Sales Feedback Loop

How can you implement a Feedback Loop, so you can generate more leads at a lower price point and then continue to improve your results over time? 

Well, there’s this idea that some people know how to generate leads and some people don’t.  And if only they knew “the secret” everything would be fine and they’d live in a lead generated Nirvana and that’s just simply not the case. 

The reality is, there’s a process. 

I’ve gone over this process in some of my other videos/articles. I’ll leave the link to those articles/videos at the end of this article.

Firstly, you want to generate and investigate the data you’re receiving. You can then make informed decisions based on that data, so that you can improve over time. 

Implementing a Feedback Loop is no different.  I’ll go over that now.

All of your leads will fall into 1 0f 3 categories:

  • Sales Ready Leads
  • Good Fit (but will need marketing or nurturing attention)
  • Bad Fit

 So, the questions you can ask very simply, in order to generate improvements in your lead generation. 

What questions you can ask and then how you can implement those changes are as follows:

  • What % of leads are Sales Ready?
  • What % are market ready & need nurturing?
  • What % is a bad fit?

Example:

If you have 20% that are a bad fit, then that’s wasted spend.

  • Then ask, what makes them a bad fit? 
  • How can we remove them from our Lead Generation Campaign?
  • Do you get different quality leads from different channels?

Example:

If you’re running paid ads on Linkedin, do they generate more Sales Ready leads than ads run on Facebook and vise versa? 

How long do these leads take to run through a sales process?

Are there any differences?

These are just basic questions you can ask. You don’t have to be a data specialist to do this. 

It can be as simple as having an Excel or Google spreadsheet with all your leads on it.

Then categorize in either:

  • Sales Ready
  • Nurture Ready
  • Bad Fit

So, when getting started with Lead Generation and have some initial leads coming in & want to get better…You’ll need a Feedback Loop.

The easiest way to begin a Feedback Loop is to begin by categorizing all your leads the day they come in and you’ve been able to categorize them in either:

  • Sales Ready
  • Nurture Ready
  • Bad Fit

Then ask how you can change those %’s over time to suit you more. 

Example:

You want less Bad Fit leads, ideally greater Sales Ready leads. But you’re ok with Nurture Ready leads because that will be the biggest % that you’ll receive. 

  • How do they differ between channels? 
  • Where do these leads come from?
  • Can you make any improvements on that area as well?

Once you can start doing one simple thing, you’ll start seeing your results improve dramatically over time.

Just by following this process, we consistently see “loss per leads” go from maybe $30 per lead to now $10 per lead.

I’m absolutely certain you can also achieve these types of results by using a Feedback Loop.

By Dan Wheatley, Co-Founder

CEO/Co-Founder of Straight Talk Consulting, a business consultancy that gets our hands dirty. We work with organisations to achieve product market fit before transitioning into scalable and repeatable growth