Fixing a Leaky B2B Sales Funnel
The sales funnel, when approached correctly, is an effective design that can pull in leads and convert them into customers. B2B sales cycles are long and complex and your sales funnel should reflect as such. An empty sales funnel is easy to solve but a leaky sales funnel isn’t as easy to solve. When you’re getting leads but very few are crossing the finish line and the reasons why aren’t obvious – there might be a leak in your sales funnel.
Common Reasons for funnel Leaks
- Faulty lead qualification standards – In order to deliver plenty of leads, marketing standards sometimes can be overlooked. Make sure your marketing and sales team have a definitive understanding of your ideal lead and ensure they score leads accordingly.
- Low follow-up rate from sales team – There might be occasions where sales teams fail to follow up on leads or maybe they just have poor follow through. This could be caused by a few reasons; too many leads to follow up with, having too many low quality leads, and not actively monitoring leads in general. Make sure your sales team is held accountable for their follow-up process.
- No procedures in place for hot and cold leads – Your team might be spending all their time on the hot leads, which can leave the ‘mid funnel’ leads in limbo. They aren’t ready for sales yet, so how do you handle them? Make sure you have a solid lead nurture strategy in place to nurture these leads. This can be an effective way to keep your company on top-of-mind.
- Out-of-date marketing structure – Marketing automation systems have evolved tremendously over the past few years, yet some companies fail to make changes to their existing marketing structure. Maybe the gaps in the sales funnel could be fixed with proper up-to-date reporting systems? Improved reporting can save you and your team time and help refine your attribution.
Fixing The Leak
Fixing the leak is a process that must be done. Start off by creating and following a set plan. Make sure you fully define your plan and document its process in its entirety to ensure all team members are fully aware of the process and all steps. Syncing with your marketing team would be the next step. Align your marketing plan with the sales strategy and targets. Make sure both teams are working together, not against one another. Misalignment can easily take a toll on the sales funnel. And finally, clean your data. Do you know how up-to-date your emailing lists are? Or your prospect list? Keep a detailed log of all interactions with prospects and sync the information with your CRM software. This ensures information is always up-to-date and clean.
Fixing a sales funnel leak can take time, but it’s worth doing for the future of your sales. If you need help optimizing your sales funnel, give us a call – we can help!