Surely, you’ve heard the saying, “Everything old is new again.” But did you know this also applies to your leads?
Old leads can become new sales when you use the data in your CRM to re-start sales conversations with customers who are still in the market, or in the market again. This strategy is especially helpful if you’re not getting the volume of high-quality new leads that you’d like from your website and marketing efforts.
Equity mining is the most well-known source for finding new opportunities from sales and service customers. However, there’s more than one way to mine your CRM.
You know the average closing rate for internet leads is 15 percent. That rate jumps to 25-30 percent for both showroom leads and phone ups. That means anywhere from 70 to 85 percent of all the leads in your CRM are unsold. That’s a huge pool of potential customers – if you take the time to go back and revisit them.
Your CRM software should make it easy for you to create targeted marketing and sales lists based on customer profiles. The following are examples of lists you can create that are not as “obvious” as current sales and service customers in a position of equity. The payoff is more sales, without additional lead acquisition costs.
Unable to obtain financing. Our economy is rebounding from the massive slowdown caused by the coronavirus pandemic. The unemployment rate fell to 8.4 percent in August. Now is a good time to revisit leads who previously were unable to secure financing. Perhaps they’ve recently been hired or received a raise. Or they’ve married and a partner that can be a co-signer. We’re also seeing historically low-interest rates and aggressive manufacturer incentives. Any of these factors could help turn a previously denied customer into a closed sale.
Be-Back appointments. Be-back appointments close at a much higher rate than first appointments. The problem is that many salespeople don’t like this follow-up process and give up after a few attempts. A BDC armed with a be-back list can handle the heavy lifting that salespeople don’t have the time, inclination or skill to do. If your budget doesn’t stretch to a BDC, or you’re trying to do more with fewer employees, double down on a stringent follow-up process that includes seven phone calls and five emails in a 30-day period. Pull customer touch reports from your CRM every day to ensure sales associates are following best practices.
Everything old is new again if you take the time to revisit the lead data already in your CRM. Pull targeted sales and marketing lists, create a follow-up process for each type of lead, and be creative about segmenting your customer profiles. The payoff can be new sales without additional lead acquisition costs.