How to transform leads into opportunities: don’t burst the pipe!

Last month we talked about the best way to optimise top-of-funnel interactions in order to turn them into leads. This month, we’ve moved further down the funnel, focusing on how to transform those leads into real business opportunities. Some may call turning this MQLs to SQLs.

So how do we secure those pitches and proposals? All deals travel on their own journey: it has a clear beginning, middle, and end. Some move fast, some slow, some not at all, but it’s our job to weed out time wasters and get the good ones over the finish line.

 

The beginning

 

When your deal starts with a new contact

Sometimes you might be given a fully defined brief. But sometimes you won’t be. 

When that’s the case, it’s up to you to find out how to align with your prospect. Proper qualification and preparation are the tools to close successfully. You need to start digging to find out what they’re after and what they need (bearing in mind they may not be 100 percent sure themselves). And if they’re not buying, then don’t sell; just focus on building a good rapport and that they remember you as valuable. These people can exit the deal journey and move back to nurturing.

But if they are showing ‘buying signals’, what is the hook which is going to move them to that next stage in the decision-making process? 

It’s important as the seller to be consultative – what do they need right now? What’s going to make the biggest difference immediately? And importantly, what can they afford to do this second? Can you tease them in with an initial offering such as an audit or a workshop? In Agencyland I see a lot of service-level packages, which can act as a barometer to where the prospect is at in terms of activity level, expectations and spend too, obviously. They can be great conversation starters but if too prescriptive, they can  also shut things down.

In the beginning you have to understand the client and the journey they are on. Do right by the customer and it will pay off in the long term – even if it means suggesting a longer-term approach which might initially seem less beneficial to you.

Set the scene for the ending you want; build their trust by adapting your offering. Get them to visualise what success looks like and what it would look like if they did nothing at all.

It’s essential to highlight what makes you different and why the client should choose you. What sets you apart? But also find out what you’re up against so you can put yourself in the shoes of the prospect.

 

When your deal starts with existing clients

New business might not be the start of this story – you could be readying yourself to secure an opportunity with an existing client. The key here is to not get complacent but it’s important these are approached with mutual respect. It’s easy to feel undermined when you’re the incumbent but you have to remember that the client has to ensure they are receiving the best service and value. Use all your existing knowledge of their business to put your streaks ahead of the competition.

If you’re worried about any existing clients, I’d suggest proactively pitching new ideas every six to 12 months to keep things fresh. Even if things are going well, it’s important to adopt a flexible mindset and switch up your approach to stay ahead and foster new opportunities.

 

The Middle

The middle can get messy. Opportunities usually start with real gusto but as time goes past, day-to-day life takes over, people get distracted and keeping focus and momentum can be your biggest challenge.

Try to arrange in-person meetings as it’s much easier to close deals when you build connections and present face to face. Focus on what their body language is telling you, and make eye contact to establish rapport. Show up prepared and professional, and show that you’ve got to grips with their business better than anyone else. 

When you show willingness, passion and an ability to go above and beyond, you make yourself memorable. As the famous saying goes: “People don’t remember what you say, but how you made them feel.”

You can make them ‘feel’ too by asking softer questions such as: “Why did you leave your last agency?” and “what would you change about your current situation?” 

Normally pitches are won or lost on those softer elements. At its heart, sales is filled with motivation, emotion, tension, and desire. 

Make sure your team is man marking individuals on the prospect side. They should be the right people to win over any naysayers, and can identify emotional and professional common grounds.

And finally, don’t let your storytelling meander; keep those pitch decks concise! 

 

The End

Closing is about addressing all concerns and solidifying trust. 

Be prepared to handle objections, negotiate terms, and show flexibility, for example in how you price: you may want to offer value-based pricing, performance pricing, or payment in instalments. (It’s worth saying here actually, that getting involved with procurement teams early on is no bad thing.) 

Now is also the time to tie up any other loose ends and make sure you clearly outline the unique value you can bring to the partnership. Demonstrate your willingness to add value in ways that don’t necessarily increase costs, like providing additional services, perks or leveraging relationships.

What is it – exactly– that’s going to get them over the line?  

And don’t be afraid to ask them if they have any reservations about you. This is your last chance to convince them if they are teetering on the edge. Use this feedback as fuel for continuous improvement to refine your proposal and try to be as accommodating as possible without losing your ethics.  If there are other decision makers, then ensure you have them covered too.

And once you’ve pitched I’d always advise on seeking feedback – don’t be shy about asking for both the good and the bad to keep getting better and better.

Your sales tale may be filled with challenges, but with preparation, passion, and a bit of magic, you can start to win business sustainably.

 

If you’re interested in learning how to close opportunities more effectively, why not book a call with me? Check my Calendly to find a time that works for you.

 

Read our July 2024 blog article From click to close: Optimising top of funnel conversions