Author : Daniel Wadleigh
If you want to sell a product, you must get in front of potential customers. This is accomplished by generating leads. Leads can be generated in all sorts of ways, and different methods produce different relative close ratios. There are basically two major kinds of leads: you go to them, or they come to you! The "they come to you" type of lead usually has a much higher close rate than the other.The reason for this is that the ones who come to you are predisposed to at least investigate, and have taken action - completely of their own volition. This kind of lead, assuming the potential customer is able to acquire your product or service, is usually above 50% in closing potential.The lead generation techniques and their relative close rates for professional sales people are as follows:1. Referral - a lead from a happy customer 85%2. Broad-base advertising response 65%3. Home Shows 30%4. Direct Mail 5%5. Telemarketing (depending upon pre-qualification) 30-40%The first three sources of leads represent the customer being predisposed, originally instigating the action to inquire, and most likely a good candidate for the application. Part of the lower rates for direct mail, telemarketing and home shows is related to the ability of the potential customer to buy and the validity of his use of the product or service. Besides the obvious, that milking referral leads is a golden opportunity, there is more to this than meets the eye. To run a managed lead generating/sales program, it takes more than raw money and "trying something." As previously described, you have to get past break-even in cash slow, ASAP.Therefore, within your means, you should consider trying most of the lead generation techniques and monitoring the number of leads, the number of sales and thus determining the cost-per-sale of each generating device. There are a lot of variables involved in each of the types of lead generating devices.Some forms will obviously be more profitable in different exterior climates (bearing in mind that want, need and fear are the buying motives). In troubled economic times, referrals and direct mail should control the flow of leads. In times of any shortage (fear), media advertising (positioning) will suffice. Besides developing referrals, which lead source is best suited for your business. After testing, monitor, adapt and continue monitoring.If They're Not Coming to You...You get phone calls or visits when people have decided to act. They may not all buy, but at least they're kicking the tires. You also get phone calls and visits when people respond to an ad of yours. Again, they may not buy, but they have responded. These are both times in which they took the initiative to do something. The first scenario may will be a sale for someone, if not you. The second situation is also a possible sale, for someone. The first scenario is one in which you really have no control. These calls or visits represent unexpected but hoped-for business. The second situation is one with a little more control in it, but still does not have a very high success rate. There is a third choice. This scenario is the vast number of potential customers out there who have been "thinking about it" but haven't been motivated enough to spend time, effort and money.Direct response marketing says, "I'm asking you to make a decision." This is by far the lowest close rate, but it is predictable and profitable! The first step is to entice them, when they weren't really looking for it, to make a decision. This can be done through drawings, contests and other kinds of give-always that cause them to come by, call in, or stop and fill in a coupon. As part of the whole promotion event, you get them re-exposed to your product line. But, they were not predisposed to considering this, so you need to have an enticing reward for their attention and time. For example, have you ever gone to a free dinner to get pitched about a "timeshare", or to learn about the Internet? Can you imagine how many magazine subscriptions Publisher's Clearinghouse sells to give away $10 million? And remember, Ed McMahon doesn't work for free, either!Daniel Wadleigh is a nationally published marketing consultant and has programs for start-up and existing businesses including effective web sites, e-mail/database, other non-internet ways to drive them to your website, and low cost ways to get more new customers.Go to: http://www.more-new-customers.com to get free copy of "Marketing to Men vs. Women- the 8 different responses" and a Free copy of "Market Research- 7 Questions to Ask to Start-up and 7 to Ask to Improve Any Business."
Keyword : marketing,strategic marketing,marketing tips,advertising,marketing ads,strategic advertising
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