What ISN'T A Sales Lead?
What IS a Sales Lead?
Prioritizing Your Work
What Makes A Sales Lead Pre-Qualified?
How To Get Great Sales Leads Out Of The Lead Generator
Once You Get a "Hit," What Do You Do: Making Contact
Browsing Leads
Generating Leads
Running Ads to Generate Leads
Promoting Your Business
Inferring a Need
Conducting Market Research to Find Leads
Increasing Your Chances of Success
Summary
Increasing your company's sales is the primary application of The Lead Generator.
And it accomplishes this goal by providing you with a reliable and inexpensive way
to generate lots of great, pre-qualified sales leads.
In order to get the most out of the system as a sales or marketing professional,
though, it first helps to understand what we mean - and don't mean - by a sales
lead. This is because, probably like you, we've been in sales and marketing for
more than a few years, and we've seen people spend a lot of money on what they thought
were sales leads, but really weren't.
The best story we can tell in order to answer the question (and illustrate a point
we need to make,) happened when we were doing the market research to determine if
there was any market for a system like The Lead Generator, which hadn't yet been built.
It seems that a certain business owner refused to see us. He believed that we couldn't
help him with his sales problem, claiming that he already had "more leads than
he knew what to do with." When we finally got in to see him, though, (after
all, we are in sales,) we discovered that the leads he was talking about was a nearly
four-foot tall stack of names that - he was right - he could never possibly get
through. What he thought were sales leads was really just a very expensive mailing
list that he had bought (on paper, no less!) And there wasn't a qualified lead in the stack.
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To the experienced salesperson a sales lead is simply a piece of information, specifically
that somebody needs something. Hopefully it's something you're selling, and the
person is willing to pay money to satisfy the need. But a lead is often nothing
more than a piece of information.
But a lead can also be a buying signal in the form of a problem statement, or an
acknowledgment by a potential customer that there's an opportunity to do business.
And since most salespeople are on some form of commission, it's also an indication
that there's opportunity to make money.
By the way, a lead can also be a person - particularly a person who can help you
by providing information, contacts or guidance.
A lead, therefore, is something that's worth spending time on. As a salesperson,
by the way, that's my definition of a lead.
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Experienced salespeople also know that whenever you're talking about sales leads,
you're also talking about the fact that some leads are better than others. And most
salespeople will prioritize their work according to what is going to make them the
most money, the fastest. This is reflected in the training literature, and in the
guidance of sales managers, when they say that "A" prospects are better
than "C" prospects, and that "explicit" needs are better than
"implicit" needs.
The fact is that some leads are better than others. And most salespeople
would rather spend their time working on good leads than bad ones.
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Besides the quality of the lead, we also often think in terms of a lead being "qualified,"
or characterized by the amount of information you have on the opportunity. Qualified
leads are better than unqualified leads, generally because someone has already found
some information that suggests that it's worth pursuing.
For example, with leads that aren't qualified:
- You don't know who the decision maker is
- You're not talking to the decision maker
- The prospect doesn't know he or she has a need for your product
- You have to infer that there's a need
- They have other, higher priorities
- And they probably don't have any money to spend
On the other hand, with qualified leads:
- You know who the decision maker is
- You're talking to the decision maker
- He or she has expressed a clear need for your product or service
- He or she may be pre-disposed to buy your product or service
- And he or she is prepared to take action in your favor
A lead being "pre-qualified" simply means that you have some of that information
before you start wearing out shoe leather. And that's the whole idea: Work less
and sell more.
The Lead Generator Can Give You Lots of Great, Pre-Qualified Sales Leads
The concept of a great, pre-qualified sales lead means that the lead is worth spending
time on, and that you have some basic information on the opportunity from the outset.
It means that the prospect is interested in what you have to offer and, if you can
make a fit, you're going to do business together.
That's what The Lead Generator is designed to do: Provide lots of great, pre-qualified sales leads.
Other parts of the documentation discuss the mechanics of using The Lead Generator,
so we won't go into that here. But do be sure that you become fairly proficient
in using the different functions of the system if you expect to get lots of sales
leads out of it.
The rest of this document, however, will discuss the basic applications of The Lead
Generator, and how to accomplish them.
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If you haven't already recognized it, The Lead Generator is basically than online
networking event where the price of admission is a declaration of your company's
Needs, and a commitment to participate in the process.
As a result, one of the most powerful applications of The Lead Generator is online
networking to find leads. But before we tackle the networking application, it pays
to start with some of the simpler applications.
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Application:
Finding prospects based on their explicit need for a specific product or service.
Strategy:
Search Needs using SIC Codes
Explanation:
All users must post their companies' needs by entering the SIC
Codes of the products and services that they buy, or intend to buy, in the Needs
portion of the data base.
Thus, if you're looking for companies that buy "3546 - Power-driven handtools,"
for example, then all you need to do is query the data base for all users who have
entered "3546" as a Need.
The easiest way to do this is in the Needs Menu, select "Search Needs (by SIC
Code.)" From there, you can either enter the SIC Code of the product or service,
or scan through the list to find the ones you want. "Hits" will be those
companies that buy the product or service that you specify.
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Application:
Finding prospects based on their explicit need for a specific product or service.
Strategy:
Search Needs By Using a Keyword Search
Explanation:
Like browsing for Needs by using SIC Codes, browsing by using
a Keyword Search queries the data base for companies that explicitly buy specific
products and services, i.e. those companies who have posted what they buy, or intend
to buy, using SIC Codes in the Needs portion of the data base.
In the case of browsing using a Keyword Search, however, you query the database
using a "text string" that matches a portion of the description field
that goes along with the SIC Code, instead of using the SIC Code itself.
Thus, for example, if you were looking for companies that buy "3546 - Power-driven
handtools," you could enter "Power-driven handtools" as your search
string. Note that you can use any substring as your keyword, such as "handtools",
"tools", or even "ower-dr", as long as it matches a portion
of the description exactly. If you're not sure how it's spelled, try several alternative
spellings and constructions.
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Application:
Making Inferences about Needs
Strategy:
Browse Needs Based on an Implied Need
Explanation:
Sometimes you may not find prospects who need your exact product
or service, or you might simply want to expand your prospect list. Using a little
imagination, you conclude that anyone who buys some other product "X,"
would also be a good prospect for your product.
For example, you might assume that anyone who uses the "4311 - U.S. Postal
Service" might be a good candidate for your company's Express Mail service,
even though someone might not have entered the SIC Code for Express Mail.
Simply query the data base for people who buy the "4311" using either
a direct SIC Code search or a keyword search, and you've identified prospects based
on an implied need for Express Mail service.
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Application:
Finding Prospects Who Need Exactly What You Make and/or Sell
Strategy:
Browse Needs Using a Match on Your Company's Products & Services
Explanation:
If you've accurately posted what it is that your company makes
and/or sells (in the Products & Services section,) then all you have to do in
order to find companies that Need what you make is to run a Match query from the Needs Menu.
The computer will automatically identify all companies that have Needs (based on
the SIC Codes that they entered in the Needs section of the data base,) that match
the Products & Services SIC Codes that you entered.
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Application:
Making Contact
Strategy:
Send a Message
Explanation:
Anytime you get a "hit" on the system, The Lead Generator
gives you the ability make contact with the prospect via The Lead Generator's Messaging
sub-system. Just select that you want to "send a message" to the prospect,
and you'll be given a screen where you can enter a text message with your solicitation
or introduction.
You'll need to remember two things, though. While the Messaging sub-system is pretty
bare-bones, you can remain anonymous while you're qualifying your lead, and still
have a very meaningful dialog if you observe the Rules of Netiquette.
Also, remember that the Messaging sub-system is closed. You can only use it to contact
other Lead Generator Users. The system will alert you when you have a Message on
the system by sending you a regular e-mail notice.
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Application:
Browsing for Leads
Strategy:
Querying the Leads Portion of the Data Base for Sales Leads
Explanation:
One of the main reasons that people use The Lead Generator is
to be able to access the sales leads in the Leads portion of the data base. Browsing
these Leads, which were entered by other users, is one of the most popular applications
of the system.
To query Leads, go to the Leads Menu from the Main Menu, and simply enter a text-string
to use as a keyword in the provided. Click search, and the system will search for
the string in the text of the Leads file.
You can also constrain your search geographically, or by affiliation. You'll "pull"
any Leads that contains the keyword.
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Application:
Generating Leads
Strategy:
Post Leads in Order to Network Yourself
Explanation:
One of the most powerful features of The Lead Generator is its
ability to actually "generate" leads for you. The question is: How do you do it?
Once you understand the logic, it's really quite simple. All you need to do is recognize two things.
The first is that when you engage other people in a networking dialog, they will
share information with you that can lead to the stimulation of new ideas that can
be of benefit to both of you. In essence, they reciprocate.
The other is that you probably know a lot more about opportunities for other businesses
than you think. All you have to do is leverage the information you have by posting
it to Leads. If you figure that the other users know about many of the same types
of opportunities, making it the currency of your dialog is a great way to build
your business.
Like any networking event, though, if you park yourself in a corner and "milk
your drink," you won't get anything out of it. But if you participate in the
dialog, especially by posting Leads, you'll be amazed at how much attention - and
new opportunities -- you'll attract.
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Application:
Advertising
Strategy:
Post An Advertisement for Your Products in Ads
Explanation:
The Lead Generator provides you with a simple text form that
you can use to post an Ad. And while it isn't the prettiest format in the world
(although links to your Web site will soon be possible,) you don't need it to be
pretty in order for it to generate Leads.
The key is to understand how people will find your Ad which will be, in general,
by matching a keyword in a query. Knowing this, you'll recognize that you want to
include as many keywords as you can somewhere in your ad (probably at the bottom.)
The best structure is to input a brief "Benefit Statement," similar to
what you might include in a cover letter to get a prospect's attention. Then, provide
a list of product names, brand names, applications, and other jargon related to
your product. Be sure to use alternative spellings if it will increase the likelihood
of a "hit," too.
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Application:
Promoting Your Business with a Promotional Statement
Strategy:
Write and Post a Strong Promotional Statement
Explanation:
Everyone must post a standard Company Description in the data
base for their company, but what makes it work is not fancy, image-oriented phrases.
What works is a realistic "Benefit Statement," (just like a good ad or
sales pitch,) and lots of keywords on which other users can match.
You should also change your Company Description occasionally, since you want to
keep making a fresh impression.
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Application:
Identifying Prospects Based on What They Make and/or Sell
Strategy:
Browse Products & Services for Prospects
Explanation:
While browsing Needs and Leads for leads is both obvious and
straightforward, you can also infer that someone might need your product or service
based on the products and services that they make and/or buy.
Simply browse the Products & Services portion of the data base, either by entering
SIC Codes or keywords. Your solicitation would then sound something like, "I
see that your company makes 'X.' We have many satisfied customers in your industry,
and would like to talk to you about how our products can save you money..."
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Application:
Identifying Demand and Market Needs
Strategy:
Use Messaging To Assess Demand and Market Needs
Explanation:
If you accept that market research and selling are just different
points along a spectrum of marketing activities then you'll see how easily you can
conduct simple market research on The Lead Generator.
Use any of the browse techniques to select your sample. Then use the Messaging sub-system
to distribute your questionnaire.
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Application:
Unseating Your Competition
Strategy:
Tell Your Competitors' Customers About The Lead Generator
Explanation:
Whether there are a lot of new leads for you on the system at
any given time or not, you can increase your chances of finding leads and getting
a hit, and unseat your competition, by telling your prospects (in particular, your
competitors' customers,) about The Lead Generator.
If you have a direct mail program (or any sales or promotional program, for that
matter,) one way to refresh it and provide a service to your prospects at the same
time, is to include information on The Lead Generator. They'll appreciate it because
it shows that you care about their business; and they'll be online and receptive
to your company's solicitations.
Once they're online, where do you think their purchasing department is going to
look when they need a supplier?
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Application:
Generating Leads Through Multiple Contacts
Strategy:
Use Repeat Solicitations To Catch Prospects When They're Ready
Explanation:
As you can probably tell, we don't think that impersonal, mass
mail is very effective (even if it's cheap on the Internet.) But we do believe in
the value of a high quality communication and persistence.
When you've identified someone as a prospect on The Lead Generator, note their User-ID.
Build a profile of them by finding their Company Description, and understanding
their Products & Services and Needs. Develop an e-mail that is personalized
and benefit-oriented so that it will get the person's attention by appealing to his needs.
Most importantly, if you're going to write to them, give some thought to the sequenced
content of your letters. For example, introduce yourself and your product in the
first letter. Discuss a successful customer application in a second letter. Write
about the benefits of your products in a third letter. After all, you wouldn't publish
the same newsletter 12 time a year, would you? And if you were on the receiving
end, wouldn't you want the offers with which you were presented to be relevant?
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Application:
Don't Use A Hammer To Drive In A Screw
Strategy:
Advertise in the Ads Area, Not in the Leads Area
Explanation:
Although we mentioned this before, one of the easiest ways to
turn people off is to attempt to disguise an advertisement as a Lead. Since Leads
are free-text, it's easy to do; but it really makes you look unprofessional. Save
your advertisements for Ads, and reserve Leads for Leads.
How do you know which is which? It's easy. If you're going to sell something to
the respondent as a result of the posting, it's an ad!
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Application:
Going In The Front Door
Strategy:
Reply To Ads
Explanation:
You know that sometimes you can't get an appointment with the
decision maker and that, sometimes, you have to leverage other contacts in order to get in.
If you can't make contact with the buyer by sending solicitations on The Lead Generator
(for whatever reason,) you may find that one of ans company's salespeople will be
willing to help. Use the Company Description to identify the company, and ask the
salesperson (perhaps even as a response to an ad,) if he would you get in to see the buyer.
Just be sure to return the favor.
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There are many ways to generate sales leads on The Lead Generator. This section
just introduced some of the most basic. But there are many more. The key to success
is that how clever, active and professional you are in using the system will determine
what you get out of it.
Remember also that using the system once a month is not going to work, by the way,
because there is a direct relationship between activity and results (and someone
else can get the Lead before you.) Since it doesn't cost any more to use it every
day than it does to just check it once in a while, it should become a regular part
of your weekly, if not daily, activity.
Finally, if you have any suggestions about how we can make the system better, be
sure to let us know. We're here to help you grow your business!
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