Sales has changed thanks to the new Digital Age. Now your sales must leverage the top digital technologies in order to gain an advantage. If you are relying on outdated marketing and sales technologies than your business is leaving sales on the table as well as missing out on valuable profit-driven insights which your competitors can use as their advantage over you.
“But this is how we’ve always done it. And it’s gotten us here.”
These may be the most dangerous words in the business language.
Continual improvement and a relentless mission to better serve customers is the winning long term formula. That means adapting to the Digital Age versus trying to fight it.
The Digital Age transformed how your customers find solutions to their needs, how they make their buying decision, and how the purchase takes place. Not to mention much of the value delivery can now be ‘digitized’ so that you can provide a more personalized customer experience to a higher number of customers without any manual efforts.
“This is digital technology at its finest. Truly scalable marketing, sales, and experience systems.”
Another big selling point on leveraging the top marketing and sales technologies is the level of data-driven sales insights your business will unlock. The modern advantage for businesses is technology, data, and intelligence. The better your technology’s are the more profitable of insights you’ll have as your new advantage.
Businesses went from a horse and carriage to an electric car in a matter of a year due to the global pandemic. Sales growth has rapidly transformed and it’s important all businesses adapt to this new business environment, new playing field, and new scoreboard of the Digital Age.
Lead Tracking Audit
When we first start working with a new client we start by auditing their lead tracking efforts. We look at the analytics scripts that are running on their site and we help ensure everything is setup plus firing correctly. This includes phone call tracking, form tracking, online chat interactions, and other goal tracking.
Finally we review any leaky pipe parts of their website or landing pages. For example we recommend not including your email on your website and instead forcing people to call or use your online form. This is far better marketing and sales tracking that allows you to understand quality and even revenue generated.
Tracking Lead Volume
When you first setup a campaign it is important to start delivering lead volume. Lead volume tracking can be done by tracking the number of new phone calls or online form submissions. Although, lead volume is not a good metric for understanding the effectiveness of a digital advertising campaign.
“That is why we track lead quality and even revenue generated from our digital marketing campaigns.”
For example, if you only optimize your Google or Facebook advertising campaign based on lead volume then your main metric is cost per lead. This metric doesn’t take into account the value of different offerings or the quality of the leads that are being generated. Therefore digital advertising agencies if only tracking lead volume, can accidentally shut off parts of a campaign that are generating the highest cost per leads but also the most revenue and profits.
Tracking Lead Quality
Lead quality can be measured by tracking the length of phone calls, recording calls (following local laws), what was talked about during a call, how likely the customer is to buy, if the lead became a customer, the type of service or offering they were looking for, and even other digital sales intelligence.
It’s important to keep in mind the balance between lead volume and lead quality when making decisions as the higher quality we push for the lower the volume of leads and potentially the higher the cost per lead that we will need to pay.
For example, the more information we ask for on an online form, the less people that will fill it out but the higher quality of leads that will be generated. This can backfire if only a couple people per month are willing to fill out your form. This would be a bottleneck in your digital sales process which is why testing conversion rates of forms is important.
To an advertising agency and their client, a cost per lead increase can look like the campaign is not performing as well when instead the quality of the sales opportunities has been increased and therefore more revenue and profits are being generated. That is why it is so important to track not just volume or quality but actual revenue being generated.
Tracking Lead Revenue
Marketing can only be as effective as the measurability of it. By tracking down to bottomline revenue we are getting the complete picture of the goal any marketing & sales consulting company is hired to solve. We are hired to increase sales and we simply cannot do that with confidence by only tracking lead volume or even lead quality.
“It is absolutely crucial we are able to track bottomline results in the most accurate way possible.”
For simple local service companies this is simple but for companies selling many products and with the sale not taking place online, this can require advanced sales tracking technologies so that we can leverage sales intelligence to track revenue in the most precise manner without consuming any more than a few clicks from the sales team.
The more measurable, the more clear the results, and the more marketing can be maximized. If you know for sure you are getting $3-10 dollars back in revenue growth for every dollar you invest into marketing then you’ll increase your investment and unlock more growth. If you can’t tell what your return on investment is then you will be forced to play small and leave revenue on the table.
“This also allows us to optimize your digital advertising campaigns based on revenue which is the most powerful marketing.”
To track new revenue we need to track lead volume, lead quality, and leverage top technologies that allow for revenue tracking. By implementing these technologies our clients are able to see their true return on investment from their marketing efforts.
Sales Team Performance
Tracking revenue not only helps improve your marketing but also your sales team performance. Your sales team in the Digital Age is now positioned as sales closers since most if not all of the sales outreach, qualification, nurturing, follow up, and even education is done through digital systems. Because of this, your sales team now need to hone in on their sales closing performance.
In order to do this, we need to leverage the top sales technologies and doing so we can build digital sales systems that enable team members to continually improve their sales performance. For instance, every sales team member must know their exact percentage closing ratio as well as down to the dollar revenue they generate each month. This will enable you to continually increase sales performance based on data and direct insights. This also is one of the keys of building a sales commission-based team which can unlock next levels of company growth for you.
Taking a data-driven approach to sales by leveraging digital sales technologies allows you to continually test and optimize your sales performance. For example, you could create two different sales scripts and compare closing ratios as well as revenue generated from each. Or you could compile all your top objections that customers give your sales team and then create consistent objection handling scripts that help increase closing ratio and sales. These also can be tested out with sales-driven data which is how you gain a new modern day advantage.
When you implement the top digital sales technologies you gain effectiveness, efficiency, measurability, and scalability for your sales team. We implement sales intelligence including AI-driven sales call scoring, form scoring, conversation analytics, automatic lead quality tracking, and moving leads through digital sales funnels based on micro digital behaviors. This gives our clients a major advantage over competitors who are still doing old school strategies and tactics that are like anchors holding them back in this new Digital Age.
Digital marketing and sales technology, sales intelligence, personalized automation, and continual improvement based on sales data is what increases customers, customer value, sales closing ratio, and ultimately betters the experience for customers, sales team members, and even upper management. Better experiences consume less time, are more personalized, are consistent, and are scalable so even doubling the number of new customers monthly, there won’t be any decreased or delayed customer experience due to scalability bottlenecks.
A Final Word
How much does a lack of marketing and sales tracking cost a business?
“A lack of marketing and sales tracking costs businesses potentially millions in new revenue.”
We recently implemented more advanced marketing and sales tracking on one of our 8-figure clients. Doing so gave them the confidence to start focusing on gaining market share versus playing small. The following six months after implementing our sales intelligence tracking we added millions in new revenue.
Marketing and sales tracking should have accuracy down to the dollar which is crucial for showing the return on investment potential of implementing digital marketing & sales systems to gain new customers. When you compare the return on investment potential of digital marketing + sales systems to grow a business compared to the stock market and most real estate investments then you will see that the return, control, speed, and predictability is unsurpassed.