Strategic Planning - December 2015
Strategic Planning - December 2015
Event Best Practices - Qualifying Leads
Last month we noted the importance of scheduling events in the Fall and then leveraging registration information beyond the "day of the event." We reasoned that events generate leads (prospects or potential clients) which may in turn generate enrollments. Further, we noted that event registrants, whether they show up for the actual event or not, are viable prospects for follow-up.
We expanded upon the idea of valuing registrations in terms of potential conversion. Conversion is the process of taking a prospective client (lead) and converting them into a paying client. We used a hypothetical case wherein a boutique competitor (us) with a good reputation tended to convert lots of leads into clients after speaking with those folks on the phone. We reasoned that scaling this success was possible through increasing the number of client conversations. In order to do that, we planned to leverage event registrants including no-shows.
Easy enough to say, less so to implement. However, if we apply some basic sales-management techniques, what may seem daunting becomes more manageable. This is where Lead Triage (my term) comes in.
We know what the word Lead means so let's explore Triage. In this case, triage is analogous to that which occurs in a hospital ER. In that scenario all patients are initially qualified and those with the more serious issues are prioritized. The principle behind lead triage is similar (though not as dire).
Once a lead is captured--let's say through an event registration--that lead is qualified and placed into a group. The follow up that occurs is generally determined by need. For our purposes, need is often dictated by the Official Testing Administration Date or perhaps the final exam week at a local school. The touch-points or engagements for these leads can be mapped out based on the initial qualification and assessment.
We'll take another page from traditional sales management and introduce the concept of the "Sales Funnel." Once our leads are qualified and grouped, they should go into a funnel. Picture an actual funnel and then add your touch-points over time between the top and the bottom of the funnel (see below). This is a traditional sales funnel.
One benefit of the funnel is to create a bit of order. Another is to allow for a linear sort of process (the engagements or client touch-points). Finally, one can take the number of folks who trickle through to the "Sale" and divide by the Number of those that initially went in to the top in order to calculate conversion %. One more thing, it is fine to have more than one lead funnel. For example, if you offer SAT Tutoring as well as Academic Tutoring, you may have two separate funnels. Ultimately this is about creating order and process as well as sales.
One last note about Lead Triage. Leads, unlike fine wine, tend not to improve with age. Generally, the sooner a lead is engaged, qualified, and assessed, the higher the conversion rate. So, when it comes to Lead Triage one should look to: 1) quickly qualify the lead 2) assess needs and 3) engage with the potential client as early as is practicable. Hope it helps!
The following Pulse articles may be helpful: Niche Strategy, Applying the Hedgehog Concept, Determining Client Acquisition Cost.
One last note about Lead Triage. Leads, unlike fine wine, tend not to improve with age. Generally, the sooner a lead is engaged, qualified, and assessed, the higher the conversion rate. So, when it comes to Lead Triage one should look to: 1) quickly qualify the lead 2) assess needs and 3) engage with the potential client as early as is practicable. Hope it helps!
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