It’s June and we are nearly halfway through the year. How
are you doing in reaching your sales goals? Depending upon your fiscal year
calendar, you are either 120 days or 210 days away from the end of your
business year. In either case, now is a good time to take a good, realistic
look at how effective your marketing is in terms of helping you reach and
convince customers to buy from you.
Effective marketing fills up the sales funnel with
prospects: members of your target market that have shown an interest in what
you produce. Does your marketing provide interest from prospective customers?
If not, it is time to adjust your marketing strategy to provide a regular flow
of interested leads. However, if marketing is doing its job and providing the
leads, is there a follow up strategy to make contact with them in a timely
fashion? You should have a marketing-to-sales process in place to make sure this
progression is working like a hand-to-glove. If it’s not functioning that
smoothly, now is the time to make those adjustments. It is said that up to 40
percent of business-to-business sales cycles never conclude with either a sale
or a rejection – they simply fade away into oblivion due to lack of follow
through. Here is a practical application to use in these situations. Every time
you start a prospect down the sales cycle and you lose them, record the reason
why you lost them. You may find a multitude of problems: you were not competitive
on price or quality, you couldn’t deliver when they wanted it, etc. However, if
they left you because they lost interest, you have a marketing-to-sales
problem. If they lost interest along the way, you have a sales problem. You
didn’t keep them engaged. If they never showed any interest from the start, you
have a marketing problem. You need to evaluate your marketing methods that
gauge interest. In either case, learn the reason prospects are rejecting you
and make the adjustment now while you have time to fix the problem and still
meet your sales goals.
Beyond handing your sales staff leads, marketing also
supports efforts to convince people to make a purchase. That includes marketing
that makes a transition from being aware of your products and services - the
types of activities that fill up the sales funnel - to enticing them to make a
sale. If your prospects are aware of what you do, but just are not convinced
they should buy from you, you need to evaluate your first-time sales marketing.
This is where a good strategic plan comes into play – especially one that does
a competitive analysis that tells you why someone would buy from your
competition and not from you. First time sales marketing will give your
prospects the incentive (we call this the "hook” in marketing lingo) to get
them past being aware and shifts them into a buying mode. If you are getting
stuck in the transition, take a look at what you are doing to entice your
customers to the sale and make adjustments if needed.
June is a good time to evaluate how effective you are being
in these two marketing functions. Doing so will help you reach your sales goals
for the year. But don’t wait! The summer is upon us and the year is moving
along. Shift your marketing-to-sales strategies to keep your sales on track.