How do I Acquire more Customers?
This is the one question that plagues the mind of all business owners and marketing managers alike. Customers are the lifeblood of your business and it is indeed not easy to grow their base. You may not be sure about which lead generation tactics to use in order to fill the sales funnel.
Let’s settle this once and for all. There are some techniques that have proven themselves to be productive time and again if used in sync with each other. Let’s take a look at them and also understand how to execute the same.
1) Company Research: How to Find Your Target Companies?
It makes no sense to tap any and every company that you can lay your hands on and start filling your sales
pipeline for the sake of quantity.
The time it takes to sharpen the knife should be more than the time that is spent using it.
Hence, you should first define your target market and approach only those companies that fit the criteria. For example, if you are selling a niche IT solution through a SaaS model in the healthcare industry, it makes no sense to pitch your services to the ones in the automobile sector.
So, how do you go about the process in the right way? Here are some steps that can help –
- Make a list of your current customers and try to understand why they buy from you
- Take a look at what your competitors are doing and define their customer base
- Analyze your product/service and write down the list of every feature
- From the above 3 points, define the basic requirements that target companies should fulfil.
- Also, define the demography along the way based on the region in which your business is operating
- Finally, find companies that fall under the purview of your dynamic universe, based on these pointers
2) Defining the Requirement: What are the Problems that Your Customers are Facing?
Now that you know which companies can be targeted, start by analyzing their problems and the requirements that have arisen as a result. It pays to know the pain points of your prospective customers. This will help you understand whether the solutions that you can put on the table are relevant for them.
For example, let’s say you are a FinTech company operating in the e-invoicing market. Prospects with huge accounting costs arising due to paper invoicing are a perfect match for you.
If prospects are facing problems that you just cannot solve, it makes no sense to spend even an ounce of time and energy on them.
Here’s how you can define their requirements –
- Know all about the services and products of your prospects and the kind of market that they operate in.
- Identify the information that you lack about them and their processes. Fill these gaps through constructive communication and interaction.
- Try to understand the problem from the POV of your prospects and drill down the analysis to the daily struggles that they face because of it.
- Compare the same with the deliverables that you can offer
3) BANT Analysis: How to Use BANT to Validate Companies?
Instead of simply screening the companies based on their background and requirements, you can take the probe to another level using BANT Analysis.
BANT Analysis is a sales qualification framework that is used in the process of scoring leads based on attributes such as Budget, Authority, Needs, and Timeline. Based on the analysis, leads can be assigned a number from 1 to 10 or simply categorized as cold, warm or hot.
Let’s take a quick look at each step:
- Budget: The budget of the prospect is defined in this step and shows whether the prospect is capable enough to afford your products/services.
- Authority: This step analyzes whether the person that you are in contact with has the authority to make the buying decision or not. If not, you can quickly change gears and ask for relevant references.
- Need: This refers to the requirements of the prospects and the pain points that are being faced by their companies. You will never be able to take the arrangement ahead if you are incapable of addressing their issues.
- Timeline: Some clients might be looking for immediate solutions to the issues at hand while some may not have time to give them such priority at the moment. All in all, the timeline under which they are looking to find a solution should be in sync with your sales cycle. There is no point in investing resources in prospects that take months to convert.
Let’s understand this better through an example. Let’s say you are a Digital Marketing company with global clients. The minimum budget that you are looking at is $5000, and the average sales cycle in the industry stands at 60 days. Hence, a prospect who has the decision making power, a budget of $7000, is looking for an immediate solution and wants to avail one of your most popular services converts as a hot lead.
4) Personalised Email: How to Convert Prospects with Personalised Emails?
Personalised emails are arguably the best method to increase your customer base. Not only do they connect more easily with the readers as compared to bulk emails, they give them exactly what they want to read about by addressing the specific problems that they are facing. On the other hand, bulk emails have boiled down to mere marketing gimmicks today since your readers are smart enough to identify them. This makes it crucial for you to revolutionise your efforts with the help of personalised email campaigns. Here’s how you can get started:
- Build customer personas by focusing on the demography of your prospects. This will help to understand the types of customers that you have as well as their behavioral traits.
- Include variables like date and time while sending out the emails. This can have a significant effect on the click through rate of the campaign. This can be done by segregating your email list based on the various time zones/regions that your prospects reside in.
- Use automation to make your life easier. Email automation can handle every above-given requirement on its own, to the point of formulating and sending out the email. They can also send out automated behavioral mails that are triggered when your prospects engage with your product/website.
- Pair personalised emails with personalised landing pages. This will give a more personal experience to prospects, further increasing their chances of conversion.
Here’s a great example of a personalised email. Take a look.
These techniques will surely help you target and convert more customers.