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Converting Leads to Clients With Relationship Marketing: Part 2

Aug 15, 2008
With any relationship marketing plan, it is important to measure the success of your efforts in order to know how effective your platform is. The first step in every relationship marketing campaign is to make contact with prospective customers in the pursuit of targeting new business. This is one of the most important points for relationship marketing because it is the starting point for all potential new business. Your contact with prospective clients is a key factor in determining the success and sustainability of your business.

Since targeting prospective clients is such an important factor in your company's relationship marketing plan, measuring the success of how your company approaches prospective customers is the first point to consider when analyzing the efficacy of your relationship marketing platform.

The first step would be to assess the number of new leads that you've added to your client list. Following are a few more key points to assessing the relationship marketing plan for your business, and measuring its success. Once you've made these assessments, you can better determine the next direction for your company to pursue with its relationship marketing plan, as well as the route to best service to your clients.

Percentage of Leads Followed-Up

One item that is completely within your control is how many leads you choose to follow up. For a successful relationship marketing plan, as well as a successful business, you should aim to follow up all of your leads. Even leads and prospective clients that look like they may not turn into customers or sales may surprise you by purchasing your products and services. Conversely, prospective clients that look the most promising often turn out to be the most disappointing by not actually making purchases and becoming clients. It is nearly impossible to predict from your leads and prospective clients who will not only turn into customers, but repeat clients.

Following up with your potential leads and prospective clients is one way to enhance the possibility of turning a prospect into a client. Every lead should be followed up in a timely manner to increase the opportunity to turn that prospect into a client.

Average Dollar Sale

The final figure to consider in assessing the effectiveness of your relationship marketing platform comes down to the actual dollar sales that you secure from prospective clients.

This number is a simple formula derived by identifying the total revenue obtained from new customer sales within the specific period of time you are assessing, divided by the number of sales within that period. This will give you the dollar amount of goods and services received from new customer sales, giving you a more complete idea of how effectively you are following up your leads, and an overall picture of the success of your relationship marketing platform.

Once you have assessed how effectively your prospects turn into customers, and ultimately sales, you can decide if you relationship marketing scheme is the best structure for your business, or if there are changes you need to make for your relationship marketing plan to be a more successful tool for your company's overall business.
About the Author
Christian Fea is CEO of Synertegic, Inc. A strategic Collaboration Marketing consulting firm empowering business owners to discover and implement Integration, Alliance, and Joint Venture marketing tactics to solve specific business challenges. christian@synertegic.com
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