Fact: you cannot convert a sale unless a prospective customer is aware of the business and what it has to offer.
With the above statement in mind, it’s not hard to understand why modern marketers identify brand awareness as the number one aim of their strategies. But while many businesses feel that lead generation is the secret sauce, the truth is that the recipe for success relies on another key ingredient: the sales process.
Lead generation will always form an important part of your marketing strategy, not least because it teaches you to develop a host of winning habits such as identifying your target market and focusing your energies on people who may actually have an interest in your products.
However, leads don’t pay the bills. Sales do.
Research shows that 95% of marketers believe that they know which channel generates the most business. However, 53% use half of their entire marketing budget on lead generation. Frankly, it highlights that active process of selling is criminally underrated by companies across multiple business sectors.
Leads will help you pinpoint prospective clients who may have some interest. However, customers are increasingly likely to shop around for a brand that is the best fit for them. It is shown that 86% of buyers are prepared to pay more for a better customer experience. Similarly, mindsets have shifted. It’s no longer just about finding the best product. It’s about finding the best product that aligns with their personal needs.
This is where the sales process can come into play. When done well, the personalised approach to selling will show clients that you understand their pain points and have the best solution for their specific requirements.
If your business is ever going to stand out and succeed, it must learn to combine leads and sales. When those two elements are in alignment, it can yield a 34% increase in revenue. Moreover, the increased clarity will place an added emphasis on building long-term relationships that send customer lifetime values through the roof.
Lead generation focuses on building awareness, but sales prospecting can qualify those leads using a one-on-one approach. Crucially, this allows sales teams to focus on opportunity creation and pipeline progression. The desire shifts from simply being an option to a solution.
Jordan Belfort, the Wolf of Wall Street, used a great example from his early days as a meat seller. Each door knocked on, with the accompanying pitch, was his lead generation process. Once a person asks for more information, that was his moment to switch into selling mode. From this point, his focus moved from building awareness of what he is selling to actively selling items that the individual wanted.
While door-to-door meat selling is vastly different to your business, many of the principles can remain. Lead generation is important as it makes people aware of your brand and what it has to offer. Selling, however, is all about following up on that initial interest to prove that your company and products offer the best solution.
Essentially, you need to take control of the conversation while simultaneously using all available data (through analytics and by actively listening to the individual) to deliver personalized results. Aside from generating conversions, this additionally builds the foundation for a long-term customer relationship that results in long-term advocacy.
And once you’ve gained a following of loyal customers, the future of the business will look brighter than ever.
Developing a dedicated sales process that integrates with lead generation and remains focused on closing the deal will give your company an entirely new lease of life. For the best results, it should use a repeatable formula for success while also offering the versatility and fluidity needed to convert each prospect.
To learn more from a Business Coach who has spent many years building strategies that achieve guaranteed results, get in touch today!