Optimize Your Sales Lead Process for Corporations

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what's up avalonians this video we're going to learn about lead generation right we we first need to learn how to source our leads and in this video we're going to learn what the right way is to figure out who our leads are supposed to be in the first place because there's nothing more painful than reaching out to somebody who's not interested in your service you you lose out on your reputation when you do that right if i reached out to a company that i have nothing to offer and i go and even if i get a meeting with them i'm just going to be wasting their time and they're going to think i'm an idiot right so in this video we're going to try to find out how to do lead generation the right way but first let's find out how to get the right leads in the first place let's let's let's get a template for this lead generation process in the first place firstly not everyone is a customer and this is a golden sales rule right not everyone in the world will buy your product and service you can't just multiply the entire population of the world into whatever price of your product and say yes i'm going to own the world you will save a lot of time energy and reputation finding the right buyers lead generation is the process of creating a loose pool of could be right customers and they're known as leads right these people could be customers prospecting is the process of qualifying those leads and making sure they're worth spending time chasing and then finally as you can see in this nice little pyramid on the left first you have leads then you qualify those leads those are called your prospects and then you make sales right that's how everybody's funnel looks and this is called a funnel we prospect by creating something called an ideal buyer persona who is most likely to buy your product this is a hypothetical list of attributes that a potential customer for your product would have before we start prospecting which is actually starting to qualify these leads and initiating conversation we generate leads in the process known as lead generation so lead generation prospecting and then you reach out then you get sales so if you guys haven't understood yet this is the process research qualifying and something called lead scoring that we term as lead generation then segmentation first touch which is reaching out to that person that's known as prospecting from the following up to the closing that's your sales process right so i'm going to teach you in this video how to do lead generation so there's a matrix on the left and i want you to answer these questions this is a standard matrix that we use a lot i don't know you know if other companies use something similar but i understand that most companies have something along these lines right so this is a good template to use if you already don't have one you have to map your target company using this but always remember that at the end of the day you sell to a person or a group of people at the company and not the company itself this list just narrows down your potential targets so let's look at some of the questions here how many employees does my target company have what industry is the company in what location is the company in right and does this matter to us for example you might say well i have a product that only works in bangalore right and there's so many products like this that only work in a particular city or only work in a particular state suppose you're selling a real estate right say you're selling an entire building obviously the building you're only going to target people who are in bangalore right if the building is in bangalore unless you specifically know that there's somebody in mumbai who wants to buy a floor in that building or who wants to buy a flat in that building so location matters a lot what is the size of revenue this company makes right does this company face the problem we solve um which is if a company doesn't have any need for security services there's no point you going there and asking them if they want security services if you already know they don't want it does this company have the financial resources to buy our tool or service and finally you have a subjective score all these are objectives so far finally you have a subjective which is you reported not somebody else which is what is the likeness they'll buy your company they'll buy your product what is the likeliness they'll buy your product which is how on a scale of one to five how likely do you think they're willing to they would make a purchase right so it could be zero which is you don't think the company it could be one which is they're slightly likely to buy a product or it could be five which is dude i think this is the right company for our product they will 100 buy us so you make that decision yourself and over time you will learn how to in the beginning when you you know fill in that account likeliness you will be wrong but with experience with time you will get to know how likely somebody is to buy a product this is an experienced thing so it's okay to be wrong with this um all the others are fairly objective you can just google a company and do some research on the company on linkedin and you know facebook maybe if they have a facebook page and you will get to know more about a company the more you know about a company the easier it is to sell to them remember this list is not about inclusion it's about exclusion you start with all the companies in the world and when you answer these questions you're able to exclude most of them so you sit on a small list at the end of the day so it's a process of exclusion not a process of inclusion so once you figure out what type of companies you want to target let's move on to the actual buyer who's the decision maker right firstly what's his location and this is usually mapped from the company itself um but sometimes a company could exist say in singapore and then the decision maker could be in china right so you have to get the location perfectly then so here you have to get the location of the decision maker then there's age there's education level there's income range there's industry there's job title there's interest what is the person interested in uh and then maybe you have some more data about the person which is what keywords are there in the blog articles this person consumed um what keywords does this person tweet about for example my last tweet was about the rapper dmx so if you reached out to me over email and said baron i know you love dmx i'm very likely to open that right so this metadata or this more data um it's a way for you to get that person's attention so what are the channels that person is available in to give you an idea you can find me on instagram but i get hundreds if not thousands of dms a day but if you reach out to me on say twitter i don't get any direct messages on twitter i get maybe one or two a week right so that's my least noisy channel so try to find a person's channel based on their the amount of noise they're receiving the what's the main kpi right so for a lot of people say i'm a vp of marketing at uh some company what is my kpi what's my key performance indicator what's something that i'm looking to increase in the company what's that one number maybe it's the number of sales maybe it's the number of impressions maybe it's the number of signed up users find that person's kpi or guess it find that person's recent purchases if you can account likeliness to buy friction score which is how many meetings do you think uh you will have to have with the company and the group of or the buying group not just the person that him or herself we've learned how to calculate the friction score from the last episode get that in here what is the main buying motivators and what are the main buying barriers or motivators could be you know if you're selling say a product that makes a company look pretty on facebook maybe the main buying motivator is competition maybe the competition is buying the product and that's why this person is likely to buy the product maybe the main buying barriers are cost maybe your product is too expensive and the company can say hey i can't afford that right so motivators and barriers usually they're multiple of these now we need to start reaching out to people who fit the persona we've identified sometimes you might reach out to somebody that's one level lower which is the bottom up approach or one level higher which is the top down approach than your ideal persona i've seen that this has to do a lot with how busy that person is um if you want to reach out to me it's smarter for you to reach out to a vp of avalon rather than reach out to me directly if you want to reach out to a vp of avalon it's smarter to reach out to one of their employees or one of the people that work under them um in most companies this is true however if you're a venture capital looking to invest hundreds of millions of dollars uh it's smarter for you to reach out to us the ceo of a company rather than some low level employee but suppose you want to reach out to a vp but you're not able to get in touch with them then maybe it might make sense to email the ceo and ask for an introduction down right sometimes you might be entirely wrong about this persona in which case you have to be you have to be willing to go back to the drawing board and this is an experience thing i've spent so much time sending out emails and calling the wrong persona that you know it's just an experience at this point where i just know who the right persona would be but that's that comes through decades of wrong personas getting your emails and and phone calls and abusing you right or telling you i'm not interested in something like this so you need to go through hey i'm not interested many many many times for many many many years before you know who the right person to reach out to is and that's what separates the best from the rest all of these things take experimentation and time which is speeding up how fast you run these persona tests is important if you have a hunch that this is a person that would buy your product or that will respond to your email run that experiment fast don't waste time come up with five different personas and reach out to all of them quickly in split tests the people who execute are way more important than the people who theorize don't be a theorizer don't be a thinker be an executor there's a tool to create personas now now there's a tool for everything right so in case you're lazy you can use this tool it's a make my personal tool let's let's take a look at the tool it's by hubspot again this is free we have nothing to do with hubspot let me build my persona ah i'm going to call it rich people who want to buy real estate in bangalore okay how old are they i think you know if if you're rich and you're probably like 45 to 54 euro years old at minimum actually more than that let's say 55 to 64. okay and yeah that's something reasonable what's the highest level of degree of school this person has completed usually you know they in the old world at least they in the old world which is 15 years ago if you didn't have a degree it was hard for you to get successful training degrees are not correlated with success but back then because these people are 55 to 64 they'll probably need some sort of at least a master's degree what industry do they work in well while they can work in many different industries let's see maybe they let's look at all the guys in banking let's just look at all the guys in banking right uh maybe we'll reach out to the other guys later usually they would have worked in large companies so thousand to five thousand employee companies what is their job title well vice president um maybe ceos cfos um yeah that should be good enough let's just reach out to these people how is their job measured revenues generated that's the kpi who do they report to well usually the ceo we want people to report to ceos otherwise they won't be able to afford our expensive real estate what are their goals or their objectives um because we're selling real estate to them and we're going to sell personal real estate right we're not going to sell commercial real estate right now maybe the goal of the objective is retirement it's a fair goal and objective to have what are the biggest challenges well this is a business tool set it's not for personal tools but it's okay we'll use it either way uh let's just say change management or actually yeah professional development and change management actually yeah wait wait wait this is awesome we have if none of the options above apply need a safe environment for their kids this is a fair challenge they don't have one what are their job responsibilities right now maybe they're managing a lot of people what tools do they use to do their job pretty sure they use email pretty sure they use some sort of project management pretty sure they use some sort of accounting they use business intelligence dashboard they use reporting software uh i'm sure they use cloud and file um yeah so i think this should be reasonable they most likely use crm2 crm stands for customer relationship management how do they prefer to communicate with other vendors and other businesses phone email text message i'm sure face to face i'm sure i don't think these old people are very social media savvy so let's avoid that what social networks do they belong to actually how do they gain information for their job probably reading blogs probably podcasts probably where old people spend their time uh newspaper yeah newspaper maybe facebook actually will social networks facebook uh twitter dicey let's just say linkedin let's be accurate about this definitely not pinterest definitely not google definitely not instagram right so this is your persona right and you can just save this in download and at the end of the day you realize that this is for you this is for you to understand who you're trying to target you're trying to target a rich person usually between the ages of 55 to 64 who has some sort of master's degree because they come from the old world the pre-internet world where a degree was important they usually sit on facebook and linkedin their preferred method of communication is phone email text message face to face and these are other details about them and their industry is the banking industry and usually the company says a thousand to five thousand now you have instructions and you can run ads on newspapers you can run ads on blogs you can run ads on podcasts maybe banking blogs you can run ads on linkedin you can reach out to these people on linkedin you can email these people there are many ways you can reach out to them which is why this prospecting tool helps because once as a ceo or a vp or vice president of sales you make this and give it to your sales reps they know exactly who to go after right so make something like this you don't have to use this hubspot make my persona tool but i just want to show you how it looks and catch you on the next episode because we're now going to go into actual prospecting how do we actually reach out to these people we're going to learn this in the next episode so bye