Monthly Archives: October 2020

Our lead generation funnel

What is sales conversion support and why is it helpful?

When working on business development strategy with clients, we often come across companies who struggle to define their conversion rate. Three years ago, I wrote a blog about this which I think is still spot on. The key argument I was making is that getting both lead generation and lead conversion right, is the key to the success of any lead generation strategy. There is little point in generating leads if you cannot convert them and this can often result in wasted budgets.

To understand the problems better, take a look at the info graphic above. If you are using a lead generation agency to support your sales, you will find that most of them will support stages 1-2 of the funnel above leaving you and your team to complete stage 3. This often results in reduced return on your investment due to lack of conversion. which is why so many companies initiate lead generation campaigns which never get concluded leaving them feeling disappointed and frustrated.

As with other problems, explaining it can be easier than solving it because the solution needs to be specific and complex. We believe that you need to consider three key questions here:

  1. How much do you know about your prospect and their issues? Knowledge is power and really helps converting sales because it highlights where the opportunity lies as well as builds a good relationship. People are very keen to talk about themselves and their needs yet so many times we forget to ask the questions or dig a bit deeper to make sure we understand. Sometimes the answer is to pick up the phone and ask more questions or book a time to do so.
  • How detailed is your follow up process? Many people find follow up difficult because they are worried they will annoy the prospect or appear desperate. If you changed the word ‘follow up’ to ‘relationship development’ that might help you understand how important it is. The key to doing it well is to break it down to small goals and outcomes and then practice a lot. Still, this can be easier said than done and sometimes, another pair of eyes is required to make this work.
  • Does your CRM support this activity well? Most companies use a CRM system to record their business development work but getting this process right is difficult and time consuming. A big part of the follow up process is about booking the next conversation and documenting your new knowledge which makes the CRM work very important. To make it work you need to ensure the CRM process mirrors your sales process and that the team is clear on what needs to be done.

Like I said, it is easier to describe why conversion is difficult to affect than improve it. But fear not, at YBDT we approach things differently because we understand that new leads are often very initial and require a structured nurturing process to yield a sale. We offer our clients a more strategic approach that supports them throughout the sales process. You can read more about it here.

What to consider when launching the marketing for your new venture

A recent BBC article has pointed out that recession can be a good time to launch a new business. To demonstrate that they point out successful companies such as GM, Burger King, CNN, Uber and Airbnb which were all started at times of economic turmoil. 

According to Dane Strangler, a fellow at the Bipartisan Policy Centre, in Washington DC, a difficult economic backdrop makes companies both tougher and nimbler for years to come. He puts this down to two main factors – lack of finance and reduced demand which the new business has to deal with from day one, contributing to their resilience.

With unemployment in the UK soaring and many experienced professionals being made redundant, new businesses are opening everywhere. We are therefore dedicating our Blog this week to new business marketing considerations. Here are our top four tips:

Be clear on the problems you solve: People do not make changes unless they have to, particularly at recession. To ensure you are successful in launching your business, you need to be clear on the problem you are solving for your clients. To help you understand the true impact on your target market it is useful to question this with people you know in the industry.

Understand your target market: When you start with defining the issue you solve it is easier to identify your target market. All you need to do is understand who will be suffering most from the pain you relieve and delve more into what defines them. Make sure you do your research and investigate the details as it will help you to create the right approach. 

Create a strategy: As a new business owner, you will be wearing many hats and will have lots of information cramming your brain. Make sure you create a detailed business development strategy covering the following points:

  • Your product definition and the problems it solves
  • Your target markets, their issues, what they want to achieve and how they solve their problems at presence. 
  • What tactics will you use? Can you get referrals and recommendations, is there a special offer you can use as your hook?
  • Who is your competition and what marketing tools they use?

Do your own marketing: To start with, I always recommend that you run the marketing yourself, send the emails, make the calls and write your communications. This will not only save you money but also teach you a lot about your target markets and the way your product is perceived. 
We hope this is useful to your thinking as a new business owner. We wish you lots of success with your new venture. We offer specialist support to new businesses in the form of strategy and mentoring. You can learn more about it here. We are always happy to have a conversation so get in touch.