Deal generation is set to overcome lead generation within the year. This modern-day sales strategy focuses on making meaningful connections with qualified prospects, which reduces legwork and increases conversion rates and close ratios.
Focus on qualified prospects
While the original version of lead generation emphasized finding leads who had the potential to convert to customers, deal generation only focuses on qualified prospects. These prospects are genuinely interested in the company, possess a strong match with the company’s ideal customer characteristics, and believe in the company’s value proposition. Prospects are no longer being contacted merely because they exist; instead, they are being contacted with a purpose. Companies can capitalize on this practice by only focusing on these qualified prospects, as they have the highest potential of becoming valuable, dependable customers long into the future.
Reduced non-converting efforts
Since deal generation emphasizes only the prospects who have been qualified, a significant reduction in time-consuming efforts will be noticed. Companies can decrease the amount of effort spent contacting prospects that are unlikely to make a purchase. The extra resources that result from the new and improved version of lead generation will allow the primary focus to be turned to sales-inducing efforts. Companies will know that each lead they speak to will already have the most essential conversion characteristics, and conversations can become more genuine, honest, and purposeful. Relationships will be improved, and employees will be far more motivated to put their energy into interactions that have more potential to result in a sale.
Increased conversion rates
When a company emphasizes qualified interactions and reduces the amount of work spent on efforts that don’t directly impact sales, it’s only natural that increased conversion rates will be realized. In a deal generation, the prospects that are being contacted have already passed the qualification test. This means that your company will know that intent to purchase is there and that the prospect is already one step closer to the sale. Highlighting these essential aspects in a lead generation strategy will transform a company’s efforts into deal generation and boost revenue in a way that the old version of lead generation could not accomplish on its own.
Reliance on proven methods
One of the best ways for companies to experience the benefits of a deal generation strategy is to incorporate proven methods. These methods will not only increase sales but will drastically reduce the amount of time it takes using traditional lead generation practices. Gone are the days of quantity-focused efforts like cold calling, where there is a 75% less efficient use of sales team resources. In contrast, proven methods will rely on the quality of each lead to positively impact the amount of converting customers. Strategies will no longer enforce prospect generation – they will guarantee that your company’s deals will close and that they’ll close more frequently.
Incorporating deal generation now will allow your company to experience a multitude of benefits and enable you to outsmart your competition. Overall, molding an old lead generation strategy into one that is all about the end goal of revenue generation will positively impact the final sales number for years to come.