Sales strategy: Boosting sales with lead segmentation

Understanding your leads and sorting them with clearly definable metrics is a process that not only makes handling your day-to-day tasks simpler, but can also boost sales and improve the efficiency of your sales strategy. In this article, we look at what lead segmentation is and how your team should approach this strategy.

What is lead segmentation and why is it important?

Lead segmentation is an analytical process, which sees you examining your leads for similarities and commonalities. You then grouping them into smaller groups based on these characteristics.

According to Adobe’s Marketo, 80% of companies that use market segmentation report increased sales.

By evaluating your leads, and grouping them based on specific markers and metrics, your business can create more specific, tailored marketing and advertising. Furthermore, you can optimise the sales messages, content offerings, and offers to each segment. This can dramatically improve your ability to connect and convert leads into paying customers.

McKinsey found that companies who get personalisation right, have the potential to generate 40% more revenue and that 76% of consumers say they are more likely to purchase from brands who personalise.

How should sales teams approach lead segmentation?

In order to segment your leads in a meaningful way, you need to identify what metrics and values you intend to use to split out your leads. They have to be relevant to your business and your customers, be monitorable, and you should be flexible in determining what you will use to segment your leads. Your customers want and needs will change and evolve over time, and the metrics you use may not always be relevant.

Some of the most common factors used to segment leads include:

• Demographics – This may include age range, gender, or other physical characteristics.
• Location – Such as whether your customer is in a local area, from a national location, or a multi-national location. Sorting your leads in this manner can also help you with sales territory mapping.
• Income level – If your products have wide pricing bands, or have premium versions, you may want to look at the spending power of your customers in order to attract them to you.
• Online behaviours – Do they utilise specific channels to make contact? Are they only online and engaging at certain times of the day? You need to evaluate these details in order to streamline your content.
• Transactional status – Customers who purchase more frequently should be grouped, so too should those who purchase occasionally, and those who have made contact but did not convert. This will allow you to identify any recurring issues and provide you with insights on converting cold leads into hot ones.

Once you have segmented your leads, the possibility for specific channel targetting will present itself. It is proven that using three or more lead generation channels in a campaign can contribute up to a 287% higher purchase rate, shared by Digizuite.

Simplifying lead segmentation

In order to successfully optimise your leads and make lead segmentation easier, using the right tools is crucial. Furthermore, you need to work with applications, programs, and platforms that will streamline your processes, make it quick and easy to sort leads, and easily allow for opportunities to be identified and followed up on.

Some of the most popular tools that can improve your lead segmentation include:

• Customer Relationship Management (CRM) software – By keeping your customer data on an effective CRM, you will be able to create your own metrics and funnels. This helps segment the data, and apply tracking, notifications, and automated contacting to each individual customer.
  
  
• Analytic platforms – In order to split your leads, you need to know what data to monitor, and which metrics have value. By using appropriate analytical software, you can ensure that you are monitoring the data and creating reports that provide you with the information you need to know.
  
  
• Tracking and management software – It is not enough to just sort your leads, you need to be able to action them, and guide your potential customer through your sales funnel. By having tracking and management software that works with your customer pipelines, your leads will be more successfully converted. This allows you to boost your sales and increase your number of repeat customers.

Choosing the right tools is a business-critical activity. The tool must align with your goals, and either work with your existing structure or offer a smarter way of working. This means you need to carefully consider what you are planning on utilising, and whether it is scalable as your business grows.

How can TEB assist your sales strategy ?

TEB Apps is a rapidly growing CRM and automation software that is empowering businesses to easily manage their leads to qualify, and win more sales. With TEB, you can easily segment your leads with just a few clicks, and easily prioritise your winning deals. TEB has:

• Fully supported lead management – From start to finish, your leads are managed, optimised, and made easily accessible, providing you with everything you need to make the best use of your time, resources, and budget.
• Focused sales tracking and relationship management – Making the most of your leads, increasing your conversion rates, and helping you retain your hard-won customers are critical goals, and TEB is designed to provide you with interactive dashboards, easy-to-use systems, and the tools you need to keep your customers coming back for more.
• Fantastic lead insights – Discover what leads are currently hot and likely to convert into a sale to prioritise the most promising customers with TEBs funnels and filters.
• TEB Lead funnels – Get an overview of where your leads are in the qualification process with TEBs user-friendly, easy-to-use lead funnel view.

Reach out and book a call today, and discover how your business can grow and develop with optimised lead management, business development, and a structure that works to improve your sales with a data-driven strategy.