Consultant and coach lead generation. Do you really need to buy more consulting and coaching sales leads?

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UPDATE MARCH 2022

I am currently inviting established consultants and coaches to trial my “Keap for Consultants” marketing and sales system as Beta testers. I will give beta testers a proven marketing and sales system worth £5000 and all I ask is that you provide feedback to enable me further improve the system.

Click here to learn more and apply for my free Beta tester programme.
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You have probably arrived at this page because you are looking for lead generation services for your consulting or coaching business and to buy more new sales leads for your business. But is this really the case?

So do the numbers stack up? If you double the number of new consultancy leads then you will double your sales and grow your firm. That is true, but at the same time, you will probably more than double the cost of your advertising. (It will most likely cost you more than double as you will no doubt already be using the most responsive advertising medium, so you will have to start using less responsive advertising and so use more of it. So your costs will be higher).

And there are other factors at play too. Take a look at these sales rules.

So if you have a new business sales team then the sales team will first focus on the easy sales and they will not consistently follow up with the lukewarm/ colder leads as these may not enable them to meet their new business sales target for the month. As a result, those leads who are not ready to buy now will quickly get forgotten about and “fall between the cracks”.  As I mentioned above, as you go to “weaker” advertising in order to generate new leads, so you will generate less responsive leads and so you see the issue – you are generating lower value leads that are harder to close, that the sales team do not want and they cost you more money.

So what is the solution? Before you spend any more money on buying more consultancy sales leads you need to implement an automated sales and marketing system that will work in sync and support your new business sales team. A system that does all the hard work in following up with prospective clients and nurturing them to a point where they are “warmed up” sufficiently to make it worthwhile for a salesperson to speak with them. This way the leads that have cost you money do not “fall between the cracks”.

So let’s look at the maths with a quick calculation.

Say you are currently getting a 1% conversion rate from your sales leads, and leads are costing £1 each. So the Cost per Acquisition (CPA) is £100. OK, let us say you implement a marketing automation system to automatically nurture those leads and then pass them over to the sales team when they are ready to buy. So we still get the initial 1% conversion. But then say we consistently follow up with the remaining 99% (who did not buy) over the longer term so that they begin to know, like and trust us. Now, say over the next 2 years we follow up automatically and gain another 2 sales from the initial 99 leads. So now then numbers look like this. We have 3X our conversion rate and so we have tripled the size of our business. Because we did not spend any more money on lead acquisition, so our Cost of Acquisition has come down from £100 to only £33. And this is without spending any additional money on advertising and lead generation.

Now at this point, you have a sales and marketing machine that efficiently converts consulting sales leads. And now you can start to look at buying from lower value/ higher-cost sources of leads because you have a finely tuned sales lead generation and marketing machine that can profitably convert poorer quality leads. At this point, you can effectively afford to outspend your competitors on advertising and marketing.

And all this is before we even consider the best AND lowest cost of leads for your business. Referrals from existing clients of your consultancy. Are you actively asking your existing clients to refer you to their business contacts? The chances are that you are not proactively harnessing this source of leads. Once you have an efficient sales and marketing system in place then referral marketing can also happen consistently on autopilot.

So – do you really need to buy more new sales leads for your consulting or coaching practice  -or do you need a system to convert more effectively the leads you are already generating? If you are interested then this is exactly where I help my clients. If you would like to book a free Discovery call at a mutually convenient day and time then click here.

Check out my blog post with my offer of a free CRM set up for accountants using Keap, when you become a Beta tester.

Accountancy Photo by Scott Graham on Unsplash