More Leads May Not Be The Answer
I challenged you to think about where your potential bottlenecks may be in your business.
One of the prime spots for bottlenecks is within your sales and marketing process, which I mentioned I would come back to and go into a bit more detail for you.
Now before you shout out “what sales and marketing process??” … everyone has a sales and marketing process. Some businesses, I know, will have taken time to map out the journey from lead to prospect to client and beyond.
But if you are like a lot of my readers, I know this may not be the case with you.
So don’t worry. You are not alone.
Now could be the perfect time to review how you are bringing in new business because the more conscious you are of the exact steps in your leads to prospect to client process, the easier it will be for you spot where the potential bottlenecks are and do something about them.
And you may actually discover that more leads, which can be one of the toughest and most expensive bottlenecks to solve, may not be the answer to your problems!
The sales and marketing process that I teach, design and create for my clients, I break into 5 stages.
1) Leads – these are the initial shows of interest.
They are not Likes on your Facebook page nor are they retweets of your blog articles, although both do give a good indication on whether you have a potential audience out there. Leads are emails subscribed to your list, registrants for your webinar or even people you have identified from your networking or online groups as potentially having the problem you can solve for them.
Leads are people who have shown themselves to you as being genuinely interested in what you share but all you know about them at this stage is perhaps their name or simple contact details. Just think of leads as the initial handshake when you meet someone for the first time.
2) Prospects – these are people who taken a step further into the enquiry process with you.
They have either requested a call with you, perhaps clicked several links in your emails to your various offers or even spent money with you, but at a very low price starting point.
It’s really important that you decide what matters for your business because every business will be slightly different here, but essentially these are the people sitting in a room with their hands held up high (sometimes only tentatively), asking for your attention.
3) Conversion – simple really; people get to this stage when they’ve spent money with you.
If you have few leads and fewer prospects, it’s highly unlikely that many people are going to get this stage as you’re simply not going to convert everyone. So your bottlenecks could be back at stage 1 or 2.
But more than often than not, I find that there is a fantastic bottleneck to sort out here. Because if the leads are there, you have a good list of prospects, focusing attention on this third stage can often be your easiest and simplest lever to tweak and twist to get results.
Especially if you combine this tweak and twist with the next stage, too.
4) Value – this is the amount of money each new client spends with you.
If your average spend is under £50, you’re marketing strategy has to focus on volume. If your average spend is upwards of £2,000, it’s not about the quantity but you focus on quality.
So if you’re focused on the lower end of the price band and struggling to generate enough leads, perhaps your bottleneck is your offer. When you switch from quantity to quality, can you see how your problem may not be about leads, again?
5) Frequency – how often your clients spends with you.
Again, if your marketing strategy is low price, high volume but if there’s only one opportunity to buy, then this is a great bottleneck to solve. A lot of people would stay in the stage 1 and simply exhaust themselves on the treadmill of getting new leads.
But what if you created multiple offers or a continuity/membership offer … suddenly more leads doesn’t have to be your answer.
OK. I know I’ve gone through this quickly and it may have created more questions than answers to you right this minute, so I’d recommend you take these 5 stages away and spend 90 minutes thinking them through in your business.
When you step away from the busy-ness of business, you may just see a wonderful, simpler and easier bottleneck to solve.
I went through this exact process with one of my Academy members recently.
After doing exceptionally well creating leads through Facebook challenges and webinars, she took her list from 500 to 4,000 in just 3 months. But her sales figures have yet to go much above a few hundred pounds each month.
Her natural instinct was to go get more leads, but from what I’ve shared here, what bottlenecks do you think I’ve got her working on?
Leave a comment.
I’d love to know your take on this.
Get Access to The True Profit Masterclass
The 5 profitable business models that leverage your expertise.
Discover the pros and cons of running membership sites, selling digital products, high-end programmes and selling your time by the hour (the last one may surprise you!).