Download - Caution: Hot sales leads. Handle with care
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Caution:Leads may be hot.Handle with care.
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Could your salespeople be
disqualifying too many good leads
rather than qualifying them?
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Does it seem like the more leads you provide,
the faster leads get disqualified and bounced back in the holding queue?
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Reasons could be:Lack of data- Invalid or no phone number
Bias - “Can’t possibly be large enough deal”
Attitudes - “The more I close out, the sooner I’ll find something that works”
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This churning of sales leads results in
significant cost of acquisition.
And significant processing resources – both machine and
human.
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If your sales reps’ lead closeout rate is 50%, your net cost is twice the
initial cost!
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Marketers and sales leaders often respond by finding ways to deliver a
greater number of qualified leads faster.
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But if you’re using predictive analytics with your sales processes,
more leads faster may not be better.
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What
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How can more, and faster,
not be better?
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Predictive analytics models score and deliver
ideal sales prospects.
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Predictive analytics models increase sales productivity and ROI.
They help achieve specific outcomes: getting appointments or sales,
moving newly-acquired customers into repeat customers,
improving cross and upsell.
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But caution: predictive models
may produce leads with
characteristics that are
counter-intuitive!
CounterIntuitiveness
Ahead
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This is where you may be handed
hot leads to handle with care.
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By their nature, scored leads will be a lot fewer —
typically 20-40% of available leads.
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And the high scoring leads may
have attributes that sales reps consider not desirable!
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These leads may not have some fields that reps
typically look for.
Yet these leads have been predicted to
produce a high level of performance.
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This leads to a few lessons …
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Lesson 1.Teach reps to
look past some traditional
criteria and look at the sales
prospect holistically.
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Lesson 2.For maximum sales performance,
do not allow reps to pull leads from other sources unless all
the scored leads have been acted upon.
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This is because if reps continue their old practice of disqualifying scored leads,
they may close out leads more likely to convert. Because high-quality scored leads are fewer in number, upon exhausting them, reps tend to
scour other lead sources that perform significantly worse.*
This socks a double whammy to your sales performance and productivity!
* You would find this result with back-testing.
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Lesson 3. Leads scoring high for one
outcome (like getting an appointment) are also more likely to produce a sale, at a
higher average order amount, and with more add-ons.
Train reps to nurture these leads to achieve such
multiplicative sales value.
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In summary, predictive analytics leads you through
a fundamental shift from tactical to
strategic thinking.
NewParadigm
Ahead
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Predictive analytics may deliver
fewer but better sales leads –
be careful to not burn through them.
Instead, handle carefully and profit from their sales
potential.
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Advanced Analytics Apps for Sales
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www.valgen.com/blog
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