Losing and don’t know why? Here’s at least one part of the answer. If there are 10,000 products sold in your marketplace and you are only producing 1,500 leads, guess why you can’t make those large market share gains you promised?
I think it is fair to say ninety percent of all companies fail to uncover all of the available buyers in the marketplace. It’s a simple numbers game: More inquiries produce more leads and more leads produce more quotes which bring in more sales.
Of course most companies believe that this is what the salespeople get paid to do, but no one believes a salesperson can find and bid on all the business in his or her area. One of the many roles of marketing is to search out, identify, and present to its salespeople as many available buyers as possible.
Need to sell 1000 widgets? Ideally, you should present slightly more than 2200 raw inquirers (45% will eventually be buyers). The exact number will vary because the salespeople will have a pipeline which should be 3x to 5x the monthly number. But, I guarantee you will have to replenish at least half of the demand in the on-going pipeline. The rest of the sales will come from repeat business, cold calling, referrals, etc.
When marketing managers create demand to equal the number of buyers in a marketplace, they assume the rightly deserved position as the Creator of Wealth in their company. More about Creators of Wealth, the Marketers, next week.