5 Surefire Ways to Win Back Lost Leads
By Nicole Bryan
Tons of companies focus on and spend heavily on lead generation. 74% of those companies spend more than $50 per lead generated and 5% spend more than $1000. According to Salesforce, it takes 6 to 8 plus touches in order to generate a viable sales lead, 84 days to convert that lead into an opportunity, and 18 days to convert that opportunity into a deal. This process is exactly why it is so disheartening when a lead sleeps out of your hands.
With the resources, energy, and time you have invested in lead fostering and relationship building, you should definitely never give up on the lost leads. The key to successful selling is optimism, so kick it up a notch when going after lost leads. It is easy to get discouraged but with these five highly effective techniques and tips, you can win back the lost leads and get them back into your sales funnel.
- Analyze and Resolve the Reasons of Losing Leads
Root-cause analysis and asking yourself the right questions are the first steps to determine why you lost the leads. Here are a few questions to ask yourself below:
- Why type of lead did you lose? Was the lead hot or cold?
If it was a hot lead, there are still chances of striking before it cools off. A simple follow-up call to the lost lead could reveal what made them lose interest in the first place. Once you find out why they became uninterested, you can take further corrective action or at least gain the knowledge for future leads. When it comes to the cold leads, you shouldn’t stop pursuing them either. You first need to establish if the deal is cancelled entirely with zero potential for further discussion.
- Did the merchant push their decision to a further date? Did you failed to follow-up?
It happens – we all forget to follow-up sometimes. There is nothing wrong at all with giving a quick apology to the customer. Leave the ego or hesitation aside and make that follow-up call ASAP.
- Did the merchant get a better deal from your competitor? Or, did you offer the wrong product-solution with respect to the merchant and their business needs?
In the former, you can offer a better deal than the competitor and increase the chance of conversion. However, speaking on the latter, if the lead has gone astray because your solution did not have the right features for their business or because the customer could not afford it, then those are genuine reasons. If you have other products or cheaper solutions, definitely offer. If there is absolutely nothing you can do after that point, at least take their reasoning as useful feedback so as to improve upon your product features or pricing.
- Is your response time slow?
Response time with leads can make it or break it on sales. A research study showed that the odds of the lead entering the sales process are 21 times greater when contacted within five minutes versus 30 minutes after the lead was submitted. With …read more
Read more here:: B2CMarketingInsider