Earlier in the series, we provided the definition of leads, and the importance of nurturing prospects to get them into the sales funnel. But what about the bit after they make that move into the sales process.
Up to this point you’ve invested a significant amount in developing your people, products and services, infrastructure and brand. And now that your prospect is sales-ready, you’re placing the responsibility of converting the lead in the hands of one person – your salesperson.
So we’re asking the difficult question. Is that the best strategy?
How do I know that what’s in the CRM is the truth?
You don’t. Unless there is a tonne of information in CRM detailing how the relationship has been developing before the lead was generated. If that’s the case, take your sales team for a drink to celebrate because you’ve got a lot of information.
But we hear you. That’s not normally the case. Trying to decipher what has been input into CRM is accurate is the elephant in the room.
So, you need to get the prospects view.
To be clear, this is not a big brother exercise on your sales team. The idea behind it is to gain a deeper understanding of the buying intentions of your prospect and capture insights that can equip the salesperson to close the deal sooner, at a greater rate of conversion.
What is 360 tracking?
We deliver 360 tracking in the form of a pre-arrange follow up call as part of our end-to-our Prospect Relationship Management (PRM) strategy. It’s the last thing we’ll do with a prospect during the lead generation phase.
We schedule the appointment for the salesperson, be it in the field or at a desk, and make the prospect aware that we’re going to reach out after the salesperson has engaged to find out how things went and allow them to reflect on the meeting and next steps.
What is the value of 360 tracking?
Loads. And you’ve probably never thought of capturing it.
- For sales leaders, it provides real prospect feedback and insight into your people, process, products and price.
- For good salespeople, it highlights their strong points and demonstrates their capacity to act as a trusted advisor.
- For poor salespeople, it, unfortunately, highlights their weaknesses and training needs, and in some cases unearths the no shows. Yes, this does still happen.
The insight captured during the 360 call highlights several things.
Best case scenario
The prospect praises the salesperson for their knowledge and understanding of their business, as well as their conduct and professionalism. They’re happy with the process so far and like the product/services they’ve seen because they see the value it can bring to their organisation. They’re coordinating with other stakeholders, and the sales process is progressing nicely. They’re waiting on the proposal from the salesperson.
Back at base, the salesperson has updated CRM with accurate detail, and set themselves an action to quote on the items discussed. (The dream, we know!).
Worst case scenario
The prospect reflects on the appointment with the lead generator who has been nurturing the relationship for days, weeks, months, sometimes years. They have built a level of mutual trust so can converse openly.
Unfortunately, the salesperson turned up to the meeting 20 minutes late, which meant that they were given a shorter window due to the prospects already chock-a-block diary. The salesperson started pitching product A, when the prospect wanted product B. The lack of preparation and misalignment of needs resulted in the prospect cutting the meeting short. The relationship with, and perception of the brand, is more than likely damaged.
When they finally get round to updating CRM the following week, the salesperson records ‘no need’ in their contact report. That’s if they remember to update it at all. (The reality, we know!).
Using the insight
The examples are stark comparisons, but they do highlight real scenarios.
These insights make for influential decision making at a senior level. They also feed the frontline with invaluable insights about areas that might need re-visiting, rescuing or moving along, as well as understanding training needs for new or inexperienced staff. They also provide visibility on pipeline tracking and true ROI calculations.
Based on the amount invested in generating the lead, it makes sense to understand what is really going on in the sales process.
So, what's next?
Although the way we work as individuals has changed, we know that sales growth objectives probably haven’t. In the next few months, we’re likely to see a sales-boom as life returns to some level of normality here in the UK, and businesses will need to make up for lost time.
It makes sense to start thinking about how a prospect relationship management programme can provide you with an end-to-end solution to new customer acquisition.
Here at Golley Slater PRM, we feel more duty-bound than ever to be for there for companies and decision-makers going through the above planning process, offering you a lending hand (and ear) through this period.
The team is here for no-obligation consultations over Teams or Zoom, to explore ideas and solutions that will keep your brand front-of-mind, and your prospects flowing through the funnel.
Get in touch today, we’d love to chat.