Converting a sale . . . . cold, warm or hot?

ChristineDaveyMarketing Converting a Sale

It has been said that to close an average sale you would have to contact a single prospect 8 times.

A typical prospect will normally move through the sales cycle from being cold then to being warm and finally, just when they’re ready to close the deal they’re hot and move into being a client or customer.

Moving through the sales cycle, the prospects in your database will start off in the cold zone – potential customers you’ve identified as a well-qualified contact, but have little or no awareness of your brand or what you do.  You would normally reach these with an initial campaign to introduce your brand and USP – possibly by a telesales campaign or direct mailing push.

Prospects become warm once they’ve been spoken to (or met) and they are familiar with your company and what you have to offer but they are not yet ready to buy. They might require more time or information to process their needs but by consistently maintaining these contacts with ongoing communication, consisting of a series of marketing activities that might include follow-up phone calls, email marketing and social media contact, you’ll have a better chance of successfully moving through to the final stage of the sales cycle.

Your hottest prospects are those who have either come to you as a referral or have been moved through the first two stages of your sales cycle at which point they will become paying customers.

It will take multiple contacts using sales and marketing tactics to move each prospect on to the next stage of your sales cycle. In order to build and maintain a successful business, developing a sales & marketing programme that combines these tactics in all three zones, is imperative to reach and motivate each group in your database.

Have you developed your sales & marketing plan this year?

If you’d like some help on planning your marketing communications, Tweet me or call me on 01273 772033 today.

Christine Davey
@DaveyMarketing

What is Marketing?

What is Marketing: Davey Marketing BrightonI was at a social event recently, which was previewing some up coming new films; chatting afterwards, the conversation inevitably led to ‘what do you do’?  My normal response is ‘Marketing’ which usually leads to the question ‘What sort of marketing’?

This is always a difficult question to answer, as most people quite often confuse Marketing with Advertising.  Whilst the two go hand in hand, and are necessary to the success of your business, Marketing is about getting the right product or service, to the right people at the right time.  It’s about identifying and understanding your customer and giving them what they want, it’s not just about advertising and promoting your business.

Effective marketing requires you to examine every aspect of your business and how it affects your customer’s experience; covering everything you need to do to deliver your products and services to your target customer.  Planning is essential and you’ll need to look at each of the following areas in order to create a comprehensive framework to develop an effective marketing plan:

The Marketing Mix (or the 7 P’s of Marketing)

Product
Simply, what your business offers: this covers the combination of goods and services that your business offers.  A good product provides client value i.e. satisfaction of use outweighing the perceived sacrifice of amount paid.

Place
This refers to how your customer accesses your produce or service; it should be convenient for the client at all times.  How your customer accesses your product or service.  This could be your business premises, shop or online presence.

Price
What approach will you take to pricing your product?  Price communicates a lot about a brand. It is a key factor in the marketing mix – too low may put off the target market, too high will carry a high client service expectation which may be tough to fulfil.

Promotion
Refers to how you communicate with your customers.  The objective of the promotional mix is to communicate what the company does and what it offers, to the right people at the right time, in order to acquire and retain customers.

People
All people who come into contact with a potential customer are part of your marketing; they can have a profound effect on customer satisfaction.  Your staff or collaborative partners are ambassadors for your business.

Process
The processes you use in the day-to-day operation of your business ensuring that enquiries and orders are effectively managed.  Issues such as waiting times and helpfulness of staff, quality control, planning and feedback channels should be considered here.

Physical Evidence
This is the evidence you can provide to show you can do what you claim you can do.  Asking for feedback from satisfied customers to underpin your expertise and publishing it for potential customers to refer to.

The process of developing a marketing plan will help you understand the key benefits and features of your product or service, and how to go about attracting and retaining the right type of customer.

But remember, quoting the wise words of Darren Rowse from Problogger “There are no magic wands, no hidden tricks, and no secret handshakes that can bring you immediate success, but with time, energy and determination you can get there”.

Christine Davey
@DaveyMarketing

If you’d like some help on planning your marketing activities Tweet me or call me on 01273 772033 for an initial chat over a coffee!