Revenue for this wholesaler (distributor) was relatively flat. They invested a lot of money to generate quality leads for the sales organization; however, the sales team was only converting 11% of their leads to customers.
To improve our sales conversion rate and increase revenue without discounting or eroding margins.
- Clearly defined ideal customers and established criteria for screening quotes from new prospects.
- Modified marketing and sales communications to reinforce benefits and value instead of features like everyone else.
- Developed and consistently implemented a multi-touch sales system that incorporated the quote process.
- Used tracking system for leads from new and existing customers.
- Created quarterly campaigns to stay connected with and nurture warm leads – those that had a potential need, but didn’t buy earlier.
Within 8 months, the conversion rate on new leads increased from 11% to 27% – more than double – without discounting. By focusing on ideal prospects, turning down sales where appropriate, and consistently using the sales process, the average sale per customer increased 43% and overall revenue increased 22%.
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