Where do those leads go?
Recent research shows that longer-term leads (future opportunities) represent almost 40 percent to 70 percent of potential sales, yet they are often ignored by salespeople.
In an in-depth study for Cahners Business Information, sales lead expert Mac McIntosh notes that of 40,000 inquiries generated by ads and press releases in magazines serving the manufacturing marketplace, 11 percent purchased within three months of inquiring, 17 percent purchased within four to six months and 25 percent purchased within seven to 12 months. Forty-seven percent bought in a year or more.
If inquiries are simply passed by because they aren't "hot," you may be turning over as many as eight out of 10 prospects to your competitors.
Producer spotlight
Sales success built on trust
If your idea of lead generation is following up every few months to ask a prospect, "Are you ready to buy yet?" then get out your walking shoes; you're in for a long hike.
"Lead generation is about building relationships," says Brian Carroll, CEO of InTouch, Inc., and author of Lead Generation for the Complex Sale. "It involves identifying the right people and companies for your product or service, initiating a memorable conversation with them and, most importantly, continuing to nurture them, regardless of their timing to buy."
Most buyers subscribe to the notion that "how you sell me indicates how you will serve me." This is especially true in the complex B2B sales process. Before they buy, prospects must know you and have had a consistent dialogue with you. They must believe you are expert in your field, like you and want to work with you.
Trust, therefore, becomes the theme for a new type of sales approach - one that works! According to Carroll, sales people who become trusted advisors and understand the needs of their buyers are 69 percent more likely to come away with a sale.
Walk in your customers' shoes
The first step on the path to building trust is to start thinking like a customer - the proverbial idea of "walking in their shoes."
Consider the questions potential customers have in mind before they make a buying decision:
- How will this product/service help my company?
- We're doing okay, why do we need it?
- Is there another company out there that is better?
- Will their solution really work? Can they prove it?
- Is the company credible?
- Can we afford it?
You become a trusted advisor by helping prospects find the answers to these questions. By providing valuable education and information to prospects, you are guiding them toward the right and best decision for their needs while reminding them of the benefits of working with you. This is the goal of lead nurturing.
Plan your path
A typical lead nurturing program includes a series of letters, e-mails, voicemails, case studies, success stories, articles, events, white papers, blog posts and web events that are meaningful to your potential customers. The tactics you employ and the frequency of touches depend on the solutions you're offering and the buying cycle of the prospect or industry.
Editor's note: in a webinar presentation sponsored by Minnesota Life in June 2009, Brian Carroll shares his step-by-step approach to lead nurturing. View the full presentation now. (You will need to use Internet Explorer to download the recording or view the LiveMeeting replay.)
By providing relevant educational or thought-leading content in a consistent manner you are perceived to be an expert. You don't sell, you don't make pitches. Instead, you're providing insights and solutions within the realm of your expertise, and you naturally become the first company prospects turn to when there's a need.
Make your marketing program's single point of focus that of developing trust and your business will become more profitable and less reliant on competing on price. "Selling" gives way to more open and honest conversations with prospects. You win more business not only from new prospects but also from your existing clients, and more new business referrals come your way.
