Finding the weakest link

Spend your marketing budget where it makes a difference

By CAROLYN GREEN

Most businesses assume they need more leads. Sometimes they do, but sometimes nurturing relationships or converting existing prospects will generate a bigger return on investment.

There are three things necessary for a business to grow. You must attract new leads, nurture prospects, and close new business. One of the fastest ways to make more money is to strengthen the weakest link.

A weakness in any one area can slow down the whole sales process.

• If you generate leads but they sit ignored in a bad CRM, more marketing won’t help.
• If prospects disappear after information goes out, there’s problem in the nurturing phase.
• If there’s a low conversion rate on calls or proposals that may be a totally separate problem that needs to be addressed.
• If you have referrals from satisfied clients but new calls are scarce, visibility may be the weakest link.

Think of leads like water flowing through a pipe. The narrowest section determines how much gets through. The same is true in business development.

Signs Attraction is Your Weakest Link

• Heavy reliance on referrals
• Few qualified inquiries, lots of inappropriate calls
• Low numbers on website or profile traffic
• A few people engage with content repeatedly, but they rarely buy anything

Signs Nurture is Your Weakest Link

• Prospects ghost you
• There’s no consistent email or relationship-building process
• Prospects seem interested during meetings but later choose a competitor who is not better qualified.

Signs Conversion is Your Weakest Link

• Plenty of conversations but few new customers
• Closing steps are unclear or your team’s decision-making is slow
• Prospects ask for information, take another meeting, or request proposal revisions, without commitments.

This Month’s Action: Jot down your key steps to Attract, Nurture, and Convert.

Is there an area you feel best about? People who enjoy writing often gravitate toward marketing materials and proposals. People who enjoy face-to-face interaction often gravitate toward networking and sales conversations.

Teams have blind spots. Managers tend to see solutions through the lens of their own strengths. You might just need to strengthen what is getting ignored or neglected.

When you strengthen the weakest link, the sales team will have more leads AND more leads will stay with you through the sales process.

 

Carolyn Green is CEO and senior strategy advisor for CGA, headquartered in Edwardsville, Ill. To connect, visit https://cgreenassociates.com/, www.skool.com/2grow, or she welcomes calls at (618) 791-1398.