In 2016, Friends of Brands helped acquire over 25,000 business leads for our clients in insurance, banking, entertainment and education. Although that looks like a decent number, not everyone of those leads where of the quality that we always strive to push to our clients! I’ll definitely admit that, but above all we always try to improve that quality as much as possible. So what exactly does a quality lead look like and how can you convert that person/business into a paying, repeat customer? We explore some ideas we’ve found to work below.
I sit in many meetings discussing ours and our clients’ performance, and one of the most important things I ask is how much business they’ve acquired from the leads we send them. So often my team and I realise that it’s not the leads who aren’t “hot”, but the sales agent’s ability to close or convert the leads into a sale within the required time.
This whole idea has to do with short-termism. This is a situation where a lead comes through and the sales person is expecting his/her would-be customer to be immediately in the market for whatever product/service is being offered. This isn’t always true, and it is very much required that the sales person understand this. Not every sales funnel is the same and simply giving up on a lead immediately should hardly ever be an option.
Understand Your Sales Funnel
Depending on the cost of your product/service, your sales funnel might be short and quick or long and extend over an extended conversion cycle. Furthermore, depending on whether your product/service is for an individual, group or corporate and government, your approach towards each of these potential customers has to be different. This leads will lead you to refining your pitch.
Refine Your Pitch
By understanding your sales funnel depending on your product, its life cycle and customer, you can determine how best to convert your leads into paying customers.
The following diagram can help you win the war whose theatre is the gap between lead and customer.
Basically, we at Friends of Brands will acquire for your business a qualified lead. This will obviously be an individual human being, however, that person may be seeking to buy your product/service for his/herself, the organisation he/she works for or some other entity/reason.
Once that contact is in your database and therefore your sales funnel, you ought to exactly identify him/her according to the classification examples we have (individual/personal, corporate; other).
By doing the above, you will have an idea of how long the conversion funnel will be. This allows you to allocate the right time and resources in order to make sure that person does indeed become a paying customer.
The above is a simple example of how we work with many clients. This, coupled with the customer research that we do has helped their businesses greatly.
I will be sure to expand on the topic of how to convert leads into sales and into repeat customers in subsequent posts. Keep posted by joining our mailing list.
If you’re interested in our us working with your team, please do contact us below and we will get back to you ASAP.