Is ‘Empty Prospecting’ creating huge inefficiencies in your sales funnel?
The B2B Sales Funnel is full of inefficiencies. Some of them will be known to you, but some of them will be unknown…which makes their impact potentially more harmful.
Prospecting remains one of the core sales challenges B2B organisations face and often the single biggest inefficiency in the sales process.
Prospecting is typically full of an array of inefficiencies, frustrations and poor-quality output.
As a result, sales pipelines will remain sparse or full of Lukewarm opportunity – there is often, extraordinarily, little middle ground.
We call this Empty Prospecting – and it is a scenario we have seen in abundance over the years across numerous vertical sectors.
Inside Sales teams or outbound call centres are one of the most prominent incubators of empty prospecting and its more than likely costing organisations £000’s every month.
Empty Prospecting also has a significant impact on sales morale which in turn creates further productivity erosion.
How Severe is Empty Prospecting within your Organisation?
Follow the checklist below across the 4 core prospecting influences to understand the severity of empty prospecting in your organisation:
- Where has the data/lists your Inside Sales Team/Sales team are calling originated from?
- How was it purchased, upon what segmentation is it defined?
- Is it using SIC codes to define industry?
- Is a large portion of your data out of date?
- What is your conversion of Call to Decision-Maker Contact?
- Do more than 70% of calls made by your sales teams result in no successful outcome?
- Do you have an intelligent data layer that drives all prospecting effort ensuring efforts are only focussed on prospects who have reached a defined lead and interaction score?
- Are prospects understanding your proposition?
- How does it compare to your competitors?
- What measures do you have in place to check this?
- Do you have multiple variants of your proposition cut precisely by sector and sub-sectors?
- How are your sales teams delivering the selling proposition?
Prospecting Channel Mix
- Is your prospecting strategy 100% reliant on phone calls and hand-crafted emails?
- Are you using a blended approach of email automation, cadencing, social selling, video, and voice within your prospecting strategy?
- How well do data analytics guide all of the above?
- Do you have dedicated prospecting experts in your sales teams?
- Or is it expected that Salespeople manage existing accounts as well as being tasked with finding new ones?
- Are your prospecting teams utilising effective social selling?
- Are your prospecting teams using a full channel mix of voice, social, video and email (automation and cadencing?)
- What KPI’s are your team working towards and what is their ROI?
So How Do You Eliminate Empty Prospecting from your organisation?
To address the core issues associated with data, we have developed with our partner agency, Third Foundation a unique product, Prospect 100.
Prospect 100 uses advanced data and machine learning to produce high value and laser focussed prospect lists.
This is a product which is now out of prototype development and ready for launch in June 2021.
Beyond this we can then work with you to develop an overall AI powered Intelligence Layer that continuously uses machine learning to guide your prospecting and sales strategies to ensure effort is consistently pinpointed…
By putting machine learning at the heart of your prospecting effort you will be operating at significantly higher efficiency and accuracy than has previously been considered possible.
We then overlay this intelligence with building you a class leading selling proposition and a 21st century engagement strategy driven by social, voice, video and email automation (all driven by the intelligence layer).
This unique combination enables you to rapidly build the most compelling and efficient prospecting strategy in your marketplace.
For more details about our ground-breaking Prospect 100 product ahead its launch in June 2021, or to understand how to fix ALL of the issues associated with Empty Prospecting please get in touch today.