Running a company can feel like a tumultuous journey at the best of times.
Between managing staff, juggling your overheads, and, of course, looking after the people who buy from you, it can often feel like you’re on a never-ending rollercoaster – and one of the only things that’s going to ensure a smoother ride is bringing in new business to fund your outgoings and fuel the growth you’re aiming for.
But winning new customers consistently can be a real challenge. Here, Russell Pope, our lead finance director and the founder of Dartcell, has shared his thoughts on how to keep the leads coming – and, just as importantly, make sure they convert into actual sales.
It’s all about the process
As Russell explains, there are many different ways to generate interest in your products and services – and there’s certainly not a one size fits all approach when it comes to marketing.
“The key here is to identify the different marketing strands and channels that are relevant to your company, and adapt your messaging so that it resonates with the right audiences,” he says. “Both of these things are easier said than done, and often evolve through trial and error.
“For example, I work with many clients who rely heavily on their website to drive traffic and enquiries, and support their online activities with investment in SEO, social media, or paid search. These companies may spend the first phase of their campaigns researching what kinds of keywords they need to target to drive the most appropriate enquiries, or which platforms their ideal customers use.
“The danger of adopting a more scattergun strategy – especially in the early days – is that your marketing can end up being a little haphazard. And decisions made without any meaningful data or insight can often lead to money being spent unnecessarily. This is why it’s so important to get outside help. Where budget allows, we would always suggest working with a marketing team who can help you put together more effective campaigns and keep wastage to a minimum.
“In contrast, I know of other business who get most of their leads from government procurement lists and tender processes. Those servicing the public sector, such as training or construction companies, will often find they achieve a much higher conversation from taking this more targeted approach, but they may need some help jumping through the various hoops involved in registering with government gateways. This is something the team here at Dartcell has dealt with a lot; we regularly engage specialist firms who can assist with getting our clients the ‘in’ they’re looking for.”
Closing deals is a numbers game
Russell knows that generating the leads is only half of the battle. The real work begins when it’s time to close the deal and bring that new customer on board fully.
“A successful close, in my opinion, is about engaging someone. It’s about listening to what they say and what they want, rather than assuming you know what they need and selling them something that doesn’t actually solve their problems or align with their vision. As I like to say, you’ve got to keep nurturing that bite. Keep talking to them, so you’re remaining present; you’ll catch them at the right time eventually.
“Just as importantly, learn from the conversations you’re having. Make a note of what’s working, and what’s not. Use the feedback you get from your leads to inform your nurturing loops, which in turn will form a vital part of your ongoing marketing content and strategy.
“Don’t let any insights go to waste and always be prepared to learn from your mistakes. Finally, remember that quantity is just as key as quality when it comes to consistently winning new business. You need to always be working with a high volume of leads on the assumption that you’re only ever going to convert a small percentage of them.”
Invest in a good CRM system as soon as you can
“Once you get above a certain size and you can’t keep track of all your leads on spreadsheets, you will need to invest in a customer relationship management (CRM) system.
“It can feel daunting, particularly if you have not used tech to power the sales and marketing side of your business before. However, finding and implementing the right software doesn’t have to be a stressful or expensive task. There are plenty of CRMs out there that are designed specifically for small and growing businesses, with pricing plans to match.
“Part of our role here at Dartcell is to help our clients choose a CRM package that will suit their team, support their current operations, and help them organise their admin and their time so they can achieve their wider sales objectives faster. We are also big believers in outsourcing the management of this CRM wherever possible. You could spend hours documenting and following up leads yourself, but that’s rarely a good use of your valuable time. Bring someone else in to manage the admin on a part-time basis, and you’ll find that you’re finally free to concentrate on building relationships rather than building a database!”
Expand your sales team
“You might be an exceptional salesperson – but if you truly want to expand, you will never be able to run a one-man (or woman) show,” Russell adds. “The issue here is finding the right time to pass sales responsibilities on to someone else, because you either don’t have the time or the right expertise to manage the business development side of things anymore.
“It’s always a big step, and it often comes with a chunk of money attached, not to mention having to go through the recruitment process and find the right individual for the job.
“Before you commit to employing a new sales representative, make sure you have a healthy cash flow. You’ll need to know you can afford them, even while they’re learning the ropes and not necessarily bringing a great deal of value into the business in the first few months of their contract. Additionally, be clear on what you expect them to achieve, and set KPIs in place from day one so you can measure their performance.”
For further advice on how to win more business, or impartial guidance on how to improve your finances to support a new sales hire, speak to Russell today. He and his team of part-time finance directors boast years of experience in helping companies better manage their income and expenditure so they can plan for sustainable growth.