MarketStar Blog | Articles (21)

The opening scene of Mission Impossible 2 featured Tom Cruise climbing a sheer mountain face, only to receive a mission embedded in a pair of sunglasses that activated after a retinal scan confirmed his identity. 

A well-structured and efficient onboarding program is the key to getting new recruits up to speed on their jobs. Such a program will determine the sales rep’s journey toward full productivity and is crucial for the organization’s revenue development and growth. On the other hand, poor or inefficient onboarding can result in high attrition costs and lead to the revolving door syndrome that plagues many organizations. 

When you think of social media marketing, the first name that comes to mind is Facebook, followed by Twitter and then the rest. But you also know that Facebook is relevant as a social tool to generate business when you are reaching out to your potential B2C customer base. 

So, what should you do when you have to reach out to your B2B audience and generate business leads, some of which may turn into revenue for you?  

According to new research by Forrester on Mastering Omni-Channel B2B Customer Engagement, 63% of B2B buyers are spending more time online in digital channels to search for services and solutions. The same report also shows that 65 percent of them are spending more on services that they’ve found through digital channels. The Forrester report further illustrates that for B2B sellers, 70 percent of their B2B revenues are being generated from digital and social media channels. 

That’s where LinkedIn comes in. In a recent Research Report, State of B2B Social Media Marketing 2016, we found that 89% of B2B marketers have rated LinkedIn to be the most effective social media channel for reaching out to prospective clients. LinkedIn is not just a place where you set up your professional profile for networking; you can use your LinkedIn page for greater good: lead generation for business. 

In a recent study of over 5,000 B2B businesses done by HubSpot, it was seen that LinkedIn is 277% more effective than Facebook and Twitter in converting business visitors to your site or page into effective business leads. Today we find that LinkedIn is a place where you can easily set up shop to reach out to potential clients and do business. 

Lately, we have been talking about small and medium-sized business (SMB) sales, but what about enterprise sales? Enterprise sales requires a different approach than SMB sales does. It also requires different resources and more patience, but the size of the sale makes it more than worthwhile.

Most B2B SaaS organizations experience two periods of intense activity in a customer lifecycle – when onboarding the customer, and just before the account’s annual renewal date. That approach is proving to be unsuccessful now with several businesses finding their churn rates increasing year over year.

Hiring outsourced sales professionals can be a quick, cost-effective solution for bolstering your in-house sales team. Whether you’re looking to expand into a new market segment, add specialty sales roles, incorporate Customer Success, or simply empower your in-house team to do more, outsourcing sales is a powerful and proven way to significantly grow your team’s capabilities.

In today’s highly competitive B2B sales climate, lead qualification has become an increasingly important part of the sales process. It not only saves you time and resources—by helping to ensure you’re only talking to the right people—but it also provides customers with a more personalized experience, improves close rates, and boosts revenue. 

However, many sales teams lack the time or experience needed to really focus on lead qualification. But consider this: On average, only 25 percent of leads are legitimate and will advance to a sale. Without a robust lead qualification process, your team is wasting time on three-quarters of their leads. 

Of course, turning prospects into sales is easier said than done. But without qualifying leads, your salespeople are working hard to convert leads who aren’t going to turn into customers no matter what they try. 

To hone in on the right leads, it’s important to understand the three core levels of lead qualification: marketing qualified leads, sales accepted leads, and sales qualified leads. 

See how MarketStar can help with outsourced inside sales teams

Marketing Qualified Leads (MQLs)

The first stage of leads, MQLs, are those who have been deemed qualified by a company’s marketing team. Generally, these leads are more likely than others to become customers. 

A lead might be considered to be qualified by marketing if they are flagged in lead intelligence software. Or, the person may have taken a specific action that indicates interest, such as downloading a piece of content or signing up for a webinar. These specific behavioral actions can help qualify an MQL and are signs that a lead is ready for the next step.

Sales Accepted Leads (SALs)

When a lead is determined to be an MQL, they are passed on to the sales team for further investigation. At this point, the sales team works to gather additional information on each lead to determine whether to accept them.

At each individual company, the sales team should determine what constitutes an SAL. A reliable way to qualify an SAL is through the ANUM method:

• Authority: Is the lead a decision maker at the company?

• Need: What does the lead need, and would your company’s product or service meet that need?

• Urgency: How soon will the lead need to make a decision?

• Money/Budget: Does the lead have the money to buy your product or service?

After SALs are evaluated based on these four criteria, each lead is either discarded, sent back to marketing for further nurturing, or developed even further along in the sales pipeline to become a sales qualified lead.

Sales Qualified Leads (SQLs)

If a lead is qualified by marketing and accepted and vetted by sales, they then become an SQL. Typically, a prospect becomes an SQL after they have been nurtured by the sales team; however, some SQLs enter the sales funnel at this late stage of their own volition. 

In most cases, SQLs are nearing the end of the Buyer’s Journey. They are relatively invested in the purchasing decision, but before they become customers, they may have specific questions or need some one-on-one time with a sales rep. 

At this stage, it can be helpful for the sales team to leverage any information gathered on the lead during the MQL phase, such as resources they have downloaded. Then, the sales rep can have an informed discussion with the lead about their needs and how your products or services can help.

A Worthwhile Exercise

Lead qualification takes time and effort—there’s no doubt about it. But when sales and marketing work together to guide leads through the three phases mentioned above, they wind up with stronger leads in the long run. In fact, Forrester reports that a targeted sales nurturing program results in 50 percent more sales-ready discussions at a 33 percent lower cost.

Of course, not every sales team is equipped to handle lead qualification from end to end. This is one key function that can readily be outsourced to a Sales as a ServiceⓇ provider. By partnering with an experienced Sales as a Service provider that specializes in lead qualification, your team will benefit from higher-quality leads as well as ample time and resources to guide prospects through the final stages of the Buyer’s Journey.

See how MarketStar can help with you inside sales, partner channels, customer success teams, and digital ad sales.

Key Insights

• Many businesses choose to ignore small- and medium-sized businesses (SMBs), setting their sights on closing larger clients

• Businesses will benefit better by targeting the SMB market which has a shorter sales cycle and less red tape 

• Striking connections with your SMB customers will be easier if you make way for personalization and a clear communication process 

• If you are selling to small- and medium-sized businesses (SMBs), you must make it an intentional part of your strategy, tailoring not just the prices but your entire approach. 

• SMB is a segment in its own right. Your SMB sales can only be successful if you remove barriers, understand the whys and hows of the SMB market, and adopt the right mindset to ensure success with SMB customers.

With almost 31 million small businesses in the U.S. alone, the SMB market represents a tremendous business opportunity for enterprises of all sizes.

Before we jump into effective strategies for successful SMB sales, let’s look at what the landscape is all about.

What Does SMB Sales Mean?

As mentioned earlier, SMB stands for small- and medium-sized business.

SMB sales refers to salespeople selling products or services to this market. SMBs usually have fewer than 500 employees.

SMBs also have shorter sales cycles and cost less for salespeople to close a deal.

Since SMBs often have very different needs and customer pain points, it requires SMB salespeople to use a unique SMB sales strategy to land clients, compared to the strategies involved in any big enterprise.

7 Easy-to-Implement Tips for Selling to Your SMB Customers

Many businesses choose to ignore SMBs, setting their sights on closing larger clients.

But, in comparison, SMBs have less red tape, resulting in shorter sales cycles. It is also easier to get in touch with key decision makers, entailing more success for your SMB sales strategy.

It is vital to keep in mind that SMBs don’t always remain an SMB.

An SMB today might grow into a multi-million dollar company in a few years. And this big enterprise will keep on using your product or service for years to come.

Let’s walk through some of the best sales techniques for SMB customers.

1. Connect Early

As you get down to fine tuning your SMB sales strategy, make sure to add early engagement as the first part of the process.

Interact with potential customers before you start pitching.

By making yourself available at the very start of the decision-making process and maintaining consistent contact, you will provide greater value throughout the process.

Additionally, you will be top-of-mind when the time comes for your SMB customers to make a purchase.

2. Qualify Properly

Qualifying leads help you to determine whether a lead fits into your ideal customer profile and will convert into a paying customer. 

Lead qualification is critical to any segment that you are targeting, but more so for the SMB market. Keep the following points in mind when evaluating an SMB business:

• Has the business been registered last week? 

• Has the SMB determined its business model yet? 

• How much funding does the SMB have? 

Such questions will help you evaluate if you are zeroing down on a SMB that fits your business. Otherwise, you will deplete your own resource pool in chasing the wrong client. 

3. Niche Down

Regardless of what you are selling, it won’t be a good fit for everyone.

One you have zeroed down on your ideal customer type, you can make the process even more seamless by focusing on a smaller cohort.

For instance, let’s take restaurants as your target SMB customer. Rather than simply targeting restaurants of a certain size, target those that cater to a specific demographic.

The idea is to get as specific as possible. This is how you will get to know everything about your ideal SMB profile, enabling you to sell better and smarter.

4. Keep it Simple

When you are fighting to make a mark in the SMB market, it is easy to get caught up in the details. But an in-depth sales pitch isn’t what your SMB client wants to hear.

Don’t complicate your pitch.

In fact, a simple straightforward pitch, with touches of personalization will be more effective for making a sale.

Present your information in an easy-to-digest, bite-sized format. Cover the facets of your product or service that your SMB leads will care about. 

5. Offer an End-to-End Solution

SMBs require products and services that will be up and running in no time, with little or no effort on their part.

That is why you must make it clear that your solution will meet their needs without an extra investment of time or money to install and build the features.

Regardless of your target SMB, ensure that implementation is fast and easy.

When you emphasize your understanding of their need for a turnkey solution, you show that you value their time.

6. Alleviate their Worries

SMB customers tend to be risk-averse, for many of them are bootstrapped.

For SMBs, every dollar counts.

You can set your customers’ minds at ease with some easy steps listed below:

• Offer a free trial of your solution 

• Provide a money-back guarantee 

• Make way for monthly payments rather than a yearly subscription 

• Feature testimonials and case studies on your website so they have proof of your product’s features 

7. Cultivate Loyalty

Long-term customer loyalty comes with a slew of benefits for your business.

In fact, repeat business can generate valuable referrals for you.

So, it is important for you to maintain and strengthen existing SMB partnerships.

This starts with treating your SMB customers as valued individuals. Personalize their experience with your sales team. Be patient and offer assistance at every stage of the sales process.

Whether it be pre-sale or post-sale, every engagement must be guided with the objective of providing stellar customer service and support.

Summing It Up

To capture a meaningful and sustaining partnership, it is critical to lead with the objective of providing value for your SMB customers and not just to create value for your business.

A successful SMB sales pitch will find a way to help clients achieve their dreams in a manner that is honest, transparent, and respectful. 

Key Takeaways

• Dropping dead leads and prioritizing high-value and sales-ready ones can help you gain more efficiency

• The more control you have over your sales pipeline, the better your revenue generation

• Combining your sales and marketing teams can pave the way for your business’s growth 

• To increase sales, provide more relevant content to your product/service and business 

• Identify and cross out possible bottlenecks in your pipeline to keep your potential customers moving through the sales pipeline smoothly 

Are your sales declining or not growing as you expected them to? The issue could be in your sales pipeline.

Your sales pipeline is the backbone of your overall sales process and is vital to your business’s success. It delivers a stable feed of qualified leads and enables your sales team to convert those leads into valuable customers.

However, if you’re unsure about how your pipeline is built or are looking for the best practices to build your sales pipeline – don’t worry; we’ve got you covered!

Before we get moving, you must be clear on understanding what a sales pipeline is.

“A sales pipeline is a visual way of tracking a potential client’s status in the sales process. It is a set of actions taken by salespeople to convert a lead/prospect into a customer”.

According to Harvard Business Review, “there was an 18% difference in revenue growth between companies that defined a formal sales process and companies that didn’t. Businesses that adhered to best pipeline practices saw 28% higher revenue growth.”

It is imperative that your company, B2B in particular, has a healthy sales pipeline as it enables you to: 

• Improve the entire sales process

• Predict your business results 

• Analyze the best sales strategies for your business 

• Evaluate your company’s progress

• Close more deals

6 Best Practices for Building a Powerful Sales Pipeline

We’ve listed below six best practices to help you transform the way you manage your sales pipeline. These tips can help improve your sales process and generate more revenue. Let’s explore.

1. Define Your Pipeline Stages

The first step to follow in managing your sales pipeline is to break your pipeline into stages and then define them. Each stage needs to be clearly defined with actionable steps for the sales reps to take.

If you haven’t created a  yet, our experts can help you create one.

Map your customer journey by understanding how a lead moves and makes its way through the sales process.

Also, understand what your sales team is already doing. Modify the existing approach if needed and build a new pipeline for better management.

2. Put Your Customers First

“Never put the cart before the horse while building your sales pipeline.” 

One of the biggest mistakes most sales managers and teams make today is they don’t put their customers’ thought processes first. Instead, they just build their pipeline around arbitrary decisions.  

But your product/service exists only because of your customers. So, build a customer-centric sales pipeline that runs alongside your buyer’s journey.

We recommend you break your buyer’s journey into the following stages:

• Recognize the problem

• Realize the economic impact 

• Specify decision standards 

• Check alternatives 

• Select the vendor

Each of these five stages require a specific action to be taken by your sales reps.

For instance, let’s say your potential customer has reached the fourth stage (checking for alternate sellers/vendors). They might be weighing up your product/service against your competitors. This is the right time for your sales team to quickly jump in and send a brief comparison video or a similar asset to them, which can help them sway back to your side.

Remember, these stages need to be flexible so they can be tweaked later per the customer journey.

3. Bridge the Gap Between Sales and Marketing

Bridging the gap between sales and marketing may sound cliche or like an adage, and you just shrug it off. But, you might want to reconsider your thoughts as it is crucial for your sales team to be aligned with the marketing.

Yes, their main objective is to forward good and qualified leads. What if they don’t know what a good lead or SQL (Sales Qualified Lead) is? The very thought haunts you, right?

However, the good news is that it can be fixed by working closely with experts who can help you identify the problem, fix it, and overcome your lead generation challenges.

4. Identify & Focus on the Best Leads

It takes about the same time to close each deal in every sales process. It is best practice to avoid getting distracted by leads that won’t move the needle.  

Instead, concentrate your time and efforts on high-value and sales-ready leads. View the activity of your leads, identify the most engaged ones, and focus on them. 

It is equally important to drop a lead when you need to!  

After spending weeks or even months nurturing a lead, letting it go can be hard. But, when they are not interested and can’t be pushed through to the next stage, it is better to drop them and focus on others. 

Don’t waste your time trying to convince leads that simply aren’t interested. Identify dead leads quickly so you can concentrate on the following opportunities in the pipeline. 

5. Review and Update Your Sales Pipeline

Top sales companies know that a technique that works today may not work tomorrow. So, they review their sales process and strategies regularly to ensure things are on point for maximum efficiency. 

Every sales pipeline changes constantly – new leads come in, move from one stage to another, and finally, deals get closed. If you are not prudent, your pipeline can get helter-skelter and lead to lost deals. You must keep your details and information in your pipeline reviewed and updated for each process stage. 

6. Deliver More Content

Emails and phone calls are indeed the pillars of sales communication. However, people require more in-depth information that can help them better understand your product/service and is helpful for their business. 

Create content that showcases your brand, product/service, and offerings. Send them to your prospects – this will enable your team to take your potential customers to the next stage. A study byMarketing Charts reports that only 27% of sales reps who talk to prospects collaborate with the marketing team on content creation. But, the sales and marketing teams need to work together to create content your potential customers want to consume. 

Optimize Your Sales Pipeline Today

Not heeding your sales pipeline can negatively impact your business growth.  

The six sales pipeline best practices can help you drive your sales process, focus on sales pipeline growth, gain better control over sales data, and boost your profits. 

You need the right sales pipeline management tools, technology, and expert guidance to achieve this, close more deals, and gain more revenue.

Most people can agree that the sales environment has become more competitive, and more complex, to the point that sales require more than a good call list and a plane ticket. In order to solve a customer’s problem and drive more revenue, marketers and sales leaders need to consider outsourcing some or all of their market development, lead qualification, appointment setting, and end-to-end sales activities in order to not lose sight on developing great products and services.