Listen closely. Your lead sources are trying to tell you something.
Some are shouting, “I’m a wellspring of sales-ready leads! Focus your energy and resources on me.” Others are grumbling, “My leads are expensive, and they don’t convert. Cut me loose. Now.”
Are you getting the message?
This blog is designed to help outline the path to generating more high-value sales leads.
You can evaluate your channels—and identify what went wrong—in four easy steps.
1. Start with a simple list.
Make a clear, simple list of all inbound and outbound sources of sales leads. For each source, include leads’ contact information, history of activity and lead status. This should indicate each sales leads’ movement through the funnel.
2. Follow the number trail.
These conversion rates will tell you how well each source of sales leads are performing.
- How many leads are converting to sales-ready leads?
- Among all sales leads at the top of the funnel, what percentage become sales opportunities and progress into the middle and bottom of the funnel?
- How many opportunities result in deals?
- What is your cost per lead?
- What is your Customer Lifetime Value? (Total revenue they will spend with you over the period as your customer).
You’re looking for trends over time, as measured by month, quarter, or year. If business fares better in some seasons than in others, take account for that in your monthly or quarterly analysis.
3. Look for red flags.
Shrinking conversion rates. Leads that go untouched. An unhappy sales team. All of these point to a big problem.
Does this mean your sources of sales leads is a dud?
4. Uncover the truth.
For every channel that bombs, you must dig deep to answer these questions:
- Were your methods to blame? Was your campaign optimized?
- Where did the breakdown occur? Did you provide poor leads, or did sales neglect to follow up on them? Was there a simple miscommunication between marketing and sales?
- Are marketing and sales fully aligned? Do you and the sales leader agree on what constitutes a sales-ready lead?
If the channel isn’t the problem, have an honest discussion with your sales leader. Then you can work together to make your future lead generation campaigns more effective.
How to Amplify Your Success
You’ve determined the sources of sales leads that are worth keeping. Now it’s time to fine-tune your efforts and maximize ROI.
- Clearly define what “sales ready” means. You and the sales leader should be completely in sync.
- Get real-time feedback from the sales team. How many sales leads passed to sales were good? Did prospects recall interacting with marketing? Or were sales calls poorly received? Maybe you’re pulling the trigger too early. Work with the sales leader to adjust, as necessary, the definition of a sales-ready lead.
Fundamentally, reallocate and replicate. Shift more of your marketing budget to your best lead sources. Study previously successful campaign tactics and apply them on other channels.
ProAptivity assist organisations to improve the sources of sales leads and provide them with the key management information to make educated business decision. Contact us today for a free consultation on 028 90735630.