The solution to low sales is increased marketing efforts. Or is it? Throw enough money into advertising and marketing then something will filter down and close, right?
The reality is most businesses don’t usually have the luxury of tossing cash at advertising, especially when the real problem is lack of cash. This is where knowing your Unique Selling Proposition and knowing who your ideal customer is comes in.
If you know your ideal customer, then you have clues as to how they select a vendor, how they buy from that vendor and how to find them in your target market. Knowing and analyzing your core business helps you to hone your message.
What is the unique way that you solve your ideal customer’s problem?
Once that is answered, you have developed your Unique Selling Proposition. Now you can design an effective prospecting and marketing strategy and then test and measure it for effectiveness.
But don’t stop there! Marketing efforts alone do not ensure that these leads you generated move from each sales stage to close. You must have a well thought out sales process.
When leads come in each will have various levels of urgency, needs, and access to funds. It is crucial that your pre-sales process classifies these leads based on their current circumstances. For example, some are not qualified to buy, some have very little need or urgency for your product or service, and some have a lengthy buying process that they must follow (RFPs, bureaucracy, legal review, etc.). Your ability to identify the specific needs and qualifications of each prospect and effectively move them through each step in your sales process is directly correlated to making them customers.
You mean you don’t have a well thought out and documented sales process?
You are not alone. Usually the business owner has to wear many hats. If you don’t feel that your time is best spent designing sales processes and marketing strategies, then consider hiring a consultant. This is an area where the money you invest will generate extraordinary returns.
If you aren’t sure where to start, give me a call or drop a comment. I’d love to share some next steps for your specific situation.
At Kinetic Insights, our PathFinders are skilled in helping leaders unleash the greatness in themselves and in their organizations. Call or email us for a quick discussion that just might put you and your team on the path to significant change.
Gail A. Froelicher is Founder, CEO and PathFinder of Kinetic Insights, LLC. For over 11 years, Gail and her team of PathFinders have journeyed with their customers to forge successful paths in rapidly changing business environments.