Lead conversion 3 steps for turning leads into customers

3 Steps to turn Leads into Customers

Success of a company’s marketing effort is not measured by the volume of Leads generated, but the quality of Leads.

And generating qualified Leads is not the end of the story either, it is the beginning of a new chapter – the Sales !

Leads

Suspects

Prospects

Customers

Marketing

Marketing / Presales

Sales

Lead Generation

- Brand building

- Advertising

Lead Evaluation

- Cold Calling

- Information Hunting

Lead Nurturing

- Customer Engagement

- Negotiations

From the Lead Life cycle, you can see how important it is for Marketing and Sales functions to be aligned to each other.

One thing definitely happens to companies who achieve this harmony –they win !

They win and successfully convert Leads into Customer.

Lets look at the 3 steps to achieve this.

Identify your Customer’s Need

Too often, businesses are consumed with their product or service and forget that it's the customer’s needs, not their own interest, that they must satisfy.

Step back from your daily operations, and carefully scrutinize what your customers really want.

Suppose you own a Café. Sure, customers come into your Café for Coffee or beverages.

But is beverage all they want?

What could make them come back again and again and ignore your competition?

The answer might be quality, convenience, reliability, cleanliness, or customer service.

In contradiction to popular belief, price is never the only reason people buy !

Your competition may be better on pricing because they're larger.

You simply have to find another feature in your product that addresses customer’s needs; and then build your sales and promotional efforts around that feature.

In Simple terms :

Put yourself in your customer’s shoes.Identify your customer’s need, and demonstrate how your product meets that need.

It's very important not to get lost in how your product works so much than what problem it solves !

Identify what motivates your Customer’s buying decisions

Do you know why your customers buy from you?

Every purchase decision begins with Customer’s current dissatisfaction.

It is important to identify what are the Customer’s current pain points that made him come to market looking for your product/service. These more or less motivate Customer in choosing yours from the available product/service options.

Continuing our Café example,

It is not enough to know that 75 percent of your customers are in the 18-to-25 age range.

You need to look at their motives for buying Coffee—taste, peer pressure, convenience and so on.

Wear the hat of a Psychologist !

You need to know what drives and motivates customers. Go beyond the traditional customer demographics that most businesses collect to analyze their sales trends.

High end automobile and Smart phone companies are great examples of industries that know the value of psychologically oriented promotion. People buy these products based on their desires (luxury, prestige, glamour and so on), not on their needs.

Separate what enables customer to consider your product and what motivates him to choose it over other similar products.

Remember, successful marketing isn't about having a unique product or service; it’s about making your product stand out—even in a market filled with similar items.

Create a Winning Sale pitch

We now know what Customer needs and also what he desires (or wants).

What more?

We need to position our Product/Service to meet both the need and the want. A successful Sale pitch would map the product’s features to the Customer’s requirements (both need and want)

Continuing our Café example,

Through some research and analytics, you now know what Customer needs (a Coffee Mocha) and what they desire (A quite place to think, have coffee and some cookies on the side)

Bingo. Reduce the Speaker volume and draw out a combo offer that is irresistible !

Focus on the Customer

Your sales pitch is all about who you are pitching to. How much ever amazing your company and product are, all the customer wants to know from you is – WIIFM (What’s In It For Me?)

It doesn’t matter how good your product is – if your prospects are unaware of how it can help them.

So, map Customer requirements to what your product/service can offer and how best it can offer.

1. Identify your Customer’s Need

2. Identify what motivates your Customer’s buying decisions

3. Create a Winning Sale pitch

Stop Selling ! Start helping !!

Thank you

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