With a little additional effort and a small shift in focus from acquiring new leads to optimising existing ones, you can quickly increase the bottom line for your business. There’s little point in investing more budget in generating new leads if your existing processes see most of your hard-won enquiries fall through the cracks and never come to fruition.
Here are our top tips for increasing revenue using your existing leads:
- Nurture Those Leads
To remind us all, lead nurturing engages potential target buyers at each stage of the consumer buying journey by providing relevant, contextual information. It is during this time that prospects get to know your business, you build trust, educate, inform and begin a beautiful, long lasting relationship.
There are many tactics to consider in lead nurturing; personalisation, targeted content, lead scoring and follow ups. So, which one is right for your business? Well, all of them. The real questions are when and how should we implement them.
Personalisation: There are many ways to personalise your contact with prospects that will contribute to your lead nurturing strategy. Combining personalisation with known behaviours will help you to deliver the right message to the right persona at the right time. Content, worthy of gating, will attract leads but triggered emails when they download it will help to nurture them. And it’s not just gated content that this works for. For example, who has clicked on links in your emails? Who has paid a visit to certain pages on your website?
Targeted Content: This tactic is particularly effective in a B2B environment improving your inbound strategy. It can be summed up as reaching the right people, with the right message at the right time. To do this, creating buyer personas and implementing even the most basic marketing automation platform are vital to successfully nurturing leads through targeted content.
Lead Scoring: Which leads are most valuable to your business? Assigning a score based on predefined, appropriate metrics to each one of your leads will determine at what stage of the funnel they are in. Are they still a marketing qualified lead that need more nurturing or are they a sales qualified lead, ready for a follow up with a sales rep?
Follow Ups: A recent article highlighted some scary statistics regarding response times of US companies. 23% of companies never responded at all to leads. TWENTY-THREE percent.
A timely follow up to a lead or enquiry will significantly increase your chances of converting the lead to a sale, especially if you do your research in advance. Who are they? What content have they downloaded, or link have they clicked?
- Optimise Your Conversion Opportunities
This can be summed up quite simply; stop losing sales just because they are more complex! With a little attention and focus on sales that fall outside of the “happy path”, you have greater opportunities to convert more. These are the potential sales that have strayed off course yet the prospect has already journeyed, at least partially, through the purchase funnel. And guess what? They chose YOU!
By closely examining all the reasons why customers might stray from a happy path, you’ll find commonalities. Examine and re-examine your processes to incorporate the top “strays”. Constructing alternative user journeys for these types of sales will keep customers on the straight and narrow. Rinse and Repeat.
However, no matter how many times you do this, there will always be outliers. Consider assigning a small team or bringing in sales support from outside your organisation to hand hold high value, hot prospects to the end of their journey – even if it doesn’t result in a sale it will improve their overall experience. This is especially poignant (and possibly more pragmatic) when it comes to B2B sales which are typical higher value.
- Increase Total Value Customer Base
Lead generation and converting new customers is important for any business but it is wise to look at the cost of those sales. Continuously reviewing your marketing efforts and ROI will help you to reduce your acquisition costs.
- Always be selective with new strategies. Just because it’s trendy doesn’t necessarily mean it will work for your business
- Know your potential customer base and target the right people, not ALL the people.
- Look for every opportunity to repurpose existing content and assets across multiple platforms
Thinking about your existing customer base as leads will help to increase their value. With the right strategies you can leverage your current customer base to increase revenue. Encouraging purchase of bundled products from the start with increase the lifetime value of your customers but there are other, less obvious solutions:
- Listen to your customers: getting out there and listening to what your customers have to say will foster trust over time. It may also provide valuable insight into new propositions that could satisfy unmet needs
- Recognise and reward loyalty: Offering incentives for customers to come back to you for more services is one way to reward loyalty
- Engage through content: Once a customer becomes a customer they should feel they are getting some value out of the relationship. Providing highly valuable and engaging content will keep an open dialogue between you and your customers
- Thrill with exceptional support: When a customer needs support it is essential that you deliver. Giving a customer an exceptional experience will encourage loyalty and trust, which will in time, convert to revenue
- Upskill sales team
Expanding the capabilities of your existing team, or resourcing more experienced staff, is a sure-fire way to increase conversion across the whole team. In team learning is an efficient way to develop new skill sets across the whole team. Different sales people will have different strengths e.g one team member might be very skilled in upselling while another might be better at walking a customer through the products and exactly matching their needs. Imagine how it would be for both customer and organisation if every sales person was skilled in both? Giving your team an opportunity to grow and learn will help them feel valued and reduce attrition.
At SOLV we supply sales, presales and reseller solutions for businesses. We take ownership of and close more “difficult” sales, reducing pre install churn and bringing customers into the billing cycle quicker.
Contact us here for more information