Some strategies may work for a type of business, and may not be so effective for another. Sometimes, the challenges faced by different businesses are dissimilar. So, what may work for some businesses at a point in time, may not work for the same business at another time. The secret is to TEST AND MEASURE anything that you do.
What do I mean by TEST AND MEASURE?
Author: Coach Nik Rasli Nik Mansor
Designation: Certified Business Coach with ActionCOACH, Sales Coach
In last month’s issue, I have discussed about using the DIRECT MAIL as a lead generation strategy. I also touched on the importance to TEST AND MEASURE (T&M) everything that you do. T&M provides you with valuable information for you to be able to make well-informed decisions. I will share with you on how you can do T&M in our subsequent issues.
At this juncture, and based on my own T&M on my article in the previous issue, the feedbacks that I have received (thanks for the feedback, gang…keep them coming, I appreciate them), some of you were asking me “Why write about Lead Generation Strategies, Coach? We want to know about how to get more customers, turnover, and profits.”
Isn’t that interesting!
In his book “Instant Cashflow”, Brad Sugars explained clearly and in depth on this matter while explaining his “Business Chassis” and the five ways on how you can make more profits. I took the liberty to summarize his writings.
The number of customers you have, or get, is a RESULT. It is a result of the interaction between two controllable variables, namely LEADS x CONVERSION. Thus, the formula is as follows:
LEADS X CONVERSION = CUSTOMERS
Therefore, to get more customers, you need to get more LEADS. That’s why I was discussing LEAD GENERATION STRATEGIES first in the previous issue. It is the first controllable variable in the formula to make more money for your business.
In this issue, I will continue our discussion on Lead Generation Strategies. This issue focuses on using the TELEMARKETING Strategy, another ACTIVE Lead Generation Strategy.
Strategy 2 – Telemarketing
The second strategy that we shall discuss is the “Telemarketing” Strategy. In this era of ICT, the cost of making a telephone call has gone down considerably, making the telemarketing strategy a viable alternative. Arguably, almost everyone has a telecommunication device nowadays. Therefore, in some cases, it is the most sensible strategy to adopt.
Some of the advantages of using Telemarketing are as follows:
• Direct contact with your prospect
• You can hire and train some else to do it
• You can choose who is called
• You will able to ask questions and direct answers
• You will be able to talk through any documents you sent
• You can also close the sale
• Introduce “rapport”
However, there are also some drawbacks, such as:
• Telemarketer’s Conversion Rate
• Integrity of your Test and Measure
• Have to hire, pay and train a telemarketer
• Your employee, the telemarketer may not show up for work
• You have to trust someone else
• May still need you to close
Nevertheless, if you decide to employ the Telemarketing strategy, you may want to use some, or all of the following suggestions:
• Make the process clear to your telemarketer
• Conduct a thorough telemarketer selection
• Have good scripts
• Payment or commission to telemarketer is based on sales rather than just on leads
• Set a daily call goal
• Provide a clear picture of your ideal customer to your telemarketer
Some of the things to avoid when using the Telemarketing Strategy:
• Poor timing
• Telemarketer’s Poor understanding of services/products
• A weak telemarketer
• Stopping when your telemarketer was just getting good
• Thinking you have learnt the script and putting it away
• Forgetting that you are talking to a human who has needs, wants, and desires
• Bad training or lack of training and coaching for your telemarketer
This strategy is worth considering. If the products and/or services that you are selling are fairly uncomplicated, you might also want to consider using a “professional telemarketing” outfit. There are many of these outfits out there. As the saying goes “If you just want to eat beef, you do not need to own a cow!”
I shall discuss other lead generation strategies in the next sequel to this article. If these two strategies seem to be applicable to your business, then take ACTION, and try them out. Please do not forget to TEST and MEASURE.
P.S.: You may purchase Brad Sugar’s book, Instant Cashflow from most bookstores, or you may order from us!