Completing a successful sales cycle can only happen when every step of the process goes according to plan. If there are parts of that process that are not given the appropriate attention or resources, sales can fail. One aspect of the sales cycle is the potential customers themselves. After all, without buyers, there are no sales.
Company leaders, therefore, need to spend just as much time on their prospective buyers than anything else. And, being sure which people to focus on and which people to not focus so much on, helps make that cycle finish faster.
So, who do you focus on? There’s a lot of conversation regarding which type of people companies should be reaching out to. For instance, should the focus be on old customers or new ones?
Here’s why companies should spend more time on their qualified leads than previous customers:
Understanding Previous-Customer Behavior
True or False?
Customers who have purchased goods or services from your company in the past are guaranteed to do so again.
The key word here is “guaranteed.” Sure, while customers return to places they like all the time, that generally applies more to restaurants, nail salons, and car mechanics – not so much for online companies or small businesses with a heavy online presence.
Think about it. If you buy a necklace online from a website like Etsy, you may visit the website again, but probably not the individual seller. If you book a vacation online through a small travel agency, you may use them again, but likely not for a while. And, if you hire a web designer to do your website, once the job is done, you won’t necessarily need them again.
While you shouldn’t completely ignore your previous customers, it’s okay to passively engage them while you focus more attention on other things. Other things being your qualified leads, instead.
Why Focus on Qualified Leads
The sales cycle can run quickly in today’s world with how businesses are being conducted. These days, people can find almost any good or service they need with a click of a button. However, these people still have their own criteria for judging a business before going forward with a purchase.
With the rise of marketing automation, better and faster email marketing strategies, and social media marketing, business leaders can bring in leads very easily. Leads who know what they want can tell pretty quickly if you’re trustworthy and transparent. Also, marketing automation software makes it easy to determine a lead’s engagement with your marketing campaigns. Therefore, you know who to focus on, and who can be placed on the backburner. Sometimes, it’s the previous customers who end up on that backburner more than anyone else.
Qualified leads are more likely to convert when they’ve already shown significant interest. Using a combination of software and strategies, you can know which leads are qualified and how to hook them in before it’s too late.
Create a Healthy Balance
Previous customers are just as important as qualified leads. However, it’s okay to take a look a closer at your own business model, what you’re offering to people, and who is more likely to buy from you. Is it those who have bought from you before and are happy with what they’ve received or is it those who desperately are in need of your goods or services and are willing to buy immediately? Depending on your business model, it could be the former. But, in many cases, it’s the latter.
That being said, previous customers can still help you out a lot. They can refer your business to others. They can write reviews on websites, or may choose to buy goods again for friends or for themselves, if relevant.
But, for the moment, those who have still yet to experience all you have to offer are more likely to buy than previous customers who are already satisfied. Put the attention on those qualified leads, and you’ll have a successful sales cycle. Additionally, be sure to maintain the relationships you have with previous customers. This will help create a healthy balance all around, which will benefit your business if leads start to slow down.
CRM is one of the most important aspects of any business. Give attention to your qualified leads to convert them into loyal, paying customers. And, if you want to know how marketing automation can help you do this, request a demo with the Mission Suite today!