Finding leads and creating customer relationships are essential pieces.
Running a successful business is like solving a puzzle-it won't make sense until all the pieces fit together. Lead generation, client conversion and creating value are three critical areas that shouldn't be overlooked.
Creating systems for lead generation and client conversion can help all businesses more effectively increase their client base. When the owner is the technician, manager and entrepreneur, it's even more important to have systems to improve efficiencies and increase profits.
Lead Generation
When creating a lead generation and client conversion system, start with the universal marketing cycle: Fill the pipeline, follow up, get presentations, get referrals, close sales, and then start all over again. It never stops. Create a plan with attainable goals and performance indicators and your customer base will bring success.
A lead generation system-how you attract your target audience-can take many forms. The first question you should answer is how many customers/sales you will need to meet your budget.
Then, know your conversion rate: How many leads will it take to generate that many customers/sales?
Once you determine the number of leads you need to reach your client number, decide how to reach them. "Get Clients Now" author C.J. Hayden says to focus on choosing a set of simple, effective actions, and doing them consistently. Create a plan to identify and get before potential clients. When you determine the right channels and message, you are creating a lead generation system.
The qualities of your target market should determine your lead generation channels. Those channels might include newsletters, referrals, networking, Web site, social media, targeted e-mail, newspapers and seminars or workshops.
The message is what you want your potential customers to hear. These might include your brand promise, a 30-second elevator pitch or a unique selling proposition.
Creating Value
After generating leads, but before client conversion, comes the presentation of your products and services to your prospects. Prospects will determine a few things quickly: Do I need your merchandise or service? Are you offering something of value? Are your prices competitive? What is the guarantee? As you can see, it's not all about price. I was a grocery buyer for Sam's Club and negotiated deals worth millions of dollars. Sometimes the last thing I would look at was the price. Price is important, but unless you are a commodity, it is not the only component buyers consider. Many times the entire experience determines whether a deal is made.
If you focus just on price, your prospect will view you as a commodity and will feel it necessary to shop around. So know your value. Understand how you can help current and potential customers achieve their goals. Communicate a unique selling proposition and a guarantee so people are compelled to buy from you, even if your prices are a little higher. Removing risk, like a 30-day money-back guarantee, makes the buyer's decision easier.
Pricing must be competitive and solid, but don't give things away. A cheaper price can convey inferior quality. Be prepared with maximum and minimum prices. What is the lowest number you can offer and still keep your business whole? New customers are great, but if it costs you profits, it's better to walk away.
Client Conversion
Once you have filled your lead pipeline, how do you turn prospects into customers? Every business, no matter what industry, has a sales funnel. Moving your prospects through that funnel should be systematic.
Sales conversions can be immediate or the result of long and laborious follow-up. There is a fine line between meticulous follow-up and stalking. Follow-up is key to closing a sale and creating anew customer relationship. Ultimately the most successful salesperson focuses not on the sale, but on the relationship. Sales are about relationships, added-value services and educating your prospects, not about getting a signed contract.
Business owners should concentrate on long-term customer relationships. Stay in front of them by being a resource. Send articles you know will be of interest to them. Offer them contact information of individuals who would be great strategic partners.
Create a system that tracks how many times you "touch" each lead and what type of information you share with them. Think about "touching" your prospects 33 times a year: Create a systematic drip marketing campaign consisting of newsletters, e-mail blasts, interesting articles, or phone calls. These are all ways of staying in front of your leads with information that interests them.
By being a resource, creating a strong customer experience, focusing on long-term relationships instead of short-term sales, and setting up systems, you can start creating customers. n
Ann M. Connor of Advicoach in Richmond specializes in coaching, advising, mentoring, training and facilitating business solutions with companies. Contact her at aconnor AT advicoach.com
Current Issue - May 2024