More opportunities, more earnings
If you want more qualified leads, higher conversion rates, more clients, and more earnings, you’ll need to ensure your organisation has the six key ingredients of an effective sales and marketing pipeline.
Having a great salesperson or sales team is not enough to achieve this. The answer lies in having an effective, coordinated and collaborative marketing and sales regime. If you have these six elements in your marketing and sales kit, then you’re set up for more earnings.
1. Steady Stream of Qualified Leads
Focused, results-oriented marketing initiatives are essential for generating a steady stream of qualified leads. A start-up personal financial management company, for example, can gain traction by sharing practical advice through well-curated blog posts and investing in search engine optimisation (SEO) and PPC advertising.
In this scenario, a qualified lead will browse the company website, read the blog, become a subscriber, or make contact through an internet search for ‘personal financial management companies’.
2. Lead Nurturing
A constant stream of good-quality prospects does not always guarantee immediate conversion. This is where lead nurturing comes in – tracking prospects’ needs, communicating regularly through a mix of channels, and offering useful or educational information and advice.
This is a discipline often neglected by the sales team and often not well executed by marketing. Well-run nurturing will maintain touchpoints with leads and increase conversions, and can be done efficiently and effortlessly.
3. Qualified Lead Conversion
This is the point in the sales pipeline when a prospect starts to act through a buying decision, and it requires collaboration between sales and marketing.
Take note that thousands of qualified leads do not equal thousands of conversions. Businesses often do well at this stage because they’ve traditionally grown from strong sales functions, but surprisingly, we often find opportunities to improve conversion rates from ‘good’ to ‘best practice’.
4. Opportunity Management
This is where the sales team truly comes into its own, and strong conversion rates are a key measurement of effectiveness. However, what’s often missing is the optimisation of lead quantity, lead quality, and the effective transition from lead to opportunity.
It’s surprising how many businesses have low conversion rates. Effective opportunity management depends on effective lead generation, lead nurturing, and the appropriate sales skills.
If lead generation and nurturing set your business up with attractive opportunities, and if your salespeople have the right skills and will, then you can achieve a high conversion rate.
5. Current Client Account Management
Companies invest a lot of time, money and effort into acquiring new business. However, the biggest opportunity for more earnings often sits within your current client portfolio. Account management is more than looking after key people, fixing problems or taking re-orders. True account management includes continuously identifying how a good client can bring more earnings into your business.
A well-managed account plan executed through sales and marketing can deliver significant results. Your current clients are your brand voices. Take care of them so you can keep them and optimise revenue.
6. Nurturing Past Clients
Make a point to review your client database periodically.
Who are your past clients? What did they buy? Were they satisfied? Is your information up to date?
An effective marketing team can target and nurture past clients to generate new opportunities.
If you’re launching a new product or service, get in touch and invite them to test your new offerings, or email them special deals tailored to their interests.
What is your current situation?
Are you looking to expedite an ambitious growth strategy? Maybe you know your business can achieve more revenue but are not sure why it’s not happening.
No matter the reason, if you want to optimise your marketing and sales efforts and grow your business, having an effective marketing and sales pipeline regime is essential. If you’d like to know more or want an appraisal, get in touch and let’s chat.