Author Archives: Yafit Davis

Lead nurturing journey

Lead nurturing – what is it and where does it fit in your sales process?

The American philosopher Deepak Chopra once said: ‘It takes a little bit of mindfulness and a little bit of attention to others to be a good listener, which helps cultivate emotional nurturing and engagement…’  Without wishing to go too deep, I think it’s a great quote which demonstrates relationship creation very well.

I know many of you will be wondering what all of this has to do with lead generation. Well, as generating leads is a key part of sales, building relationships is part and parcel of it. In our business we meet many clients who would like to find a shortcut which will bypass all of the relationship stuff and get them straight to a sale. I am sorry to say that in all the years I have been selling, I am yet to find this type of shortcut. I am afraid that if you want to develop new business, you need to put in the time for creating a relationship first. This is particularly true when it comes to B2B high value sales.

So now that we have all agreed that relationship creation is essential to a successful sale, let’s spend some time talking about lead nurturing;

  1. What is it then? It’s an overall term covering the numerous times you will need to follow up in order to turn a suspect into a prospect and then a client
  2. Why is it important? I have written before about buying styles and how they affect decision making. It transpires that only 15% of the population can make decisions fast, which means that you have to follow up a lot before you get an answer. If you are doing it right, you will be nurturing the relationship in the process, thus making a sale more likely.
  3. Where does it fit in your sales process? A business colleague of mine once told me that in his opinion, in between an enquiry coming in and a sale being made, a whole desert exists… I could not agree more, so, lead nurturing fits all the way through from when the lead is generated, to when a sale is made.
  4. Who should be charged with nurturing leads? Normally this is done by your sales function, be it you or your team. In my opinion, long term lead nurturing is better off being assigned to a skilled telemarketing team either in-house or outsourced. This will free up sales to deal with hot opportunities whilst ensuring that leads are not forgotten.

I hope you found this helpful. If you are one of those people who understand better through pictures, check out this infographic. You can also check out our lead nurturing service here. Do get in touch if you wish to discuss this further.

E-mail marketing the right way

B2B E-mail marketing the right way, what and how?

If this image resonates with you, you may well be one of those people who cannot wait for GDPR to take hold, hoping that their inbox will considerably shrink as a result.  Well, I am sure it will, particularly from a private e-mail perspective but not so much when it comes to your business e-mails.

Why is that I hear you cry? In my latest Blog I talked about the future of B2B e-mail marketing and you can read all about the differentiation made by the regulations between corporate and private data. If you are past that stage and have decided to carry on using e-mail marketing with corporate date on a legitimate interest basis, you will need to consider a number of things.

Using legitimate interest as your legal basis to send marketing e-mails is not a licence to carry on spamming.  On the contrary, it puts you on the spot and gives you an extra responsibility to make sure you are compliant and respectful of people’s data and inboxes.  What does this mean? you might ask, well here are some examples:

  1. Carry out an analysis for each campaign you are planning, to determine the following:
  • Is the campaign absolutely necessary?
  • Is there a less intrusive way in which you could do this?
  • Will this seriously undermine your recipients privacy?
  • This questionnaire might help you out with your assessment
  1. Update your privacy policy notice on your website and add a link to it at the bottom of your e-mail
  2. Tell people why you are writing to them and ensure there is a clear and easy link to unsubscribe
  3. Include your company name and contact details so your readers know who it came from you
  4. Use a proper e-mail marketing software (like Mailchimp or Campaign Monitor). These ensure that unsubscribing is done properly, and you cannot write to these again.

All of the above is important and relatively easy to achieve but the key factor to consider is the content. The main point that GDPR is making is that people do not want to get unsolicited sales e-mails that are all about you and what you can do for them. They are a lot more likely to interact with you if you think about them and what they are likely to be interested in.  So, here are a few things to consider when it comes to making your content more compelling:

  1. Consider your target markets and ensure your lists are segmented to allow you to send tailored e-mails
  2. Create a campaign and content plan, ensuring you are sending out focused communications based on target market interests
  3. Make your e-mail template pleasant to look at and connected to your brand and website
  4. Blend your e-mail marketing campaigns with Blog pots, articles, guides and other useful materials
  5. Keep the e-mail message simple and include relevant links for people to find out more
  6. Don’t bombard people with communications; we are all busy and even useful e-mails can become a nuisance if overdone
  7. Don’t forget to analyse the data and follow up

I hope you found this useful. I read the other day that only 40% of UK business are ready for GDPR and truly hope that you are. If you are doing your own e-mail marketing and looking for some support, have a look on our website or get in touch.

 

 

E-mail marketing post GDPR

How to use e-mail marketing post GDPR?

If like me, you use e-mail marketing as part of your overall marketing strategy, you are probably worried about being able to carry on using it post GDPR. You are right to be concerned about it, as the new regulations were set specifically to stop unsolicited electronic communication of all sorts and will make it harder to use e-mails on a large scale.

The two key reasons we like to use e-mail marketing, are cost and data analysis,

  • In comparison to other methods such as direct mail, e-mail campaigns are relatively easy to set up, design and it costs a lot less.
  • If sent using a proper platform, data analysis is readily available, allowing you to get a good understanding of how relevant your recipients thought your e-mail was.

This makes e-mail marketing a key B2B strategy, which will not be easily replaced using more compliant methods.  So, the question is what you do at this stage and it’s an important question which should concern your entire marketing strategy.  However, should you decide to carry on using e-mail marketing, here are a few considerations as to how to do it in a GDPR compliant way:

  1. Be clear on whether you are marketing to businesses or consumers. This is because GDPR differentiates between corporate and individuals’ data. Here are the definitions:
  • Corporate data includes limited companies, public companies, corporates and public-sector organisations
  • Individual’s data include private individuals as well as partnerships and sole traders

This is very important to understand because under GDPR you will not be able to send e-mails to individuals unless you have their consent to do so. Corporate data however has been given some additional options for now which will be discussed below.

  1. Decide which legal framework you will be using to justify your e-mail campaigns; GDPR allows for six legal grounds for processing private data of which only three are relevant for marketing:
  • CONSENT: the individual has given clear consent for you to process their personal data for a specific purpose. If you are using individuals’ data, this is your only option.
  • LEGITIMATE INTEREST: the processing is necessary for your legitimate interests or the legitimate interests of a third party. If you are marketing with corporate data, you can use this legally, but this is not a license to spam. Here are more details on things to consider
  • CONTRACT: your list is made up of your current clients who are aware you are marketing to them and can easily opt out from the e-mails.
  1. Review your marketing list: Once you are clear on your target market, make sure you review any existing marketing databases you are using. Check for the following:
  • Any individual’s contact details you might have (such as Gmail and Yahoo e-mail addresses). This often happen if you have used contact details of LinkedIn connections for your list.
  • Any partnerships or sole traders you may have included in the database.
  • If this is a client list, ensure there is no historical data of people you have not worked with for over 18 months.
  • Consider how old is the data you are using overall as GDPR requires you to use accurate and up to date data.
  1. Make sure you are compliant with all other elements of GDPR and data protection. Marketing is only a small part of the GDPR piece. Whether you chose to carry on with e-mail marketing or not, make sure you investigate what is required in further details if you have not already done so. Here are just a few examples:
  • Check your website privacy and Cookie policies are up to date
  • Make sure you have a data protection, use and breach policy
  • Consider your data storage, back up and overall systems security

I hope you found this useful, I read the other day that only 40% of UK business are ready for GDPR and truly hope that you are. If you are doing your own e-mail marketing and looking for some support, have a look on our website or get in touch.

Lead generation tools

Lead generation: Six B2B tools to consider

I love this quote from author CS Lewis: ‘You are never too old to set another goal or to dream a new dream’. Still, sometimes the reason for setting new goals and dreams is out of hands. GDPR is one of these situations; making sure your business is compliant is an absolute pain in the backside, but it forces you to review many key processes in your business which is never a bad thing.

Going through this joy myself in the past few weeks has made me consider lead generation methods we use in the business, for clients and ourselves. This lead me to some research for different ideas that fitted well with our lead generation system and new ways of using current methods. As my much-appreciated readers, I am sharing my thinking with you in the form of the top tools to use in B2B marketing à la Your Business Development Team:

  • Offline methods:
  1. Direct Mail: Or lumpy mail in marketing speak, is making a come back in post GDPR marketing as it is one of the methods you can use with prospect companies as long as they have not asked you to stop. In these days of e-mail, a letter has become a bit of a novelty and you can use to your advantage.

How to use it: I would suggest using it in conjunction with other campaigns; using a variety of platforms ensures that you are appealing to all of your prospects. Due to cost, it is probably worth making a long-term plan so that you are designing multi-use materials and printing in bulk where possible.

  1. Networking/ referral partners: Referrals are by far the best way to gain new business. Firstly, you start the relationship much further ahead, knowing your prospect requires your services. More importantly, your conversion rate is likely to be much higher with referrals as the trust is there from the start.

How to use it: This would very much depend on the stage of your business, how much time you have and your personal preference. There are many versions of networking groups out there to suit everyone. If your business is new, you tend to network more. Mature businesses tend to settle into referral affiliations with their clients and suppliers. I think any arrangements is fine as long as you are benefiting from this key tool.

  • Online methods:
  1. LinkedIn: Many of my younger colleagues dismiss LinkedIn as it seems very corporate in comparison with hipper Social Media channels. In my opinion, it is the most relevant Social Media tool to use for B2B as people who use it expect to talk and read about business topics. It is also the best place to connect and find your prospects’ most up to date details.

How to use it:  The three key elements on LinkedIn are:

  • Create a decent profile
  • Constantly grow your following
  • Represent your business through posts and article sharing

If you have not used it before, I strongly recommend having some training on it as it will improve what you can get out of it.

  1. Content Marketing: This is a tool which is relevant to a number of marketing platforms such as Social Media, E-mail Marketing and your website. Many businesses already use Content Marketing Though GDPR enforces the importance of getting it right. This is because it focuses you on your expertise and how to best share them with clients and prospects thus attracting interested parties the right way.

How to use it: Content Marketing is a good way to grow brand awareness, but it is not a quick win. For it to work, it needs consistency and time so create a monthly plan including Blogs, posts and e-mail campaigns and stick to it. Make sure you consider how you use e-mail marketing in the light of GDPR, ensuring you are compliant. Note that the digital space allows you to use many and varied tools so get some advice from a good digital agency.

  1. Landing Pages: This is not a new tool but I think it takes centre stage in list-creation post GDPR allowing you to reach prospects who have already expressed an interest in your product. So, what is it? The definition of it according to Unbounce is: ‘a standalone web page, created specifically for the purposes of a marketing or advertising campaign. These pages are designed with a single focused objective – known as a ‘Call to Action’.

How to use it: To use Landing Pages effectively you need to be specific and to do this you must understand your market well. I would suggest creating pages for specific campaigns and specific target markets. To work well, these need to form a part of a well thought out marketing strategy. Although there is plenty of free and helpful software for creating Landing Pages, it might be useful to use a digital agency to help you create them, at least initially.

I hope you found this useful for your post GDPR consideration. Whatever you do, don’t forget to follow up which is where the sixth top lead generation tool comes into play, the telephone…

Always happy to support your thinking so get in touch if you think we might be able to help.

Lead generation funnel

The lead generation funnel, how does it work?

I recently came across a great quote from the author Samuel Johnson: ‘Great works are performed not by strength but by perseverance’.  This is true of many things but it’s particularly important with lead generation work. This is because successful lead generation involves a meticulous process and takes a lot of patience and resilience to see it through to results.

You might say that it is therefore not for everyone and you will be right. I have written before about the level of confidence you need to have in your product to engage in lead generation. This Blog is, however, written for people who want to run successful lead generation campaigns in their businesses.

Having spoken to a few people about this recently, I realised that the word funnel is misleading because it suggests that anyone that comes into your lead generation funnel will inevitably become a customer.  Even if we allow for an unlimited amount of time to pass, the reality is that some will fall out, which is actually the point of the qualifying process. However you choose to picture the process, it is key to understand how it works in your business.  If you don’t, you could get caught in a fruitless search for the magic method which is both costly and pointless.  Here are the key stages of a lead generation processes:

  1. Generating interest through sending out communications appealing to your target markets’ problems and needs. This can be done with a variety of marketing tools, including Social Media, e-mail marketing, advertising, buying data lists and so on. This stage is also known as identifying suspects.
  2. Identifying specific interest within the group of suspects through making direct contact. This is often done by e-mail or telephone follow up. This stage is also known as identifying leads and can take a while to move on to the next stage.
  3. Developing further knowledge of the leads identified to understand their problem and circumstances. This can be done via a telephone or face to face appointment. This is a key stage as a sale will not happen if there isn’t sufficient desire to change. This stage is also known as identifying prospects or opportunities.
  4. Providing a solution and closing the sale. Whilst this sounds very straight forward, it can take time to get a result and often your proposal is just the beginning of a lengthy follow up process. Still, if you managed to uncover some pain in the previous stage, you should be able to use it to press on.  This stage is also known as creating customers or getting paid 😊

I hope this helps in terms of your campaign plan. Here is what’s also important to remember:

  1. Your initial communications need to be tailored and specific to attract the right leads.
  2. It is vital to follow up with every interest shown in stage 2 as it is key to building up a relationship and moving you forward.
  3. The more you speak with your prospects, the more you have an opportunity to understand their problem. This in turn will provide you with the opportunity to provide the best solution and make a sale.
  4. This is not a quick process normally, it requires lots of follow up as well as kissing some frogs. The clearer you are on your goals, budget and the length of time required, the better.

Your Business Development Team can help you with stages 1 & 2 as well as continuous follow up to support your efforts. Read more about it here and give us a call to find out more.

GDPR update

How will GDPR affect B2B Marketing? An update on the state of play

When I first started looking into GDPR last summer, I, along with many others, had identified that big changes were in store for direct marketing. I even thought that this may be the end of e-mail marketing as the most popular B2B marketing tactic. It then became obvious that the regulations distinguish between corporate subscribers and personal data. This is significant as it could mean that the rules for B2B direct marketing may stay largely unchanged. This Blog attempts to give you the latest low down and provide some clarity:

A key fact some people are not aware of, is that GDPR itself does not mention marketing at all, rather the two relevant documents here are:

  1. The Data Protection Act 1998 (DPA)
  2. The Privacy and Electronic Communications Regulations 2003 (PECR)

As you might have guessed, both have existed for some time but GDPR has given them extra importance since it has the power to act against offenders. One more important factor to bear in mind, is that the new e-privacy Regulation (ePR) which is currently being agreed by the EU to replace the PECR will not be completed by the time GDPR comes into effect in May. The new ePR may bring some additional changes affecting B2B marketing which are unconfirmed at present.

But what are the actual rules and what can you expect to be able to do or not in the B2B market after May 25th?  Well, I did a lot of reading and found some useful Blogs but they all said slightly different things, here are a few examples:

  1. In May 2017, the Upfront Blog interviewed Lecturer in Law at University of Hertfordshire Henry Pearce who said: ‘At present, PECR specify that B2B email marketing and similar activities would not have to obtain the express opt-in consent of any individuals whose personal data were involved in said activities. Therefore, in the context of B2B marketing activities involving personal data, if individuals are given the option to opt-out this is sufficient to establish consent. The GDPR broadly also retains the abovementioned conditions for processing of personal data contained within the DPA, but with some important clarifications, particularly regarding individual consent.’ Read more…

What did I make of it: Whilst Mr Pearce did his best not to answer the question directly the Blog does provide good guidelines for ensuring your data system is robust.

  1. In July 2017, Blue Sheep Blog wrote about the new e-PR and said: ‘Although an unfinalised draft, the new e-Privacy Regulationcontains several key points relating to electronic communications that will affect B2B (and B2C) businesses, including applications to more communication services, simplified rules on Cookies and changes to soft opt ins which relates to messages to existing clients.’  On the subject of B2B data being classed as personal or not the Blog said: ‘Depending on whom you ask, you’ll hear mixed messages’. Read More…

What did I make of it: This Blog does a good job of clarifying the situation and explain the distinction between B2C and B2B data.

  1. In January 2018, Lead Forensics produced a Blog which related to the definition of ‘personal data’, ‘sensitive data’ and ‘business data’. Under the business data category, it read: ’GDPR only applies to data relating to individuals, not relating to businesses. So, data that is clearly related to a business such as business name and address, landline number and info@ email are all outside of GDPR ruling. However personal business email addresses can fall under a classification of “personal data”.’ Read More

What did I make of it: Very helpful infographics for those who like the information summed up clearly.

  1. In the light of personal business e-mails being considered ‘personal data’ you might want to read the Marketing Centre Blog which clarifies the term ‘legitimate interest’: ‘Legitimate Interest is one of the 6 lawful reasons for processing personal information defined in GDPR. The regulation states specifically that “the processing of personal data for direct marketing purposes may be regarded as carried out for a legitimate interest.”In fact, the DMA view is that B2B marketers will be able to make use of the legitimate interest legal grounds for their marketing activity in most instances.  Keep in mind, though, that the definition of legitimate interest is still a matter of debate. GDPR requires the sender to justify that a communication is in the legitimate interest of and does not risk the privacy of the individual. ‘Legitimate interest’ should not be used as a reason to ‘catch-all-and-carry-on-regardless’. You can download the DMA guidance on legitimate interest here. Read More…

What did I make of it: The Blog raises some key points and offers some useful links. It helped me understand how legitimate interest works.

 So how do you settle it?

The surprising answer is, read the Direct Marketing Guide put together by the ICO (Information Commissioner’s Office – they are in charge). The document is well written in easy to understand language and includes plenty of examples. It’s not even too long.

Key points to take away:

  • Whilst we await the new e-PR to be agreed by the EU parliament the main legal documents referring to B2B marketing are DPS and PECR
  • There is ambiguity as to whether business e-mail addresses (for limited companies and corporates) are considered ‘personal data’
  • The main justification for B2B marketing under GDPR will fall under ‘legitimate interest’ though you will have to treat this with care
  • The biggest change to practice will be around data management so you need to sort this out as a matter of urgency.

As always, we will be delighted to help if we can. Do check out our GDPR support here and get in touch if you would like more information.

 

Baby in the bath

A few key reasons not to throw the baby out with the bath water

Current affairs offer us many examples of throwing the baby out with the bath water, Brexit being a particularly prominent example. If you read The Chimp Paradox by Dr Steve Peters, you will be aware of how the chimp can rule our lives, leading us to make some hasty choices to prove that we know best.

With GDPR approaching fast, I hear many business owners declaring that as these new regulations are a headache, they will give up on marketing all together. Others are being less defiant and plan to give up on e-mail marketing as a strategy. I understand this approach as many business owners of established companies hold two key beliefs which support it:

  1. They know they get most of their new business from referrals
  2. They see marketing as an expensive overhead with no guaranteed results

You might be surprised to hear that I don’t disagree with these beliefs: I regard networking and referral marketing as my key new business strategy. Like everybody else, I have seen mixed results from new business campaigns. The difference is that I have not given up on pursuing new business from scratch and have instead created an eco-system utilizing many strategies.

Sounds mysterious and complicated you might think. Others will regard it as marketing speak and they are probably right. What I mean by it is that I have come to accept a few beliefs of my own:

  1. Every strategy has its own rhythm and requirements which need to be taken into account in order to drive it forward.
  2. Referrals are great and much easier to deal with and convert. However, they don’t necessarily drive your business in the direction you currently seek.
  3. Very few things in life are guaranteed. Marketing is certainly not one of them but it’s essential to your business.

So, before you and your chimp run ahead and delete your marketing databases, suck your e-mail marketing company and free yourselves from the marketing overhead altogether, remember:

  • GDPR is not an excuse to stop marketing but rather to do a better job of it
  • Developing new markets is essential for your business to thrive and grow
  • Things rarely work by magic, but they will deliver value if carefully planned and executed.

As always, we will be delighted to help if we can. Do check out our GDPR support here and get in touch if you would like more information.

Good data is queen

Why good data is queen and wears the trousers

Jonathan Perelman, VP of Agency Strategy at BuzzFeed once said; “Content is king, but distribution is queen, and she wears the pants.” I strongly agree with him although I am sure he means trousers. I would take it a step further and say that the quality of one’s data in specific is queen and wears the trousers.

You might wonder why good data is so important. Indeed, I see many companies with a great big database which they have compiled over the years.  The list is normally a mixture of current and former clients, prospects and various contacts who approached the company over the years. If this is your marketing list, I think you need to review it for the following reasons:

  • Much of the information is likely to be out of date: some companies will have closed and decision makers have moved on.
  • The list covers a mix of target markets: customers, suppliers and introducers. It makes creating a targeted message very hard.
  • The new GDPR rules mean that you will need to obtain consent from at least a part of the contacts on the list, in order to continue sending them marketing e-mails.

What do I suggest that you do instead? I would recommend buying a data list from a good source over any other method. Just before you rush into getting one, you should consider the following elements:

  • Identify your specific target markets’ industries
  • Identify your specific target companies’ size and employee numbers
  • Identify the relevant decision makers you would like to approach
  • Consider the appropriate geographic footprint
  • Consider the size of your list and allocate a budget

My recommendation would be to approach a list broker, who can research a number of optional lists and buy up to 2000 contacts, no more. Another important factor is to ensure that the data is GDPR compliant.

Buying a data list would mean that you can tick many boxes around obtaining specific data. However, I would recommend that you consider doing some further research of your list to make your marketing campaign more successful. Here are a few things to consider:

  • Connecting with all senior contacts on your list through LinkedIn. This will allow you to start a relationship and find out more about their current needs.
  • Finding additional contacts who may be involved in making the buying decision. Sending communications to a variety of contacts within an organisation, particularly a large one, increases your chances of getting a response.
  • Review the companies’ websites to identify additional key information such as new products, new projects, new recruitment drives, new senior appointments etc.

You will be absolutely right to say that doing this kind of research in large volumes is very time consuming. This is why I recommend that you buy a smaller list or prioritise specific companies within it to make the project more manageable. Another option is to outsource the data research to a third party.

Happy to speak in person about your data options. Click here to find out more about how we can help make your data better.

Cold calling is bad

How many cold calls have you had this week?

In Barking Up the Wrong Tree, an excellent book about success, Eric Barker mentions some interesting research into insurance sales. The project concluded that sales people could actually be hired on their level of optimism alone. Apparently, agents who scored in the top 10% of optimism, sold 88% more than the most pessimistic tenth.

Reading this made me think about telesales consultants and how their job must require the biggest reserves of optimism compared with any other sales job. Considering what I sometimes say to some of them when they ask me yet again if I want to sell my business…. You must be very resilient, optimistic or desperate to be able to pick up the phone and do it all again.

Thinking back to that piece of research, I wonder if optimistic telesales consultants sell 88% more than their cynical colleagues. Moreover, considering the negativity that surrounds telephone sales I wonder if they sell anything at all. I don’t mean to be rude to telesales consultants, some of whom are very good at their job. At Your Business Development Team, we use telemarketing as an important tool in our operation. I also spend a lot of time talking to clients about the importance of picking up the phone and not hiding behind their computer screens.

What is the problem then you might ask, and what is the difference between telesales and telemarketing anyway? The best way to explain It, is to liken it to the difference between cold calling and warm calling. I believe cold calling is just another way to try and achieve a quick sale through cutting corners. It is often connected with a poor strategy and hasty action to try and pull quick results; now I am all for results and quick ones where possible but if you are looking for real results they often take time to achieve.

Consider your buying preferences; would you rather:

  1. Get some relevant information first, allowing you to engage with the company and consider its product then get a phone call following up to get your feedback and build a better picture of your needs?
  2. Have someone call you out of the blue asking you how you are today or telling you they are just conducting a survey…

No strategy is perfect or offers guaranteed results but I know which one I would prefer to be the receiver of.

As a business owner, a marketing manager or a sales director, it is important to consider this, particularly in the light of GDPR which is bound to bring about a surge in cold calling. I would hesitate a guess that many companies who used to spam you with loads of sales e-mails because it was easy will migrate to cold calls instead. So, even if it sounds really tempting, don’t go down this route, consider your target markets and how to contact them appropriately. Take the time to build an intelligent lead generation strategy and you will get real results much quicker.

As always, I will be happy to discuss your requirements in person. Click here for more information on setting up a telemarketing operation.

New business sales

If you were going to prioritise one element of your new business sales, what would it be?

Often when I ask these kind of questions, people use the world’s biggest cop out and say, ‘How long is a piece of string…?’ Well, I now have a brilliant answer for this, it goes like this: A piece of string is twice as long as half its length….

Now that old chestnut is out of the way, let’s get back to my original question above. Actually, when you look at what constitutes new business sales, there are only two components:

  • Lead generation:  The effort that goes into generating new sales opportunities
  • Conversion: The effort that goes into converting these opportunities into actual sales

To avoid over simplifying the important process of new business sales, it might be helpful to break these up further to understand what does each process involves:

  • Lead generation would broadly involve the following:
    • Creating a strategy based on your target markets
    • Reviewing your touch points such as your website and sales collateral
    • Gathering data based on specific demographics
    • Running monthly activities to create and identify interest
  • Conversion would broadly involve the following:
    • Making an initial contact to understand their requirement
    • Providing them with specific information
    • Following up and building a relationship

I hope this has helped you make up your mind on your choice. If you want my opinion, focus on conversion and outsource your lead generation. In my experience, if you invest money or time into lead generation, eventually, you will get more leads. However, your conversion rate will drop the more leads you get. This is because your conversion rate is a percentage based on the number of new leads; if that number increases but your conversion stays the same, it will be a smaller percentage overall. This is why, it’s very important to work on your conversion so you don’t waste money on getting more leads that are not becoming sales.

One of the biggest elements to review is your follow up process. I am sure you may have heard that 80% of sales are made between the 5th and 12th contact yet 90% of sales people make 3 contacts or less. It is simple, if you want to improve your conversion rate, follow up more.

If like me you understand that improving this may take more resources than you care to assign to it, have a read here to see how we can support your team through strategic lead nurturing.