Are you also troubled with the same question – Why do I have only few Deal Conversions when my marketing team is generating enough Business Inquiries?
We all know that interested customer inquiries are like Oxygen for Business Growth. It’s an uphill task especially for Start-ups and Growing Businesses to generate interested business inquiries. Marketing function spend tremendous amount of investments in Brand Building and generating interested inquiries.
Thereafter, Sales Team picks up the charge to convert business inquiries into Sale and Revenue.
However, only a small percentage of inquiries convert into Sales and that too with minimum investments from customer. And, it is all blamed on –
None of the inquiries know about the product or brand.
None of our customer wants to try a new product or Brand.
Competition is having better pricing, features, presence etc…
This leaves you thinking, what else can be done to resolve the situation. Should you spend more on Press Releases, Magazine Coverage, increasing spend on online / offline marketing to increase Brand Presence.
However, there is another dimension to this problem which is less talked about. Have you wondered, inquiries generated by marketing, do they know everything about your Brand, Product and Value associated with it? And more importantly, do they understand your brand value the way you have been positioning it.
The harsh fact is, when new inquiries enter your Sales Funnel, they have insignificant idea about your product value and Brand Promise. With all the marketing initiatives, the only perception you have managed to build is, you might have a cure to his problems. That’s it.
Thereafter, everything rests in your Sales Agent hands. Customer Sees, learns and understand everything about your product, associated value and brand through him. Eventually, Sales Agent knowledge, verbal and non-verbal approach and quality of Sales discussions held by him with the customer will decide, if your brand is perceived as:
Unknown Brand
Customer finds himself in an unknown territory because Salesman could not win his Trust. He failed to setup the right impression of him and his Brand. Customer sees the partnership as potential risk and eventually back-off from the deal. This results in more leads becoming inactive and dead with ‘No Response’ after initial contacts making us believe that customer might not have an ‘Urgent Requirements’.
Promising brand with Good product
Customer sees the product as a fit for the needs but cannot fully confide into the Salesman and as a Result into the Brand. Eventually, he wants to try you but with minimum investments. This explains why there are more minimum orders on first purchases.
Established Brand
Customer perceive you as a Great Brand. He is already feeling Safe and Proud being associated with you. Sales Agent has followed the right approach and managed to highlight right information that has built customer’s confidence in him, his product and the Brand. As a result, customer will not hesitate in investing up to his potential the first time round. This is the ideal state for a Sales Team to function and results in maximum deal conversions and maximum investments on very first purchase.
So, your Sales Agent is your Brand. If your Sales Team is struggling to convert maximum inquiries or generate maximum investments on first order, then you know where to look for the problem.
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