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Turning Leads Into Sales

Friday, January 19th, 2007

Our own business at Reach24 is all about generating sales leads for our business to business clients but along the way we’ve picked up a few good tips for converting leads into sales.

Here’s one we use ourselves and I would rate this as the single most important thing you can do to convince a prospect that they want to engage your services.

Put simply, talk to your prospect as if the deal is already done. Tell them what they are going to get when - not if - the contract is signed. Explain the benefits that you are going to help them achieve.

Remember that you’re not trying to stiff your clients - you are providing a service they want and so their goals and ambitions are linked in with yours. You and your clients are, in many ways, a team.

Personally, I always ignore the ‘we offer this…it costs this’ part of the process and start with the ‘you will benefit this way, your business can achieve this with our help, together we are going to do great things for you’ side of things.

The costs, contract terms and so on are just mechanisms for achieving a positive working relationship with a prospect and should be treated as such.

If you get to the stage of the conversation where the prospect says “that all sounds great, I’m really interested…what’s it going to cost me”, then you are way more than halfway home.

If this all sounds a little vague and ill-defined, let me give you an example that you may be able to adapt for your own business.

We recently picked up an ansaphone message from a web designer looking for leads for his web design agency.

So, even before calling him back, we already had some useful information about this prospect.

That there was a genuine level of interest (otherwise he wouldn’t have taken the time to leave the message).
His initial concern was the price of the leads (he had said in his message that he saw that our leads cost FROM £18 each but he wanted to know the exact cost of web design leads).

Calling the guy back, the conversation went thus :

Me: Hi, it’s Mark from Reach24. You’d left a message on voicemail yesterday. You’re potentially looking for a source of good web design leads, I understand.

Web Designer: Yeah, that’s right. I was just trying to get an idea of cost and how it all works.

Me: Oh, that’s good ‘cos I was just calling to give you an idea of cost and how it all works…can I just ask where you’re located in the, um, real world.

[this is my first attempt at establishing a rapport with the client and showing that he’s talking to yer actual, real human being not just a representative of a company that wants his money]

Him: I’m in London.

Me: Right. So you’re just looking for leads from the London area? I only ask because a lot of the enquiries that we can bring you are from all around the UK and they don’t seem to mind where their web designers are located.

[note the ‘that we can bring you‘ - I’m already generating an association between his business and the end result of our service. IE: We can bring him leads from all over the UK.]

Him: We’re happy to have leads from wherever. We don’t want to get enquiries from Sunderland or somewhere a long way away that only wants a local designer though. I don’t want to pay for those…

Me: No, absolutely. Look, it’s not in our interest to bring you enquiries you don’t want. We do speak to all the enquiries first, so if you don’t want leads from businesses who want a local web designer, you won’t get them. It’s not a problem…we can pretty much do anything you want in terms of focusing the leads we’re going to get you.

For instance…well, let me ask you this…is there any particular areas you specialise in. Are you ASP guys or PHP/MySQL or do you mainly do ecommerce sites ?

[I’m showing him some of the benefits here….he’ll get the type of leads he wants, it’s in our interest to help him get those…and I still haven’t answered his question about costs and how it works !]

Him: Let me explain about us. We’ve only been going as a company for a year and we don’t do Windows, ASP.net, ColdFusion or any of that stuff. We are PHP and MySQL developers mainly and we have some great graphics people.

We’ve done a bunch of different stuff, but recently we’ve been involved in developing a couple of small social networking sites. That’s the kind of stuff we’re really into doing.

Me: Really ? We got a social networking enquiry fairly recently. It was for an upgrade of a niche dating site but they wanted members profile pages, blogs, the chance to add music. The whole MySpace type thing, in fact.

I’m just wondering if that lead might still be good…I could send that to you to start you off. It’s a few days old, but you can have it for nothing. Ya never know.

The reason I asked about whether you specialise is we can create some extra pages just to target your particular area of expertise. That works well for our other clients.

[Again, I’m showing the client the benefits as if we’ve already done the deal…I’m offering to send a free lead to ’start him off’. I’ve talked about ‘our other clients’. Everything is from the perspective of ‘the contract is a good as signed…let’s work out how to get the best leads possible’]

Him: OK. But how much does it cost. What’s the upfront cost.

Me: We don’t charge anything upfront. You just get invoiced for the leads we deliver. Web design leads are £19.00 each and we just invoice you at the beginning of each month for the leads we’ve delivered the month before.

[We’re getting to the ‘close’ now. If we’re going to convert this lead into a client, the next questions should be about the mechanism of how it works rather than whether it works]

Him: So, we just pay for the leads we get. How many leads can we get per month.

Me: Up to you. We’d like you to have 100 per month, but you can have from 10 up to whatever you think you can realistically handle. So, I guess the real question is : how many leads per month can you honestly cope with?

[That’s it. I’ve closed this lead…we’re now negotiating based on the size of his business and their capacity to convert the leads we will be providing. From here on in, we’re actually talking about clauses in the contract…ie: number of leads per month and so on.

The point is and I personally think it’s a valuable and useful one: at no point in the conversation did I try to sell him on the service. The assumption was always that he was going to sign. Believe me…this works for all businesses]

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Aargh…Telephone Numbers On Forms

Wednesday, January 10th, 2007

For years I found the kind of web contact forms that had 4 separate boxes - each for 2 or 3 digits of my telephone number - extremely irritating.

You know, this kind of thing :

Now, particularly with enquiries for our Just Accountants website, I am more and more inclined to implement the same thing here.

You wouldn’t believe the number of people who mis-type their phone number. Then, again, maybe you would.

However, my concern is that implementing something like this will negatively affect conversions. Time for an A/B test methinks.

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The Buying Cycle…Not All Leads Are Created Equal

Sunday, January 7th, 2007

It’s a fact of life that not all business leads are created equal. Most businesses buying leads would very much like all the enquiries they get to be looking to make a purchase there and then.

And, obviously, I can understand that mentality. Nevertheless, enquiries come in for all stages of the purchasing process. It is your job, as a businessman, to address the needs of all prospects so that when they reach the end of the buying cycle, it is your name that is foremost in their mind.

As someone who is involved in selling leads in the business to business sector, this is one of the most difficult things to get across to clients. After all, they are paying us for leads and some of the leads we provide are from companies who are six months away from making a purchasing decision.

Companies at the beginning of their buying cycle need to be nurtured and coaxed towards the ‘right’ decision. At the earliest stages, an introductory phone call and email or literature introducing your company should be sufficient. However, as someone looking for business, you need to offer hand-holding and make yourself available as the prospect moves through the decision making stages.

Maybe your prospect has a directors meeting scheduled to discuss how to move forward. You need to be aware of such stations on the road to a purchasing decision and offer impartial advice (yes, for free) that can assist in that process. Real, practical advice and problem solving is what companies who are early on in the buying cycle need - not hard sell.

If you can keep in casual but useful contact with your prospect over the time it takes their company to come to a decision, then you will be well placed to convert that client when the time comes.

In some cases, of course, it may be your own business process that is causing a problem.

For example, we offer leads for accountants as one of our services. Inevitably, we receive a fairly high number of enquiries from brand new companies who want an accountant. Some of these have only just started trading and, so, their end of financial year is up to 12 months away.

The problem from our client accountants point of view is that this can mean they receive no income from acquiring these new companies as clients until the following year. To my mind, however, this is a flaw in the accountants’ own business. Surely, there are enough value added accountancy services (bookkeeping, paye, payroll, etc.) that the accountant can monetise these newly formed businesses quickly.

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Turning Leads Into Sales

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The Buying Cycle…Not All Leads Are Created Equal

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