Where is my client and who is he really?
That is the ultimate question for every business. And I am going to present an answer using the feedback and results from the sales teams that used Linked Business smart information in 2019. You see, there is an important factor in the beginning of every successful marketing and sales campaign. It all starts with effectively researching and understanding your market in order to detect…
Interest is the holy grail of sales. It is the moving force that drives customers to our business or the precondition that must be in effect so that businesses can communicate their message to positively predisposed customers.
So, it is now time to refer to the fundamental difference between B2B and B2C, regarding interest:
- In B2C universe, where we sell to the final customer, anyone could be a potential customer. Detecting interest in our products or services, requires the first step on their behalf. Otherwise, we end up annoying within the well-known laundry machine of intentions AKA awareness. Yeah, I know, I fall way outside the politically correct spectrum.
- However, when we enter B2B universe, interest has a very typical index that we call commercial activity. When I run a bottling business, any liquor company has a biological interest in my services. The same applies to the hair salons’ interest towards companies with hair coloring and styling products. Commercial activity defines businesses with genuine interest by default.
The company's commercial activity
If you, by any chance, happen to run a B2B company and would like to find out where your next client is and who he really is, by all means please continue…
By the Numbers
Our clients’ sales teams were given the following:
- POS on the go! tool, running in each salesman’s tablet, with all the necessary monitoring and filtering tools inside an interactive points of sale map.
- Complete knowledge of the business activity that goes beyond the knowledge provided by the shop sign or the commercial marking on the receipts. Both main and secondary commercial activities for each and every point of sale to be visited.
- All points of sale available!
- Optimal identification of the ideal market, pre-campaign, combining the basic filters of activity, geography, company type and company age.
LB - Market Intelligence Tool
LB - Market Intelligence Tool: Filters
What would be the results of a sales team, when finding new potential customers is no longer a problem and campaigns inside the points-of-sale universe are optimally designed?
Having collected the feedback from our clients, during a six-month crash test, here are the sales KPIs that were significantly enhanced:
Sales Growth & Sales Target
More and better leads, resulted in laser-targeted prospecting and more sales opportunities on an ongoing basis, especially with monthly updates in lead generation.
Customer Acquisition Cost
The point-of-sale map tool combined with new monthly leads decreased both the customer acquisition cost and the transition cost to the target, under heavy optimization of the sales visits.
Customer Churn Rate
Supervisory planning of the visits revealed hidden opportunities for visits to existing customers, with zero transition costs. Those opportunities introduced the practice of including unplanned visits to existing customers in the salesman’s route and resulted in retaining loyalty and significantly reducing customer churn rates.
Lead-to-Opportunity Ratio και Opportunity-to-Win Ratio
Improvement in the particular KPIs was rather expected, as they are completely interest-driven. Better leads always equals increased interest.
Upsell & Cross-Sell Rates
Knowledge of the complete commercial activity for every target company provided significant opportunities for additional sales in both product-service upgrades as well as cross-selling in products and services that would never be presented as business solutions without the aforementioned knowledge.
Incremental Sales by Campaign
Effective lead generation and deep market knowledge lead to significant sales growth, even in the complete absence of marketing actions. Once again, this was the net result of high quality and quantity leads.
Govern my market!
Here are the four most important takeaways from LinkedBusiness-driven sales campaigns:
- Doubled visits
- 40% less fuel
- 1 - 1.5 h extra rest for the salesmen
- Most important of all: 28 - 40% increase in sales!
Not bad at all. In fact, that is the difference between the following phrases:
“Visiting my market” VS “Governing my market”
By the way, what is your Customer Lifetime Value (CLV) again?
PS (conversation format)
- Would it be possible to further target companies using additional criteria such as financial results, public contracts and or risk metrics?
- Yes. In Linked Business we do that too. Stay tuned to find out how. And if you don’t want to wait, feel free to contact us now.