Situation: A CEO is concerned that his company’s sales and marketing efforts are not effective. Too often the sales team finds a good prospect, but fails to convert them to the company’s offering. How can the company improve its sales conversion rate? How do you optimize your buy/sell funnels?
Advice from the CEOs:
- To improve both your marketing and sales functions, it is essential to move the company’s perspective from the Sales side of the Seller’s Funnel to the Marketing side of the Buyer’s Funnel. Only by understanding your customers can you:
- Create awareness of their needs,
- Acknowledge interest in a solution to their needs,
- Consider options and develop preferences among the possible solutions, and
- Determine how to effectively communicate with them through your marketing and sales efforts.
- In today’s world, a quality web site is essential to your business. The objective of the web site is to convince the customer that they want to talk to or do business with you. Your web site must tell them:
- Who you are.
- What your values are.
- Why you are special.
- And it must include a “call to action” – a convincing reason for them to call you.
- To better qualify your prospective clients:
- Develop a scripted telephone interview that can be conducted by your sales people or less expensive inside sales/marketing people to qualify prospects before you spend the time and effort for an in-person sales call.
- Use targeted marketing programs to leverage references to prospective customers.
- Have lots of conversations with potential customers to understand their needs. Tailor your value creation process to address these needs.
Special Thanks to Craig Olson of MXL Partners for his contribution to this discussion.