You’ve been able to generate sales leads – prospective customers who may want to buy your products or services. You’ve generated enough interest to draw them to your website or location. They’ve taken action to identify themselves by calling or filling out a website form. They may have even expressed precisely what they’re looking for and want to purchase.
But when you try to close the sale, they balk or ghost you altogether. What’s going on, and how can you fix it?
When seemingly solid leads don’t pan out as actual sales, several issues may be in play. We’ll explore six reasons why your leads may not be buying.
Research shows that half of the leads you generate are qualified but not ready to buy right now. If you look at website visitors, the numbers are even bleaker. Marketo found that only 4% of website visitors are ready to buy. Yes, they’ve taken the time to check out your website, but remember, this is the very bottom of the sales funnel. The vast majority of these visitors are doing preliminary research only.
Lead nurturing is the process of cultivating a sale by anticipating a potential buyer’s needs and understanding where they are in the sales process. For example, prospects should receive immediate acknowledgment if they have taken a desired action, such as filling out a web form or signing up to receive emails.
Effective lead nurturing is crucial. Many leads never turn into sales, and lack of lead nurturing is the most common cause of poor performance. According to the Annuitas Group, nurtured leads make 47% larger purchases than those who buy immediately.
Since many online visitors are in the discovery phase, it’s critical to have sufficient content on your website. The prospects are there for information, so you must provide everything they may want to know.
High-quality website content keeps visitors engaged longer, establishes your company as an expert in its field and generates goodwill with prospects.
The leads you’re generating may not be your actual target audience. If you are attracting attention with online giveaways or wild claims, you’ll draw people who want something for nothing. These individuals never had any intention of buying in the first place.
One way to tell if leads are qualified is to utilize lead scoring, which ranks potential customers using criteria to determine which leads are ready to make a purchase and which are unqualified.
For example, if you sell expensive equipment to other businesses, a startup wouldn’t be a qualified B2B lead prospect since it probably can’t afford what you’re selling. Another example: People who are not yet engaged are not qualified leads for honeymoons, wedding cakes, and venues.
To successfully convert your leads, you need a refined, effective sales pitch. Your sales pitch is crucial whether you’re making it via a website product page, phone call or in-person meeting.
A good sales pitch will consider the customer’s needs, budget and hesitations, and preemptively answer objections. It uses facts and emotions to make a sale – appealing to the prospect’s emotions and using facts to support their buying decision.
If you suspect your team’s sales pitches are causing your lack of conversions, listen to sales calls, sit in on meetings and analyze your product page. After gathering information, modify your training and materials to build a sales team with top-notch sales pitches.
Imagine that a prospect comes to your website, ready to buy, but is then confused and frustrated by your website design and functionality. Next thing you know, they’re gone – along with your sale.
An effective website user experience ensures prospects can easily find the information they want and purchase your products or services effortlessly. A good user experience includes the following:
It’s also essential to create an accessible e-commerce website that meets ADA compliance standards. The more customers your site is accessible to, the higher the potential for satisfied prospects and customers.
Most companies don’t know what to do or where to start. What sort of communication moves customers closer to making a purchase? How do you get them to buy? Will a hard sell work, or will it alienate the prospect?
It’s easy to believe there’s a laundry list of things you need to do before making a sale. But really, you only need to do five things well to get customers to buy:
Problems get our attention much more than solutions. In a classic study, the late professor and researcher John Cacioppo showed that people have intense and immediate reactions to things they perceive as negative.
Problems create fear and anxiety. However, solutions relieve fear and anxiety.
Create and stick to a prospect contact schedule that details how and when you’ll contact them. Depending on the type of product or service you’re selling and its cost, you may want to contact prospects one to three times a week.
More frequent communication is appropriate closer to receiving the initial lead, becoming less frequent as time goes on. If you contact prospects only a couple of times and then ignore them, you’re leaving money on the table.
A marriage proposal on the first date scares off most people. Yet that’s the same mistake most companies make when they expect customers to buy right away. Want them to commit? Here’s how to make regular deposits in their emotional bank account:
Create a customer knowledge management system with the tools, resources and content your customers need to give your team leverage.
Before handing you their money, prospects must feel they’re getting their money’s worth. This includes the product and its features, as well as with your company’s customer support, warranty or guarantee, return and exchange policy, instructions, and documentation.
Here’s how to show prospects they’re getting their money’s worth:
Remember when you signed up for a free offer and got an unexpected phone call the next day? Remember how persistent they were – how they wanted you to buy something you weren’t quite ready for?
If you’re like most people, that approach didn’t work.
Mastering the “micro-yes” is vital to close more sales. A new customer relationship is fragile; there’s only so much it can handle. These customers usually aren’t ready to buy an expensive, premium product – it takes time.
It’s sort of like school: It’s not a great idea to stick a first-grader with eighth-grade work. Treat your prospects like that first-grader. Give them “grade-appropriate” material and time. Then, give them legitimate reasons to say yes repeatedly so you can move them to the big yes (whatever that is for you).
If that sounds like a long process, that’s because it often is.
Keep these “don’ts” in mind when implementing your sales process:
Andrew McDermott contributed to the writing and research in this article.