Every company wastes money – so believe me when I say that if you want to sell more without spending more, it’s possible.
The secret is to know where the waste is and either stop doing it or make it work.
I realize this sounds simple. I can only imagine how many of you read that and thought “No kidding, duh!”
And yet just this week, I had a couple of senior marketing executives tell me that even though they know they are doing a lousy job of qualifying leads and nurturing qualified leads and converting sales ready leads into buyers…
“We need more leads,” she repeated for the umpteenth time. “Just make them really low cost because we don’t have a large budget.”
I had just finished telling her that I had completed the web form on one of their landing pages, clicked submit and beyond a really bad auto reply that basically told me to read the website and buy online rather than talk to a sales person…and that was it. Two weeks and no more emails. Not a single phone call. Nothing in the mail.
“I know we have problems with the data. But I can’t take my budget and try to fix that…I need leads.”
You’re not in the lead generation business – get over that now!
You’re in the sales business. The revenue generation business. And if you think you’re in anything else, you’re insane. If you think you’re going to win the argument of “We’re letting you go because we don’t have any money” with “But I brought in 1,000,000 leads”, you’re outta your mind.
When the boss is screaming at you to bring in more leads, and you know that your organization’s funnel is not guiding leads to sales but is, instead, leaking opportunity all over the place…do your job and tell your boss that it’s a waste of money to generate leads that will never be worked properly and converted into sales.
Hint: It helps to have the data to take the stand and make the point. There’s nothing more compelling than [ex] our average order is $1,000 with 20% profit, or $200 – but we’re spending $2,000 to generate the sale so we’re losing $1,800 on every order. Let’s spend the money on increasing the conversion rate and the average order size and even order frequency (repeat sales!).
Worried that this approach could cost you your job? Guess what – spending more money on lead generation isn’t the solution, so you’re job is already at risk. What do you have to lose?
So how does this add up to ‘sell more without spending more’?
Fix the process problem and watch conversion rates increase. Now you have 1 sale for every 100 leads, tomorrow you might have 2 or more sales for the same 100 leads.
But if you ignore the problems and continue to bring in buyers and ignore them…you will just end up spending more, selling less and looking for a new gig in the very near future.
How do you fix the problem?
I love to ask people to describe their process for generating a lead, qualifying the lead, nurturing the lead and turning leads into buyers.
The typical response is given from about 60,000 feet.
“Well, we run ads. People respond. When they respond, we work with them and sell them what they want.”
Then I tell them that their competition has a proven process for leads that come in via a web form on a landing page that [a] sends an auto response email once the person clicks “Submit” so it’s in that person’s Inbox well within 5 minutes, typically within 60 seconds. And then [b] the data is automatically sent to the CRM where business rules check for duplicates and, if there are none, creates a new record and [c] runs business rules to assign the new account/lead to a sales rep within 2-3 minutes of clicking “Submit”. Finally, [d] the assigned rep is notified of the new lead in their portfolio and is trained to call that new lead ASAP – typically within 1 minute of being notified but no longer than 60 minutes.
That’s when jaws drop. And that’s when people realize their processes are killing them.
So how do you fix the problem? Process mapping that helps you better leverage your strengths and resources while closing gaps and streamlining the experience for the customer.
If you’re interested in learning more, contact me. I do this…as well as a few other things…for a living.