You have got Leads. Now make them 4X More Effective.
There are 4 simple yet highly effective strategies for improving sales effectiveness and improving your chances of converting a lead to a deal.
Speed: Strike when the iron is hot
Shocking truth: In a survey done across 350 companies, 38% took more than a full day to respond. In the fast-paced world today, the speed of response is of the essence; this is succinctly explained through the adage ‘Strike when the iron is hot.’ The lead is open to being nurtured and led further in the funnel if your response time is quicker. The more you let the dust settle down on the lead, the more difficult it gets to convert him. Even the difference between 5 minutes and 30 minutes could mean death in the form of a dead lead. So make sure you set and communicate your response time and follow it through.
Persevere: Never say die
Shocking truth: 53% made no more than two attempts at contact and gave up after that. There are reams written about how if you hang in there and keep trying, success can be all yours. All of it is every bit true. A sale or a deal is lost not because it was dead, but because the salesperson did not try enough times or gave up far too soon, especially when he was far too close to closing it. The 2-word mantra for every sales person to convert a lead should be persisted and persevere. Even if you have to try for the 8th time or beyond, do so, as this will get you a higher response rate
Shocking truth: 30% had no element of personalization in their emails. Messages, emails, professional calls tend to impact the personal touch, often making the sales call impersonal and cold. Personalizing the message, call or email makes all the difference in the world as it immediately puts the recipient in an open, receiving mode. Well begun is half done, as they say. The more elements of personalization you add in your communication, the more likely the recipient will click through and open and read the email. The content of the email should also be carefully tailored to suit the recipient as much as possible to garner more responses. It has been proven that personalizing messages make it 137 percent more likely that the recipient will open the email and respond.
Perform or perish
Shocking Truth: 58% were likely to miss the email at least 10 percent of the time. Checking how the email or your communication works and correcting course to make it work better, is very important. The effort deserves its dues, but so do the results. Performance needs to be the objective and the checkpoints of all your communication. Just as it is true in every aspect of business, it is true here – perform or perish!
The truth, as we clearly can see above is that companies are nowhere close to the ideal strategies of follow-up; but they need to get there soon. Else the chasm between a lead and a deal will keep widening. “Act now!” should be the anthem and the action.
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About the Author
CEO & Co-Founder, DemandFarm
Milind is CEO & Co-Founder of DemandFarm. Having practiced and evolved the ‘account farming’ principle for over a decade he established DemandFarm and is passionate about delivering the best B2B key account management tool to serve the needs of key account managers. Milind also serves on the Board of LeadEnrich & is a Strategic Adviser.