Monday, May 21, 2012

Lead Nurturing – Getting Started

What does it mean to nurture a lead? Dictionary.com defines nurture: to support and encourage, as during the period of training or development; foster.

In business when we nurture leads, we are simply attempting to educate people through the sales process and eventually lead a person to the point of sale. Lead nurturing is the act and the process through which we do that.

For some the process is very short, while for others the process is very long. For some, depending on the systems in place, the nurturing is very easy. For others with no systems, it can be a real nightmare or even the fall of the business or salesperson.

First of all, as a salesperson, marketing manager or business owner, you need to know and understand who your customers are. The message you give to young people versus elderly people will be vastly different; the message you give to a business owner versus a consumer will be different. In all cases, you need to speak first to the "croc brain" (or the emotions) to even get them to listen to you, but in order to do that, you need to know your customer in order to be able to touch on those subjects that will cause them to stop and listen.

Once you know who your customers are, you need to get to know them in order to speak to them and their wants and needs! Visit with them, be genuinely interested in who they are, and when they share something personal, make sure you remember it. In the business world, we meet so many people and sometimes it becomes difficult to remember some of those important little details. If you have trouble remembering everything people tell you, take "quick notes" and store them in your database so that when you call them the next time, your memory has been tweaked and you remember exactly who they are and what they have shared with you. Past conversations are a great way to pick up a new conversation, and your prospect will feel good that you have paid enough attention to remember some details of prior conversations. It will begin to create, foster and grow the "know, like and trust" aspect your customers need before they buy.

"If you want to win friends, make it a point to remember them. If you remember my name, you pay me a subtle compliment; you indicate that I have made an impression on you.  Remember my name and you add to my feeling of importance."
                                – Dale Carnegie Sales Training 
When we know who our customers are and what their wants and needs are, we are able to speak to them in their own language about something that is important to them. Now we start to nurture them, grow them, educate them, and stay on the tops of their minds.

The real secret is to get to and stay on the top of minds and continue to educate your prospects, but do it in ways that have impact. You know the old saying about happening to be in the right place at the right time? In business, it doesn't "just happen"; being in the right place at the right time has been a very strategically planned event!  

Sometimes being in the right place means we just made a phone call; sometimes it means we just sent an email or perhaps a card or letter, sometimes it meant we were networking and happened to bump into someone who could benefit from their product or service. You just never know, the options are endless, but in all regards, our names are "out there" if we have been deliberately active.

There are many ways to accomplish this, but they all require two major details: your self-initiative and your database! (Obviously, my affections are with By The Numbers!)

If you have the self-initiative to follow through on whatever systems you have in place, you will use dogged determination and be active in keeping in touch with your prospects and customers and keep on top of exactly what they want and need. Become the one who can educate prospects by providing information and value them. Show them you understand their business or their situation, and you have solutions to what keeps them awake at night. Become their trusted source and advisor. As they grow to know, like and trust you, your sales will grow, too.
Do not just go to a networking meeting and introduce yourself and walk away; get to know the people. Be very generous in referring and recommending others, too. You want to become go-to person for solutions for all kinds of problems because you have such a large network of friends and acquaintances that you can refer to anyone!
If your database has been carefully tended, you will be able to easily gather the information necessary to speak to your customers' and prospects' wants and needs, you will be able to be a person "of your word" because, not only do you know what you promised to people, but you will be able to deliver what was promised on time, and more or less you will know exactly what you are talking about in sending out direct mail, making phone calls or talking in person. You will be the person who can educate them on what they are seeking. It has been said that a person needs up to 13 touches before a sale is made. That includes snail mail, email, direct mail, face-to-face conversations, social media, phone conversations, and other types of contact and advertising.
In conclusion, in setting up a lead nurturing process, there are two main ingredients: self-initiative and a good database. The actual way then in which leads are nurtured may vary, but whatever method chosen will be multi-faceted and systematic in order for it to be successful.  

Oh yes, just have to include this little tidbit, one of the greatest lead nurturing tools still around today is the HANDWRITTEN note. I'm not talking about fake handwriting, but really, truly your very own writing on a card, sent by snail mail. Get in the habit of sending several each day, and you will start to win over the hearts and minds and loyalty of people.

If you are looking for more concrete ways of increasing sales through the nurturing of leads, please email or call me at 480-652-9212.

We usually say "Winners Know Their Numbers", but today it's going to be "WINNERS KNOW PEOPLE!"

Susan Raisanen, Sales Professional at By The Numbers

Monday, February 13, 2012

Thursday, September 22, 2011

By The Numbers - Choosing a Lead Management System

It is always interesting to ask a person what kind of lead management system their business has. Some have absolutely no system in place, while others have some pretty nice ones in place. The ones I am thinking about right now are the ones who have some type of system in place and say they track everything!

Not so long ago I was at a trade show. There I met a business owner who told me she tracks everything! (Now imagine her head nodding and then shaking as she says, I track everything...EVERYTHING!) I agreed that it is a wonderful thing, and figured that since she tracks everything, she would be able to pop an answer to my following question right off the top of her head: What percent of gross revenues go to pay for marketing? In other words, how much does it cost you to get a sale? She looked at me with a confused look.

Let me explain. There are so many beautiful lead management systems out there. There is not even a price tag attached to many of them. Others are very nice and have a nice price tag as well. Some of them show beautiful charts and graphics and all kinds of interesting data. But few, very few, show the exact numbers a person needs to run their business effectively without having some extra programming done to tie some important numbers together. This was one case like I just described.

A lead tracking system that tracks simply the number of leads along with names and addresses is pretty much just a contact management system, and should not be mistaken for a lead tracking system. To read more click here...

Friday, September 16, 2011

By The Numbers: What Should A Closing Ratio Really Tell You?

Throughout time we all come across people who like to talk about their closing ratios. If you are just hearing percents being tossed around, the comments are probably coming from a sales rep who may think he/she is irreplaceable!

What is in a closing ratio? The experienced business owner will know immediately that it is not just the percent of sold vs the number of possibilities that tells whether or not a sales rep is profitable. Sometimes that same owner or manager may not be able to tell you exactly why, but their gut tells them whether or not a sales rep is profitable.

What should we examine? Well, for starters, if you are a company that pays for leads to come in the door, those leads vary in cost. If you have a sales rep that is given expensive leads and a sales rep that is given inexpensive leads, the one given expensive leads will have to either sell at a higher close rate or close at a higher price. If you are giving leads that cost minimal to nothing, the close rate or sale amount of the next person does not have to be as high.

Let's take an example: Paul and Mark are salesmen. Paul has been given 50 leads that cost about $100 each, or $5000 worth of leads. Mark has been given 50 leads that cost $50 each, or $2500 worth of leads. If they both close 30 leads, they both have a 60% closing ratio. If their contract sizes are the same, Mark has been more profitable for us because we have spent half as much on advertising for his sales as we did for Paul.

Of 50 leads again, if Paul's closed five leads at $30,000 each, he made $150,000 in gross revenues at a 10% closing ratio. On the same token, if Mark sold 30 leads at $3000 each, he had a 60% closing ratio and gross revenues of $90,000. If we were looking at just the closing ratio, we would say Mark is our high closer, but in reality Paul should be considered the "high" closer. It is his closes that are bringing in better revenues.

Now the trick for you as an owner or manager is to use the data you collect to your benefit in growing your business. We need to step up Paul's closing ratio because he is bringing in the higher contracts. Put a high close and high contract together and you get some winning numbers. On the same token, find out why Mark is not getting higher price sales. Could it be that he is timid in asking for a sale on higher price products or services? Step over the timidness, put the shoulders back and ask for bigger sales! Increased prices with his closing ratio, and you will see increased revenues.

The whole purpose of tracking closing ratios is so that you have some system in place to hire, fire, train and assign. Hire based on the fact that you will track salesperson effectiveness on items other than just a simple closing ratio; fire based on the fact that if expectations are not filled by the numbers that tell the story, then they are shown the door. Training can be adjusted when you start to sehttp://www.blogger.com/img/blank.gife trends within the sales team or individuals. Lead http://www.blogger.com/img/blank.gifassignment can certainly be streamlined when you see salesperson strengths and weaknesses, and you can clearly see that certain people sell certain leads or types of sales better than others.

George Odiorne once said that if you can't track it, you can't manage it. This hold true for closing ratios, too! Tracking will increase gross revenues!

WINNERS KNOW THEIR NUMBERS!

Article Source: http://EzineArticles.com/?expert=Susan_Raisanen

By The Numbers is a lead, sales and marketing tracking software created to show exactly the numbers needed in running your business effectively and profitably!