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5 Steps To Find Leads For Your Business

5 Steps To Find Leads For Your Business

Every book on sales management will teach you what is called the ‘sales funnel’. This is basically the list of stages a prospect is made to go through before they trust your business and show interest in your product or service. A typical sales funnel would broadly involve Lead generation → Introducing your business to the prospect → Make your prospect interested in your product → Convert the prospect into a customer. Of course, this is pretty simplified, but you should get the drift.

The problem a number of marketing managers grapple with is not the sales cycle – which is handled by the sales team – but in getting started on lead generation. How does one go about finding new leads for your business? Here is a step-by-step process to finding leads for your business.

Step 1 : Decide What Pain Your Business Solves

A lot of sales managers make the mistake of confusing pain point with product utility. If your business sells office furniture, the pain point you are trying to solve is not providing a good sitting equipment for office goers. Instead, you need to go deeper into the reasons why your past customers have purchased from you instead of the other shop at the other end of the street.

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Do you offer customized cushioning for customers in the central business district? Are your prices lower? Do you offer free maintenance? You might in fact be offering all these points above – but what was the point that sealed the deal for your past customers? Identify these points – these are the real pain-points that your previous customers were facing. It is this that you must solve.

Step 2 : Figure Out Where Prospects Who Face The Pain Seek Solution

So an IT company in the CBD is looking to purchase new desks for their workers. Who in the company is given the responsibility for making the purchase? What is the first thing they do to get started? Do they search on Google? Is there a trade magazine they look to for contacts? Do they outsource the job to a third party agency? The answer to these questions will tell you who to target – the purchasing manager, their boss, or the agency. If it is an agency, go through the above steps again to identify who in the agency you should be reaching out to.

Step 3 : Prepare A List Of Marketing Channels

Just because the target prospect uses a trade magazine to find furniture suppliers does not mean that it is the only channel to reach out to them. Popular marketing channels are often expensive to get through as well. So, if a particular trade magazine is the most popular advertising platform among furniture suppliers in your area, that is also the most expensive. It is, then, a good idea to prepare a list of other marketing channels. To do this, study the target prospect and map out their behavior.

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A purchasing manager at an IT firm is also likely to be talking to computer suppliers in your neighborhood. Would a cross-promotion deal with the popular computer suppliers work? Such purchasing managers are also likely to attend local industry meetups, so would attending such meetups yourself help? Understanding the behavioral patterns of your prospect is likely to give you a number of marketing channels to target.

Step 4 : Calculate Cost Benefit Analysis

Now that you have a list of marketing channels, you will need to know the return on investment in each of them. Do not forget to put a cost to the time spent as well. For instance, attending an industry meetup would cost you two hours – that’s two hours that could have been spent on any other marketing activity. Also, remember to take into account the recurrent income, if any.

In the case of a partnership with a local computer supplier, you may often be required to share a percent of your income with the supplier as commission. That’s potentially lost income, but you can well make up for this through repeat business that such a supplier would provide. Keeping all these different factors in mind, determine the cost of customer acquisition from these different marketing channels.

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Step 5 : Prioritize The Channels

Now that you have the marketing channels sorted by customer acquisition cost, do not get started immediately. Like your Economics professor always said, money in hand today is more valuable than money you may get tomorrow. Some channels are capable of bringing immediate business – a Google Adwords campaign for instance. Others, while seemingly profitable, may not yield immediate returns.

Industry meetups are a good example for such a marketing channel. So how do you tackle this? Pick the top 20% of your marketing channels sorted in increasing order of acquisition cost. Once you have them, sort them in descending order of immediacy of prospect acquisition.

There you have it – a list of strategies to acquire prospects along with the order in which you should deploy these strategies.

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Featured photo credit: http://www.corecapitalgroupdc.com/convert-online-real-estate-leads/ via corecapitalgroupdc.com

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Anand Srinivasan

Marketing Consultant

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Last Updated on December 10, 2019

7 Strategies to Keep Employee Motivation High

7 Strategies to Keep Employee Motivation High

Highly motivated employees are essential to the success of any business. Most people spend a third of their lives at work.[1] That’s a significant amount of time away from home, apart from the people who make us happy and the things we love to do. So keeping employee motivation high is essential for creating an office environment that gets the best out of our people.

But do you know what motivates your people?

It’s simple:

  • Is their work stimulating?
  • Does it challenge them?
  • Is there room to grow, a promotion perhaps?
  • Do you encourage creativity?
  • Can they speak openly and honestly with you?
  • Do you praise them?
  • Do you trust your staff to take ownership of their work?
  • Do they feel safe in their work environment?
  • And more importantly, do you pay them properly?

Every one of these factors contributes to the general happiness of your employees. It’s what motivates them to come into the office each day and work hard, hit goals, and get results.

In contrast, an unmotivated employee is typically unhappy. They take more sick days, they’re not invested in seeing your business succeed, and they’re always on the lookout for something better.

Stats show that 81 percent of employees would consider leaving their jobs today if the right opportunity presented itself.[2] So it’s up to you to set aside time and energy to create a work environment that benefits every one of your employees.

These seven strategies will help you motivate your people to consistently deliver quality work and, more importantly, to stick around for the long term.

1. Be Someone They Can Rely On

You rely on your people to turn up to work each day, to come to you when they have a problem they can’t solve, to be honest, and to always engage professionally with customers.

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But this is not a one-way street. You, too, need to be someone your team can rely on. They trust you to have their backs when a client is unreasonable, to know that the decisions they make are in your best interest, and to make good on your promises.

If you say you’ll attend an important meeting, be there. If your company makes a profit and you’ve said you’ll pay a bonus, pay it. The goodwill of your people is something you never want to test, let alone lose.

Be reliable; it’s astounding how much this motivates your people.

2. Create an Awesome Company Culture

There’s no denying that company culture trickles down from the top. Your leadership and attitude massively influences the attitudes, work ethic, and happiness of your staff. If you’re always stressed-out, overly demanding, and unreasonable, it’ll create tension in your office which will adversely affect your employees’ motivation levels.

In fact, the HAYS “US What People Want Survey” found that 47 percent of staff who are actively looking for a new job, pinpoint company culture as the driving force behind their reason to leave.

So if you have high staff turnover, you need to determine whether your company culture might be the motivating factor behind your churn rate.

Here are four ways to build a culture that keeps your employees highly motivated.

  • Be conscious of the image you present. Your body language and attitude can positively or negatively impact your employees. So come to work energized. Be optimistic, friendly, and engaging—this enthusiasm will spill over to your people and motivate them to be more productive and efficient.
  • Appreciate your people and be reasonable. Celebrate your team’s achievements. If they’re doing a good job, tell them. Encourage them to challenge themselves and try new things. And reward when deserved. If they’re struggling, help them. Work together to find solutions and be a sounding board for their ideas.
  • Be flexible. Give your people opportunities to work remotely—this is highly motivating to staff, particularly millennials. They don’t want to be battling traffic each day on their way to work. They don’t want to miss their kids’ baseball games or ballet rehearsals. Stats show that companies that offer flextime and the ability to work from home or a coffee shop have happier and more productive employees.
  • Create employee-friendly work environments. These are spaces that inspire and ignite the imagination. Have you ever been to Google’s offices? No headquarter is the same. From indoor slides and food trucks, to hammocks, and funky work pods on the wall, gaming rooms, and tranquil interior gardens, there’s something for everyone. It’s a space where people want to be, catering to their need for creativity, quiet, or team building; you name it.

So take a look at your company culture and ask yourself, Is my business an attractive workplace for talented professionals? Does it inspire commitment and motivate my people? What could I do to improve my company culture?

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3. Touch Base with Your Team Weekly

Make time for your people, whether you run a remote business or work in an office, set aside time each week to talk to your people one-on-one. It’s non-negotiable.

When there’s an open line of communication between staff members, work gets done. Don’t believe me? A study by Gallup found that 26 percent of employees said feedback from their leaders helps them to do a better job.[3]

Your people want to feel trusted. They want to take ownership of their work, but they also need to know that when they have a question, they can reach out and get answers. If you’re unwilling to make yourself available, your team will quickly become unmotivated, work will stagnate, and your business will stop growing.

So block off time on your calendar each week to touch base with your people, even if only to let them know that what they’re working on matters.

4. Give Them the Tools They Need to Do Their Jobs Well

Imagine trying to run your business without electricity. How would you contact your clients? What would happen when your phone or computer battery died?

Technology is super critical to the success of your businesses. It allows you to work more efficiently, to be more productive, and to handle matters on-the-go. That’s why you need to give your people tools that will make their jobs easier.

Make sure their equipment is in good working condition. There’s nothing more frustrating than a laptop that takes ages to boot up. It’s got to go. Replace outdated software with new software. Don’t make your designer work in Coreldraw; give them access to the most up-to-date version of Adobe Creative Suite. Take it a step further and buy them a subscription to Shutterstock or Getty Images.

Make working for you a pleasure, not a pain; and watch your employees’ motivation levels rise.

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5. Provide Opportunities to Learn and Upskill

Would you believe me if I told you that 33 percent of people cite boredom and a need for new challenges as the top reason for leaving their job?[4] If you want to retain your talent, you need to upskill.

Thanks to technology, we live in a rapidly evolving world that demands we change with it. A copywriter is no longer just a writer; they now need to be experts in SEO, Google Adwords, CRMs, and so much more.

A pastry chef needs to be a food stylist, photographer, and social media manager. An entrepreneur needs to be a marketer—or at least take ownership of the marketing message for their business—if they hope to scale.

Technology makes all of this possible. No matter your location, your people can continuously expand their knowledge and gain new skill sets—something that’s highly motivating to employees. They want to know that there are opportunities to grow and develop themselves.

If you won’t invest in your people, then your business becomes just another job to tide them over until they find where they truly belong. So be the company that sees value in developing its people.

6. Monitor Their Workload

Overworked employees tend to be unproductive and unhappy. Your people cannot be at full capacity every day, month to month. Something’s got to give. They’ll become deflated and their work will eventually suffer, which will negatively impact your business.

What I like to do is implement a traffic light system. It helps me to keep a finger on the pulse of my business. So there’s red, yellow, and green:

  • Red means they’re fully loaded.
  • Yellow means they’re busy, but they can potentially take on more.
  • Green means they haven’t got enough to do.

I use this traffic light system because I don’t want my team members to be stressed out of their brains all the time. If they are, they won’t make good decisions and they won’t do good work.

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If my people are regularly overloaded, I have things to think about. Perhaps I need to hire a new person to help ease the load or take a closer look at what projects are good to go, and which can take a back seat.

And this is why #3 is essential. If I’m regularly engaging with my people, I’ll know that while they’re coping with their workload, it is impacting their performance and health, and I’ll take action.

7. Don’t Mess Around with Your Employees’ Pay

Never mess around with your people’s salary. As a business owner or high-level manager, it’s easy to forget that most people live from paycheck to paycheck. Delayed compensation can mean a missed bill payment, which could result in costly penalties they can’t afford or hits to their credit score.

So it’s your job to ensure that you pay your people on time.

The Bottom Line

A motivated team is an asset to any business. These people never give up. They get excited about coming to work each day and can’t wait to test a new theory or tackle a particularly tricky challenge. They’re proud of the work they do. And more importantly, they have no reason to leave.

Wouldn’t you rather be part of their success story than the business that drove them away?

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Featured photo credit: Emma Dau via unsplash.com

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