Matt Malarkey owns 2MCom, a managed services company. 2MCom faced a tough problem: Sales declined over the past 2 years and Matt realized that inconsistent follow up was the culprit. He also knew that he and the sales team did not spend enough time with current clients.
Matt asked his advisory board for help. “We are just not good at following up in a way that builds buyer confidence,” said Matt. The sales team’s approach showed the inconsistency:
- Emails to new prospects were left to the individual salesperson.
- Additional prospect interaction varied by individual.
- Client newsletters went out once per year rather than quarterly.
- Salespeople did not actively contact clients.
If it takes 12 touches to close a sale, 2MCom’s team touched prospects and clients 2 to 3 times at most.
Matt asked his advisors “Do I have the wrong salespeople?” Matt had 4 salespeople who had performed well in the past, but the downward trend in sales was 2 years old. The competition was stiff, but Matt did not use it as an excuse.
The advisors asked the team to describe why clients hired 2MCom. They described their clients and prospects’ needs and realized that 2MCom’s outreach:
- Did not address a prospect’s needs.
- Did not describe 2MCom’s value proposition.
- Did not build buyer confidence.
Building buyer confidence and reducing a buyer’s risk were 2MCom’s biggest challenges.
Building Buyer Confidence
The Advisors and sales team listed several characteristics that describe how to build buyer confidence: Consistency, Content, and Prospect Office Visit (POV). They listed several tactics under each characteristic:
- Consistency – Interact on a frequent basis with prospects. Set up a series of touch points and track each salesperson’s activity.
- Content – Educate prospects about how 2MCom helps clients reduce their business risks. Add informed content that positions 2MCom as the technical advisor.
- Demonstrate – Create a video to show how BC2Com operates, prevents disasters, and saves money.
The goal was for prospects to watch the video and set up a POV.
The team defined relevant stages of its sales cycle and realized they could not automate outreach and tracking. They knew if they set up a POV, they were likely to make a sale.
Matt’s friend helped guide the team to select a CRM with the Power of Automation. Using their new CRM, they took the following actions:
- Segmented 1,500 contacts into segments including clients, referrers, and prospects by industry and geography.
- Sent clients personalized, thank you emails including specifics about their platform’s performance.
- Created “Next Steps,” a 4 email campaign to educate new clients.
- Created “Welcome to 2MCom,” an 8 email campaign that addresses pain points, offers solutions, and invites each prospect to meet, watch the video, and schedule a POV.
- Set up the Sales Funnel to: send emails and texts to prospects upon a status change; and, Send sales reps “Actions” to follow up 1 day later.
The team took the “Womb to Tomb” approach tracking prospect and client tasks, notes, emails, and quotes over each client’s lifecycle.
The Power of Automation
Automation is what differentiates a robust CRM from a CRM that is an electronic rolodex. Matt knew the CRM was the answer and now spends more time with clients and “A & B prospects.
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