Lead conversion is absolutely crucial for your business. This is a no brainer!
But wait! While a lot is said about its underlying importance, there is very little information available on how one can have a successful business strategy in place for fool-proof conversions?It is a marketing cliché that when in doubt, look at the statistics. Therefore, if you have second thoughts about your lead generation, lead nurturing and lead conversion strategy, you need to evaluate your numbers.
Now, let’s say your goal is to increase inside sales by approximately 50%. How would you do it? How much research you would put in? More advertising? More content? More money into marketing? Well, this all could work. Alternatively, you can target increasing your conversion rate. It is faster, cheaper and more promising. To get you going, here’s a little motivational data for you:
“If you increase your conversion rate by 1%, you actually increase your profit cut by 50%.”
This is the new age where everything changes in nanoseconds. Even before you and I can complete a statement or close a deal, there’s going to be a new invention or an exciting, better offer for your prospect from your competitor. If change is the name of the game, how can a solitary strategy be the best game plan for your organisation at all times? It cannot be. You have to continuously remodel and experiment with your revenue model and sales approach to keep your prospects hooked. Treat your prospects like your ‘hard-to-get’ girlfriend. And just like her, give them utmost priority.
In any business the ultimate goal is to make money. If cash isn’t flowing in your business at the rate it should be, the first and the foremost place to start looking for answers are – lead generation and lead conversion activities. Irrespective of the type of business, the core needs of running it remains pretty much the same. This is why many businesses adopt a ‘one-size fits to all’ approach for their marketing and sales strategies. This way, you end up sending same messages and information to everyone. Though, it often leads to reverts, but it also leads to severe slip-outs of potential customers. A good strategy won’t work that way. All your customers have unique needs, budgets and expectations. The more you customize your message for them, the better it will work in your favour and will result in quality lead conversion.
Here’s an idea for you to be your own saviour – from ground zero to be a sales hero:
Set up a sales funnel
Sometimes what kills your inside sales leads is that you ask for the sale to happen too fast (without keeping your end of the deal). There are a lot of factors associated with a buyer. It is not just the fear of buying a product, and later knowing it is an absolute misspend. There are psychological factors as well. They might be ‘just browsing’ and not yet ready to buy or commit to your service. In such cases, you just need to slow down and build a sales funnel – to build trust, develop the relationship and prove your expertise. This also gives you a fair chance to keep your end of the deal and fulfil their expectations.
In simple words, we can sum it up for you as – A.I.S, which is as essential for sales reps.
A – Awareness
Everybody knows what incomplete information can do. It can be disastrous – for you and your prospects. The best prevention for this is to create awareness. This is the phase where you have wonderful opportunities to build rapport, gage what your prospect is actually looking for, and make them more aware about the why, how and what of your product and services. If a problem exists, there ought to be a solution. Tell them it’s your product or service which can take care of their needs.
I – Interest
Now, when you have successfully filtered out some leads, highlighted your golden or priority leads, it is time for them to do their homework. If you have made a successful opening conversation with them and they are considering your offer, there is a great chance that they will do extensive research on their end. On an average, a customer considers 7 options before he actually makes a choice. Be ready to woo them even more this time and look forward to answer their questions!
S – Sales
A typical sales funnel will have a wider opening and a narrow bottom. It is an effective tool for filtering out the unqualified leads from sales-ready qualified leads. Once you make past the initial stages of wooing the customer and generating interest, there comes this herculean task of finally closing the deal. Be prepared. There is no scope for goof-ups here. At this stage, there will be no second chances and all your effort would go to waste, if it doesn’t summates to lead conversion.
Finally – Think. Act. Never Quit. Repeat.
Recall any major deciding moment of your life. It could be buying your first car, your dream home or choosing a destination for your vacations. How much thought and effort did you put into it? I suppose enough to rack your brains! This is the dedication which prospects expect from you. If you put in enough efforts before sending out a detailed proposal to them, or signing them up for cold calls and email campaigns, won’t they be a lot happier, thereby making you the happiest? Think. Act and Never Quit. Repeat this and conquer your targets.
Have more insights? Let us know in the comments section.