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16 January 2013

News - Failed Sales are the most valuable leads

By SalesProEd @ 13:58 :: 1155 Views :: 3 Comments :: Article Rating
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In most organisations the sales funnel is fairly slick: marketing generates leads; the leads are qualified down to perhaps 3 or 4 by the sales team; some are won, some lost. Typically, for every ten leads generated, a business will close perhaps one deal. But what happens to the lost sales?

In the majority of companies, these leads are just ditched. Yet these leads are the most qualified, the most relevant to your business: these organisations not only actively want the products on sale but have the budget to purchase – albeit, this time the company has opted for a competitor. More often than not these lost sales prospects will come back several months down the line due to dissatisfaction with the decision made.

Certainly these leads are far stronger prospects than the rest of the marketing database. So rather than risk missing out again, organisations need to proactively manage these ‘rebounders’, creating a dedicated category within the CRM system and undertaking timely, targeted marketing. 

So stop ignoring the best sales leads; keep them hot – they will be easy wins if they rebound.
John Paterson, Really Simple Systems
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comment By Mike S. @ 24 January 2013 09:51
From experience, the rebound rate depends a lot about the type of business you're in and for some businesses it's quite difficult to justify the cost. For example, since we're both in the CRM space, customers do tend to become "locked into" their CRM, although the sales mantra is generally saying the opposite. It's not because our industry makes it so, it just happens the cost of switching all your data and business processes with all the customisation and re-training needed from one system to another is high.

But for businesses where the cost of switching and the benefits of loyalty are both low, this is a strategy worth pursuing.

Mike Speranza
Simple CRM for small businesses with a CRM blog

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