More LEADS + More SALES = More REVENUE
Just imagine an entire sales force of rainmakers
By John Lankford
Ever wonder how some companies seem to always outperform everyone else? The good news is any business can learn to do what they do – it all boils down to a simple distinction.
It's not uncommon for me to find that people often confuse marketing and sales.
Horse before the cart
Imagine a giant funnel filled with little arrows pointing down toward the narrow part. Each of the arrows represents a marketing strategy designed to create leads for the business. Only after those strategies have driven the leads to their desired destination does the sales process come into the equation.
In today’s economy, many organizations are rethinking where they spend their marketing dollars.
Everything in your business begins with marketing. And to market effectively you must know who your target market is. This means: who is most likely to want and need what you have to offer and who is most likely to buy? Once you've figured this out, with specificity, it is essential to communicate the compelling reason that your target market should buy from you now...and the compelling reason should speak to your target market in benefits, not features. Get this right, and attracting qualified prospects to your business gets a whole lot easier.
– Jennifer Hines, Sales Strategist
There are three key principles in crafting a marketing strategy:
1. Research what your ideal customers really want and need.
2. Have a direct message.
3. Differentiate yourself.
Once you have uncovered what is really important to your ideal customers, crafting your unique selling proposition (USP) is a critical next step. Just how effectively do your marketing efforts and USP communicate how you rise above your competition with excitement? In addition to your USP, a guarantee is another powerful way to differentiate yourself.
Identify what you are doing already that is better than your competition; then compare that with what you've discovered really matters to your ideal client. Every piece of your marketing collateral must communicate the benefits potential customers will gain from buying your product or service.
Ultimately, your USP becomes a compelling value statement. People do not buy features; they buy benefits. A benefit can be thought of as an emotional response produced by the features. It is not the precision workings of a Rolex watch or the technical specifications of a Lexus car that set those brands apart. Rather, it is how their products make you feel when wearing or driving them.
Ready, set, sell!
The moment your phone rings, your marketing efforts have done their job. Now your sales process activates. Sales systems, scripts, and tracking are important for consistency. Did you know that according to national data, consistency is more important than quality or price? If you want to improve your conversion rate of leads to customers, you must first have a base system and a way of tracking your results.
Is your sales staff prepared to be successful? In this global economy, the challenge of getting and keeping a competitive edge is a whole new ball game.
The customized sales training we have experienced has significantly helped our team's approach to closing more leads to clients. In addition to the sales training, we have spent quality time improving our sales systems to drastically improve our conversion rates. The training with the sales staff has been timely, since our marketing plan and efforts have produced the highest number of leads in the first quarter 2010, than in any quarter in our company’s history. Our new leads are up over 115%. – Joe Houlton, CEO Allikriste Fine Cabinetry
If you have effectively identified, written, and communicated your sales system, it is time to take a hard look at the performance of your sales staff. One effective approach is competency modeling. Simply conduct a complete analysis of your top rainmakers. Identify exactly what each does to perform at such a high level. Once you complete this analysis, wrap the data into an ideal profile to develop and hire future sales associates.
Once you have a handle on the ideal, hire an outside expert to complete the review. Research and collect as much data as possible to assess these eight components. The data should aim to pin down the following detrimental issues:
1. uncertain commitment (attitude or motivation)
2. unclear performance expectations
3. a lack of skill or ability
4. an unproductive work environment
5. a lack of focus
6. job fit (whether you have the wrong person in the job)
7. a job function outline that is ineffective
8. a poor work system
Marketing and sales are both needed to outperform your competition in this economy. Likewise, they need to be re-evaluated based on analytical data gleaned from inside the company using an outside expert and in response to changing market realities.
About the Author
John Lankford was recognized as the 2007 and 2008 Associate Business Coach of the Year in North America. John was also recognized as the 2008 Global Associate Coach of the Year. His business expertise has been tapped by prominent business media such as the New York Times and CBS. John’s keynote speaking has landed him on the elite team that trains and certifies the new Executive Sales Coaches joining the worldwide coaching community. John has recently been named the Chief Executive Officer for the Innisbrook Leadership Institute.
John.Lankford@ThinkInnisbrook.com
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