Keeping track of what is going on in your MCA CRM pipeline is important for your Merchant Cash Advance business.
Your Merchant Cash Advance CRM sales pipeline provides you an insight into how your sales strategies are performing, and if any improvement is required to increase your sales.The CRM market has seen a steady growth in the recent past. For this reason, its value is estimated to stand at $19 billion. - GoalCast (2017) Click To Tweet
Unfortunately, leads and fence-sitting prospects can get lost in the shuffle or suddenly becoming inactive. Hence, what do you do when you find that the leads in the CRM database are getting stuck or dropping out for a myriad of reasons.
Here are some of the most effective tips on lead management strategies that can help you to make your MCA CRM sales pipeline going forward once again.
However, primarily do you understand 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.
Not find the proper person
If you are unaware of the right contact information and you do not know the proper 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 fill out a web-form in your website.
Both these issues ultimately may lead to not letting your messages reach the right people who need to see them.
Therefore, measure the bounce rate for your emails using 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.
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 solution, 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 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 you find that a majority of visitors are abandoning the account creation process on your website, do take up necessary steps to decrease friction at the steps.
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 solution. 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 helpful towards your prospects.
Now, once you are aware of what is getting your prospects stuck; you are faced with another new challenge.
So, how do you remove these bottlenecks and advance your leads through your MCA CRM’s pipeline?
The good news is that when you adopt the proper lead management strategies into action, you can easily get all your inactive leads moving ahead again.
Here are a few time-tested tips that we recommend:
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, understand your sales process and think what is required for qualifying and pushing your leads at every stage of your sales pipeline.
Next, segment your leads using lead scoring tactics into different lists.
Find a lead scoring strategy that addresses to 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.
According to MailChimp, it has been found that email campaigns with segmented leads using a Merchant Cash Advance CRM software, in alternative lending businesses gets cent percent more clicks when compared to non-segmented ones.
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 are stuck in the sales pipeline, it can always imply that your leads do not need your services yet.
Maybe, they are doubtful if your answer to their pain points is a good solution for their needs. Knowing this allows you to nurture your leads properly.
Understanding where your leads are in the buyer’s journey aids 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 problems, collect all the information about your leads and their businesses and store the data in your CRM database.
Lookout for stalled stages
Find out if most of the inactive leads are getting stuck in one specific stage of your sales pipeline. If it is so, reevaluate the stages of your sales process. However, to understand how to fix this stages, you need to find an answer to these two most pertinent questions:
-What is happening?
-What should be happening?
For this, find an answer to what are the specific goals for every stage in your sales process. Next, evaluate how close you or your prospects are coming close to meet these goals. Finally, find out what can you do to make it easier for your leads to move to the next step or fetch a decision to complete the deal.
If you are determined that a prospective lead is facing trouble in making a decision or getting buy-in from other alternative funding companies, what can be done offer them help?
What can you do to make your leads generate more 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 available to the right buyers and at the right time.
Again, the key to finding this proper moment is making sure 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.
In case your prospective leads are not feeling an urgency to go for your service, set an expiration date or offer a 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 click-through rates by 59%, and double the number of completed deals.
To do these include the offer and time limit in the subject line of your emails.
However, always make sure that your urgency is based on something 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.
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 can easily find out from their answers what is 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 within a few minutes.
Therefore, you see, solving issues and pain points of your prospective leads are not as complicated as it apparently seems.
The key to keeping you leads moving forward seamlessly 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.
Are you ready to take control of your Merchant Cash Advance CRM sales pipeline now!
Learn more about how ConvergeHub’s robust marketing automation and sales pipeline management features can aid you and your team to get the right message to your prospects and leads in the right time.
To get going, start a 14-days free trial of ConvergeHub- the award-winning MCA CRM software by clicking on the link below.