As sales professionals, we love inbound leads – interested, “warm” potential buyers who reach out to learn more about the products and services offered that will help them overcome a problem, streamline an internal process, or perhaps save them money compared to their current solution.
Unfortunately, not all leads pan out. Sometimes they are not the decision maker and don’t have the support to follow-through with the purchase; or perhaps they realize the timing isn’t right after all, get cold feet, and vanish without a trace.
There are literally dozens of reasons why a seemingly promising lead could end up a wasted opportunity. Luckily, sales reps have several tools in their arsenal to forge new business relationships and boost their conversion rates.
Tips for boosting lead conversion rates
One of the most important tips is to follow-up with a new lead as quickly as possible. Research shows that following-up with a lead within the first five minutes improves the chance of conversion dramatically. Often, potential customers will contact the competition as well, and being first to respond will be a critical advantage.
Another important tip to be mindful of is to treat each lead as a unique opportunity that requires finesse rather than a one-size-fits-all approach. While you should follow your organization’s proven sales process, be cognizant of the buyer’s priorities, pain points, and awareness of their situation.
Finally, always bear in mind that the ideal outcome of each new conversation you have with a lead lead conversion is to forge long-term business relationships, rather than a one-time transaction. Establish yourself as a Trusted Advisor early in the process and provide value before, during, and after the purchase.