Often, sales teams drive through their pipeline blindfolded – reaching out to prospects who aren’t even in the running, or over-reaching out, maybe? Ending up in the spam list isn’t a good place to be in either!
In this webinar, we have Varun Ravichandran – Head of Industry Solutions, Vymo and Roshan Cariappa – Director of Marketing, Vymo, talk over how streamlining & perfecting the lead conversion workflow is critical to success across BFSI channels.
These leakages are also areas for improvement – tightening one or more of these levers can result in cascading benefits for lead conversion.
How do you know these leads are actually reaching an agent with the highest potential? Allocation routines are static, subjective; not optimized in real-time.
Three isn’t a bad number, really.
If your agent is working 5-6 days a week, he’ll be conducting an average of 15-18 meetings per week. These may be with new prospects, follow-ups, product briefing, and so on. Let’s take follow-ups for example, how long have these meetings been going on, and how can it be closed sooner? Are your agents struggling with some issues that could have been avoided or fixed earlier in the sales conversation?
We went through 5 Levers we think will define and streamline your lead pipeline, help your managers help their sales teams drive productivity, and yes, increase conversions!
Lever 1 : Respond ASAP – Leads Decay and Every Minute Counts!
You need to start acting on your leads as soon as they come in, think of it like this – every lead deserves a good story! 🙂
If you respond to a lead within the first 2-3 hours, your chances for conversion are significantly higher.
Do you know how many leads decay before they’re picked up for an initial outreach?
Prioritizing leads & assigning them in real-time can have a 10X upside. From what we’ve seen, leads are reached out only after 7-8 hours after they flow in. 90% of warm leads decay within the first 4-8 hours. If you’re reaching out to them with a time lag post first interaction, you’ve already lost them to your competition. First touch response time has a definite impact on conversion.” – Varun Ravichandran – Head of Industry Solutions, Vymo
How can this be fixed?
- Mapping the leads to the reps – Auto-allocation based on performance and lead parameters
- Real-time nudges to reps to respond to leads before it’s too late, reminders basically
- Re-allocation of leads in case of a lack of a lead being picked up or responded to
Lever 2 : Allocate Smartly – Leverage your best, Coach the rest!
Your top quartile reps far outperform the rest. You need your best reps to work on the highest priority leads.
But what about the reps who need the necessary coaching and training to be scaling their performance?
High priority leads with more potential for revenue are mapped to the reps based on their performance. We see an 8k difference between the top and bottom quartile reps, in terms of performance and activity management. There are rules for dynamic allocation where reps are given chances based on their goals and targets. Now let’s say you have a HOT lead and a TIED agent. You will want to get that lead mapped to some agent, right? Here’s where the re-allocation feature fits in. Based on your lead allocation parameters, make sure to map your agent incentives in the right direction too, you want a fair game for everyone!” Varun Ravichandran – Head of Industry Solutions, Vymo
Lever 3 – Follow up!
If there’s one thing you can learn from sales reps, it is to chase!
Most leads are never followed up. 80% leads have no more than 3 follow-ups. Leads that do convert take 5-8 calls to get to the warm stage. The average rep takes 8 touches to generate a conversion. Top performers do it in 5.
“Any typical rep would allocate a specific time to respond to certain threads, fresh prospects etc. Always being the low hanging fruit, leaders and reps shouldn’t really underestimate the impact of first-touch-response-time. Instead of waiting for that time to come, it’s best to respond to these threads right away, or draft your response and schedule your engagement to a timeframe that works best for you – depends on when the lead flows in and your strategy.” – Roshan Cariappa – Director of Marketing, Vymo
Here’s where following up with your leads at the right time fits in. Ensure that you’re reaching out to them when they’re most likely to respond, and after having given them ‘x’ amount of time to make a certain decision – more than just a judgment call when it comes to sales. You need to follow up regardless.
How can follow-ups be streamlined?
- Detect Engagement
- Nudge to Engage
- Suggest Next-Best Action
Lever 4 – Performance Management – Pre-empt not Postmortem!
In sales, it’s always going to be activities vs. outcomes. And this is where a sense of competition and commission also comes in – the healthier, the better 🙂
Leaderboards allow managers a full view into their team’s performance individually and as a whole. Live goal tracking and visibility for managers on all the reps’ goals and targets help them assess better, assign leads more effectively, understand which reps need extra training, and more!
How do you learn from your best reps?
- Real-time goal tracking
- Motivation via. Contests
- Configurable reports
Lever 5 – Manager Intervention – Coach, not review!
Managers aren’t only around to set you straight when you’re off-track! Managers are set out to do much more than that.
We ran a pilot program with some of our larger deployments to gauge the effectiveness of manager coaching interventions. As a result, managers who responded to nudges on a timely basis saw 4x improvement in the total teams’ daily activities with a 75% reduction in the TAT.
Vymo Coach empowers managers to intervene in-the-moment, interact with their teams proactively, and understand which reps need your immediate attention.
How to help transform your managers into coaches?
- Contextual coaching
- Activity Prioritization
- Real-time visibility
Connect with our solution expert to understand more how Vymo Coach can drive your sales conversations effectively!
Schedule a Demo to know about Vymo Coach. Click Here
Vymo’s Intelligent Personal Sales Assistant has helped 100000+ insurance agents and salespersons to effectively track upcoming renewals and increase sales through existing customers by 3X even during the global emergency. Vymo is also helping customers to ‘go-live’ in ‘under 72 hours’ without causing any impact on business continuity.
Vymo makes it #easytocapture information, identifying (winning) behaviours, marries it to (deep) relevant contextual information to deliver proactive nudges for sales teams to work from anywhere! It’s also about making sure that your workforce has the right opportunities, tools, resources, and culture to excel in this marketplace going forward.
Vymo’s built to be that single app bringing in technology from your calendar, from your CRM web conferencing into one tool. With security through multi-factor authentication, the tool drives outcomes with automated lead engagement, auto-assignment, and auto-prioritization based on revenue, accelerating deal flow, giving instant customer feedback, and using AI for nudges, auto-compliance flags.
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