Starting a business can be a lot like raising a child. You start from scratch. Next, you nurture it, take care of it and spend sleepless nights making sure everything is under control until it starts expanding.
Running a business is tough enough too. There are so many things to worry about as well as so many decisions to make. There is always the pressure that can cause you to make a poor decision and hurt your potential for success, or at least it will set you back.
Whether you have a small or medium business, there is one thing that you will always need: More customers.
According to a survey from B2B Technology Marketing Community, 61% of B2B decision-makers think that generating high-quality leads is one of their biggest company challenges.
They absolutely have the right to worry about it. Let’s face it – without quality leads in your sales funnel and consistent customer flow, your business is unable to grow.
But what happens if you fail to attract new clients? It can be particularly frustrating when you feel like you have been working hard, you believe in the solution you offer, but still don’t land any customers.
While there isn’t a fool-proof plan to reach small and medium business success, there are several common and dangerous mistakes many SMEs business owners make that can result in negatively impacting their businesses.
Below are a few of the costliest mistakes that we have seen repeatedly while running a professional service business. We hope that reviewing them will minimize the chances to make these kinds of errors by yourself.
Check out these 5 reasons why your SME is not generating quality sales leads. We guarantee that they will help you stay on the right path.
By the way, we have a FREE e-book that covers this topic, download it right below and check it out.
Reason No.1: Targeting The Wrong Buyer
Reaching out to 1000 people sounds really impressive. But how sure are you that all 1000 people are going to purchase your solution? How often do you review your contact list and the people who have high chances to buy what you sell? Is the contact list in your CRM truly a high-targeted sales pipeline, or it is just a collection of people you know overall?
Even statistics from MarketingSherpa confirms that only 56% of B2B companies check valid leads before passing them to the sales department. Don’t be like them.
Reason No.2: Wrong Decision-Maker
Narrowing the list of relevant sales leads that will have the interest for your solution is a good place to begin. But how many times the leads you have contacted, told you that they are not the responsible one who decides whether to buy or not your product/service?
Are the people you are contacting able to make a purchase decision or just another gatekeeper in the way? Every contact is useful, but you actually need to discover who the actual decision-maker is and get to him/her in order to close the sale.
Reason No.3: No Urgency For Buying
Let’s say you reached the decision-maker. He seems interested in your solution. He even has the budget to purchase it. But, he has other company priorities right now. You want to close a sale, but your offer is not their priority right now.
During the sales pitch, you mentioned the value of your product, but you forgot to mention why is so critical to buy it immediately? Do you build urgency when you make your offer?
Reason No.4: Another Alternative In The Market
The market for SMEs is getting bigger every single day. Your prospect may have a need for what you offer. However, she/he will have a variety of choices on how to fill that need.
There are probably plenty of businesses that do the same thing as you. Or, on the other hand, your potential customers have the option to fill that need by themselves. It is always hard to close a deal when your target person has many alternatives waiting in line.
Reason No.5: The Timing Is Not Right
Let’s imagine a situation when you do everything right: You target the right person and they are the one who makes the buying decision. They still can refuse your offer simply because it is not the right time for them. They might have other projects launching at the moment or different circumstances since you spoke the last time. Maybe their revenues are down or their budget is frozen?
At the end of the day, 79% of sales leads never convert into sales, states Marketing Sherpa.
Have you ever made a mistake as a small or medium business owner? Who hasn’t? If it is any consolation, you are definitely not alone in this.
Despite your best efforts, there are many reasons why a sales process may break down. This is why lead generation ideas and sales strategies you choose to pursue today are crucial for the growth of your company.
Moreover, your lead generation strategy will very much depend upon the size and structure of your business, as well as your sector and budget – there is no proven, one-size-fits-all approach.
As your business grows, so does your need for outsourcing your marketing or sales efforts or even the need for involving a piece of expert advice.
The mistake many SMEs make is that they are staying loyal to their existing service providers. On the one hand, loyalty is honorable. On the other hand, it can cause problems when your business outgrows their expertise (sooner or later that will happen).
Do you need help?
Are you ready to take your sales game to a new level?
Over the years, we have helped small and medium companies to generate high-quality sales leads and grow their business by multiplying their revenue.
Our experience and flexibility allow us to get your message out to potential customers on a national or international level. This puts us at the front of the line when SMEs are searching for top-quality Lead Generation services.
Danco is a serial entrepreneur, founder and CEO of BizzBee Solutions, proud father of a 3-year-old and a burger enthusiast. He is inspired by growth and goes above and beyond to make it possible – whether it comes to his 300+ clients or his people. Eager to learn more? Follow Danco on LinkedIn and Facebook.