Company has an ability to generate 200+ leads on monthly basis, however the leads needs to be assigned, analysed and categorized for proper engagement.
PROBLEM / OPPORTUNITY STATEMENT
With 3 - 5 inbound leads, the company was able to generate average of 100 leads a month, however not all leads got a response and not all responding leads were right fit for the business, under these circumstances, how can one bring efficiency in sales.
Limited information is available from leads, not all of them share their requirements and not all of them are legit leads.
Serious leads tend to be more descriptive of their requirements, quick to respond to questions and available for calls, meetings and proposal discussions. Are fairly aware of market prices and would not negotiate on base price, rather of deliverables and timelines, value of services. Also, leads generate towards the weekends had maximum response when addressed immediately.
A categorization and qualification method was proposed, based on the sales instinct of the sales team members and grading adopted within the CRM to quickly qualify and analyse, with course correction mechanism implemented.
APPROACH TO SOLUTION
All leads were captured and categorized into select gradings for high quality and low quality leads. The quality determination was left to the sales person and their individual experience was trusted with. However, a robust data categorization of leads was done for over 6 months of past leads and data patterns collected.
KEY SOLUTION METRICS
Rapidly improved the sales and sales gestation period by allowing the sales person to quickly action the leads into good or junk leads and increasing focus on qualified leads.
High and steady volume of leads need to be generated and it is ideal if the leads are inbound and not sourced through outbound marketing methods.
Collaborative approach, Quick Data Capture and Organization of Data for ready analysis were key steps involved.
Revenue doubled within a span of 9 months of implementation with 80% of qualified leads closing.
Reduced the stress on overall business for generating new sales and could operate at peak capacity.
KEY BENEFITS OF SOLUTION
Increased revenue, improved team morale, better coordination and analytics for increasing market focus based on demand.