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Catalytic Management
Have You Scored Lately?

My husband is an avid, no a rabid baseball fan. He has been a fan of Bill James, the baseball statistician for years reading every annual report and watching James’ recommendations play out each season.  Long before the Red Sox hired James as a consultant, my husband used the James scorecard to evaluate players and teams.  The Baseball Scorecards tells you what skills should be a priority for a particular position, what positions are most critical and what actions management should take to maximize their team’s talent.  What if you had a scorecard to define the actions your sales team should take when given an inquiry?
 
You can increase the inquiry to sale conversion rate if you are honest and realistic about how you qualify, score, prioritize and assign inquiries.  In last month’s newsletter we talked about the definition of a lead versus an inquiry:
Inquiry:  someone who has expressed interest in your product or service
Lead:  an inquiry that has been contacted profiled and qualified according to defined criteria based on your company’s target customer. 
 
To become a lead, the inquiry must be examined against a set of specific criteria.  The score the inquiry receives as a result of this examination determines:
  • if the inquiry becomes a lead
  • the action to be taken
 
Divide and conquer is the mantra here.  Not all inquires become a lead nor should they.  Deciding what action to take is part of that initial qualification that either turns an inquiry into a lead or moves it to another step in the process.  Your first priority should be to divide your inquires into categories.  You do this by “scoring” each inquiry against specific criteria.
 
We recommend four criteria that are general enough to accommodate your specific sales strategy.  The four criteria include:
  • Need/Solution:  How important is your solution or product to the prospects company and their goals?  Is it a must have or a nice to have?  Is it critical to their profitability?
  • Purchase Time Frame:  Does the prospect have a firm purchase date?  Is it 30, 60, 90 days or 6 months?
  • Budget:  Has a budget been established and funded?  If not, where will the money come from?
  • Strategic Value to Your Company:  Could this be a large reference account?  Is this an account that will open a new targeted vertical market?  Will you win the account from a competitor?
 
Catalytic Management’s Impact Scorecard© process is your way of defining the next action to take.  We recommend three action categories; sell, nurture or discard.   The highest scoring inquires become leads and should be assigned to your sales team for active selling.  Those in the middle should be nurtured with regular, systematic and targeted communication.  Sales and marketing should be involved in defining and tracking the nurture process with defined personal communication points to ensure you don’t miss the selling opportunity when the prospect is ready to buy.  And the final action category is discard – the scary part for many.  Management should be involved in the discard decision but don’t be afraid to discard inquiries – chasing people who are never going to buy is a waste of time, energy and money. 
 
The key to increasing your inquiry to sales conversion begins with the right definitions of inquiry versus lead and culminates in assigning an action for your sales team using the Impact Scorecard©.  According to a Harvard Business School study, 80% of leads don’t receive follow up from your sales team.  Why, because historically we give the sales team “junk” leads and they waste time trying to turn a sow’s ear into a silk purse.  Eventually the sales team makes their own determination of which inquiries to follow  - not a decision we recommend.  Start using the Impact Scorecard© and turn your inquiries into leads into closed business faster!
 
 
Have you scored lately?  No?  Then call
Catalytic Management and get the
inside info on how to score!
978-562-5001
www.catalyticmanagement.com
 
 





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Catalytic Management
67 Edgehill Road • Stow, MA 01775
Phone: 978-562-5001 • Web: www.catalyticmanagement.com

Catalytic Management specializes in business performance and growth consulting
including sales effectiveness, customer service and business process improvement for companies
in New England and the Northeast.
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