Last month, something incredible happened: your company’s marketing efforts went viral, and lead volume shot up by 500%. The office was buzzing with excitement and celebration.
But now, that excitement has faded away. Here’s what went wrong:
80% of your calls ended with the dreaded “not interested.” A lot of people didn’t even remember your company or signing up for a free trial after seeing the video. To make matters worse, many potential leads have already been bought by your competitors. Your conversion rate has tanked, and you’re left with a huge pile of 12,000 leads still waiting to be contacted.
The takeaway? Two words could have saved you all this heartache: lead prioritization.
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Lead Prioritization 101: What It Is and How It Works?
Lead prioritization includes evaluating and categorizing leads based on their potential value to your business. By doing this, you can focus your efforts on the most promising leads and boost your chances of success.
It all starts with collecting data on your leads from website interactions, email responses, social media engagement, and more. Once you’ve gathered this data, you can create a lead score for each lead. Think of it as giving each lead a grade on how likely they are to convert into a paying customer.
Next, you’ll categorize your leads based on their scores. You could use a simple system like “hot,” “warm,” and “cold” leads or go for something more elaborate. The idea is to prioritize the leads with the highest potential for conversion so you can focus your efforts on them.
Remember, lead prioritization isn’t a one-and-done deal. It’s a continuous process that should be regularly reviewed and updated based on the latest data. By using lead prioritization, businesses can ensure they’re making the most of their lead generation efforts and focusing their resources where they’ll have the greatest impact.
Don't Get Lost in the B2B Maze: Prioritize Your Leads in 5 Simple Steps
1. Low-Hanging Fruit: Prioritize Your Inbound Leads
Here’s a golden rule of B2B sales and marketing: focus on the “bird in the hand” first. In the world of lead prioritization, that bird translates to your existing inbound leads- the warm prospects who’ve already shown interest by visiting your website, downloading a free trial, or taking other positive actions.
Why prioritize these folks? Because they’ve practically raised their hand and said, “Hey, I’m interested in what you have to offer!” They are your pre-qualified leads who’ve already begun the buyer’s journey. Compared to the vast unknown of “cold calling” entirely new prospects, these inbound leads are like ripe fruit hanging low on the tree- easy to reach and ready to be picked. Examples of inbound leads include:
- Website visitors
- Free trial sign-ups
- Referrals
- Social media connections who’ve engaged with your content
The key here is speed. Since these leads have already expressed interest, your salespeople must connect with them quickly; strike while the iron is hot, as they say. The faster you reach out, the higher the chance of nurturing that initial interest into a loyal customer. So, don’t let these warm leads get cold, prioritize them first and watch your sales pipeline blossom.
2. Up-Sell to Existing Customers - A Win-Win
When prioritizing leads, don’t forget about your existing customer base. They’re already familiar with your brand and are interested in your products or services. This makes them prime candidates for upselling, offering them additional products, upgrades, or add-ons that could benefit them further.
Chatting with someone who already knows and trusts you is much easier, right? Instead of starting from scratch with a cold call, upselling allows you to build on that existing relationship. The key is to focus on solving their problems. For example, if they purchased software from you, maybe an annual subscription discount or premium support would be a valuable add-on. Continuing to provide exceptional value strengthens your connection and boosts your bottom line.
3. Leverage the Power of Referrals
We’ve all heard the saying, “Happy customers are the best salespeople.” Well, it’s true! When existing customers love your products or services, they will likely recommend you to their friends and colleagues. These referred prospects are already somewhat familiar with your brand; they’ve heard good things! This translates to a higher chance of converting them into paying customers.
Existing customers can also be a valuable source of insights into your target audience. Because they’ve already experienced your offerings, they can relate to the challenges and interests of potential new customers. By tracking where your customers come from and how satisfied they are, you can refine your lead scoring system and identify the prospects who deserve your immediate attention.
4. Qualify Your Leads
In the sales world, not every prospect walks in with the same potential. You’ve likely noticed from experience that certain industries, company sizes, or even contact titles tend to be a better fit for your offerings. That’s why qualifying leads is crucial; it helps you prioritize your efforts and target the prospects most likely to convert.
Lead qualification is like a sorting process for your sales funnel. Top salespeople use this technique to map out their calling strategy and ensure they’re spending time with the most promising leads. Here are three key questions to ask during lead qualification:
- Who’s the Decision-Maker? Knowing the prospect’s title helps you determine if they have the authority to make a purchase decision. You don’t want to waste time pitching to someone who can’t green light the deal.
- What Business Are They In? Understanding the prospect’s industry and company size gives you context. Does their business align with your ideal customer profile? Are they the right size to benefit from what you offer?
- What Challenges Do They Face? This is where you uncover the prospect’s pain points. Do their needs match the solutions you provide? By understanding their specific problems, you can tailor your pitch to demonstrate how your product or service can be the perfect remedy.
By asking these questions and qualifying your leads, you can prioritize your outreach and focus on building relationships with those most likely to become loyal customers. This will help you in maximizing your time and resources for optimal sales success.
5. Use FIFO (First-In, First-Out) for Lead Outreach
Here’s another strategy to boost your sales efficiency: the FIFO (First-In, First-Out) approach. Just like it sounds, FIFO prioritizes contacting new leads as soon as you acquire their information.
Fresh leads are typically more engaged and receptive to initial contact. By reaching out promptly, you can capitalize on their initial interest and move them more effectively through your sales funnel.
Remember, acting quickly with the FIFO approach creates a winning combination for maximizing your sales success. It ensures you’re spending valuable time nurturing relationships with prospects who will become happy, long-term customers.
Conclusion
Lead generation can often feel like a numbers game, but with only so many hours in a day, making smart decisions about which prospects to pursue is crucial. While having a long list of potential leads is beneficial, its value diminishes significantly without effective prioritization. Don’t miss out on fantastic opportunities due to flawed prioritization methods.
Implementing the five strategies above to prioritize your leads will lead to an increase in your conversion rate. These tips are just a few of the many valuable pieces of advice for professionals to qualify and prioritize their prospects efficiently. The key takeaway is to focus your efforts on leads who are most likely to convert rather than those who aren’t.
Ready to ditch the lead overload and focus on what matters? We can help! Reach out to [email protected], and let’s discuss how we can supercharge your sales pipeline. The future of success awaits – prioritize your leads and watch your business soar!
