How to Convert Leads into Sales Opportunities
Lead generation is an important part of the sales process. However, not all leads are created equal. Some leads are more likely to convert than others. In sales jargon leads that are likely to convert are called ‘hot leads‘.
The probability of conversion of a lead depends on many factors. This includes stage of buying process, environmental factors, number of decision makers and brand awareness.
For example, a change in legal rules may push a lead to buy contractual management system immediately. Or increasing pain may make a patient sign up for treatment. The factors affecting lead quality are even more complex for a B2B business.
Fortunately not everything is out of your control. You can take certain steps to ensure that your leads are good quality and turn out to be real sales opportunity. Here’s how:
Give and Get the Right Information
It is important to sift the relevant leads from the rest. This allows you to focus on leads that can get you revenue. Imagine the amount of money wasted if you called up every lead to find that 80% don’t even reside in a region that you can service.
Getting relevant leads means giving correct information to visitors as well as collecting the right information from them.
To attract right leads you must make your services clear. Provide a clear description of services and products and a simple FAQ to avoid confusion.
Ask the right question at the beginning to know your lead’s expectation and needs. Remember that asking too many questions in the sign-up form can drive leads away.
Therefore use innovative tools to know your leads without having them fill forms. You can use social media, cookies and data on leads (with their permission of course) to get this information.
Qualify Your Leads
The next step is to qualify your leads based on the information received. Are they the right fit for your business? Taking on clients that do not fit into your target audience will only cause loss and stress in the long run. Check their needs, region, financial capability etc.
This can be done through following up with forms or telephonic campaigns. Telecalling campaigns can give you a detailed profile of your leads as well as an opportunity to answer early objections.
All of your leads will not be have the same readiness to buy, therefore requiring a segmented approach. Segment your leads based on the lead nurturing effort required.
For example, leads in the research stage can be moved further along the sales funnel through content marketing and email campaigns. Those ready to close can be handled through telecalling or face to face meeting.
The approach will be different for each business so spend some time to identify the best strategy for each sub-group of leads.
Sometimes a little push towards closing is all it takes to make a sale. Successful businesses have often used offers, exclusivity and time limit to convert a lead into a sale.
Amazon does this beautifully. Have a look at the product result on Amazon site.
The listing mentions free shipping, 50$ discount and fast delivery to incentivize immediate closure. Besides this, the reviews and rating by other customers add to the social proof.
The sentence ‘Only 1 left is stock’ adds urgency to the matter. These are all influence technique used by companies to incentivize leads to close the sale.
How can you use these influence techniques to turn cold leads into hot ones for your business?
Leads are people who are interested in your product but have some questions or beliefs holding them back. It is necessary to eliminate these objections to make them your customers.
Objection on price, quality of product, value preposition or after sales service are common ones. With each of these objections the customer is actually saying either of these things:
- He does not trust you – Nurture your relation with the client and give it some time
- He needs more justification – Offers and discounts might work here
- He needs more information – Give more information on your product
Getting to know the objection is important before eliminating them. Always have your ears wide open to your leads and ask them questions. This can be easily done through a telemarketing campaign focused on lead conversion and feedback.
Whatever your current lead conversion ratio is, there are things that you can do to improve it. Collect good quality leads by giving the right information and segment them according to their readiness to buy.
Running targeted campaign based on this will nurture your leads in the right manner. There are also ways to incentivize your leads and eliminate objections in their minds.
All this requires continuous improvement and feedback mechanism. You must know what is going on in your lead’s mind to pull this off successfully. Feedback can be collected using telecalling campaigns, collecting browsing data or feedback forms through emails.