I was meeting with a new client recently. The question I asked was, “What % of your B2B leads converted into sales for your company?”
The answer was that after spending the time to research, capture the lead and quote, only around 10% of their leads converted to new business. We both agreed that a 90% failure rate was dragging down the sales team and was a major factor in missed growth opportunities.
But, since leads were so hard to find and so hard to close, they were in the trap of needing to quote everything just to win enough business!
They knew their traditional approach, mainly word of mouth and cold calls just weren't working like they did a few years ago. When asked if they ever thought of having enough B2B leads coming in where they could only quote the ones that best fit their business the answer was, “I wished!”.
Can You Say NO to B2B Leads?
Does a lack of good sales leads keep you up at night? Are you responsible for increasing sales while the competition is too strong or your product too weak? Have you been given new sales management responsibilities and need to “make an impact”? Now is the time to invest in developing stronger B2B lead generation strategies.
Two Strategies for Improving your B2B Leads & Sales Revenue
Is simply to capture more leads and quotes more often. Digital Marketing, Search Engine Optimization, and optimized content can be used, cost-effectively, to cast a large digital net for sales prospects. Then marketing automation software can qualify and weed out sales prospects that are a poor fit for your business model. None of us want that customer that uses 80% of our resources but generates 20% of our profits.
Is to use inbound marketing techniques to attract B2B sales leads that are aggressively looking for the solution your company can provide and are in your profitability sweet spot. Not only will you increase lead volumes, but you will attract a sales prospect that fits your business.
I have to chuckle as I write this. I was in a client’s office today when a new sales lead came in that is a perfect example of solutions based inbound marketing. The lead said something like this. “I was looking for a solution for my problem, ” and then the sales prospect went on to describe my client's solution in almost the exact words that our inbound marketing campaign used to attract him.
More Chances to Say "Yes" Let’s You Say "NO"!
It is a beautiful and profitable thing when your customer’s needs line up with your company’s delivery sweet spot. The right customers are out there searching. Spend a little time proactively developing a Strategic Marketing Plan that will attract the right B2B sales and generate leads by answering these three questions:
1 - Where do you have extra resources or unused capacity and what do customers need that can utilize these idle assets? Market to maximize your asset utilization and profitability.
2- What are the market segments where you have a competitive advantage and can charge a premium? Use inbound marketing to attract prospects to your sweet spot.
3 - Which industries should you target to balance economic or political risk? Diversify into multiple profitable markets by attracting the right sales leads.
The answer to these three questions will become the basis of your Strategic Marketing Plan. Then implement inbound marketing techniques to attract those “best fit” targeted B2B leads.
As a co-founder of Open Path Digital, a Texas-based digital marketing agency, I have seen how powerful this strategic marketing approach combined with inbound marketing can be for our clients. We are always happy to evaluate how this approach will work for your B2B lead generation needs.