Why Quality, not ‘Quantity’ is Most Important in Lead Generation
It can be very tempting to look at the number of leads you have compiled and be satisfied, however, those figures can be deceiving and may ultimately do nothing for your bottom line.
“More leads” does not mean “better,” sales are the only objective. You can generate a million leads, but if none of them convert then you just wasted resources.
All Leads Are Not Created Equal
A quality lead is not someone that just gives you their contact information, but also fits the profile of your target demographic. If they do not fit the demographic, they will most likely not convert and hinder the efficiency of your lead generation campaign. In economics, there is a concept called “the point of diminishing returns” when the effort/resources expended becomes disproportionately high compared to the output. Having a large list of unqualified names is not only unprofitable but puts a huge strain on your customer acquisition process.
Some customers are more ideal than others, meaning they will spend more, purchase related products your company offers and refer other clients to you. How you find the ideal lead is by analyzing your existing customer base, finding the high-quality customers and documenting the attributes that make up the ideal prospect. When you clearly know the leads you want to target, you reduce your CAC. There are numerous products and services offered by companies that can track analytics and can show you which channels to use to best convert.
Focus On Retention Not Just Acquisition
The best way to generate leads is to spend more on customer retention and less on customer acquisition. Studies show that only 12 percent of marketers focus on retention, despite the fact that it costs five times as much to acquire a new lead as opposed to retaining an old one.
When devoting resources to existing customers to either upsell, cross-sell, or resell your efforts will be focused and have a much higher probability of converting. A study by Bain & Company showed that just a 5 per cent increase in retention spending can yield anywhere from 25 per cent to 95 per cent in returns! This is especially true if you already started with a base of high-quality leads.
Quality over Quantity
It’s not about collecting as many leads as possible but rather collecting leads that are most likely to lead to a sale or stay engaged as a brand advocate. These leads get added to the database where future communication with this lead is much more customized and most likely stems directly from a sales representative. In this scenario, a brand would measure their spend vs the number of qualified leads that turned into sales. The benefit that a lead would typically receive in this scenario would be a bounce-back offer towards the purchase.
How to Compile High-Quality Leads
To achieve a higher ROI, the answer is always quality leads.
One way to do so is by adding a question to your contact form. This will tell you who they are and the information you provide them is the value prop. Consider other incentives for your audience such as savings and unlocking “premium” content. This will not only draw more people to your content, but further establish that the lead has a need for what your brand provides, and hopefully your products/services.
Although businesses should be focused on generating high-quality leads, this does not mean there are “bad” leads. Some leads may not be ready to convert, and if your company can afford an outbound contact center or automated response service to make a connection with leads can be an invaluable solution to reducing the cost of customer acquisition.
In our experience, we have observed that many sales managers are promoted based on their outstanding performances. Nevertheless, closing sales does not necessarily mean that you automatically know how to manage sales teams which can lead to business growth.
If you want your sales team to be successful and productive, it is not just enough to provide them a desk and salary and say “get to it”. Well, your sales reps might be master salespeople, knows all that is needed to use an easy to use CRM tool to perfect their sales processes and workflows
At their best, marketing and sales teams are acquaintances. At worst, they are enemies. At least that has remained the situation in most organizations. Now, while a bit of healthy rivalry never hurts, the marketing and sales teams in most businesses suffer from miscommunication (or even a complete lack of communication), as well as occasional feelings of animosity.
If there was ever a soft side to selling – it is consultative selling. And so all sales reps need to have this weapon in their arsenal. This is because in modern times salespeople will want to do more than just understand their customer’s challenges and needs in order to offer personalized solutions.
Your sales team needs the right sales tools and ready to boost customer conversion rates. These tools will help you target the right customers, build trust with them, and analyze their interactions with your website.
Sales reps have non-stop days and they know how to work hard. But to increase their selling time and revenue, sales reps must take control of their days and plan their activities carefully. A daily schedule for sales rep allows them to be as productive as possible to accomplish their goals.
Account based sales strategy is not a new concept and has been in the marketing world for years but today many business leaders and marketing experts are giving it a second look.
Having your own luxury rental property in an exotic location can be a really smart investment for both functional and personal reasons, therefore you need to carefully choose your destination. There are a couple of important things you need to consider things like foreign ownership laws, tax liability, and the whole buying process.
Digital selling is essentially leveraging digital media for sales. It includes all activities related to digital sales such as sales automation, online presentations, CRM, digital documentation, and many more such activities. Digital selling is not just a marketing initiative