When it comes to growing a business, there are plenty of options, such as doing more marketing, finding new consumer audiences, offering new products or services, improving customer service and so on. However, one method not enough entrepreneurs focus on is having a better sales process.
Think about how much time you and your team devote to following up on queries each month. You might put key performance indicators (KPIs) in place to help motivate yourself and your team to convert more leads into sales, but this can be wasted energy if you don’t follow up with potential customers effectively.
To help you grow your business, it’s time to commit to being smart and using all the tools at your disposal. Read on for some ways you and your salesforce can do more with sales leads today.
Follow Up
While it’s easy to get busy at work and not have the chance to follow up on leads, you need to do everything you can to be timely about getting in touch with interested parties. Follow up soon after leads come in; the sooner, the better.
According to an article by the Harvard Business Review, when you follow up with people within an hour of receiving an online query, you’re actually almost seven times as likely to qualify the lead (that is, have a beneficial discussion with a key decision maker in the household or firm) as those who wait until later.
Each hour that goes by where your company isn’t chatting to a potential client is an hour in which a salesperson from another business can slide in and close a sale. Since we live in a world where people expect to find out information and hear back from organizations quickly, they simply won’t wait around to get the details they need or to learn about a quote. It’s easy for consumers to contact the next business listed online, or elsewhere, instead. Ensure your venture converts as many leads into sales as possible, then, by being the first to respond to shopper queries.
Keep in Contact
Another factor to remember is the sales saying about “recency and frequency.” This phrase refers to the idea that consumers always make a purchase when they’re ready to buy, rather than whenever a business may be trying to get a sale. When a customer’s time comes, they will usually shop with the company who is top of mind for them. This firm is typically the one that has been in contact with them most recently or that has stayed in touch most frequently.
To be sure your venture stays top of mind, keep in contact with leads regularly. Follow up religiously, so you might be talking to a consumer right when, or just before, they decide they want to buy. Consistency is the most important factor and relies on you having good systems in place plus the ability to increasingly educate shoppers about your wares. This way, when they’re ready to buy, they’ll understand your products or services completely, and all their questions and doubts will have been answered.
It helps to utilize software and apps to follow up regularly. You can do this manually, but human error can mean you miss following up when you meant to. By using tech tools, you alleviate this problem and save yourself time and stress. Software can be set up to track all your lead information in one place, to allow you to make notes on the people you speak to and where they are in the stage in the sales funnel and to send you reminders when it’s time to send another email or make another call.
Use Analytics
Utilize technology to track, measure and analyze data about your sales processes and results. If you’ve heard about the increasing numbers of people enrolling in analytics courses or degrees these days, and wonder if a data analytics degree is really worth it, remember: You’re running a business, and all knowledge on your customer can be valuable.
For example, through Big Data, you can see where you get the most leads, what types of people or organizations are making these enquiries and which ones typically buy more often. This allows you to see where to place the most time and energy.
By analyzing information, you can improve and refine your sales process. Depending on the details you keep track of (and the more you input, the better), you will discover what kind of information most helps people to convert; how many leads you receive each day or week; how much time it generally takes for leads to be responded to; what percentage of leads are turned into qualified prospects and then into paying customers and so on. Over a year, analyze and fine-tune each element of your follow-up process, and you’ll meet more of your goals as a result.
