Brand

Brand Can Affect Tele Prospecting Results by an Average of 30%

I recently conducted an analysis of work done for ETI clients since 2001 by categorizing them into 2 buckets … “Well Know Brands” (WKB’s) and “Lesser Known Brands” (LKB’s). We then evaluated the number of first calls which resulted in a substantive conversation with each prospect. Results showed that the WKB’s beat the LKB’s by some 30%. Moreover 25% more of these WKB records converted into opportunities than the LKB’s.

You might say it makes good sense that top Brands like American Express, Google or Motorola get more attention than XYZ No Name Brand.

Of course this makes sense. But one must bear in mind that top Brands spend millions if not billions building their brand equity. Smaller lesser known brands simply do not and cannot match these resources.

What actually happens in the real world is that many of the initial calls being made to prospects by LKB’s are actually Brand Building by their very nature. True there’s always some low hanging fruit, but successful Tele-Prospecting efforts relies on an interactive communication process to develop a trusted relationship.

Only when a prospect’s pain (or need or problem) is acknowledged and a level of trust has been attained - that an appointment could be setup for a sales person to become engaged.

So yes there is additional cost to the LKB in terms of the extra time needed to generate a lead. However, that investment is razor focused on the prospect company you want to do business with. It soon becomes evident that the LKB does not need to invest millions in media and brand building activity to achieve that. (In fact I’d hazard a guess that if you factored in the real cost per prospect touch of the WKB’s against the LKB’s you will find that the cost for LKB’s is substantially lower.)

That being said, one can also supplement go to market strategies with these low cost highly focused activities.

  • Be sure that you have relevant content for prospects who may request it.
    • A “send me an email” request may be regarded as a is a fob off, but as long as the prospect has a need and you are persistent, positive and professional in communicating with the prospect you will have an impact.
    • Also leverage Marketing Automation tools track content consumed on your web site or via promotional emails sent
    • Leverage contacts on social media (such as LinkedIn) to get entry to a prospect company through a recommendation?
    • A personal letter drafted by a professional copywriter can often be very effective.
    • Other activities such as PR, Trade Shows, Webinars can help but may also be costly.

Finally, remember that the only people who matter to your company are those you want as customers. Focusing your brand building activities exclusively on prospects can be effective and will lower your overall costs.

Recently I was interviewed on this subject by Jim Obermeyer of the Sales Lead Management Association. Click below to listen.

Giveback for Feedback Pilot Program - First Year’s Success

logo Closing the loop with Sales Reps is one of the biggest challenges facing companies engaged in sales lead generation programs. To assist ETI clients win more new customers and higher initial orders ETI launched (with a limited number of clients) our unique “Giveback for Feedback” test program last June.

With the clients’ cooperation to this end we extended an offer to each salesperson that in return for feedback on the leads assigned to them, ETI would make a contribution to their favorite selected charities.

I’m happy to report that success became evident in the first 6 months. The amount of feedback showing the back-end results was phenomenal and as - a result because of the great participation of the sales forces involved - ETI has already contributed over $2,000 to the nominated charities!

In most cases the feedback confirmed the quality of the leads being handed over, and in others the feedback highlighted some areas of possible improvement (which enabled ETI to immediately take pro-active action). Furthermore, the process has enabled us to build closer relationships with all the stakeholders involved.

Here is what one Sales Director wrote to his sales staff ...

“Hello,

I wanted to share with ALL of you in regards to the charitable contributions made by ETI based on your joint efforts in 2nd half of 2014. The gesture by ETI to offer donations to multiple charities is a testament to the quality of the group we have been working with for the past several months and no doubt has a special impact this time of year.

… Special thanks to those from the ETI Team!!

We are greatly appreciative of all the clients and sales staff that participated.”

Our target for 2015 is to generate a minimum of $10,000 for the charities as we roll and expand the program to all our clients.

If you would like to know how your company can benefit sooner from our “ Giveback for Feedback” program, please call 1-800-466-4384 and select option 1.

The In-house Vs. Outsource Dilemma

Most companies that inquire about our services have already made a decision to outsource those functions and are seeking to find a partner that offers the best fit for their specific challenges.  Every so often, however, we encounter a company that is actively struggling with the in house vs. outsource dilemma. Certainly, the ability to develop “inside sales” resources in house offers a great deal of potential, and some companies elect to go in that direction.  Typically, their thinking is based upon assumptions that taking the process in house will give them greater control and communication, greater levels of expertise, a methodology for training new sales resources and, perhaps most importantly, offer significant cost savings.  On the surface, it seems like a simple cost-effective decision, especially when just comparing hourly rates – the most obvious metric.  Unfortunately, the issues are far more complex than that, and those objectives are rarely, if ever, met successfully.

First, most organizations don’t have systems in place that facilitate control and tracking of teleservices activity.  Success in this endeavor is far more complex than simply mandating some number of calls per day and providing a basic database (CRM) into which the results can be reported.  The requirement to actively manage the process is often overlooked.  And that’s not a part-time activity taken on by someone with little or no expertise in the area.  There is a need for ongoing monitoring of calls, to be sure that your brand is being represented with the degree of quality it deserves.  And there is a need for careful review of notes to ensure that potential opportunities are being managed appropriately and are not lost for lack of follow up and tracking.  Analogous to medical records, there is a need to ensure that the notes related to the progress of each opportunity are sufficiently detailed to enable someone else to take over the record should the current business developer be replaced.  As a result, there is far more management time needed than is typically planned.  On top of having to provide systems and dedicated management resources, you’ll need to provide dedicated, isolated space and phone systems that will support phone-intensive activity.  Those costs are typically overlooked and are always present in abundance.

Perhaps the most challenging issues relate to personnel (as is usually the case).  You’ll need a systematic methodology for recruiting, hiring and training qualified people.  The more complex your subject matter and value proposition, the more difficult it will be to find the “right” people.  Complex products and services need to be handled in a consultative dialogue, not with a script.  That means you’ll need people who can think and probe and listen and “peel the onion.” Personnel management is an ongoing process because there will inevitably be turnover.  And, with turnover, comes more efforts at recruiting, hiring and training (with lost opportunity cost during the ramp up period).  And that's true even if a career path is established, because you'll need to replace them when and if a promotion occurs.  These rather substantial indirect costs are also rarely considered when a company considers going down the in house path.

To further complicate matters, because these dedicated people are likely to be doing the same thing day in and day out, all day long, they will be significantly less productive later in the day than earlier.  The smarter and more sophisticated the people are that you hire, the greater the likelihood that boredom will soon set in (repetition is not stimulating to these folks).  This inevitably leads to shorter tenure and higher turnover rates.  And then there's vacation and sick leave with lost opportunity costs associated with those periods as well.  We always project our productivity as double that of a dedicated in house effort, and I've never been wrong about that estimate.  If anything, double is a generous view of in house productivity.

So, while hourly direct cost is significantly lower using in house resources, the total direct + indirect costs are often 50-70% higher than the rates we charge.  In fact, the most common outcome is to scrap the in house resources and go back to the old (extremely costly) plan of the "same old way."

So, if you have success in managing all of that and end up with a winning program, please let me know.  Because, as you can see, it will be unusual.

How A Client’s Insistence That We Uphold His Company’s Brand Image Changed the Nature of Our Business

You may wonder what the process of acquiring new customers has to do with upholding a client’s brand image. We first learned to understand the importance of BRAND in the early 90’s when working on assignment for a Fortune listed 500 company.

Their executives made a serious point of informing us their company was much concerned that we should not do anything which might hurt their company’s carefully cultivated image.

On the contrary they went on to explain . . .

  • that in speaking with their prospective clients we should speak with esteem for the way their company does business
  • that we should convey their company is one which appreciates the customer as king
  • that they value the opportunity to pay attention to the needs and values of their customers
  • that they can be relied on to carry out their promises and offers
  • that they should be admired for their products and respected for their services. 

We immediately realized the essential truth of this client's definition of their brand, their company image, and the real value of their advice. Before long we decided to make changes in our business that would result in setting us apart from the average telemarketing service vendor of the time.

This decision required us to internalize that client’s priceless advice and to review eti’s company persona. It also affected our hiring objectives. The education and business experience of our phone agents would become one of the most important factors in our hiring decisions.

We would need to look for persons with an executive manner who easily and naturally spoke the language of their prospects. We would need people capable of understanding the need to uphold the client’s brand image whenever they spoke in their name. And scripts were thrown out in favor of Call Guides enabling us to engage in consultative and meaningful conversations with client prospects.

In due course our staff would be defined as Business Developers (no longer telemarketers or phone agents) in keeping with our clients’ objectives. These were, by and large, to acquire new customers via sales lead generation and lead qualification efforts. 

When we work for you, you’ll know that we are conscious of the fact that you too want respect for your company image and admiration for your products or services. You’ll get both.

Here is what clients have said about our approach:

  • “You don't describe yourselves as being in the business of generating leads. You defined your mission as New Customer Acquisition and Retention and maximizing sales/force productivity.”
  • “You sold us on the lifetime significance of new customers rather than the value of their first orders.”
  • “You have a basic brand image mindset which is very important to us.”
  • “Your Business Developers are graduates and have business experience. They adapt and converse freely because they are not bound by scripts.”
  • “You’re not the most competitive price wise. But if we wanted low costs we could have gone to any of the commodity type agencies that abound.”
  • “What we can’t get from your competitors are people who will be concerned to uphold our brand image.”
  • “You appreciated the concern we have for our brand image. You spoke our language.”

eti is concerned to convey the respect we have for our client’s brand image. This concept does not lend itself to a set of rules which can be prioritized and numbered. Brand image is not upheld or maintained or enhanced in this way.

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