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Optimizing Sales Leads: From Inquiry to Closure

Posted Thu, 2010-03-25 16:46
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A growing concern for many sales managers is optimization of sales leads. Each year selling professionals try so hard to get a plethora of business development leads, unfortunately unearthing less than 47 percent of what is needed. Worse, over 50 percent remain dormant. Managers postulate, but to no avail. The numbers barely move. In recent research for this article, several clients utilize the Internet for sales leads with less than 5 percent reaching closure. To develop and optimize a productive lead generation program, sales leaders must formulate a B2B (Business to Business) strategic plan.
 
Content is King
  • Problem: Since the dawn of the Internet, information has proliferated our society. Present clients obtain more information about your organization than you realize. Press releases, news stories, earnings, even advertisements all provide analysis of the organization. When a lead finally does reach a selling professional, research illustrates that 87 percent of selling professionals reiterate known content.
  • Solution: Sales and marketing must then rehash features and claims.  New leads need to be taken through an analysis to better understand needs. Time is the enemy of achieving this with the existing sales team. Third party outsourcing is a very cost effective means of preparing proper connection with leads.
 
Mom always liked you best
  • Problem: Clients today inform representatives of a lack of time and a lack of interest. In fact, according to CSO Insights, the quality of leads is positively impacting the conversion rate of leads to first calls. Marketing and sales must collaborate on lead completion strategies. These are plans that assist in collecting a myriad of data for lead movement through the pipeline. To help lead movement, organizational strategies must be developed for the profile of the ideal prospect by understanding demographics, geographics, psychographics and behavioral issues. The first contact with the lead must included better comprehended issues. Similar to an archeologist trying to unearth the past, a selling professional must  more data to motivate the lead to a next step.
 
  • Solution: Provide sales representatives with enough data to move the lead through the management system. Additionally, clients today require multiple “touch points”. Produce value for prospective leads with a strong “Cold Call” getting permission to provide the lead with white papers, analysis, industry trends, market data reports etc. When available gain an email address or physical address to send updates to prospects. Constant contact with leads will help convert them into future sales.
 
Analysis not Paralysis
  • Problem: One client recently indicated that over 87 percent of their leads came through the Internet. However, when seeking additional information, we uncovered less than 10 percent of leads closed. There are a number of reasons for this from questions, to demographic data to the foppishness of sales disinterest in the lead. Some representatives have issues discerning what a good lead is and what isn’t.
  • Solution: More leads are needed. But an identity must be identified and use to discern what constitutes a qualified lead. Each B2B process is different; ensure success by truly understanding how your organizational process works.  One thing has not changed; ‘cold calling’ is a must. If your sales culture is adverse to cold calling leads, getting pass gatekeepers, determine the right point of contact and make the initial contact, then the logical move is to use Sales Process Outsourcing company (SPO).
 
No Pain, No Gain
  • Problem: Face it, selling professionals can get quite frivolous with leads and inquiries in the system. Blame is easily thrown to marketing for poor execution and comprehension. Yet, this is a team effort! One does not blame the running back for poor running if the line does not block nor should selling professionals. Inquiry management is necessary.
  • Solution: Providing incentives for both sales and marketing professionals will not work if the skills do not exist. The sales pipeline must flow and it starts with a large quantity of qualified leads. Exemplars must provide full disclosure of prospective clients and not simply name and address. Sales Process Outsourcing (SPO) consistently provides information used by marketing critically analyzed and used by sales professional to identify the starting point.  Present B2B’s use services such as Sales Process Outsourcing and a cadre of services to develop qualify and optimize the business. For many years a division existed between the worlds of sales and data mining for new client development. In a shifting global economy, a competitive industrial  environment and the knowledge explosion, it does take a village. Too many choices create confusion and lethargy amongst prospects. Rather than count the leads, we need to move them. New methods need be employed to remove the morass that clogs the pipeline.