How do you create customers from a pipeline of leads? This question has been a spot of bother for sale leaders and professionals alike.
Look, you can read an array of books or listen to podcasts from sales wizards like Grant Cardone or Zig Ziglar, to oil up your sales strategies or take a leaf out of their tactics to shape up your own sales formula; however, down the line, many newly-minted sales leaders create a lot of mistakes in the sales journey which cost them a lot in terms of time, money and effort.
One of the rationales behind this is the uncanny rush to nurture leads without researching about them, having the least clarity about who the buyers are, what they want and whether they are ready to make a purchase. This creates a lot of confusion among sales reps about how to convert a lead. Worse, it leads to a profitable lead slipping away from the hands of sales reps.
Nurturing a lead isn’t a walk in the park anymore as the average B2B buyer is cautious, well-educated and keeps tab of the trends at play. Any mistake in the lead nurturing process can derail your entire sales game.
Here are some costly lead management mistakes that sales professionals should steer clear of to be miles ahead in the sales game.
Not churning out good content: In the age of the internet, where loads of content are consumed online, creating flimsy content for your website won’t cut ice with customers looking to learn more about your products and services. Content is the cornerstone of lead nurturing.
If a customer is unable to find trustworthy answers to his questions on the landing pages, blog posts or marketing materials, he will leave the site in disgust and park his attention on your competitors’ website. Your effort to capture his attention and engage him has proved futile at the end.
Not considering repeat customers as leads: One of the colossal mistakes a sales leadership can make is to turn a blind eye to loyal and repeat customers who churn out a significant part of your ROI. If your lead management framework focuses only on new customers as potential leads, the cost of acquiring them can suck a significant amount from the coffers.
Whereas if a new product is pitched to former customers, that dormant customer will turn into a potential buyer riding on the goodwill you had created in the past and bring instant revenue to your company.
Your buyer personas are outdated: Managing to sell your products to a handful of customers doesn’t make you a winner. What’s worse is sitting on those outdated strategies to cultivate the next batch of leads. Most sales leaders forget that customer is king and can influence the wheel of a business. So just focusing on generic messaging and emailing, creating strategies looking at their products and services and resorting to unsegmented targeting will spell doom for a business.
The entire lead management framework should be centred around the customer, after doing extensive research work about B2B customer behaviour and buying decisions and mapping when and to which customer promotional content should be sent, so that sales reps are well prepared to take on the freshly-netted leads.
Not updating lead databases: An outdated database means that the customer information you collect and maintain offers little value and have nil effect on your sales strategy. A research by Oracle says that almost 40% of B2B sales leads contain bad data and unless updated and sieved can affect performance and productivity.
Bad data can lead to an upturn in customer churn and downfall in customer satisfaction ratings. With inaccurate and incomplete data, sales teams will land in trouble while following up on leads or trying to establish effective relationship strategies. In the end, it will be hard to monitor sales performance and coach weak employees. Productivity and revenue will suffer.
So, there you go! For a sales team to acquire more qualified leads effectively and create more effective sales opportunities, these mistakes should be avoided at all costs. A fool-proof, all-weather lead management framework must be devised, and a good CRM system be inducted to make sure that marketing and sales operations run smoothly, and both departments are aligned around one central plan. This will steer the fate of the company towards stupendous growth and higher revenue.