A lot of marketing firms and consultants promise lead growth beyond your wildest dreams, but here’s the dirty little secret they aren’t telling you – leads are easy come, easy go.
What we mean is that leads are easy to generate and just as easy to lose if you don’t have a fully realized capture process.
One of the most common issues we see at D. White & Company – whether it’s a business, nonprofit or university – are organizations struggling to define “what happens next” from a customer, client or student point-of-view. The faucet is running at full blast, but the drain isn’t hooked up to anything.
Lead generation is critical to the success of your organization. If you aren’t bringing in more new customers, donations or students, you’ll stagnate and eventually fade away. To paraphrase Journey, “don’t stop lead generatin’.”
It doesn’t matter how much gas you pump if there’s a hole in your tank. The reality is that so many organizations are so busy pushing the hamster wheel of lead generation that they haven’t taken time to focus on building the rest of their customer journey. They are stuck in an endless cycle of generating leads that don’t convert. This leads to increased turnover and low staff morale.
Customers, donors and students pay the price for this oversight – think poor customer service, confusion and frustration. Eventually, they give up on you. People follow the path of least resistance, even if that path leads them out of your door and down the street to your competitor.
Does this sound like your organization? If so, take a look at (or start measuring if you don’t) these three numbers.
Retention rate – It’s still cheaper to keep ‘em. Businesses should develop strategies that engage and retain current customers – not just to stabilize sales, but also to increase existing customer sales. Universities should develop aggressive strategies to retain current student populations.
Lead capture – As any digital marketer knows, this could mean a lot of things, but let’s focus on the one that matters: The percentage of leads that turn into customers. If this number is lower than your benchmarks, it might be time to reconsider both your up- and downstream strategies.
Customer service – If you are differentiating yourself with extraordinary (and it truly has to be extraordinary) customer service, quality customer service metrics like surveys, completion times and other feedback help you gauge the perceived quality of your process.
D. White & Company can help you build your downstream strategy and turn leads into conversions, but in the meantime, if you’re not seeing the results you like, here are three potential issues:
Follow-up – What happens once your lead’s check clears? For too many organizations, the answer is “nothing.” Having a well-defined follow-up strategy plugs this hole.
User experience – Are your landing pages, web forms or inquiry channels easy to understand and use? Go through your entire process as your customer, donor or student would. What do you see? Is it complicated, unclear or difficult?
Professional development – It’s possible that the customer service experience you are providing doesn’t deliver on your brand’s promise. Developing customer service training for your team creates brand alignment and helps deliver more leads.
D. White & Company works with business, nonprofits and universities to capture leads and generate sustainable revenue. Want us to help you solve a problem? Let’s set up a time to talk.