December 9th, 2022
The HARD Truths for Industry Companies for 2023
In preparation for 2023, Dave Yoho Associates conducted abundant research and surveyed our existing clients to drill down on current sales and marketing challenges that are impacting the industry. Here are several hard truths that we uncovered:
79% of Companies Have Trouble Following Up on Unsold Leads
The word “trouble” is understandably very vague. Many companies don’t follow up with unsold leads; many consider a follow-up email or call to be a follow-up (it’s not); others have a defined system in place that includes multiple follow-ups and even a “rehash or revisit” specialist handling “no-sales” or cancellations.”
The problem is that it’s becoming increasingly difficult to get individuals to respond to your calls, emails or even text messages. Think about how many emails you get in a day and the number of texts you receive. Even if your prospect remains interested, it is highly unlikely that you are their priority. Understanding this is half of the battle.
43% Have Marketing Expenses Equaling 12% to 20% of Their Total Revenue
Marketing costs continue to rise. When we work with a new client, one of the first things that we seek to determine is what their marketing costs are.
Over the last two years, many companies were inundated with leads – and as a result, the focus on efficiency was often lacking.
Now, many companies are seeing their leads diminish and the reaction to this is often a “knee jerk” approach to pour more marketing dollars into their traditional channels when evaluating several “lower cost strategies” may be a better alternative.
48% of Buyers Receive Misleading Information About Your Company, Products, & Prices
Misleading information often comes from the media, your competition, or family, friends and neighbors of your prospects. However, it also can come from your company communication.
When was the last time you reviewed your inbound call scripting or your scripts for setting appointments? Are you monitoring what your call center personnel or CSR’s are saying to your prospects? Note that most misperceptions about your company or products do not stem from overt negative statements – they arise because of a lack of understanding that needs to be managed before the appointment is set.
Further, your sales reps need to be trained to spend enough time in the home to uncover and present against these misconceptions – and this begins the moment that they walk in the door.
43% of Sales Personnel Do Not Fully Understand the Products/Services You Sell
This figure may seem shocking, but what is more shocking are the mistakes that occur in the training process that cause it. Ask yourself the following:
Understanding what you sell also runs hand in hand with “belief.” So, also ask yourself, does my sales team believe that the products or services they are selling are unequivocally the best solution to meet their prospect’s needs?
2023 will be a challenging year for many companies in our industry; how you respond will determine whether you end the year with the net profit you are entitled to.
Brad Yoho is the Vice President of Dave Yoho Associates.