Avionics News January 2013 - 54

series

BUSINESS BASICS
B Y G R E G L A S L O

Follow the Leads
I

How to Nurture Prospects Through the Buying Cycle

f there’s a million-dollar problem with marketing, it’s CULTIVATING CUSTOMERS this: Casting a wide net for prospects catches more Suppose an inquiry comes into an avionics shop, somefish than just those ready to feed the business activity thing about a new GPS in a piston single. If this shop is like in your shop. most businesses, the lead goes to sales, where the customer Indeed, when it comes to big-ticket business purchases, is offered the next available plot of hangar space. Except the marketing experts suggest that fewer than 15 percent – customer is not ready to buy yet; maybe he or she will buy in and sometimes only 5 percent – of three months or six months, but not incoming queries are ready to write today. Since all he or she wants to a check today. The rest are shoppers, do is talk, the prospective customer ...Nu r t u re d l ea d s p ro d u c e a tire-kickers and dreamers. is dumped into the unqualified file. But you have paid a lot to get As the salesperson laments the use20 p e rc e n t i n c rea s e i n s a l e s those “maybe later” leads, and you less leads received from marketing, did grab their attention. Hold onto the prospect withers away on the oppo r t u n i t i e s . Yo u ge t t h e re it as they work through their buying shop’s contact list. At least, that’s by u n d e r s t a n d i n g h ow yo u r cycle, and the connection just may what happens when you don’t recpay off, after all. ognize your customer has a buying custo m e r s b u y a n d t h e n b u i l d a The process that enables this – cycle. lead nurturing – keeps you foremost Whether you call it a buying syste m t h at d e l i ve r s t h e va l u e in a prospect’s mind when the meancycle or the sales funnel, the idea an d s u p p o r t t h ey c rave . time becomes the right time. Drive it is the same. A customer moves with a regular stream of contacts that through several steps before he provide relevant, informative content or she actually buys: in simplest about the avionics-buying universe. terms, awareness, consideration While you’re not constantly selling, you are offering prospects and purchase. The customer identifies a need, finds a solua steady stream of reasons to know, trust and like you. tion, learns more about the solution and validates the choice It’s worth doing, too. According to DemandGen before finally closing a deal. In our case, the solution isn’t Report, nurtured leads produce a 20 percent increase in only a product; it’s also the shop that will install it. sales opportunities. You get there by understanding how This is where lead nurturing comes into play. Customers your customers buy and then build a system that delivers may contact you during any stage of the cycle, and research the value and support they crave. suggests 80 percent of prospects that don’t buy today will – In other words, you get there by recognizing that in and within 24 months. The customer is eventually going to do marketing, there’s no such thing as catch and release. business with someone, and it might as well be you.
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Avionics News January 2013

Table of Contents for the Digital Edition of Avionics News January 2013

Point of Communication
AEA Now
The View From Washington
International News and Regulatory Updates
Renewal & Revival in Albuquerque
Member Profile
Change of Ownership
Avionics News Celebrates 50 Years of History
A Conversation With...
Ten New Year's Resolutions for your Business
Aviation Aces
Member Profile
Business Basics
Using Inspiration to Motivate Today's Students
AEAviators
Legal Ease
What's New
Avionics News January 2013 - Intro
Avionics News January 2013 - Cover1
Avionics News January 2013 - Cover2
Avionics News January 2013 - 1
Avionics News January 2013 - 2
Avionics News January 2013 - 3
Avionics News January 2013 - Point of Communication
Avionics News January 2013 - 5
Avionics News January 2013 - AEA Now
Avionics News January 2013 - 7
Avionics News January 2013 - 8
Avionics News January 2013 - 9
Avionics News January 2013 - 10
Avionics News January 2013 - 11
Avionics News January 2013 - 12
Avionics News January 2013 - 13
Avionics News January 2013 - The View From Washington
Avionics News January 2013 - 15
Avionics News January 2013 - International News and Regulatory Updates
Avionics News January 2013 - 17
Avionics News January 2013 - 18
Avionics News January 2013 - 19
Avionics News January 2013 - Renewal & Revival in Albuquerque
Avionics News January 2013 - 21
Avionics News January 2013 - 22
Avionics News January 2013 - 23
Avionics News January 2013 - Member Profile
Avionics News January 2013 - 25
Avionics News January 2013 - 26
Avionics News January 2013 - 27
Avionics News January 2013 - Change of Ownership
Avionics News January 2013 - 29
Avionics News January 2013 - 30
Avionics News January 2013 - 31
Avionics News January 2013 - 32
Avionics News January 2013 - 33
Avionics News January 2013 - Avionics News Celebrates 50 Years of History
Avionics News January 2013 - 35
Avionics News January 2013 - 36
Avionics News January 2013 - 37
Avionics News January 2013 - 38
Avionics News January 2013 - 39
Avionics News January 2013 - A Conversation With...
Avionics News January 2013 - 41
Avionics News January 2013 - Ten New Year's Resolutions for your Business
Avionics News January 2013 - 43
Avionics News January 2013 - 44
Avionics News January 2013 - 45
Avionics News January 2013 - Aviation Aces
Avionics News January 2013 - 47
Avionics News January 2013 - 48
Avionics News January 2013 - 49
Avionics News January 2013 - Member Profile
Avionics News January 2013 - 51
Avionics News January 2013 - 52
Avionics News January 2013 - 53
Avionics News January 2013 - Business Basics
Avionics News January 2013 - 55
Avionics News January 2013 - 56
Avionics News January 2013 - 57
Avionics News January 2013 - Using Inspiration to Motivate Today's Students
Avionics News January 2013 - 59
Avionics News January 2013 - 60
Avionics News January 2013 - 61
Avionics News January 2013 - AEAviators
Avionics News January 2013 - 63
Avionics News January 2013 - Legal Ease
Avionics News January 2013 - 65
Avionics News January 2013 - What's New
Avionics News January 2013 - 67
Avionics News January 2013 - 68
Avionics News January 2013 - 69
Avionics News January 2013 - 70
Avionics News January 2013 - 71
Avionics News January 2013 - 72
Avionics News January 2013 - Cover3
Avionics News January 2013 - Cover4
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