One thing that has stood out for me in the recent Corona Virus scare, is an interview with the Chinese ambassador to the UK in which he said that the Chinese word for crisis is made of two symbols, one meaning ‘danger’ and the other ‘opportunity’. Famously used by JFK in a speech in 1959, this idea is often used in motivational speeches. However, having done some research, I learnt that, strictly speaking, the above is not actually true but like many other marketing slogans, it still works as an inspirational idea.
Sales are often connected with opportunities and risks which, whilst exciting for some, can be confusing at best and a headache at worst to others. This is why many companies stay away from new business sales and focus solely on developing existing business. As a whole, this is not a bad strategy but it can be limiting in terms of potential growth. If you have decided to dip your toe in new business sales however, there are two different elements you need to consider in order to make it happen;
- Lead generation
- Sales
In our previous Blog this month, we explained why the two are closely connected, yet very different processes. In this Blog, I wanted to look at the process and how you should approach it for best results;
Three things are very important to consider when it comes to setting your sights on new business sales:
- Target markets’ strategy: Understanding who you are targeting and why is key for a successful campaign. Just making a start and going to market is easier but almost certainly not better. I would definitely recommend that you spend time considering and planning before you start.
- Budget, expectations and time scale: New business development, particularly in B2B environments, takes time. You need to be realistic about how long it will take to get meaningful leads and convert them. This needs to be reflected in the budget you set for the project.
- The quality of your sales operation: If your lead generation strategy is working, your conversion rate will almost certainly drop. This is absolutely not because your leads are no good, though you should always test and measure them. This is because when you have more leads, your sales process and techniques come under strain and reveals problems and bottlenecks. Make sure you review these and make changes when required.
As a lead generation agency, we are often at the sharp end of new business sales and we have seen many campaigns succeed and almost as many fail in our time. This is why we understand how important are the above factors to the success of your growth.
So next time you get worried about your new business sales make sure you look for failures across the entire process, then implement new tactics, check again, change and so on. Remember what Leo Tolstoy wrote in Anna Karenina; ’If you look for perfection, you’ll never be content’. Celebrate your success and learn from your failures and most importantly, apply patience.
Click here to see how we helped one of our clients, Driving Vision, to achieve the right blend of lead generation and sales which contributed to their growth in their first year of operation.