Identifying and Prioritising Target Prospects in a Slow Market
The current market situation has created a slowdown in sales for many businesses, leaving sales teams with pipeline problems, struggling to generate leads and close deals. However, this does not mean that people stop buying altogether during a slow market. The only difference is that they may take longer to make a decision. In such a situation, it is essential to focus on potential customers who have a pressing need and motivation to solve their problems, ensuring that your time and resources are used effectively.
One effective way to attract potential customers is by sharing valuable content on social media platforms such as LinkedIn. By providing advice, tips, and consultative ideas, you can establish yourself as an expert in your field, increasing engagement and reaching prospects. Your content should focus on the needs and interests of your potential customers rather than promoting your own products or services. This will increase your credibility and make you a trusted source of information.
While building your personal brand is essential, it is also important to consider your company’s brand beyond just your personal brand. People may not typically follow companies, but if they are following your company on social media, there is likely some level of interest there. Therefore, it is important to focus on building a strong brand for your company as well as your personal brand.
“I’ve learned that building a strong relationship with prospects is key. By focusing on creating content that allows people to get to know me, and promoting my own stuff only 5% of the time, I’ve been able to make people feel familiar with me. This has resulted in successful outreach, despite spending less than 15% of my time prospecting. Ultimately, people buy from people, and building that relationship is crucial.” – Mark Ackers, Co-Founder and Head of Sales at MySalesCoach in our webinar Pipeline Problems? Innovative Strategies to Discover Clients
To better tailor your sales approach, it is important to understand your potential customers’ interests and behaviours. This includes looking at who is following your competitors and why. Various platforms are available that provide intent data to discover prospects, such as Lead Forensics, which can help identify potential customers who have shown interest in your company.
Another effective strategy is to reach out to old leads who have previously shown interest in your company but did not convert into customers. Creating a closed loss list in your CRM and reaching out to these leads from a quality assurance perspective can provide valuable insights into the reasons for their decision. These insights can help you adjust your sales approach and potentially win back customers who may have previously been lost.
In summary, there are still opportunities to generate leads and close deals even in a slow market. By focusing on potential customers who have a strong need and motivation to solve their problem, establishing your personal and company brand, leveraging intent data, and reaching out to old leads, you can increase your chances of success. It may require some out-of-the-box thinking and digging in unexpected places, but with the right approach, you can continue to drive sales even in a slow market.