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How good is your Sales conversion process?
By The ICON Team on 24/10/2012 - 1 Comments
The recent episode over the failed award of the West Coast rail franchise to First Rail from Virgin and subsequently, overturning the decision highlights to me the need for absolute determination to be successful in business, as demonstrated by none other than ‘Sir Richard Branson’. His ‘never say die’ attitude to publically challenge the bid, even though the contract had been awarded is a lesson to all sales people in the need for focus, determination and tenacity to achieve success. In our October article on sales, this is discussed in more detail: Sell sell and sell some more.
The article ‘sell, sell, sell and sell some more’ highlights the qualities that underpin successful sales people: Determination, Tenacity, Positive Attitude, Self-motivation and more. Yet as a business owner do you have a process and system to measure the tenacity and determination of your sales people in following up on important and valuable (often very costly), sales leads?
Business spends a lot of time and money on marketing activity to generate high quality sales leads. We also know from research in the US and the UK that in order to close business there is a ‘courting’ process to be managed that will on average necessitate ‘8 touches’ before the prospect is fully nurtured and ready to commit to the next stage and can be managed through a sales funnel process.
So it horrifies me when I hear of companies attending and spending small fortunes to be at exhibitions, the output of which is hopefully walking away with a pile of ‘Hot Leads’ to pursue. However, when I go back to these companies in 3 say months’ time it is staggering to realise how few of these ‘expensive leads’ have actually turned into business and have been thoroughly and exhaustively pursued.
The reality is most sales people after the event ‘at best’ are hyped up and put in an email and make a call to the prospect. If they don’t get a response which is the normal outcome they leave it a week and repeat the exercise. If they don’t get a response at this point the trail of the ‘hot lead’ starts to go cold very quickly, the sales person loses interest and moves on. Simply making excuses that the prospect was not interested and could not be contacted.
As a business owner how many times have you heard, seen or experienced this familiar scenario?
The failure here is represented in many ways:-
- Failure to have a team of trained, tenacious, hungry sales people
- Failure to implement a sales funnel management process to track progress and maintain momentum with the prospect
- Failure to ‘nurture’ the prospect using a range of varied communication and contact methods to arouse their interest and create desire to act and engage with you
Whilst the West Coast example typifies why Richard Branson has been the undoubted success in business that he has, it also reminds us of some key ingredients that are essential to generate sales success each and every day in your business.
How good is your Sales conversion process?
If you have experienced the frustration of leads going cold all too easily and continually suffer with poor sales conversion then why not get in touch. At ICON we have 573 ‘proven’ strategies for increasing sales conversion and improving your sales process which I would be delighted to share with you if required!
There are 1 comments for this entry. Leave your comment below >>
Issy - January/22/2013
This forum needed shkanig up and you’ve just done that. Great post!
