Keeping a track of what is happening inside the sales pipeline of your MCA CRM software is extremely necessary for the growth of your Merchant Cash Advance business.
This is because the sales pipeline of your Merchant Cash Advance CRM furnishes an insight into how and where your sales strategies are performing, and if any improvement is required to increase your sales.
Unfortunately, fence-sitting prospects and leads can get misplaced in the shuffle or unconditionally becoming inactive.
Hence, what can you do if you find the leads in your CRM database are dropping out or getting stuck for a myriad of reasons?
Here are some of the most tried tips on lead management strategies which can help you to make your MCA CRM sales pipeline going forward once again.
However, firstly for this, you need to comprehend what are the reasons that are causing your leads to get stuck in your sales pipeline?
Therefore, before you take any actions, the foremost thing that you need to do is to comprehend why leads are getting caught in the first place. Since, when you do a bit of pondering, you will most likely be able to link all your inactive leads to a few unambiguous causes for which they got halted in their progress, which include:
1. Not find the proper person
If you are not aware of the right or proper contact information and you are unaware of the right decision-maker(s) in the company, you will hardly be able to make any sales.
In addition, a prospective customer may enter an email that the person may not use often when they filled out a web-form on your website.
Both these issues ultimately may lead to not letting your messages reach the right people who need to see them.
Hence, measure your email’s bounce rate with the help of an MCA CRM software , and if they are considered high, find a solution to your problem, as this can be an indicator that you are not selling to the right person- or rather to say, not selling at all.
2. There is a problem with your alternative lending service
Another pertinent reason why a lead might get jammed is that your prospects are having issues using your services, or they assume that your services are too expensive when compared to other MCA businesses in town. Nevertheless, whatever the case may be, it is vital that you must find and fix the problems that are within your control.
Although it is true that you just cannot please every prospect, however, making the right change can have a rocking impact on your bottom line.
For example, if it appears to you that a greater number of your visitors are abandoning the account creation process on your website, do take up necessary steps to decrease friction in those steps in your account creation workflow.
3. Your buyer is not ready yet
It can always be that your prospects are not sure that they want to make a change and accept your service. It is a known fact that most of the visitors on your website will not be ready to buy your service the minute they enter your sales pipeline, and therefore, not doing so can leave some of your prospects fence-sit without the confidence to make a purchase.
If you find this to be an issue, increase the chances of making the leads move through your Merchant Cash Advance CRM pipeline by being proactively helpful towards your prospects.
Lead Management Tips To Get Prospects Moving
Now, once you are aware of what is getting your prospects stuck; you are faced with another new challenge.
So, how do you overcome these seemingly impossible bottlenecks and make your leads advance through your MCA CRM’s pipeline?
A piece of good news is that once you adopt the right lead management strategies and thereafter jump into action, you can easily get all your inactive leads gradually moving ahead once more.
Here are a few time-tested tips that we recommend for moving your leads through the pipeline:
1. Revamp your communication strategies
Are you aware of your communication strategies with your prospects in the different stages of your sales pipeline?
Now, just sending an email blast to every prospect in your CRM database once or twice every month is not going to cut the knot, if you want to steadily encourage every leads to move towards a prospect.
Primarily, recognize your sales process and imagine what is needed for qualifying and pushing your leads at every stage of your sales pipeline.
Next, use lead scoring tactics to segment your leads into different lists.
Hence, for this find a lead scoring strategy that addresses your lead’s concerns, curiosities, and pain points.
According to an article published by MailChimp, lead segmentation plays a major role in the success of any email marketing campaign, since according to MailChimp, it has been found that email campaigns with segmented leads using a Merchant Cash Advance software , in alternative lending businesses gets 100 percent more clicks when compared to the non-segmented ones.
2. Know your leads better
Do you know if your prospective leads are casually considering your service or they are in urgent need of your solution?
Once leads get jammed in the sales pipeline, it can always mean that your leads do not require your services yet.
Maybe, they are doubtful if your answer to their pain points is a good solution for their needs. Hence, knowing the reservations inside the minds of your leads will allow you to nurture your leads properly.
Understanding the position of your leads are in their buyer's journey helps in marketing to them more efficiently.
You can always find out what your prospective leads are thinking by asking them to reply to your emails or by sending them out a survey using an easy to use MCA CRM platform.
If needed, you can even consider setting up a ‘Feedback Form’ for all your new leads so that you can without any qualms, collect all the information about your leads and their respective businesses and accumulate the data in your CRM database.
3. Lookout for stalled stages
Find out if most of your leads that are inactive or non-responding are getting stuck in one particular stage of your sales pipeline. If it is so, reevaluate the stages of your sales process. However, to understand how to fix these stages, you need to find an answer to these two most pertinent questions:
-What is happening?
-What should be happening?
Hence, find an answer to what are the specific goals for every stage in your sales process and next, try to evaluate how close your prospects and you are coming close to meet up these goals. Finally, try finding out what actions you can take to make it easier for your immobile leads to move seamlessly to the next step or fetch a decision to accomplish the deal.
4. Offer help
Now, if you are sure that a specific prospective lead is encountering issues in deciding or they are getting better signals from other alternative funding companies, ponder what can you do to offer them help?
Or rather to say, what can you really do to make your prospective leads generate enhanced trust in your business?
Well, to redress this issue you can offer free trials, eBooks, consultation, coupon codes, and other similar ‘at no cost’ resources. However, you should always make these offers are available to the right prospects and at the right time.
Again, the solution for finding this opportune moment is ensuring that your contact list is properly segmented. Per say, you just would not want to email a guidebook of ‘How Merchant Cash Advance Business Works And Its Benefits Over Conventional Bank Loans’ to a lead who is already in a decision making stage of the buyer’s journey.
5. Create urgency
In case your prospective leads are not finding a necessary urgency to avail your service, put an expiration date or offer a time-bound discount.
According to a study done by Experian, adding urgency to your email marketing campaign efforts can increase open rates of your emails by 14%, the CTR a.k.a click-through-rate by 59%, and double the number of completed deals.
To do these provide at the very onset the time limit and the offer in the subject line of your emails.
However, always make sure that your claims for urgency is based on things that are truthful and real, and is not a trial offer which is supposed to remain for a week but remains beyond that time, which is one of the quickest ways for losing credibility.
6. Ask questions
Start listening, if you cannot get a lead to close the deal. Ask your leads questions so that you can apprehend their hesitations. Since, if you ask your prospective lead any question that can get them engaged, you always have a fair chance that they will certainly reply, and you also can easily evaluate from their answers and replies what are the reasons that are holding them back.
If you are using a survey or sending a short email with questions to do this work, always send something that your prospects can answer effortlessly within a few minutes.
Bottom line
Therefore, you see, solving issues and pain points of your prospective leads are not as complicated as it apparently seems.
This is because the key to finding you leads gliding ahead effortlessly through your MCA CRM sales pipeline lies in simply understanding and apprehending what is holding them back. Hence, make sure that the sales process in your Merchant Cash Advance software is set up to support your leads, and prospects and not just you as the owner of the software.
So are you prepared now to take the driving seat and control your Merchant Cash Advance CRM software’s sales pipeline now!
Learn more about how ConvergeHub’s enterprise-ready sales pipeline management and marketing automation features that can aid you and your team to get the right message to your prospects and leads at the right time.
Therefore to begin and kick-off, why not start a 14-days free trial of ConvergeHub- the award-winning MCA CRM software since you can never know the full capability of any CRM unless you use it.
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