Many businesses invest in various marketing channels to work well with leads. However, if you are converting only a few leads into sales, then you’re probably facing a leaky sales funnel. It is not conducive to have a situation like this. When you’re investing so much in sales, then having a leaky sales funnel will reduce your performance and productivity.
How to spot a leaky sales funnel?
Companies make use of sales pipelines to convert leads to sales. The work of an efficient sales pipeline is to take all leads, irrespective of their positions in the sales process, and enable them to progress in the right direction. Thus, a small leak in the sales funnel can have undesirable outcomes. You need to put the effort in the right direction to maintain the pipeline and ensure constructive results. To have a fair idea of why you are not able to leverage potential sales, you must understand the nature of opportunities and the ones that are won or lost by each channel. In case you’re keeping a track of leads in your CRM, you need to thoroughly study the following factors-
- If any sales representative is having an issue negotiating a lead/ deal.
- If any lead is not able to produce the desired customers.
- If customers are preferring others in the business instead of choosing you and the possible reasons for such a situation.
If you analyze your report thoroughly, you will be able to easily identify the obstacles in your sales funnel. All of these can be identified by using Salesforce Analytics. By using this tool, you can accurately measure your website’s performance and the effectiveness of your sales funnel. With Salesforce Analytics, you can smoothly convert leads into sales as per the desired outcomes. You need to be aware of the user flow in your website and quickly identify what is going wrong and what is causing poor conversion rates.
|Also Read: 7 Ways to Manage Your Sales Funnel Using a Real Estate CRM|
How can you fix a leaky sales funnel?
Fixing a leaky sales funnel can be challenging. Once you’ve identified the leaks, you must put all your focus into resolving the issues at hand. Taking care of these blockages and having an uninterrupted sales pipeline is the key to success. Below are some ways in which you can tackle a leaky sales funnel-
Target the most potential customers:
If a small leak has already affected your sales processes, then it is time that you checked your sales funnel. You must evaluate all kinds of leads and prospects present in your sales pipeline. When you focus on prospects that will not eventually turn into successful sales, then you are basically taking a huge risk. It is not going to yield any result and will add to your company’s financial burden.
What this means is that customers are looking for something beyond what you are offering and the leads will not get converted into sales. Thus, you should always be targeting the right leads. You should put the effort into modifying your emails, website, CTAs, and landing pages in a way that makes sure that every customer who is interested becomes a successful sale. Make sure that engaging with your content is an easy process for your customers. Be goal-oriented and give customers a clear picture of why your company is ahead of others in the market.
You must invest in a CRM if you gather leads from websites, emails, etc, and want to make sure that all leads finally become opportunities. In this way, a CRM can help you to a great extent. More than half the leads in your funnel will prefer you if you invest in the right tools. By using a CRM, you can be in touch with customers at any given point in time and thus maintain consistency. In case your customers do not see a quick response from your end, they will always prefer your competitors.
When you integrate CRM into your marketing platform, you can track your lead activities and indulge in following up with these leads. You will thus be able to take your business to unmatched heights. Since your company stays in touch with the customers who are interested, they will realize that your company values them and they will be the first ones to buy products/ services from you. You will always remain their first preference.
|Also Read: 7 Smart Reasons Why You Need RealE360?|
Engage in a Lead Scoring Process:
If you actively engage in scoring your leads in the CRM, it enables you to identify “hot” leads and have a clear picture of the prospect of each lead. You are thus able to prioritize leads as per their potential. Some studies show that up to 50% of sales go to the company that responds first to customers. Some studies also indicate that there has been a rapid rise in sales for companies that have just started responding immediately to customer queries.
In case you are not tracking or scoring your leads, it may lead to unwanted risks and you could lose a lot of time compensating for it. Since opportunities are leveraged by those companies who are on-toes and are extremely responsive, lead scoring helps a lot in this regard. Hence, it is high time you indulged in lead scoring and tracking in case you haven’t been doing it actively.
Make wiser decisions:
Not every lead will turn into a sale. It is not easy to seal the deal. Some studies have revealed that not more than 30% of leads get converted. And after you miss an opportunity, it is best to prepare for the next potential situation and make wiser decisions in that matter. When an opportunity that is lost is covered within a contract, then it is best to maintain the channel of communication with the concerned party. You must know the time for contract renewal and be ready to make that move when the time comes. In this manner, you will be able to make use of the next purchase they make.
It is a daunting task to spot leaks in your sales funnel and do what compensates for the same. Investing in the right tools and taking strategic decisions work in your favor. Since patching these leaks is important for your business, you must always be prepared to take the appropriate step. When your company grows and you witness a huge influx of leads, it becomes difficult to track them. It is thus better to know how to go about it. Although technology has evolved in an unimaginable manner, it always reduces down to the basics. If you’re aware of the industry trends, if you are responding well and quickly to your customers, if you are tracking and managing your leads, if you are maintaining comprehensive lead data in your system, then nothing can stop you from achieving the set targets.
With these steps, you can now ensure that all your engagements are directed towards achieving the best for your company. Since automation is the new normal, investing in such tools to track and nurture leads is the right approach. You can now be successfully involved in fixing leaks that might occur in your sales funnel, thus enhancing your company’s sales.
RealE 360 is an all-in-one real estate CRM that manages all aspects of a real estate company’s operations, from tracking incoming leads and existing contacts to automating the entire sales process. Request a demo today.