Does your manufacturing company have peaks and valleys in its revenues? Are you straining to keep up with the demand one month and laying off workers the next? Do you find that your prospecting is inconsistent? If so the odds are great your industrial marketing lacks a systematic lead generation and qualification system.
Prospecting problems usually follow a predictable pattern. When it comes to generating qualified sales leads too many manufacturing companies endure the following roller coaster ride:
1. Salespeople and the marketing department work double time prospecting to generate sales leads
2. Sales leads come rushing in and marketing staff rest on their laurels
3. Salespeople get busy with their follow up, close sales, and stop prospecting
4. Sales leads dry up and revenue dips and there is a mad panic
5. Salespeople and the marketing department work double time prospecting to generate sales leads
6. Repeat
So what is the best way to set up a winning lead generation and qualification system that will result in predictable growth and enhance prospecting efforts? Simply follow these steps and you’ll improve your industrial marketing, power up your prospecting, and even out demand for your products and services in no time at all.
1. Create a common lead definition
Your industrial marketing and selling staff will become more productive at prospecting by having them agree on a mutually acceptable definition of a sales lead.
Long ago IBM came up with a great acronym, BANT, to use as a reminder of what constitutes a qualified sales lead. BANT means budget, authority, need, and time frame. By asking prospects proper qualification questions about these four key areas you can quickly determine whether they are worthy of time with your salespeople. You do not have a qualified sales lead if:
a) There is no current budget available or one that can be allocated
b) The person or group you are dealing with do not have the authority to create a signed deal
c) There is not a genuine need that can be met by your solution
d) There is no firm date to purchase and implement your solution
2. Separate lead generation and lead qualification from selling
You will dramatically increase the productivity of your salespeople by separating the lead generation and lead qualification function from the selling function. Have your marketing department qualify potential sales leads and send only the ready-to-buy sales leads to your salespeople.
3. Use effective lead generation techniques
If you look at the majority of promotional media you’ll notice manufacturers are trying to sell their products or services using a one step approach. If you were to call any of these manufacturers and ask them how effective their promotional campaigns have been most would say, “Terrible, but thanks for asking.” You would then hear a long litany of complaints about how all promotional media is a total waste of money.
To paraphrase Marshall McLuhan, the problem is not the medium, it’s the message. To maximize the effectiveness of your industrial marketing communications and improve your prospecting results stop trying to sell your products but concentrate on selling the positive outcomes brought by your products.
4. Create a problem solving educational offer to maximize prospecting response
Unless you are trying to sell a simple product or service, like a suit jacket, a one step promotional message is not your best choice. As a manufacturer you will get far better prospecting results by using a two step approach.
The first step is to identify your best prospects with an attractive initial offer of free education. This free education should be a problem solving report or a tip sheet that you can mail or email to the respondents. It must not be a sales pitch.
The individuals who respond to your offer have identified themselves as prospects.
The second step is to have your marketing staff contact these prospects and qualify them using your BANT questions. If they truly are sales-ready leads they can then be forwarded on to your salespeople.
5. Use a combination of media for best results
Once you have created your educational offer always mix your media for best results. For example: Combining print advertising with targeted direct mail and outbound follow up calls is very effective. Alternately you could use an email blast to a list of opt-in subscribers in an online version of a trade magazine with an education-based email offer and then follow up by phone. Also note that regardless of how you attempt to generate sales leads methodical telephone follow up will dramatically improve your results.
6. Use a follow up method that works
How soon after your prospects receive your educational information should you follow up? If you follow up the same day your prospects may feel pressured. If you wait a couple of weeks or more they may have completely forgotten your free educational material. Waiting two or three business days prior to following up with prospects works best. This way prospects don’t feel like they are being stalked or ignored.
Be certain to establish the rule of 100% follow up. Before a potential sales lead is discarded insist a minimum of four to six attempts have been made by your marketing staff to make contact.
Lastly, be sure to have a plan in place to nurture longer-term opportunities.
