Utilize your CRM contacts to identify sales funnel leaks and avoid missing out on leads
Many businesses are not aware of the fact that they are throwing leads away and don’t necessarily utilize all their data of existing contacts to bring new customers.
Many of your sales team’s time is being wasted on pursuing leads that don’t convert. Only a small percentage of acquired leads are actually turning to paying customers. Some studies suggest that it comes up to only 10%-15% of leads that turn into sales. The probability of turning a prospect into a customer is a 5-20% chance and 50% of sales time may sometimes be spent on unproductive prospecting.
Since the majority of leads do not convert into sales for most companies, in order to increase the quantity and quality of leads, it’s highly important to properly use your CRM data. Here are some key tactics to leverage data of your CRM contacts to optimize lead conversion:
Track replacement of customers champions and relationship paths to previous and new champions
Old sales opportunities are as important as new ones.
It’s crucial to identify and get to the successors of your champions, in order not to lose hot leads. Stay updated and know who your current champions are. When a champion of a targeted account is being replaced, reach his successors in the right timing to keep the sales engagement going.
Track CRM contacts who were your champions and have moved to new companies. Leverage your CRM data to find paths to reconnect with them, bring new leads to the table and get to more prospects that match your ICP criteria.
Revive missed and lost opportunities using trusted relationship paths
Generating high-quality leads is not an easy task. Due to a large portion of poor quality leads, your past prospect information is also extremely valuable.
Winning back lost opportunities is often not being considered as a source to increase incremental profit and revenues. However, data of contacts from missed and lost opportunities can generate qualified leads, which will help you to reopen sales opportunities with ICPs that have shown their interest before.
Since you know those companies and their past incentives and considerations, knowing in real-time when a champion has been replaced or when a company is experiencing significant business events (such as raising funding, structural or policy changes, etc.) can help you reach out again at the right moment to bring them onboard.
Target contacts that used to work for your customers
Use customer data to your advantage and reach out to contacts that used to work for your current customers. Once you have identified a contact that moved to another company, reconnect and try to bring him onboard as a new customer.
Even if he is not your go-to-person, ask him to refer you to the relevant position-holder within his company who is able to close the deal.
Turn to your customers’ current champions and ask them to refer you to people who used to work with them and are currently working in other companies that you wish to turn into hot leads. Referred leads tend to have more confidence in your credibility and your company’s product value, and therefore, are much more likely to convert into sales.
To sum it up
There may be many contacts that you can turn into hot leads, which you don’t currently take full advantage of. Use the data of your CRM contacts to bring more customers onboard and boost your revenue.
Increase your lead conversion by enriching your cold leads with data that can help you identify new and old opportunities, tone setters and decision makers, and relationship paths to ICPs.