Why You Shouldn’t Write-off Cold Leads
Over 12 months ago I conducted a workshop with a project team.
The objective was to collaboratively devise a marketing and sales plan to deliver the very large number of sales required.
One of the first questions I asked of the Sales Manager was, “How many prospects do you have on the database?”
Him (proudly): “7,000”
Me: “And on average, what is your conversion rate?”
Him (proudly): “10%”
Me: “So, based on those numbers, if we spent no money on generating new enquiry this year, we could achieve the sales target by nurturing the database?”
Him (now more pissed off than proud): “No. We’ve exhausted the database.”
And herein lies a big problem. How much money have you spent generating new leads only to be told one (or more) of the following?
Leads generated through social media are terrible.
They heard about us through signage.
They heard about us from a builder so we should give the builder consultant $5,000 for their referral.
We need more (insert anything that allegedly makes a person come to the sales office rather than enquire online).
Here’s some tips to reinvigorate those ‘cold’ leads:
Devise a lead nurturing EDM strategy to re-engage the database.
Educate first, sell second.
Create an attention-grabbing headline. Believe it or not, “Stage 23 now selling” is not that exciting if I’m not ready to buy and you don’t provide pricing.
Feature your project’s key selling points and customer testimonials.
Offer a number of calls to action, i.e. book an appointment, send an email.
Include links to socials.
Send an email a week at the same time, for at least 6 weeks.
Push out content.
Reinforce the content in the EDM nurture sequence by posting a snippet on Facebook with a link to read the rest on your website.
Go through your existing assets (e.g. photos from events or releases) and create 15-30 second videos to use on social media. Use a clear call to action.
Work hard with your builder partners to get price pointed house and land packages and post on social media.
Conduct database follow-up calls.
Get the whole project team together and ask one of the sales team to role play a follow up call. Record it on your phone.
Provide positive feedback first.
Agree the objective of the call and note a few pieces of information what you think are important to capture, to give you a sense of why your prospects are not currently buying.
If the call needs to be tweaked, make suggestions and get team agreement.
Once the follow-up call script has been agreed, ask the whole project team to spend some time making calls and document answers to the agreed questions so that trends can be analysed.
Based on prospect actual feedback, devise a strategy to move them through the customer lifecycle. It could revolve around product, price or solving problems through education.
If you are prepared to spend hundreds of thousands of dollars on lead generation, please be prepared to work with your sales team to refine their follow up strategy. Nurture your leads by educating first and complement your strategy on social media. You’ll be surprised how many sales you actually have in your ‘cold leads’ bucket.