In the previous edition of the Sales Lead Report, I flagged some mistakes that B2B marketers have been making on the phone. This time, as promised, we’ll consider what three successful companies are doing to generate and qualify leads, develop opportunities and make sales.
A Dallas electronic test equipment company totally overhauled its former “flood the market with catalogs and then cold-call” business model. It began by reexamining its present and legacy databases and came up with 40,000 names with whom the company had communicated through the years. It seemed reasonable to reengage them before renting any new lists.
The calls went like this: “The reason for my call, Mr.\Ms. Prospect, is to reintroduce ourselves, to determine whether you still use test equipment, and frankly, to see how willing you and your company would be to consider us and our new offerings.” Prospects who responded favorably (many did) could get a catalog by agreeing to look at it, talk it over with their colleagues and managers, and then speak again with my client’s rep. The follow-up calls were splendid! The results: 2002 was the Texas company’s best year ever!
A New Jersey computer products firm was experiencing diminishing returns from the numerous calling lists it rented, especially after the economy soured. When we perused the lists, it was clear that they were based solely on descriptive data such as demographics – SIC code, number of employees, number of computers and so on. There was nothing on which to hang a lead generation conversation.
The company changed list sources and ordered behavioral lists instead. Behavioral lists are based on business actions – recent past, present or intended – that companies are taking. Examples include expand, move, acquire and divest. Sure, such lists cost more. But the verbs give the caller a relevant business event to ask about and the prospect to talk about. And they certainly did talk! And buy, too! The company’s 2002 revenues and profits rose despite the general technology malaise.
A Nevada dental products company stopped cold-calling entirely! The traditional business model in its marketplace involves in-person visits and lots of product samples. So while it is possible to cold-call dentists, the first thing they typically say is, “Send me a sample.” The samples went out but relatively few orders came in.
So the company has beefed up its trade show participation. Dentists can actually put the firm’s tooth filling products to the test at the booth. Many of them made a purchase! New customer acquisition costs are down 38 percent. Even better, subsequent phone calls to the dentists have been received much more favorably and profitably. Dentists usually replenish their filling supply and often buy related materials and instruments too.
The bottom line: There is no need for marketers, tele- or otherwise, to misbehave. Even in a down economy, smart phone-based marketing and customized lead generation beat generic cold-calling every time. So go make some good calls and start the economic recovery!
Get your FREE ten-point phone marketing checkup for lead generation and qualification! Contact Michael A. Brown, the Business-to-Business By Phone® expert, in Austin, Texas, at mabrow2@attglobal.net or call 1-800-373-3966.
