Lead Management-5 Ways to Get Higher Sales Conversion with Lead Scoring
by Bill RiceAny efficiency expert will tell you that increased productivity comes from prioritization. Sounds intuitive enough--work on those things that give us the biggest bang for the buck. If we have lots of things to work on then start with the ones with the highest potential for positive results.
Unfortunately, when we manage sales we seem to throw our brain and these laws of success out the door.
Here are 5 simple ways to get your sale pipeline back in shape and pumping out closed deals:
1. Start managing the pipeline: First, and foremost start managing your leads. So often I enter a sales organization and see nothing even resembling sales management. Whether you are managing debt leads or enterprise software leads there should be a defined process. Sales agents should be following a consistent sales process. Otherwise, measuring and analyzing results to improve sales output is going to be impossible.
Managing your pipeline will begin highlight categories of marketing sources and sales processes that are most effective. These top performers should get top priority.
2. Discrete dispositions on every opportunity: Common mistake number two, bad data. Define your lead dispositions and then annotate (consistently) every lead, every time it is touched. This will immediately assist your lead management program. You will understand what happened to every sales opportunity, how long it took, and when it turned into a deal or death.
Prioritization starts with sales status. The classic sale funnel is still one of the best prioritization mechanisms, but you have to annotate the status.
3. Analyze contact rates: There is no clearer gateway to sales success than contacting a prospect. If you don't get the opportunity to talk to someone you certainly won't close a deal. So, track and analyze contact rates. If you can increase conversations you will increase sales. If you improve your sales to contact rate you will have the top sales team. However, you have to start by tracking and measuring contact rates.
Contact rates can help you to focus on the most responsive marketing channels first, speeding overall sales velocity and increasing sale motivation.
4. Analyze velocity: Time is the number one killer of sales. If you let an opportunity age or wander you will lose. Track your call back periods and create a rhythm that works. Use these tracking metrics to analyze overall sales velocity.
Sales velocity is critical to pushing more revenue through your sales organization. Tracking and prioritizing the fastest converting lead types can help apply sale pressure to the right places in your pipeline.
5. Analyze revenue concentration: This is probably the most logical of the 5 steps, but least applied. Sales activity should be concentrated on the top revenue producing lead sources or marketing channels. Whether this is sorted by opportunity attributes, product type, or marketing channel identify the top correlations between category and revenue. Then work them in that order.
Prioritization is the key to effectively getting more out of any limited resource or investment. Your sales and marketing processes should be organized to help you prioritize for more revenue.
Bill Rice is a leading authority on sales lead management and lead generation. He is a frequent writer, speaker, and keynote on sales and marketing topics.
1 Comments:
When it comes to lead scoring, I just simply make use of standard values (as in numbers) that I will assign to every lead based on the current marketing campaign that I have or the products that I am trying to sell. I get better conversion rates by going forth to those that have higher values than the others.
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