Tips to convert Cold Leads into Hot Leads

This week I got a chance to participate in a small club party – where few of my friends who are in to sales were also present. While the party was going on its full space, one of our friend raised a topic – How Can we convert cold lead to hot one – in simple words – how to turn the cold prospect in to buyer! Since every one seems to be expert – they shared their views and came on some conclusion which I bet - no one remembered after the party.

But this topic has provoked me to do some research and thanks to different search engines I got to see few articles which were relevant. I picked few of them and prepared this document. [This document is only for reference purpose and its resources can be shared based on request].

To start with - I am sure we all have seen and face issues like prospects giving us the run-around, they had expressed an interest in our products or services when we first contacted them but now they don't return our calls, reply to our emails or seem interested in making a buying decision.

I firmly believe that in order to solve this or any sales related issue – the best weapon is Persistence. It’s an essential trait that all successful sales people should possess. This defines the ability to stick with a specific task, continue in the face of adversity, or use different strategies to achieve our goals.

However, there is a distinct difference between this and beating our head against a wall trying to convince the prospects to buy our products or services. I am sure that we all have gone through the phase where we thought - we are going to win every deal which comes our way – but later realized that we let that deal went away! But now since we got some experience under our belts – I guess it our duty to make sure that our team won’t face the same issues and start striking the deals with 100% success rate.

Below are few tips from experts that we can share with our teams and help them to be more successful and aggressive hunter :D :

1. Email Campaign: We should consider creating an email list of all the prospects and those who said no to our products or services due to some reasons. We can add these peoples into a monthly email campaign – considering some of them will have their situation change and still others are simply very busy with something that is more urgent. Without monthly email follow-up, we may lose the people that were temporarily distracted as well as those whose situation changed.

2. Account Mapping/Mining: This step is very crucial in current business scenarios. We should map the account and try to find other contacts too, since if we have another contact in the company, we can ask them for inputs or to find out why the decision has been stalled. This is particularly very effective if we have developed a good relationship with this person.

3. “Remember us” Campaign: We can also think about developing a “Remember us” campaign to keep our name in their mind. They may not be ready to buy now, but their situation could change in the future and we want them to remember us. We can stay in touch via postcards, letters, articles, newsletters, etc.

4. Respect Gatekeepers: I strongly believe that we should maintain good relationship with the decision-maker's executive assistant. Through this we can easily tap into that individual's insight and knowledge. In some cases, the E.A. can even help us to find a different way to approach the executives. They may also be able to share the reasons of why the sale did not happen or even what we could do differently in the future.

5. Effort Analysis: To become a successful salesperson we are supposed to be proactive. Before we put our efforts in any deal – we should ask ourselves 'How important is this sale?' If our answer is 'important', than determine what other actions or approaches we are willing to take to make this sales happen. We have to identify a best and creative way to pursue it.

To add - no solution is full proof and this is very much fair to raise the questions such as - What if this approach won’t work? What is the cold lead is still the cold one and not moving forward? Considering my experience, my answer probably would be – to drop that lead and focus on new opportunities. We have to realize that we have limited time with us to meet and exceed our targets and hence we need to wisely design our approach.

I have seen and heard that many times salesperson don’t realize the value of their time and they ended up running behind the deal which wont worth that much efforts.

It will always favorable if we follow the simple rule of thumb – wherein we ask ourselves - "What is the best use of my time, right now?" We should also consider the potential value of each sales opportunity. Chasing a high-value sale is a better use of your time than following up on a sale that is of low value (revenue and/or profit).

Samsung Omnia i900

Gizmo time: I am big fan of Samsung Omnia - Thanks to its killer looks and style!! I was thinking to buy this phone - but dropped an idea due to its huge cost - I guess its in the range of INR - 35K to 40K , competiting Apple's Iphone. But yes - this phone is worth to try :) I have collected its specifications, let me know if I have missed something:

Network Technology: GPRS, EDGE, 3G

Hardware/Processor:
1) 624MHz Marvell PXA312 processor
2) Windows Mobile PPC 6.1 (O.S)

Dimensions (mm): 112 x 56.9 x 12.5 mm

Weight (g): 125

Display:

Screen Size: 3.2 Inches
Screen Color: TFT 65 K
Menu Type: Touch Wiz UI

Design:

Type: Candy bar
Navigation Key: 5 -way block
Antenna: Fixed Internal

Memory:

Phonebook: Practically unlimited entries and fields
Internal(MB): 8 GB/16 GB internal memory
Expansion: microSD (TransFlash), up to 16GB

Battery:

Battery Type: Standard battery, Li-Ion 1440 mAh
Stand-by (hrs): up to 430 h (2.5G) up to 450 h(3G)
TalkTime(min): up to 10 h (2.5G) up to 6.5 h (3G)

Entertainment:

Ringtones: Polyphonic
MP3: Yes
A2DP: Yes
TV Receiver: Null
FM Radio: Yes
Video Record: Yes
Video Support: TV Out, DivX, XviD, WMV, MP4, H.264, H.263
Audio Support: MP3/AAC/AAC+/WMA/OGG/AMR
Voice Support: Voice dial, Voice memo, Voice Record, Voice Command
Games: Yes + Java downloadable

Messaging:

SMS: Yes
MMS: Yes
EMS: Yes
Email: Yes, Push Email
Push-To-Talk: Yes

Connectivity:

HSDPA: Yes, 7.2 mbpss
EDGE: Yes, Class 10, 236.8 kbps
Bluetooth: Yes
3G: Yes
GPRS: Class 10 (4+1/3+2 slots)
Infrared (IrDA): No
USB Port: Yes
WIFI/WLAN: Wi-Fi 802.11b/g

Software:

Java (J2ME): Yes ,JAVA MIDP 2.0
WAP: Yes
Browser: Yes, WAP 2.0/xHTML, HTML, RSS feeds
PIM Application: Calculator, Calendar, Reminders, Currency converter, Synchronization
Other Application: Built-in GPS: NMEA 0183, Handwriting recognition, MSOffice document viewer

Camera:

Lens Type: CMOS, 5.0 Megapixel
Digital zoom: Digital Zoom (x4)
Max. Resolution: 2592х1944 pixels
Flash: Yes
Night Mode: Yes
Extra Features: autofocus, image stabiliser, secondary videocall camera, Wide Dynamic Range
Video: Yes
Video Format: MPEG4/H.263/H.264/WMV/Dvix/Xvid

I have tried to cover maximum information, if you feel that some information is missing or not correct, please let me know :)

Recession - How to make our competition irrelevant??

Further to my previous blog on Power of Recession - Favorable or Unfavorable – the next thing came to my mind is – Can we destroy our competition in this period too? Is there an easy way to make the competition irrelevant, especially when there is an easy access to information, bombardment of advertisements and commercials?

What could be the best strategies, arms and ammunitions one can need to help our customers in making easy decision to buy?

During my search, I came across different articles over my topic and also got a chance to discuss with different industry experts. Result of my study was a big document, however to share the relevant information I have divided in to few points - which I believe can help us in making our competition useless.

Below are the points for your review:

1) We must create a differentiation: The best way to move ahead during the recession time is to create differentiation within our own products or services. If we have a range of products or services to offer, we should identify the differentiation on the priority basis. For example: Products can be differentiated based on size, color, components, combinations or accessories. However differentiations for services include performance, quality, responsiveness, availability, ease or integration.

2) We must focus on the Moment of Truth: The moment of truth is the moment that the customer has an option to make a purchase decision, to buy your products, invest in your services or hires you. This is the moment that you need to put your good, better and best foot forward.

For example - In a retail environment this may be the end-cap, a wall display, shelf space or a counter display. Over Internet this may be an on-line store, e-bay or our personal web site. It could even be part of an email communication.

3) Follow Thumb rule – Provide Good, Better and Best: The best approach would be to provide our customer three options. Show them something good, show them something better and show them our best. Though it may sound simple formula – It takes a little care and creativity also while crafting our message.

We should be able to clearly define our values, the features, benefits and advantages of what we have to offer. Even if we have hundreds of customized solutions or products, we should select and present these three options. Study shows that - In the decision process, human beings can easily compare and contrast three options. Their mind can juggle three prices and three sets of features for a quick and easy decision process.

If we give too many options to our customers, then they will need to spend more time to consider the alternatives, and while they are weighing our multiple options they may start to consider the competition as well.

4) Add the Value Proposition: For better success of our efforts, we have to provide a value proposition for each option that we present to the potential customer. Our value proposition should be something that can be conveyed in three to five bullet points, three to five sentences, or spoken in forty seconds or less. Our message should be precise and succinct and covers customer point of view also.

For example, rather saying "Delivery process may take 3-5 days ", we can say "the product will typically arrive at your door in 3-5 days".

A value proposition typically contains the essential elements of Feature, Advantage, Benefit, Image and Offer. This is a reference to a specific important feature of our offer, the advantage as compared to the competition, and the benefit to the customer.

5) We must Plan, Do, Measure and Adjust: Best strategy to win the game is to plan our offers and the value proposition carefully. Once we introduce our three offers measure the success rate of each option by the corresponding sales rate (This can be done with the help of market research, analysis of reports etc).


The Key is - as long as our customers continue to make a selection between our options and the value propositions, the competition is irrelevant and can be destroyed easily. Our customers can get what they want, and they will remain our customers!!

Recession Power - Favorable or Unfavorable

Recession Power: Is it possible for Companies Rise to the Top, Even in Down Times…

Thanks to our news channels and papers, I got curios towards a subject called Recession and its possible impact. The way they all are covering this topic – it’s not very far that we all are going to loose our business, jobs and money.

To find out the truth - I did some online research and prepared this document – which shows that we don’t need to press the Panic button as yet. It’s just a normal economic cycle.

I am sure, we all agree that Recession is one of the most distorted, counterproductive words in the English language. We are in economic downturn that may get worse before it gets better. It has generated a fear in the minds of consumers and business owners – a fear of defeat!

But if we see its positive side, it has forced us to get more conscious about our money and spending. Through this we have realized that we have to get rid of waste and conserve our resources where most needed.

If we go by the words of management gurus “Recession IS strictly a matter of our perception". It’s we who perceives and responds to a recession and determine whether our business grows profitably or fights for survival.

This document proves that companies can actually do better during recession, if –

1) We can transform external threats into opportunities: The Japanese are masters at crisis management and look at situations like recessions as polarities. That means, neither all good nor all bad, but a mixture of both. The Japanese symbol for crises is a representation of two separate symbols: danger and opportunity. Such a perspective encourages responsiveness - not reactive ness. As a result, the Japanese focus not on the problem, but on new solutions - not on survivability, but on growth - not on short-term losses, on but long-term prospects.

Give a Thought - How do we perceive the current downturn - as a threat or an opportunity? How might the recession actually be an opportunity for our business?

2) We can take advantage of and profit from changing dynamics in the marketplace: A business can grow and profit during a recession if it understands the underlying dynamics of the marketplace. Crises tend to stimulate change in people. The challenge is to respond to such changes in a timely and direct fashion. To take advantage of these shifts, we have to consider 5 "W's."

¨ WHO: Who is doing the buying now? Although overall spending may be down, such trends cannot be generalized across all industries and business segments. Buying behavior shifts, changes and refocuses more than it declines. What new markets can we address that are actually on the rise?

¨ WHAT: What needs and benefits are priorities for our customers at this time? Are there new products or services that might address these shifts or serve as alternatives to satisfy the status quo?
¨ WHEN: What needs must the customer have satisfied now VS later? What special incentives will motivate the consumer to buy today?

¨ WHERE: During a downturn, customers often rethink their buying loyalties. From what sources are they currently buying? How can we make our products more accessible to our target market to buy?

¨ WHY: The "why" addresses customers' underlying motivations for buying. What motivations are driving customers' buying decisions today? What are customers' expectations of the future? How will these expectations affect their buying behavior today?

3) We can catalyze seemingly "negative" times into positive moves: In recessionary times, we have to aggressively look for the "silver lining in the cloud" and mobilize resources to seize those hidden opportunities. We have to act, not react.

4) We can make room for new growth by "de-cluttering" that which is marginal or ineffective: During times of growth and expansion, it's easy to get hooked into over-spending, "over-doing" and over-confidence. Sloppy behaviors, attitudes and habits often creep in and get masked.

We have to take advantage of down times to de-clutter "excesses" - i.e. any drains on time, money or people resources generating little or no return, have to scale back to what they do best in order to be at their best. We have to make room for new growth and profits.

5) We can build our resilience muscle to thrive in tough times: In the 21st century, accelerating change, increasing complexity and escalating risks have become the new business reality. To withstand external shocks that can destroy a business, we have to build our resilience capacity.

Resilience, first, is a mindset. Resilience thinking transforms uncertainty into confidence, fear into action and adversity into advantage. On an organizational level, resilience comes from a strong culture based on operational flexibility, employee loyalty and team collaboration.

6) We can aggressively position our selves ahead of the competition during economic downturns: During economic downturns, most companies go on the defensive -- cutting back costs, downsizing marketing efforts and commoditizing products and services - just to survive. But to fight we have to do just the opposite.

In recessionary times, we have to position our selves to win -- ramping up promotions, accelerating new product introductions, and keeping a visible profile. By taking advantage of the emerging opportunities, we not only differentiate our selves during the downturn but also position our selves for explosive growth after its turnaround.

7) We can find the "learning" and the "grander purpose" hidden within challenging times: Our greatest challenges are our greatest teachers. Their "grander purpose" is to shift our thinking, behaviors, strategies and actions and ultimately aid us in our future growth.

Companies negatively impacted by a recession never see the grander purpose such times can offer them. Instead, they perceive only the worst, react out of fear and shrink to a victim mentality.

While on the other hand, we have to see recessions as learning opportunities. We have to recognize that yesterday's thinking and strategies will not address today's challenges.

PS: Sources can be shared on request!!

Funny - Grandma's Letter ;)

Grandma's letter to her grand daughter:-

She (Grandma) is eighty-eight years old and still drives her own car.

She writes:

*Dear Grand daughter,*

The other day I went up to our local Christian book store and saw a 'Honk If You Love Jesus' bumper sticker. I was feeling particularly sassy that day because I had just come from a thrilling choir performance, followed by athunderous prayer meeting.

So, I bought the sticker and put it on my bumper.

Boy, am I glad I did! What an uplifting experience that followed.

I was stopped at a red light at a busy intersection, just lost in thought about the Lord and how good He is, and I didn't notice that the light had changed. It is a good thing someone else loves Jesus because if he hadn't honked, I'd never have noticed.

I found that lots of people love Jesus!!

While I was sitting there, the guy behind started honking like crazy, and then he leaned out of his window and screamed, "For the love of God!" Go!Go! Go! Jesus Christ, GO!

What an exuberant cheerleader he was for Jesus!!

Everyone started honking! I just leaned out my window and started waving and Smiling at all those loving people.

I even honked my horn a few times to share in the love!!

There must have been a man from Florida back there because I heard him yelling something about a sunny beach.

I saw another guy waving in a funny way with only his middle finger stuckup in the air.

I asked my young teenage grandson in the back seat what that meant.

He said it was probably a Hawaiian good luck sign or something.

Well, I have never met anyone from Hawaii , so I leaned out the window and gave him the good luck sign right back.

My grandson burst out laughing.

Why even he was enjoying this religious experience!!

A couple of the people were so caught up in the joy of the moment that they got out of their cars and started walking towards me.

I bet they wanted to pray or ask what church I attended, but this is when I noticed the light had changed. So, I grinned and waved at all my brothers and sisters, and drove on through the intersection.

I noticed that I was the only car that got through the intersection before the light changed again and felt kind of sad that I had to leave them afterall the love we had shared.

So I slowed the car down, leaned out the window and gave them all the Hawaiian good luck sign one last time as I drove away.

Praise the Lord for such wonderful folks!!

Will write again soon,

Love, Grandma!!

Blogging...!!

Here I go to write Another one - my second Blog!!

Did I say "Another Blog”?

Yes, this is what I meant - after posting my 1st Blog I was dying to write more and more - now I couldn't take this more and came online. I am so excited about this blogging concept - thanks to the bug which has bitten me few days back when my boss was discussing the quarterly sales plan and I was reading the Blog of my friend - Angel* (Name modified - coz I don’t want her to say that - Varun what is this :D)

Now as a starter - my biggest challenge is what to write? What should be the topic, what should be the theme and story of Blog etc etc....and many other things. But now it’s too late - I have to use my brain (Don’t Laugh - I have one) and to come out with something - something that is true - from heart - without alteration (This is to cover up my broken story and sentences :D) ...

I never dreamt that it could be that hard to write down your mind over a sheet (Didn’t got a better word for this document) - the moment I started typing - I lost - I lost my power to control my thoughts - and believe me that was an Amazing experience - my mind was acting like I got a jet engine fixed in my brain - I was getting uncountable thoughts and topics - I felt that I am completely equipped to write a Blog wherein you can get know different Varun.... someone who is in search of a Vision - who is exploring and experiencing different phases of life...

But suddenly - the moment I typed first letter - things got washed out - my mind has started looking for some other topic - or may be it was stopping me or feeling uneasy to type since its the first time I am trying to put my thoughts over a sheet which everyone is going to read – apart from my personal diary!!

By the time I reached at this line I thought, I need to know whether my efforts are going in right direction – am I writing something which I have mentioned above? Now whom to ask – I guess its none other than YOU, since you have invested your valuable time in reading this – you have all your rights to tell me – Did you liked this?

Do comment – It will help me in coming up with thoughts and topics which can Ignite everyone’s mind…!! After all one has to start somewhere :)

Love

Since when I was been bitten by a Bug of Blogging, I was trying to write something which make sense. Somehow today, I took one step ahead and posted few lines – Since this is my 1st blog – instead of writing long I decided to write few lines about Love. Please enjoy this post and do comment:

There is in each of us, no matter how humble, a capacity for love. Even if our lives have not taken the course we had envisioned, even if we are less than the shape of our dreams, we are part of the human family. Somewhere, in the most inconsequential corners of our lives, is the opportunity for love.

If I am blind, I can run my hand across the back of a shell and celebrate beauty. If I have no legs, I can sit in quiet wonder before the restless murmurs of the sea. If I am wounded in spirit, I can reach out my hand to those who are hurting. If I am lonely, I can go among those who are desperate for love. There is no tragedy or injustice so great, no life so small and inconsequential, that we cannot bear witness to the light in the quiet acts and hidden moments of our days.

And who can say which of these acts and moments will make a difference? The universe is a vast and magical membrane of meaning, stretching across time and space, and it is not given to us to know her secrets and her ways. Perhaps we were placed here to meet the challenge of a single moment; perhaps the touch we give will cause the touch that will change the world.