Pillar 5 Your Lead Conversion

Silver and Gold members of Your Profit Club can go straight to the training modules

P5M1 Introduction to Lead Conversion

P5M2 The Buying Cycle

P5M3 Your Selling Process

P5M4 Websites & Email Marketing

Pillar 5 Your Lead Conversion – What’s It All About?

If your lead generation strategies and tactics are working well, you should be receiving regular – and hopefully predictable – leads.

But what if you are still not getting the sales you want?

Leads in themselves don’t put cash into the bank.

You have to convert the leads into customers and that is the focus of Pillar 5 in the Eight Pillars of Business Prosperity.

Conversion Costs Time & Money

Marketing costs time and money to generate the lead and the conversion process can also be expensive and very time consuming.

The phone rings, somebody says they are interested and you arrange an appointment to see them.

At the meeting you have a good discussion but they want more information – either from you or from competitors because they feel the need to “check out the market”.

You follow up and arrange to go and see them again.

Another good meeting but they “want to think it over”.

They say they are very interested in your product and they want a detailed proposal.

The order is so close. You are excited and you spend a lot of prioritised time polishing up a “winning proposal” and rush it out .

You follow up and you hear

“We’ll get back to you when we have reached our decision.”

Weeks go by without a call.

You don’t want to be a pushy salesperson and you certainly don’t want to be appear desperate for the business.

You try to follow up, but again and again you never get the phone call back.

Six months later you finally get through.

You talk to the main decision maker and learn that your hot prospect is very happy with your main competitor’s products which they have been buying for the last four months.

Does that sound familiar?

It’s an age old sales story with one exception.

At least in the example, the sales person was persistent in follow up which has been proven to improve conversion.

I know that some sales people have lost business because they didn’t seem interested enough in me and you probably have similar experiences.

So how effective is your follow up?

There is a better way

Pillar 5 teaches you a better way to handle these customers with some counter intuitive strategies.

An unqualified lead is worse than no lead

When you are marketing, you want the telephone to ring and it seems an achievement when someone – anyone – calls.

But you need to be qualifying them as likely buyers or at least potential buyers becauseĀ  converting – or not converting – a lead costs time and money.

Ask yourself:

  • Does the lead want or need what you are selling?
  • Can they afford to buy it?
  • Are there indications that they are not willing to pay your price – unless you are the lowest price around, any sign of price shopping without being interested in the value is bad news.
  • Are they ready to buy now or in the next few weeks?

Where is the prospective customer in their buying cycle?

One of my mentors – especially on the sale side – Mitch Axelrod makes it clear that there are three phases in the buying cycle.

  1. Satisfied with the current supplier/situation – spending your time trying to sell to these people – even if they appear interested – is likely to be unproductive.
  2. Dissatisfied with the current supplier/situation but not ready to buy. These people are getting ready but the process may take one week or… two years.
  3. Those ready to buy – they have made the decision that they will take action and want to find the right solution.

The more time you spend with phase 3 buyers, the more deals you will win.

How do you treat the buyers in each phase?

In different ways.

Try to push a phase 1 or 2 buyer and they will resist.

The more you push, the more they resist because where they are in their buying cycle matters much more than the fact that you want a sale.

But a phase 3 buyer is ready to sign on the dotted line provided someone can win his or her trust and show that the solution will solve the problem.

They may want someone who will take them by the hand and lead them to making the decision.

What do you have to do with phase 1 and 2 buyers? You have to build the relationship and move forward at their speed, so that when they are ready to buy, you are the person they trust and the natural choice for the order.

I cover much more in Pillar 5 of my Eight Pillars business coaching program.

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