Sales rep success and skills shortage. A good sales pipeline also provides insight into which of your salespeople closes the most sales, has the highest ticket values, and needs more help and training to hit their quota. With this information, you can provide them with the assistance they need to improve their performance and get their sales numbers on track.
SALES FUNNEL HELP
LeadForensics – Even if you incorporate a sophisticated lead capture form using Leadformly, there will always be leads that slip through the cracks. LeadForensics lives up to its name by capturing the IP address of your anonymous visitors and uses that address to determine important information about the visitor, such as contact information, demographics, and financial data.
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John Lincoln (MBA) is CEO of Ignite Visibility (a 2017, 2018, 2019 and 2020 Inc. 5000 company) a highly sought-after digital marketing strategist, industry speaker and author of two books, "The Forecaster Method" and "Digital Influencer." Over the course of his career, Lincoln has worked with over 1,000 online businesses ranging from small startups to amazing clients such as Office Depot, Tony Robbins, Morgan Stanley, Fox, USA Today, COX and The Knot World Wide. John Lincoln is the editor of the Ignite Visibility blog. While he is a contributor, he does not write all of the articles and in many cases he is supported to ensure timely content.
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The definitions of MQL and SQL (SAL) should be spelled out, and agreed upon, in a service level agreement (SLA). The SLA outlines the terms of how sales and marketing will work together. The SLA should define what MQL and SQL look like, as well as state the time frame and process each team must follow. For example, an MQL has reached a score of 75 through a combination of content engagement and web engagement and fits the ideal customer profile. It must be accepted by sales or sent back to marketing within 24 hours of being assigned. The SLA should be drafted together by both marketing and sales leadership and signed off on by both parties.
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Review your initial lead response time. According to InsideSales.com, 35-50 percent of sales go to the vendor that responds first. Speed literally wins deals! The time it takes for your company to respond to leads once they hit their inbox may be the first source of a leak, so make sure to review this and make time in your day for prioritizing responding to leads.
According to this research by McKinsey, a customer narrows down their options based on the initial consideration (brand awareness) and active evaluation (seek information about the products/services). When both of the former factors are in place, it leads to a purchase decision a.k.a sales, albeit just for that moment. This then needs to continue towards the next stages in the sales funnel, .i.e. customer engagement and customer loyalty.
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When people buy a product they are showing their trust in it. In return, your product needs to be worthy of the money they spent. Consider how your brand can stand out among others and what you can offer to leverage against competitors. Once a buyer makes an emotional-connect with the brand, he is more inclined towards making a purchase with confidence.
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These metrics closely relate to each other. For example, the number of deals in your funnel matters only if you know what percentage of your deals you win on average. The average size of a deal impacts the amount of deals you should be closing in order to hit your revenue goal. And sales velocity helps you understand how much of your time can and should go towards each quality deal, so you can manage your days effectively.
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By now, most marketers understand the importance of mending the traditional rift between sales and marketing. The mistrust and miscommunication that’s so often found between the two teams can act like an anchor on your company’s growth rate. In fact, organizations with good alignment between sales and marketing teams achieved 20% annual revenue growth in 2010, according to a study by the Aberdeen Group. By contrast, companies with poor alignment saw revenues decline by 4%.
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You need to understand your audience like you do your very own yourself. You are aware of your dislikes and likes, you know what problems you face and you know the sort of people you will let help with those problems. If you learn to know your audience in the same manner, the chances of you establishing a genuine connection increase vastly. You will also be able to guide more people through your sales funnel and get those coveted ‘closed-wons’.
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The execution of sales funnel stages depend on your efforts and resources. By improving brand visibility and making information related to your product/service readily available, you can build a strong database of customers and prospects. This can help you set and achieve future goals. More importantly, it is also essential to focus beyond the purchase stage, as it is relatively cheaper to retain an existing customer than acquire a new one.