Sales Hack #23: The Dormant Leads Hack

UnmatchedSocks

Of all the sales hacks posted to date, this is perhaps the biggest of them all. Especially for companies who have generated hundreds or thousands of leads, passed them to sales, and then see sales sent the back to marketing.

This hack, otherwise known as the “unmatched socks” hack, is credited to Chris Beall, CEO of ConnectAndSell. After launching a ConnectAndSell OutboundOnDemand campaign with RingCentral, Chris noticed that the number of meetings generated was better than any other campaign launched so far, for any customer. In fact, in just one day, in 987 dials, Josh Parnes, an OutboundOnDemand ISR, generated 33 meetings by calling these “dormant leads” on behalf of RingCentral.

The discovery – Marketing manufactures leads, marketing passes leads to sales, sales attempts to call theclose_leads_intoleads using manual phone dialing, and emails, and sometimes social media. Prospects respond to sales attempts < 9% of the time (or < 23%, depending on who you ask).

This leaves a “pile of unmatched socks” that marketing manufactured, and sales hasn’t talked to.  The great thing about these leads is that they are usually “intrinsically qualified” to be a buyer of your solution, and the second good piece of news – they quite often don’t buy due to “no decision”.  Which means, this pile of “unmatched socks” is one of the best source of leads that you can call into.

Here is the Sales Hack:

  1. Identify these “dormant leads” or “unmatched socks” – usually, these are inbound pricing requests, or “request a sales call”, and can even be “whitepaper downloads”, depending on the size of the list you are after, and the conversion metrics you are after.
  2. Accelerate your ability to reach out to these leads.  Whether you bring an Advanced Sales Acceleration Technology like ConnectAndSell in-house, or you use ConnectAndSell through ConnectAndSell OutboundOnDemand Managed Service, sales has proven that they can only reach 9 – 23% of the marketing qualified leads (MQLs) using manual techniques.  By enabling sales with advanced sales acceleration OR having a managed service company call these leads, incredible results can be achieved. For example, a high-growth CRM / Marketing Automation vendor in Arizona saw 59 meetings scheduled, and 4 closed/won deals, as a result of using ConnectAndSell OutboundOnDemand to call into 2,000 of these leads.  The stats: 10,000 dials, 555 conversations, 59 meetings, 4 closed deals.
  3. Repeat, repeat, repeat – Once you know that your companies marketing lead program is generating these “dormant leads”, determine where all of them are currently.  Then go back 90 days, 180 days, even 2 years and use advanced sales acceleration technology to call them all – several times.  Depending on the value of a customer, clients will make 5 attempts, 10 attempts, even 50 attempts to every single dormant lead (your vendor can help you determine how many attempts based on your own metrics).
  4. Re-build – The final questions to answer, once you know the conversion metrics for these dormant leads, is “how did this happen in the first place?” and “what if we called our leads back in < 5 minutes, and had a 65% or greater conversation coverage against all marketing leads?”  ANSWER: It varies.  In the book Zero Time Selling, by Andy Paul, he talks about the strategy of getting as close to 0 minute response time as possible.  And in his new book, The Race to Zero, available at Dreamforce in September 2015, Andy will unveil a contest of sorts with a set of rules, and a strategy for companies to get to < 5 minute response times to incoming leads.

The dormant leads hack has been around for a long time.  3 years ago, I personally used ConnectAndSell at ON24 to call 1,398 dormant leads.  The good news – many of them had been qualified properly by the sales team (kudos to me, right!).  The bad news – I uncovered and closed 4 opportunities in the last week of the quarter, simply by reaching back out to these dormant leads.

Whether your company generates 500 dormant leads/year, 5,000, or 500,000, give the dormant lead sales hack a try.  It’s not expensive.  For 10,000 dials by ConnectAndSell OutboundOnDemand, the cost is just $15,000. Most SDRs cost $15,000 for 3 months of dialing, or 3,000 dials (cost/dial = $5/dial).  With ConnectAndSell OutboundOnDemand, the cost is just $1.50/dial, and the dials can be completed in 5 – 10 business days!

Good selling,

@SalesHack

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