The Million Dollar Question
Do you know what drives your sales?
What propels your marketing into working its absolute hardest for you?
Ask the question.
This subject came up recently in conversation and in looking back on my messages since 2008 I realized I haven't covered it. Shame on me. Maybe I assumed that everyone does this because it's so simple and but they don't. Make no assumptions as to how prospects heard about you whether you are selling homes,
accounting services, acupuncture treatments or widgets.
The information gleaned from this one question will tell you so much about your market and what brought them to your door, made them pick up the phone or send an email inquiry. And from that point forward, a collection of that data will serve as the basis for determining whether your marketing dollars are working their hardest for you.
How did you hear about us? What brought you in today?
Pay special attention to how they respond because these folks do not realize the importance of your inquiry. You may have to do a little detective work such as: Were you referred by anyone? Can I have their name so we can thank them? (By the way, this is good to say all of the time because the prospect will think that all of your business comes from referrals - a very good sign). Have you visited our website? Where have you seen our ad?
Over time this information along with other data collected will determine whether the dollars you are spending to engage them are on track. Just handing them a card to complete will yield mediocre results. The key here is interaction.
Collecting this information over time can help you refine and maneuver your marketing efforts. By analyzing this information over time you can determine:
We mostly receive referrals from past customers - What are you doing about that? Do you have a referral program in place and make a concentrated effort to reach out to past customers at least 6 times throughout the year?
We receive leads mostly online - Are you maximizing your opportunity to be seen with awesome online reviews through Google and the Better Business Bureau? Remember that over 80% of shoppers conduct research online before they buy so how are you converting this traffic into bona fide leads?
Does your sales team working the front lines daily thoroughly understand that every inquiry comes with a price? A price you pay as a business owner or manager to get them through the door. It is imperative that they understand the value of each lead and the importance of asking the million dollar question each and every time. Let them know how much you are spending and where. Make them accountable for providing this information. Trust me, they are salespeople and will be resourceful in getting the data that you need. But they need to know how essential it is.
Does this occur naturally during the course of introduction and conversation or do you put a form in front of them? Remember the majority of them do not realize the importance of the questions. Remember that you have the right to ask them since they have chosen to contact you so don't be shy.
Once everyone is on board that's when the magic happens. Analyzing these results together over time is an indicator of where you should be spending your marketing efforts and who you should be attempting to reach and how you will reach them. That's where we come in. We can make further sense of this information and help you navigate the myriad of options out there to choose from and which one of them can best serve you based on your circumstances and budget.
So be sure the million dollar question is part of your process.