. Eventhough it is faster and least expensive, it is still intrusive.
Solution - Work with marketing to develop a paper and apaperless campaign. Direct mail is on the rise. B2B lead generation techniquesneed to follow this trend. Conversion rates must increase and the alternativeis to remain in contact with leads in a plethora of ways that captureattention. Personalize pieces for maximum benefit. Sales and marketing mightdevelop a cover letter that discusses previous conversations and outlines plansfor future action.
Analysis not Paralysis. One client recentlyindicated that over 87% of their leads came through the Internet. However, whenseeking additional information, we uncovered less than 10 percent of leadsclosed. There are a number of reasons for this from questions, to demographicdata to the foppishness of sales disinterest in the lead. Some representativeshave issues discerning what is a good lead and what isn't.
Solution - What is needed is not more leads. Sales andmarketing need to work together to discern what constitutes a qualified lead aswell how to execute the lead to the next step. Each B2B process is different;ensure success by truly understanding how your organizational process worksfrom beginning to end. Do not over analyze try different scenarios to youidentify what works well.
No Pain, No Gain. Face it selling professionals canget quite frivolous with leads and inquiries in the system. Blame is easilythrown to marketing for poor execution and comprehension. Yet this is a teameffort. One does not blame the running back for poor running if the line doesnot block nor should selling professionals. Inquiry management is a teameffort.
Solution - Provide incentives for both sales andmarketing professionals. Additionally, performance reviews for sellingprofessionals must include quality of inquiry management information. Exemplarsprovide full disclosure of prospective clients not simply name and address. Keyindividuals consistently provide information used by marketing criticallyanalyzed and used to optimize the lead equation.
Present B2B's use services such as Six Sigma, BalancedScorecard and a cadre of services to develop, qualify and optimize thebusiness. For many years a division existed between the worlds of sales andmarketing invoking territorial behavior. In a shifting global economy, acompetitive industrial environment and the knowledge explosion, it does take avillage. Too many choices create confusion and lethargy amongst prospects.Rather than count the leads, we need to move them. New methods need be employedto remove the morass that clogs the pipeline.
Good Selling.
©2008 Drew Stevens Ph.D. All Rights Reserved.
About Drew Stevens PhD
Drew Stevens PhD is known as the Sales Strategist. Drewassists organizations to dramatically accelerate business growth. He is theauthor of seven books including Split Second Selling and Split Second CustomerService and Little Book of Hope and is frequently called on the media for hisexpertise. Drew was recently nominated as one of 50 Top Sales Experts. Downloada FREE copy of Drew's White Paper on "Selling Effectiveness" or "BusinessBuilding" e-book at www.gettingtothefinishline.com.