Persistence (3)

3 Reasons Why Your Inbound Leads Don’t Convert, Part 2: Persistence

Did you know that one-third of the 538 companies that we secret-shopped did not follow up on our lead inquiry, and out of those who did, two-thirds gave up after one to two tries?

Persistence (or a lack of it) is the big factor why leads don’t convert. 

The following statistics show the importance of Persistence to the sales pipeline:  

  • The optimum amount of times that a salesperson should try to contact a lead is 8-10X. [Source: Telenet and ovation Sales Group Research]

  • Almost two-thirds of inbound leads will not buy for another three months — and 20% won’t buy for another 12 months. [Source: The Marketing Donut]

  • Companies that have strategic lead nurturing strategies have 9% more sales reps making quota. [Source: CSO Insights]

  • Companies that implement automated lead nurturing tactics see 10% more in revenue in a span of 6-9 months. [Source: Gartner Research]

The definition of persistence is to not give up, even in the face of struggle, but the law of diminishing returns  — where the return decreases progressively after a certain point — plagues the minds of many salespeople; This may explain how a large number of surveyed companies can give up on their lead after just one or two tries. At that rate, doesn’t it seems like a white flag is raised long before the diminishing point is reached?

It’s important to be Persistent in a strategic way — those “dial and smile” days are over as modern marketers, and salespeople have access to solutions that allow them to constantly iterate their processes. Here are three things to consider when you are looking to effectively evolve your Persistence strategy:

 

Be specific with your objective: Have a clear idea of where your prospect is at on their customer journey, and understand the objective of each piece of communication to them. Is it to spread brand awareness, is it to schedule a demo booking, or to convert an opportunity into a closed deal?

Be Persistent on different platforms: Instead of just picking up the phone to call, or using just email, you should evolve your strategy to a multi-platform approach — incorporating emails, phone, Paid Ads, and social. Your prospects are on many channels, why would you just use one to get their attention?

Keep your Persistence strategy to yourself: “I have been trying to contact you several times already and you haven’t answered…” Have you received that email from a salesperson, or maybe even used it yourself? You have to move away from what you’re doing because your leads won’t care! Whether it’s your 2nd time or 10th time of following up, you should always be friendly, personable, and persistent.

Know when are where Persistence could be automated: Who says that consistent effort has to be done by a human every single time? Scale your business by automating parts of the sales communication that don’t require a human salesperson to do, like emailing prospects to schedule product demos, or following up on a sales call. By having the routine parts of the conversations automated, it frees up the sales reps’  time to do the more deeply creative and analytical parts of the sales job.

People like a human-to-human connection: Don’t be persistent with just a megaphone i.e. with one-way communication. People want to speak to people. Allow your prospects to feel that, at every point of the interaction, they have access to someone from your company who will take care of their inquiry.

 

Generate more revenue by being strategic with your Persistence practice

When there is no strategy on how sales teams could be Persistent in ways that are effective and scalable, sales teams can fall to the default of chasing shiny new object and put less effort in pre-existing leads that they should nurture over time. Companies can steer away from this costly default mode by first figuring out what their goals are in being more Persistent; it’s only then that they can find tech solutions to fit their needs. One-size-fits-all solutions typically work for early stage businesses, but more sophisticated companies will dive deeper into solutions that address more specific challenges within their sales pipeline.

 

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