When you’re tracking your sales partners’ performance, one of the most critical KPIs you can follow is the lead-conversion ratio. How many leads are actually turning into hard sales? That number is usually lower than a company would like -sometimes much lower- yet it can be hard to pin down why.
In our experience, all too often it’s not really the “fault” of the sales team. There are a lot of factors and ‘moving parts’ happening on the buyer’s side, which can interfere with or even totally derail a sale. Yet, by understanding what’s happening on the buyer’s end, it at least opens up the possibility of preserving some of those leads.
Here we listed three of the most common reasons buyers suddenly get cold feet and how to address it, or even prevent it from happening.
1. Short attention spans
We see this one often when there’s a big scandal or blowup that makes it into the media: For example, Company X has a massive public security failure and data breach, so suddenly other companies start panicking and questioning security standards. Usually, once the initial panic is over, they’ve reviewed their systems, and decided that it IS good enough – contradicting what the salespeople were communicating.
The key here is playing the long game, particularly in areas where such public blowups happen often. Keep your purchasing contact on the mailing list, and keep drip-feeding them relevant offers and news articles. You never know when something will catch the buyer’s eye and convince them to make another push for purchases.
2. Behind-the-scenes finance prioritization
Another common stumbling point is when a buyer needs to sell a sale to their bosses and\or CFO. At that point, the serious number-crunching starts, and they may decide that what sounds like a good deal won’t provide the sort of ROI they want. Or, there are other projects deemed higher up the priority list.
This often cannot be avoided, but you can help by making your sales materials as realistic as possible. Don’t rely on simplistic “ROI Calculators” rigged to provide a positive outlook. You might dazzle the person on the phone, but when it comes to the people signing the checks, you may not. Honesty can help separate the truly qualified leads from those who aren’t really good fits for the product.
3. Overly-technical sales materials
How many times have you heard this one: “Well, I love your product and your pitch, but my boss just doesn’t see the need for it.” This is often a marketing materials fail, particularly in situations where the product is somewhat technical, niche, or specialized in nature. If your sales brochures make the bosses’ eyes glaze over in boredom or incomprehension, they’re probably not going to sign off on the deal.
It's best to not strictly pitch your products to the end user\department. Have a wider range of marketing materials ready and available which are suited for non-technical audiences, or even specifically written to appeal to the C-Level. Help your buyer do the job of selling the purchase to their bosses by making those materials easy to obtain.
Make Marketing Easier For Your Partners
LogicBay PRM solutions provide a single-source platform for communication, data-sharing, and marketing materials sharing. LogicBay can make it simple to keep an eye on your partner KPIs, while ensuring they always have access to the materials they need to convince those tough-to-crack buyers.