Perhaps you think you are doing all the right “stuff” with your marketing. You may deploy direct mail, broadcast radio and TV, public relations, Web marketing and more. These tactics likely make your phone ring, if done well.
But what happens after you get the lead? Is your intake process helping you close deals, or is it pushing leads out the door? And what about the leads you don’t close — do you keep marketing to them for future opportunities?
Prior to embarking on a new marketing program, companies need to ensure that the intake process is solid. Who talks to new leads? Are they friendly and knowledgeable? Do they sound bothered when they get a call from a prospect? These may sound like silly questions. but even large, well-run organizations may have issues with how they handle new customer inquiries.
Here’s my advice: If you don’t have your front line in order, you are wasting your marketing dollars.
Take a hard look at your sales cycle. What are the intake points of a lead (phone, Web, email, etc.)?
Respond to your leads quickly. Make sure the right people are handling these leads to give you the best chance to convert them to sales. Many companies develop plans for each part of the sales cycle. These plans are more than picking the right salespeople. They can include follow-up letters and emails, special presentations, direct mailers and phone calls.
What companies can quickly determine is how much money is left on the table. For example, if you close 60 percent of your leads with a sale, what about the other 40 percent? Imagine converting half of the customers you don’t get as new sales. Wow! With this example, half of that 40 percent (20 percent new business) will fatten your bottom line. And you wouldn’t have to spend any more acquisition-based advertising on that group, since you already have them in your database.
It’s really just a matter of following up and developing tactics and messaging that specifically address why you’re not closing those deals.
Developing strategies to strengthen your sales cycle ensures your generated leads are getting the best message and process from you, and provides low-lying fruit to grow revenue. Then you can spend money on advertising.
Josh Sommers is president and CEO of Focus Media, a leading Hudson Valley advertising and public relations agency. He can be reached at josh@advertisingandpr.com or 294-3342, ext. 303. Read his blog at www.advertisingandpr.com. His column appears Fridays.
