8. Ineffective sales funnel
Getting leads is essential for any company, but your leads are worthless if they don’t convert. Many new companies focus on collecting data and leads and fail to nurture them properly.
To avoid bloating your sales pipeline, you need an effective sales funnel from beginning to end (and beyond!). It could vary depending on the industry, but be sure to nurture your leads as long as needed to complete the sale.
In the ideal sales funnel, leads convert when ready and become ambassadors of the brand. With a quality, automated system, you can sit back and watch it happen.
Here are a few ideas on nurturing leads:
Send industry-related freebies (How-to Guides, Tools, White papers)
Share relevant blog articles based on interest (personalization)
Wish them a Happy Birthday! (Gift, Voucher)
Set up a referral program with incentives
Engage with leads on social media
Use chatbot technology to answer FAQs when unavailable
Newsletters (Old fashioned, but efficient!)
In other words, create and maintain a relationship even after the sale!
(Blog."Reasons why businesees fail and how to avoid them". Liveplan 2021)