In slower times, we all need to keep an eye on our spending, cutting back on non-essentials to keep the business afloat. But what about your marketing? The fewer leads that are coming in, the more you need to market! Now is when you need to step up your lead generation with a focus on attracting qualified buyers onto your lot. So, your marketing spend may actually need to increase.
How do you know, and how much should you be spending on attracting buyers? As much as you need to in order to reach your revenue goals. What do you need to earn in the next month? How many sales will it take to reach that income goal? How many people do you need to talk with to achieve that sales goal? How much will need to be invested to generate that number of leads?
Every business owner and salesperson should know and track your cost-per-lead (CPL) and cost-per-sale (CPS) and set their marketing budget accordingly. A bonus is that when you know your CPL, then every person you talk to has a known value, and your sales team will be less likely to “waste” that sale through a lack of attention or poor follow-through.
A CRM will help you measure, define and track your marketing costs, identify the lead sources that are producing sales, and optimize your marketing budget, and MhCRM’s reporting function makes tracking these numbers easy and instant.
Next, we’ll look at basic selling skills and what may be missing from your sales arsenal. See you then!