Jul 24 2019
Sales representatives are increasingly failing to convert leads and meet quotas. Even inbound leads are becoming difficult for reps to nurture into clients, and these are people that have already shown an interest in the product! So why are teams having such difficulty converting leads?
Sales representatives have traditionally achieved success with their knowledge of their product and ability to teach clients about its features and benefits. However, an inbound lead is already familiar with the benefits of your product (and several of your competitors) due to the wealth of information available online. Consequently, a salesperson who merely describes the features of their product is unlikely to make an impression on a potential client.
Converting the Knowledgeable Buyer
So how do you convert a lead that knows everything? Don’t answer the question:
“What does your product do?”, answer “What can your product do for me?”.
According to Salesforce’s State of Sales report, over 70% of business buyers expect personalised engagement that caters specifically to their needs. This expectation presents both a challenge and an opportunity to sales teams. On one hand, for a salesperson to understand the specific needs of all their leads can require a tremendous amount of knowledge, especially if they cater to buyers across sectors. On the other hand, showing a client that you understand their unique challenges can quickly give a salesperson credibility, inspiring trust from the client that can otherwise take a longstanding relationship to build.
Focus on Selling
Many sales representatives are already pressed for time, with the majority spending only a third of their time on selling (Salesforce State of Sales). Take a look at how your team is dividing their time among interactions with clients, research and administrative tasks.
Spending a lot of time on data entry and administrative tasks can drain your team’s time and energy, preventing them from focusing on actually selling. Using an automated CRM system can streamline these tasks and free up sales reps to do what they do best: engage with clients.
Make Time for Research
Allocating time to research can help team members better understand clients and their needs. In addition, presenting clients with data-driven insights can give them more confidence in the product. For example:
"X percent of our users in your sector found that this product saved them time/money/energy regarding Y specific problem” is much more credible than “Our product will save you time/money/energy."
However, your team may be spending so much time on internet searching that they aren’t getting a chance to apply their knowledge. Having a well-defined research process, coupled with access to a market intelligence resource, will allow your team to maximise their understanding of the market and minimise their research time.
In summation, sales representatives can improve their success by focusing on the client, not the product. A tailored approach in which the salesperson manages their time effectively by using an automated CRM system and a market intelligence resource can enable them to build stronger relationships with clients.
Learn how IBISWorld can help your sales team improve their conversions today.