25 October 2021

“LET’S GENERATE MORE LEADS”

“Let’s generate more leads”

I hear it all the time.

Sales are slow lets generate more leads

Our conversion rates are going down, lets generate more leads

We are not achieving our revenue numbers, lets generate more leads.

So off you go to the Marketing or advertising company and pay them to generate more leads, and they can do that, they are expert at it, you want to generate more leads, you are in the right place.

But do you REALLY need to generate more leads?

Most businesses I engage with have a lead conversion rate, the number of deals won from the number of leads you generate that is under twenty percent.

Sure some are lower (as low as one percent) and higher (I have a client over ninety percent) but on average under twenty percent is a fair reflection,

This means they are EIGHTY PERCENT ineffective !

They are generating enough leads, they just cannot close them.

And there is a simple low cost yet highly effective solution that may even mean you can reduce your advertising and marketing expenditure.

FOCUS ON LEAD CONVERSION not generating more leads.

Here is an example of the impact that can be made when a company works a little on their lead conversion and I worked with this team for nine months and the goal, to increase lead conversions from eight percent to 15%.

So this business was generating three hundred leads per month and converting at eight percent, pretty simple maths which shows they convert 24 into sales each month.

On average the buyer spent $4000.00 and this company made an average margin of thirty percent so in example 1 the business was generating 96K or revenue and 28.8K of margin each month.

Initially as you can see, within 6 weeks a bump of two percent was recorded which may seem small but see how the revenue and margin jumped by twenty five percent?

A few months later we had the conversion rate at the desired fifteen percent but look at what had happened to the revenue and margin numbers.

UP EIGHTY SEVEN AND A HALF PERCENT

By spending a little effort on converting the leads they already had – wow

But wait – this business on average sold to these buyers twice a year, so lets look at what happens when we figure that in.

That is not a typo, revenue and margin up a staggering

TWO HUNDRED AND SEVETY FIVE PERCENT.

Just by putting effort into lead conversion.

So the next time you hear yourself or someone else say “lets generate more leads”

Ask “Why”

Check out this blog for more.

https://thesalesstrategist.com.au/sales-fit/

24 August 2020

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25 October 2021

“LET’S GENERATE MORE LEADS”