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.