So, you’re struggling with lead conversion and retention? Sure, getting people interested is one thing, but how many potential clients are walking away before money changes hands? You might have a steady stream of leads through the door, but if it’s a revolving door and people are circling right back around and exiting, you’re getting zero value from your lead generation.
You’re probably wondering what’s going wrong. What’s the cause of this? Well, it turns out that the blame lies with the sinister sounding acronym FAANG.
In the world of digital empires, there are five entities that reign supreme – the quintumvirate known as FAANG. FAANG may sound like a villainous network that wants to kill James Bond (let’s be honest, it’s a better name than SPECTRE), but it actually stands for the five indominable digital companies: Facebook, Apple, Amazon, Netflix, and Google. Five companies that monopolise the landscape, whose names have passed into common lexicon. And it’s their fault that your lead generation methods aren’t working.
Perhaps you’re thinking, “But I don’t compete with any of the FAANG companies. My business does something different. How could Amazon be killing my lead generation?”. Well, here’s the secret: every business is competing with Amazon, either directly or indirectly. Yes, even yours. Why? Because Amazon has changed what people expect to happen when they buy something or sign up to a service online. You’re competing with Amazon from the first second a potential client enters your orbit. The lead probably isn’t even aware of it, but they’re judging you based on their experiences with other companies. And if you aren’t up to their standards, they’re gone.
FAANG have pioneered a new concept of client acquisition and retention. It is a fully automated user journey that puts the customer first. We at Sypher have put our own spin on this to create the MOST concept:
- Method of contact
- Ownership
- Speed
- Tone
- If you want to make the most of your leads, you need to keep these four points in mind.
Method of contact
The problem
There are more methods of communication available today than ever before, and that has resulted in a culture shift in our view of contact channels. If somebody calls you nowadays, it’s either an emergency or it’s your grandma. Would you call a friend just to confirm what time you’re meeting for drinks, or ask a non-urgent question? No, so you shouldn’t be contacting your clients like that either. They will find it pushy and off-putting. In fact, 80% of people surveyed said a phone call is their least preferred method of communication. With phone-phobia so prevalent, relying on this contact method will unnecessarily alienate you from the majority of your leads. And this is before we even get to the practicality of it; it’s a strange oversight of so many companies to not realise that many people are working during the day and busy in the evening. What are the odds that you’ll catch them at the exact moment they’re free? You’ll probably not get an answer, and then what’s your plan? Leave a voicemail and hope they call back? Does that really sound like the kind of efficiency your business needs?
The solution
Set your business up with alternative contact channels for people who can’t or won’t speak on the phone. Chatbots on common messaging apps such as WhatsApp and Facebook can allow people to complete the whole sign-up process without having to speak to anyone. Then, when they have registered, give them an option to choose their preferred method of contact. You can also have them book appointments with the company if desired, or get them to provide more information. All this can be achieved via automated process using email, SMS, WhatsApp, automated voice calls (text to voice) or even automated video messages to give that personal touch. This has the added advantage of being scalable at a much lower cost than a traditional call centre, and by keeping your client on the same communication channel for the entire process you are more likely to secure conversions
Ownership
The problem
One of the peculiarities of the digital world is that the transactions we make online don’t, in any tangible sense, actually produce anything. When you buy something from a shop, you come away with the item you purchased. This is the way the human brain is wired to work – I gave something away and got something back. But when you undertake an online transaction, you can’t be entirely sure that anything actually happened. You put your information into a form, pressed a button and…then what? You just gave something (your data) away, but what did you get for it? What do you now own as a result of that transaction? At best it feels anticlimactic, and at worst it can seem like you just got scammed. This initial bad experience can give the lead an instinctive negative reaction to your business as a whole, and this is the last you’ll ever hear from them.
The solution
This is why companies like Amazon issue order numbers immediately when you buy something. This order number holds a more important function than any pragmatic concept – it becomes a commodity in itself. The order number is an indication that a unique event has been created as a result of your action. It satisfies the instinctive craving to receive something in return. In the same way, where a service is provided rather than a good, a reference number should be auto-generated for every registration, so the client knows they have something to show for what they just did. The registration number makes them feel more invested, like they have a stake in something now, so they’ll be a lot more likely to follow it up. To be even more effective, you should provide them with a plan of what will happen next – and, if you can, give them actions to take, such as gathering documents they will need. By giving them a task, you will cement into their minds that they are beginning a process, and they will be more likely to want to complete it.
Speed
The problem
Businesses often take care to consider how much money they are asking people to give up for their service, but what is often overlooked is that people value their time just as much as their money – often more so. If you wouldn’t just casually waste £500 of a client’s money, why are you any happier to waste hours of their time? The simple fact is that when someone buys something, they want it quickly, and when someone applies for a service, they want a response quickly. You cannot afford to sit around idly for days, or even really hours, before the client sees some reaction from you. You need to be on it as quickly as you can, to show them that you value their time.
The solution
You need your CRM system linked to your front-end lead generation process. Nothing good will come of having all that lead data sitting in a file somewhere gathering dust. With API integration, you can ensure that all input data flows instantaneously to your backend, where you can sync it to any automated process you need. Then, if you want to contact them via, email, SMS, WhatsAPp, whatever, it can be done immediately. This works 24/7, so if you have some night ows signing up at 4am, they get the same quality service as anyone else. Chatbots will ensure that people can quickly and easily sign up without difficulty whenever they choose.
Tone
The problem
As the world moves further towards communication from behind screens and across platforms, the interpersonal connection from face-to-face conversation is in danger of being lost. Have you ever had someone take offence to a message you sent after reading it differently than you intended? Much of the nuance and subtext that exists in spoken language can be misconstrued when written. Are you seeing a high sign-up rate but then nobody converts off your emails? If so, the problem may be the tone you are using in your communication. Your tone is the way you portray emotion with word choice, punctuation, and style of font. It is how you address your potential leads after they have expressed an interest. It is the way you come across, the personality of your brand. Getting the tone wrong in your messaging can be a very easy way to lose leads you spent time and money finding.
The solution
Experienced copywriters can craft a tone that fits your brand and gets positive engagement from your client base. As people tend to communicate with brands and their friends via the same communication mediums, the lines are becoming blurred, and there is a growing expectation for brands to communicate in the same way as your friends. Companies which use colloquial vernacular and friendly syntax see better conversions than those which stick to an increasingly outdated formal tone of communication. A twist of irony and self-awareness also tends to go down well. Remember – just because you have a good grasp of grammar and punctuation doesn’t mean you should be writing your own copy. Get someone who knows how to engage with people.
So, remember: keep these four points in mind, and pretty soon you’ll be getting the MOST out of your lead generation.
