STANDSTILL agencies convert warm leads
STANDOUT agencies convert cold leads
STANDSTILL agencies think they’re good at new business. They think they just need more opportunities. The reality is these agencies do win work, but it’s mostly from warm referrals and inbound opportunities.
Referrals are the low hanging fruit of agency new business. Quality inbound leads are The Holy Grail. Getting these and converting them is vital. What STANDSTILL agencies fail to appreciate is that you need to generate and convert both warm and cold leads if you want to really standout. Generating and converting opportunities from a scratch takes more time and a different approach than reeling in warm referral business.
As long as it fits their client criteria, STANDOUT agencies easily win warm referrals and inbound leads. What they do differently though, is also generate and convert cold opportunities.
What do you need to do to generate and convert cold leads?
1. The first thing you need to do is find them(!) You need a targeted outbound strategy and the means to execute it.
2. You then need time. Time to find the leads and more time to convert. It’s likely that these opportunities aren’t as far along the buying process as your inbound referrals. They may not be ready for you (yet)
3. You don’t have the benefit of word of mouth recommendation so you need far more social proof to convert cold opportunities effectively.
4. In addition to social proof you also need more proof of outcome. You need to sell your services harder and give the prospect confidence in what business outcome you are going to deliver for them
5. Finally you need persistence. It’s likely you’ll convert fewer cold opportunities than warm leads. You’ll need to generate more, and work on increasing conversion over time, if you want to standout.
Switch both the Hot and Cold new business taps on!