While most books on sales training or classes do a good job covering closing a sale, few cover sales leads. Every sales process begins with generating leads, so the more you know about sales leads, the more profitable your small business can be.
How many leads did you get last month? Most mentally review and can name a handful of quality leads they talked to, but a good amount of potential leads are lost every month.
Why does it matter? Because a company spends so much time and money to get leads, the more you know about them, the more profitable the business will become. And, wouldn’t it be worth it to use some of the things you learn about your leads to cut marketing costs or the time you spend getting leads?
The first step is to establish a system to track identifying information about your lead generating activities. Here are a few areas to start analyzing:
1. Where do you first generate your leads from? A “pre-lead” is really just a prospect, for example a website visitor or someone you shake hands with at a meet-up group. Your job is to identify those venues you use to collect your prospects, such as trade shows, meet-up groups, advertising, or your website.
2. What “specific sources” do your leads come from? Organic search, PPC, a specific networking event, another website, response to a blog post on someone else’s blog, or a specific advertising campaign are all examples of specific lead sources.
3. Last, what quality would you rank the leads you get from the sources you defined in the earlier steps? An effective way to come up with this is to assign a percent value to every lead a source provides. So a lead that is just kicking the tires gets a lower percentage value assignment than one that you send a proposal to or even ultimately sell.
You will be able to spend your marketing budget and your time much more efficiently once you understand where you leads come from and the quality of those leads.
Marty Dickinson has been an entrepreneur and president of HereNextYear.com for fifteen years, and loves to share small business success techniques with other business presidents. Get your free white paper: “7 Ways Your Stone-Age Accounting System is Stealing Money From You Every Day … And, How to Get it Back This Year” and learn about an online accounting program that makes it easy to track your leads and conversion rates.