TSOS TIP # 2 salesfunnel FINAL

A sales funnel is a measurement of deals as they progress through your process – with low qualified leads at the top. Sales will accept a lead from marketing – defined as “Something to be followed up on”. You then perform Lead Qualification and you either have a real prospect or you don’t. Note: This is a crucial point as it is the result of your marketing and the sales rep will probe the leads interest.

Is your marketing generating enough, the right kind etc – this should be an ongoing conversation between marketing and sales as to what is working and what is not. If not working, then it s not a bad message – just an idea that didn’t work : as in This dog won’t hunt —  see sayings for more on this)

The result  of LeadQual is to identify one of 3 types of prospects:

1. Current Prospect: those leads where your product and services could be used by the prospect and is currently engaged in finding a solution;
2. Future Prospect: those leads that look like aitve prospects but for one reason they are not ready to evaluate alternatives;
3. No Opportunity: Leads where the prospect cannot user your product: no ft, not a buyer, using a competitor, under contract etc.

NOTE to Marketing: Most of your marketing is geared to identify new contacts with interest in the products you sell. It is mostly designed to create brand awareness.

Future Prospects, however,  already have exposure to your brand –so now I would suggest a marketing campaign that builds on that but focus on recent wins, new easy ways to use or install your product, infobased mailings about their industry etc. Success Stories. Think refridgerator magnet” that keeps your brand in their mind so when they are easy to move they remember you.

In the sport of fishing, you “throw them back for another day – let them get stronger.” But makreitng leads are too expensive and too hard to “catch again” – don’t throw them back in the water – keep them on a list you can go to.

The same is true fpr No Opps – but the message is different: solicit referrals, or prepare consultants who are influencers but not purchasers. Find a way to make lemonade from these lemons – they cost little and who knows.

Prospects are now engaged with a sales rep who will provide info, propose next steps and continue on towin orders or have a prospect drop out.

A key element at this point is the expected date of first order. Apart from identifying the product (s) you will propose, the expected close date is critical to know how good is your pipeline: for this quarter, or nect, etc. Miller Heiman calls this “the single sales objective” that you focus on.

Your sales manager will also want to know your Commit – that is, the deals that will come in but haven’t yey. Everything else is “what’s possible” and or what’s a long shot. This will be the most serious moment of truth for any sales rep.

1. DO NOT MISS YOUR COMMIT ever.

Marketing Qualified Lead

My Approach to Lead Qualification & Development

I developed the Consultative Dialogue Questions to create a low pressure approach to colleting key information. Its important to establish rapport so you can ask the questions that will help you understand.

• Listening is key – you cant learn if you are talking.
• Be authentic: offer positive statements about your product but avoid hypeboly.
• When yellow lights go off saying something is not making sense – ask additional questions.
  • You may even need to try the “take away” where YOU gently say it may noy be a fit because — sometimes they come back and eliminate the cnvern or they move on—in whih case you don’t waste time> Iwas a hard qualifier around the issues that would prevent a sale – I wasn’t rude or cocky cuz you never know.
• Always manage your time together – allow for a non hurried exit where yu can recap.
• Most important: propose and seek commitment to a next step.

Using my questions, you will be collect info crucial to the sale:

• Approach: understand where the customer learned of your comapnt. It establishes context;
• Agree on need: what is the need and why is it important establishes what will be the driving force behind the deal;
• Tease out the value: to establish the ROI that will justify a purchase;
• Competitive Positioning: don’t trash talk but be aware of who and what their differentiation is;
• Sell the company: build up your company’s value;
• Fill the need: present a proposal that addresses their requirements and your capabilities. Good time to use the DRAFT stamp to get agreement;
• Act of Commitment: get the prospect to verbally state what they are thinking – and propose your Trial Close devices such as legal paperwork review;
• Cement the sale: be encouraging, keep in touch as the buyer goes through their fears.