How You Can Get Ahead of 68% of Your Competition and Win More Business, More of the Time…
Although there’s probably more than enough business to go around, to an extent you’re probably competing for attention.
It’s OK to have an eye on what your competitors are doing so you can continually improve how you win business and deliver your work. You could get really obsessed with this though. We prefer to go where the main wins are rather than getting bogged down with the small details and focusing too much on what others are up to.
We try to look inside our own business instead. We work on winning more business from those who show an interest in us, rather than spend more time shouting for more leads. It’s cheaper, more effective, and easier to do!
Here’s an interesting stat:
“68% of businesses have not mapped their sales process and have no structured follow-up.”
From this we can estimate that over two thirds of your competitors aren’t doing it either.
Just think about that. If they’re not asking for the business, why don’t you?
We don’t mean go after their leads. Just make sure you have a structured follow-up and map out your sales processes so you’re following up and getting the business they’ll miss out on.
Create a follow-up process
We describe the follow up as a process, because it is. You need to look at it as a process and build a system into your business and your CRM so that everyone you meet or who shows interest in your business goes through a ‘process’. This way you’re less likely to miss an opportunity.
The key to creating a good follow-up process is to build in strong and relevant content and touch points. Don’t just set up a load of reminders to email or content your connections, as you’ll be able to ignore them. Build a system or process that makes sure you check in with your leads and offer value and advice whilst also reminding them that you exist.
Following up is actually a part of marketing when you think about it. Even though they’re interested, they still haven’t bought from you, so you still have to prove you’re the one for them with a more tailored and personal marketing approach!
There are loads of ways to do this, our 120-day follow-up system is a great place to start or grab some ideas right here but make sure you commit to doing this. 68% of your competitors won’t, so it’s a great opportunity.
Map out your sales process
With 68% of businesses not doing this, you have a great chance to really stand out and win more business. How does your sales process look? Do you have a system in place to gain leads, nurture them, and then convert them?
Let’s look at a simple example of a sales process first.
Someone contacts your business and asks for pricing, packages or some advice. What do you do next?
- Add them to your CRM
- Set a reminder to follow up
- Add them to a follow-up process
- Send them some free content
- Arrange a meeting
- Set up a sales call
- Send them a proposal
- Follow up the proposal with a meeting
- Convert them or offer them something else
- Work with them
- Cross-sell and up-sell them
- Check in with them if they didn’t convert.
You can do all, some, or more of the above – but it needs to suit your business and it needs to work for you and the leads you gain.
Make sure that you map it out and work out how you will deliver each stage. You need to document who will do what and how will you deal with rejection as well as acceptance. A “no” isn’t always a no, remember. It could be a “not right now, thanks” instead and step 13 is all about those people.
Use your CRM in an intelligent way
The best way to monitor this activity is to use a CRM like SalesRadar. A CRM allows you to follow up but it also gives you insights into where people are in your sales pipeline and what you need to do next. Let’s say, for example, that you have an event coming up for a product launch. You’ve been marketing it well and you’ve gathered lots of interested parties.
- Do you know where to go to convert hot leads?
- Would you be able to see how many converted from each marketing stream?
- Are you in the position to get your sales team to convert the ‘low hanging fruit’?
- How good were the sales team at converting leads from a particular campaign?
Using the data in this way not only gives you a way better chance of converting sales but also helps you spot where you have a block or failing part of your sales process.
Reviewing your sales leads and how and when they convert is obviously important, but almost 70% of your competition wouldn’t know where to look! Do you?
Understand how, why, and when your leads convert
It’s probably going OK in your business. But you’re reading this because you’d like to do better. Understanding how your business feels and looks to an outsider – a lead – and how they respond to it is paramount to your business growth and success.
Mapping out your processes, building a system, and then tracking its success will be a game-changer for your business. It’s great to gain leads and follow up on occasion. It’s what most people in business will be doing (68% of them!).
But working out how your system looks and putting it into a system like SalesRadar where you’ll not only be able to see a visual pipeline – but also be able to improve it – will be more than the majority of your competition will be doing.
Just imagine what that could do for your business. You don’t need to work on more marketing; it’s often the case that you simply need to get better at nurturing the interest you already have!
Be in the superstar 32% that have a process and map it out – you’ll be onto a winner!