Top 5 Small Business Tips for Lead Management
Leads360 founder Jeff Solomon was recently quoted by The Los Angeles Times in an article entitled “Small Business Q&A: How to improve sales.” Knowing Jeff’s expertise in sales, The Times asked for Jeff’s opinion on how small businesses can improve their sales capabilities. Although much of Jeff’s thoughts were not included in the short article, I think that Jeff had some extremely valuable points that can help businesses of any size. Jeff’s goals are simple, increase sales, decrease costs, and thrive. Check out some of Jeff’s thoughts below, or click here to read the article.
“Sales leads are the lifeblood of just about every small business. With more customers going online to research and buy products every day, The Internet has made lead generation easier than ever before for small businesses. Of course, generating leads is only ½ the battle. Turning leads into revenue requires sales efforts to convert them. Here are some tips that small businesses use to increase conversion rates on their leads:
1) Implement a lead management system – if you are receiving leads by email or in a CSV/Excel file you are probably not maximizing sales effectiveness. Having a lead management system to automate the receipt, distribution and tracking of leads can have a huge impact on overall conversion rates.
2) Call new leads quickly – In particular if you are getting leads from your website or from search engine marketing you need to call them back quickly. Research shows that calling new leads in the first 2 minutes can increase conversion rates by more than 350%. Also consider responding in the evening or on weekends as those leads have a higher conversion rate. Calling a lead between 4-10 pm has a 41% better chance of converting. Calling a Sat lead the same day has a 58% better chance of converting.
3) Create a consistent sales process – When everyone is working leads in a different way it’s impossible to see what is driving results and what isn’t.
4) Track performance of your lead sources – the 80/20 (or maybe 90/10) rule applies, so probably a small amount of your lead generation efforts are driving the bulk of your sales
5) Be persistent – Not all leads convert during the first conversation so follow-up frequently with emails and calls. Of course you can’t convert a lead you haven’t spoken with. Research suggests that calling leads six times optimizes contact rates. Be sure to nurture leads that don’t convert right away. Sending 2-4 nurture emails over the lifecycle of the lead can increase conversion by more than 50%.”