A friend of mine, Aki Jackson is always asking the question, Do you
know your numbers?
In my business, target marketing and telemarketing for lead generation, I deal with 2 kinds of numbers.
The 1st are what I call the “Magic Numbers” These are the key figures that tell you ahead of time if your business is going to grow or shrink. These could be anything from how many inbound inquires you have, to how many new proposals you put up this week, to how much junk mail your company got. Ok that might be a stretch but some of these magic numbers can be that off the wall.
The other number I am going to talk about here are your ratio numbers. The numbers of sales in your industry and your company that it takes to convert to a sale. How many raw leads does it talk to get a prospect, how many prospects does it talk to get an inquiry, How many inquiries does it talk to get an appointment. How many appointments does it talk to get a quote or proposal and how many quotes does it take to get a sale or project. And last how long or short is your sales cycle?
This brings us to the sales funnel. A sales funnel reveals to you how many prospects you have in each part of your sales cycle, and also details the conversion rates for each stage. This will tell you whether you have enough deals in your funnel to meet your goals, and whether you need to give special attention to certain areas of the sales cycle.
In my business, target marketing and telemarketing for lead generation, I deal with 2 kinds of numbers.
The 1st are what I call the “Magic Numbers” These are the key figures that tell you ahead of time if your business is going to grow or shrink. These could be anything from how many inbound inquires you have, to how many new proposals you put up this week, to how much junk mail your company got. Ok that might be a stretch but some of these magic numbers can be that off the wall.
The other number I am going to talk about here are your ratio numbers. The numbers of sales in your industry and your company that it takes to convert to a sale. How many raw leads does it talk to get a prospect, how many prospects does it talk to get an inquiry, How many inquiries does it talk to get an appointment. How many appointments does it talk to get a quote or proposal and how many quotes does it take to get a sale or project. And last how long or short is your sales cycle?
This brings us to the sales funnel. A sales funnel reveals to you how many prospects you have in each part of your sales cycle, and also details the conversion rates for each stage. This will tell you whether you have enough deals in your funnel to meet your goals, and whether you need to give special attention to certain areas of the sales cycle.
This number differs with each kind of business and each business within
a specific industry. So Do you know your ratios? Do you know your industries base line ratio
numbers?
If you had 100 raw leads and started contacting them how many prospects would you get? Figure it out.
If you had 100 raw leads and started contacting them how many prospects would you get? Figure it out.
If you got 1 out of 20 you would have 5%, 1 out of 15 6.66%. But you
need to understand that each of us have different and unique ratio numbers.
They are ours and ours alone.
You can only manage what you can measure. If you have just 12 deals in the first stage of the and you KNOW you need 20, then it’s a clear sign that you are in trouble and need to find and add at least 8 more new prospects in order to achieve your numbers
If not there are 4 different things you can do:
You can only manage what you can measure. If you have just 12 deals in the first stage of the and you KNOW you need 20, then it’s a clear sign that you are in trouble and need to find and add at least 8 more new prospects in order to achieve your numbers
If not there are 4 different things you can do:
1) Get deals from stage one to stage two quicker. Moving projects
though the funnel faster.
2) Increase the size of the projects
3) Increase the size of your projects by up-selling
4) Practice and learn the art of salesmanship
4) Practice and learn the art of salesmanship
The challenge for most companies is to generate enough good quality
sales into the funnel and to keep adding enough leads on a steady basis into
the sales pipeline. Telemarketing and teleprospecting, when used in conjunction
with other forms of marketing such as Blog, Social Media Marketing
(seo)Content, SEO, E-blasts, Website and Analytics can be an effective means of
communicating with your target market.
It is essential that you are set-up for success with your telemarketing and teleprospecting activity, by having good quality content on your website (people often visit your website after they have been called), a dedicated landing page to measure the success of your campaign and follow-up materials that can send to people that are interested in receiving more information.
A good quality database is vital to the success of any telemarketing and teleprospecting campaign. Once you know your ideal client you need to find the correct database based for your target market and decide on what qualifies as a qualification lead. Then carry out the telemarketing and teleprospecting campaign. If required, you need to be make adjustments on the fly in order to ensure the best possible results. These types of campaigns typically generate some sales ready leads but many are marketing qualified leads that are not yet ready to convert and nurturing. So starts the sales process
Larson Notes & Satire: Easy and hard all in one. So do you know your numbers and ratios?
It is essential that you are set-up for success with your telemarketing and teleprospecting activity, by having good quality content on your website (people often visit your website after they have been called), a dedicated landing page to measure the success of your campaign and follow-up materials that can send to people that are interested in receiving more information.
A good quality database is vital to the success of any telemarketing and teleprospecting campaign. Once you know your ideal client you need to find the correct database based for your target market and decide on what qualifies as a qualification lead. Then carry out the telemarketing and teleprospecting campaign. If required, you need to be make adjustments on the fly in order to ensure the best possible results. These types of campaigns typically generate some sales ready leads but many are marketing qualified leads that are not yet ready to convert and nurturing. So starts the sales process
Larson Notes & Satire: Easy and hard all in one. So do you know your numbers and ratios?
And
for better lead gen in telemarketing, teleprospecting and lead generation call
Larson & Associates at 847-991-1294 or email me at howard@larsonassociates.ws . One call is all it takes to start getting sales
leads into your funnel.
Howard Larson
Larson & Associates
Target Marketing & Telesales
Professionals for new account acquisition
Making good businesses great and
great businesses even better
847-991-1294
howard@larsonassociates.ws
http://www.larsonassociates.ws
http://larsonassociates.blogspot.com
http://www.facebook.com/LarsonAndAssociatesFans
http://www.linkedin.com/in/larsonassociates
https://twitter.com/LarsonAssociate
1 comment:
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