Drew's Note: As I try to do every Friday, I'm pleased to bring you a guest post. Meet another thought leader who shares his insights via the blogosphere. So without further ado…Jamie Klein. Again. Enjoy!
The current economic crisis has impacted all businesses. To succeed in this market it is imperative that you identify ways to make things happen in your business.
I’d like to provide you with some marketing and sales tips that will have an impact for any company that wants to improve their performance in this difficult time.
- Define what a quality lead is before you start prospecting. In addition to age, income and other demographics characteristics it is increasingly important to identify lifestyle trends of your current and prospective buyers.
- Message-you must make sure your marketing message is closely tied to the lifestyle trends that you have identified when defining your qualified leads.
- Targeting-More than ever you must identify where the highest concentration of your defined leads are before you invest marketing dollars.
- Your people and processes for when prospects respond to your marketing and advertising must be identified, written and reviewed. In consumer surveys, most sales and marketing operations score extremely low in these areas.
- To convert leads into sales in a down market, it is critical that your sales people are able to discover essential needs, not just incidental needs.
- Follow-up-This is the most abused sales process whether in good or bad markets. Surveys consistently tell us that 70% or more of the leads you give sales people are not followed up on effectively. Your sales and marketing organization cannot possibly survive in a down market unless you have processes, procedures and leadership direction in your sales follow-up.
- Performance metrics-all sales and marketing professionals especially in current times must accurately account for the number of leads generated, cost per lead generated, volume per lead generated and cost as a percent of revenue produced. These ideally should be completed by your marketing channel.
A new study just released by The Luxury Institute echoes these findings.
While most people would say these 7 steps are the basic building blocks for marketing and sales, the truth is, most companies aren't doing them consistently or well. In this turbulent economic environment, companies that are spending money on sales and marketing efforts must be more effective and efficient than ever before.
Jamie Klein has over 30 years experience in the sales and marketing real estate profession with a focus on Lead Management and Shared Ownership. Jamie’s expertise coupled with his leadership skills on lead management and sales and marketing programs help to launch theses three major brands into the shared ownership industry.
He launched luxury shared ownership business enterprises, including lead management and sales and marketing operations for the Marriott Vacation Club, the Four Seasons, and, the St. Regis Residence Clubs (on behalf of Starwood).
Purchase his new book, Lead Domination, to learn more.