Based on a [REAL LIFE] true story…
So, Your Business Incurred A $1M Lost Opportunity Cost.
Realistically, we wish that we didn’t have to write this blog. Let’s call them: “Client X.” Client X was enjoying the benefits of our advertising/lead generation campaign during the summer of 2020 (yes – in the midst of the pandemic)! Leads were flowing in, website traffic was buzzing, direct calls to the business – things were great. The Marketing Director (*key info here*) relayed to us that his Owner Operator was thrilled with the new leads coming in to his business as a direct result of Dynamic Wave Consulting‘s Lead Generation campaign!
Naturally, my next reaction was: “So, I’m assuming sales have been great then…right?!”
Client X: “Well, I’m not sure actually…”
Me: “What do you mean? You have leads, clicks, form submissions – and we’re monitoring them in real time!”
Client X: “But that’s not the problem…”
Me, flummoxed: “Well, what is…?”
Client X: “I’m not really sure what _____ and ______ are doing with the leads.”
*My jaw dropped to the floor* “You’re meaning to tell me, nobody is contacting these new, qualified leads?!“
My suspicion was right. Despite all of the leads, traffic, successful ads that we were running for Client X – they had no sales throughput process (a lateral, copyrighted term coined by my business school mentor – guest lecturer, published author, and Villanova Business School Author Jose Palomino). Revenue Throughput is the volume and velocity in which qualified leads can be converted into direct sales. Client X’s problem: they had no centralized, mechanized, automated sales process.
And, I’m Not Advocating That all Sales Processes Should be Automated!
I’ll put it this way: each lead that came in to Client X could have been a $500,000 – $1M deal. Let’s say that Client X converted even 15% of those twenty “20” leads. There’s $500K – $1M in sales commission…LOST!
In systems operations, not everything NEEDS to be completely automated (people do business with people, after all)! However, there are certain “tools” that Dynamic Wave Consulting – as the #1 Ranked Small Business Consulting Firm in Philadelphia – can recommend to improve your business’s “sales throughput.”
4 Quick Sales Conversion Tools that We Recommend:
1.) Lead Magnet on Your Website: Did you know that small businesses can lose up to 45% of prospective new customers just by lacking a quick, convenient form submission tool on their website(s)? It goes without saying, a “widget” or button where leads can “click” – directing them to a form submission link, which leads to a centralized location – is the “foot in the door” for a new client.
2.) Centralized, Tracking Mechanisms: Whether it’s Google Analytics or Wix Traffic Reports – there should be a designated, warm body tracking each form submission to strategically (and QUICKLY) plan the sales point of contact. Also – where are these leads coming from? PPC? Blogs? Referral Sites? Etc. Monitor your lead “sources” so that you can spend marketing dollars smarter – not harder.
3.) MAXIMUM Two “2” Hour Response Time: According to recent studies, 33% of new “buyers” make a subconscious purchase decision based on the timeliness of their respective vendor’s responsiveness. If you’re not chomping at the bit to contact a new lead (with the intention of converting to new business, sales, etc.) – there’s a bigger problem at play here.
4.) A Warm, Personalized Contact: Getting a warm body on the phone can make the difference in going with your firm or going with a direct competitor. It’s important that your sales “rep” is:
- Personable
- Informed
- Dynamic
- Solutions-oriented
- Well-versed in your business model
- Patient
Again, people do business with people. Your sales process is just as important as your website/marketing strategy in converting new leads and – ultimately – winning new clients!
Contact us today at www.dynamicwaveconsulting.com – let’s determine a more effective sales strategy for your business!
Bruce Leto (MBA – Villanova University)