What does Time really mean to Sales?

Sales are directly affected by time; whether its time of day, day of the week or month of year. Although your company’s experience may not be a replica of those featured within this article, it illustrates the importance of examining trends.

The findings below are based on analysis of website traffic and conversion data over a 5 year period*. Please note that ‘conversion’ refers to a website visitor who requested contact and ‘qualification’ refers to conversions qualified through needs analysis and BANT.

1. The early agent catches the sale.

• The highest level of website activity is during work hours (53% above average).By 9am activity is up 69%, yet often some sales agents are still eating breakfast, checking emails or arranging their desks. Staggering agents’ working days (alternative shifts) to ensure motivated agents are raring to go by 8.30am could be more productive. 

• Lunchtime website activity (12pm-2pm) can be up to 90% higher than average and qualification rates increase by 12% just before lunch begins. Staggering sales agent schedules could help avoid an empty office at lunchtime, or even having a different lunch schedule that fits around this time of rich opportunity. Research suggests the faster you respond to a conversion the more likely they are to qualify.

• Conversion rates peak in the evening by up to 15% between 9pm and 11.59pm.The title of this article could have been ‘3 reasons to live in your office’ as research shows that weekday evenings also boast high conversion rates. The sales team is unavailable during these hours but it’s a great time to send out knowledge documents

2. B2B Sales hates Mondays.

• B2B website activity is highest mid-week (Tuesday-Thursday), with traffic peaking at 30% higher than average on Tuesday. High rates of website activity mid-week mean it’s imperative that you have enough sales agents to meet demand. Tuesday may be the best day for launching campaigns, interacting with social media and avoiding staff holidays. 

• Conversion rates fall below average on Monday and Friday. Hate Mondays? You’re not alone; many people avoid external interaction on Monday preferring to prioritise inbox demands. Monday is still 21% above average for website activity so blogs or white papers may perform well. Mondays and Fridays are also good days to consider for data gathering or other housekeeping tasks.

• Qualification rates are 4% higher than average from Tuesday to Thursday. It’s important to reinforce the necessity of having enough sales staff mid-week. Responding to a call back request within 5 seconds is 29% more likely to result in a qualification than a call 5mins later.

3. ‘Tis the season to avoid conversion?

• January through to May has the highest conversion rates (February performing a massive 10% higher than average). The beginning of the year has far better conversion rates, this is the most effective time to begin a new campaign as companies often have, or are in the process of planning, new budgets. For high-end, complex sales, beginning to nurture potential clients 3-6 months ahead of this period will increase likelihood of an existing relationship during January to May.

• Conversion rates dropped significantly during the summer months and December (December was 12% below average). Conversion rates fall during the summer, so this is the ideal time for the sales staff holidays or company events. The noticeable dip in December is likely to be the result of companies preparing for the New Year. December could be considered an important month for human interaction, account nurturing and campaign planning.

• Qualification rates are 2% higher than average from June to August. During these summer months qualification rates increased, which may be based on the conversion rates simultaneously falling below average. With less warm leads coming through agents have far more time to ensure they reach the right people and analyse each companies potential. 

Timing has a direct impact on your business. Research how your customers interact with your website, sales agents and social media in order to build your schedule around them.

Seasonality is also extremely important in B2B sales! So although this research may not reflect personal experience it’s vital that you plan your year to ensure it reflects your own company trends. Analysis of your monthly sales figures over three years could be a start.

*Software Advice

6 Key Ways To Influence Decision Makers

Every day we make decisions. No matter how big or small, the influences on our decisions are the same. The psychology around the decision making process and persuasion has constructed many marketing frameworks. So how is this useful for telemarketers?

By understanding and analysing the 6 key factors people consider when they make decisions to buy (or not to buy) you can shape your telemarketing plan to maximise sales.

1. Reciprocity – “I owe you a favour”

This is essentially a social etiquette. For example, if someone sends you a birthday card do you send one back? Most probably yes. You feel obligated to return the act of kindness. The same can work in business, by offering customers an incentive or free gesture.

2. Scarcity – “Will I miss out?”

Scarcity in marketing is used in two ways, either with limited time or limited quantity. People desire what is less available and this often encourages people to buy now rather than later. It can even make them believe a product is more valuable.

3. Authority – “The expert said it was good”

We view authority in different ways, such as titles or uniforms. Marketing authority is more closely aligned with credibility; credibility through expertise and trustworthiness. This is often achieved in the form of case studies or testimonials.

4. Consistency – “I said I would do that”

People like to be consistent. If they make a public statement to do something then they feel obliged to carry out their promise. A restaurant reduced the number of unattended bookings by simply asking “WILL you let us know if you need to cancel?”, instead of “Please let us know if you need to cancel.”

5. Liking – “The Sales Rep was nice”

Attractiveness sells. It is much easier to say yes to someone you like. In sales it is not necessarily about the physical attractiveness, but the way in which we listen, advise and respect the client. Training in social styles is an important part of the sales process.

6. Consensus “Everyone else uses them”

A simple concept of word of mouth. Our decision-making demands far exceed our mental capacity or the amount of time we have to consider all the options. So we take short-cuts. We ask a friend or colleague what suppliers they use. If you researched your decision a little more you may find a better alternative; but in a society where time is limited, following others can seem like a safe choice.

So how can this framework be implemented into a telemarketing environment?

Reciprocity – Give away some helpful tips or free research results.

Scarcity – Implement a time or quantity limit when delivering your sales pitch.

Authority – Train your staff to have excellent product knowledge or quote testimonials.

Consistency – Use terminology which makes your prospect commit to further conversations.

Liking – Nurture your prospective client by taking advantage of the benefits of human interaction.

Consensus – Be aware of previous work you may have done with the client or similar companies.

Simon and Heather; Friends With Benefits

Congratulations, it’s your Birthday! Your network of (imaginary) friends have been contacting you in various ways to wish you a wonderful day. But who went that extra mile, who made you feel valued?

Raj sends you an email,
Sally sends you a text message,
Peter sends you a birthday card,
Heather gives you a telephone call,
Simon visits you at home.

This translates to Email M arketing (Raj), Mobile Marketing (Sally), Direct Mail (Peter), Telemarketing (Heather) and Field Sales (Simon).

We asked managers on LinkedIn the same question and 81% agreed that Field Sales and Telemarketing, the channels with the highest Human Interaction, made them feel most valued.
HI is an invaluable tool within the B2B sales cycle, particularly when acquiring new orders (both low and high value).

 Many companies fail to incorporate HI into their sales process, but with 89% of new purchases requiring some form of HI the opportunities for first-time business are immense. HI is also particularly effective for account nurture and appointment setting across all types of order.

For example, today new orders which involve large corporate companies rarely transpire without HI, this is largely due to the fact that recent years have seen an increase in high value, complex sales. This has resulted in much bigger deals and a longer buying process. Such high risk deals tend to be decided by the company board of directors, so it’s vital that sellers nurture relationships with all of them... or risk failing to meet all their individual needs!

The most effective way to build individual relationships with company directors, whilst ensuring you fit their various requirements, is through HI. By visiting them in person or speaking on the phone you communicate in real-time which is an effective way to quickly dispel doubts and build trust. HI improves the overall customer experience and enables the seller to draw upon the use of body language and tone of voice in order to influence a positive outcome.

(In short: Simon & Heather went that extra mile, they made you feel appreciated. By doing so they strengthened their existing relationships with you and proved they are thoughtful & reliable friends.)

HI plays a massive part in inspiring strong buyer-seller relationships and increasing buyer confidence.

CTPS is a 'do not call' list for B2B telemarketing. What's the point?

Many of you will be aware of the Telephone Preference Service (TPS), which is essentially a ‘do not call’ list for consumer telephone numbers. But what about Corporate TPS (CTPS)?

The CTPS list currently holds 2.6m telephone numbers. Similar to TPS, it’s a list of business telephone numbers that have opted out from receiving telemarketing calls. Calling any of these numbers could – in theory – result in a fine as high as £500,000.

However, awareness of CTPS is poor and combined with a lack of appetite for prosecution as well as a registration system that is flawed, many people are asking for CTPS to be scrapped.

But what are the advantages in scrapping this system? And are there good reasons to keep it?

The argument for scrapping CTPS is based on the fact that not all B2B telemarketing companies subscribe to it. It currently costs £1,100 per annum to receive the CTPS list every 28 days, and it could be seen by some as a tax on reputable telemarketing companies.

In addition, since CTPS was launched in 2004 there have been no prosecutions or fines issued – yet CTPS has received complaints. As a result, some commentators view the legislation as pointless.

Finally, the registration process is flawed. It’s possible for managers to register the telephone numbers of all their staff without consulting them. This can prohibit buyers from finding new products or suppliers with better or cheaper offers.

However, there is an argument to keep CTPS – or at least to not scrap it.

There are some organisations which perhaps should not be called for telemarketing purposes. For example, the direct lines of emergency services. These numbers cannot be registered on TPS, so how do you prevent them from being listed on a telemarketing database?

Also, it’s a waste of marketing budget to call people who have requested not to be telephoned. Plus, if you have an active content marketing plan, you should be able to persuade buyers to opt in to receive a telemarketing call… which overrides any CTPS opt-out registration.

Lastly, checking telephone numbers against the CTPS protects our clients’ brand from potential bad publicity.

But all of this could soon become an academic debate, as the draft EU Data Regulation is due to get its first reading this spring. If this new law is passed in its current form, it could require all direct marketing to be opt-in with explicit consent. Thus, perhaps, CTPS becomes redundant.

B2B telemarketing not as unpopular as you think

One of the biggest obstacles that B2B telemarketing has to overcome is its perceived unpopularity with target audiences. But new research reveals a different picture.

There are many prejudices in marketing, but perhaps the most damaging is 'me, me, me marketing'; the assumption that you are typical of the target audience and that what you dislike, they will dislike.

We may have all received telemarketing calls at home that seem to come at just the wrong moment - when you are sitting down to eat your evening meal or when you're on a ladder changing a light-bulb :)

Some telesales calls at home can be annoying.

But new research shows that telesales calls at work are not viewed in the same way. There is a difference between B2C and B2B telemarketing.

We surveyed 200 ABC1 managers and asked them what was the most annoying form of advertising. Telesales calls at home came top of the list with 35%, but telesales at work was at the bottom with just 4%. Only Direct Mail and Door Drops were less annoying.

Pop-up windows on websites came 2nd and TV advertising 3rd. But note how both email marketing and text messages on mobile phones are considered to be more annoying forms of advertising than B2B telemarketing.

 





Why the difference between B2B and B2C telemarketing? It may be because most managers accept that it's part of their job to talk with new suppliers. Indeed, some buyers have a KPI on the number of new suppliers they meet - it's an effective way to ensure the company is getting the best deal.

But maybe the reason why it's preferred to email and mobile text messages is that it uses Human Interaction. Buyers are people - always have been, always will be - and relationships are important in business. It's easier to build a relationship and dialogue over the phone than via an email or text message.

Your brand's relationship with customers is shaped by the content and relevance of your marketing messages, but the channel you use may also have an impact.

Stay legal. Free CTPS check on your B2B data

There is a legal requirement for companies using B2B telemarketing to check their data against the CTPS register. The fine for failure can be up to £500,000 and is payable by the company that instigated the call… that could be you.

On Monday 2 July, BBC Panorama investigated B2C telemarketing. As a result, the spotlight in now on all forms of telemarketing – including B2B.

To help companies meet their legal obligations, we are offering to check your B2B telemarketing data against the Corporate Telephone Preference Service (CTPS). Free of charge.

The CTPS register is a list of companies that have ‘opted-out’ of receiving sales calls. It’s illegal to call them and can result in huge fines.

This offer is for UK data only and is limited to 100,000 records. The offer ends 31 August 2012, and for the rest of the details please read The Small Print below.

If you are calling Sole Traders as part of your telemarketing you might need to also check your data against the Telephone Preference Service (TPS). The Direct Marketing Association manage both CTPS and TPS, but any fines for failing to comply are imposed by the Information Commissioners Office.

If you want to protect your brand and ensure your telemarketing campaigns are legal, then please call Brendan O’Flaherty, CEO, on 020 8846 3950 or email boflaherty@scisalesgroup.com

Further information
Direct Marketing Association – www.dma.org.uk
Corporate Telephone Preference Service – www.tpsonline.org.uk
Telephone Preference Service – www.tpsonline.org.uk
Information Commissioner’s Office – www.ico.gov.uk

The Small Print
1.We will only check 100,000 telephone data records free of charge. Additional records can be checked for a fee.
2.We will perform one free CTPS check per company in one month only. Subsequent checks are charged at £50 per 100,000 records, per month.
3.CTPS is a list of UK companies that have requested not to receive sales calls, therefore this offer is limited to UK data only.
4.Your data must be supplied in .csv or Microsoft Excel format only, and must have unique ID for each record.
5.The telephone numbers must be in standard 11 digit telephone number format only.
6.This offer applies to CTPS only. If you are calling Sole Traders or consumers as part of your telemarketing you may need to check your data against TPS as well. Please ask for details and extra charges.
7.This offer is not available to other telemarketing or marketing agencies/consultants.
8.We reserve the right to postpone or refuse to complete the CTPS check due to our workload or other operational issues.
9.This offer ends 31 August 2012.