by Fronetics | Apr 26, 2016 | Blog, Strategy
Engage your leads early in meaningful dialogue to improve your chances of conversion.
Your strategic marketing plan is generating a steady influx of quality leads, so closing sales should be easy, right? Only if you are contacting your leads early enough in the sales cycle.
Leads become sale opportunities if they are approached like a garden. Care is needed from the start to cultivate and produce the desired results. So, when is the perfect time to begin nurturing leads? It is earlier than you might think.
When a potential customer first shows interest in a blog post, opens an email, or shares your company’s post on social media, this is the first point of positive contact. You needs to keep that contact going and develop it into a conversation. And we are not talking about starting out with a sales pitch, either. Leads become sales when they are cultivated and grown like a trusted relationship — and the earlier after first contact the better.
According to a study published in the Harvard Business Review, most companies are not responding nearly fast enough to their sales leads. The authors audited more than 2,200 businesses and measured their response time to web-generated leads. While only about a third (37%) responded within an hour, the average first response time was 42 hours. Surprisingly, 23% of companies never responded.
Google and Corporate Executive Board’s white paper on lead follow-up offers some insight on why quick responses are so important. For one, a reported 35% to 50% of sales go to the vendor that responds first. That is largely because today’s B2B customers are nearly 60% through the sales process before they first engage a sales rep. By the time you hear from them, they are close to buying and want answers in a timely fashion to make their decision.
So, how fast of a response is ideal? A study conducted by Franklin Covey found that contact ratios improve 900% if web leads had some form of contact by the company within five minutes of submission. Now, it is probably not possible for your sales team to act upon every lead with that kind of velocity, but it is vital that they utilize proactive sales strategies, rather than reactive.
Reactive is leaving a message and, if they hear back, responding to it. Proactive is going after the sale with confidence and commitment to engaging the lead in real dialogue.
Early dialogue: What it is, and what it’s not
Early on in the sales cycle, you are not pushing to close the sale, but rather you are building a relationship through conversations. You are creating dialogue, not a sales monologue. Be there first, be relevant, and be action-oriented, and your customers will rely on your solutions more often.
You begin this dialogue by asking great, open-ended questions, essentially taking the time to get to know the potential customer. This helps you determine what will best suit this prospect’s needs, and it builds confidence and trust and will very often help the prospect consider issues they may never have thought of.
When you get that potential customer thinking outside the boundaries of their initial issue, it provides a bigger opportunity for you to showcase how your services or products can solve several of the customer’s dilemmas. It is also important to consider your products or services in terms of how they benefit the customer; your presentation will then be customer-focused, and that builds trust and respect in the relationship.
There many moving parts to an effective lead-nurturing campaign, and often there are many steps required to cultivate those leads into sales. From the start of the sales cycle, your company should:
- Take the time to discover and understand the potential customer’s needs and wants first, then advise and offer information. Make the move to match and sell the appropriate solution your company can offer.
- Have the ability to listen and offer viable solutions. Your sales team needs to be well informed about the products, services, and solutions that they are selling.
- Your sales team must be able to follow up quickly, consistently, and with an open dialogue to turn leads into customers.
Studies show that the faster you begin dialogue with a lead, the better your chances of conversion into a sale. This means that when cultivating a qualified lead, you don’t want your sales reps to make one phone call and simply leave a voicemail. You want real conversations to happen. If you don’t, your lead-generation efforts were for naught.
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by Fronetics | Apr 25, 2016 | Blog, Strategy, Supply Chain
Image source: tomicpasko | Flickr
They are your employees. They are your customers. Pretty soon, Millennials will be the supply chain.
As Millennials now outnumber Generation X and Baby Boomers in the workforce, shifts in ideas and processes were inevitable. But this generation is having an even more palpable impact: They are reshaping the economy as we know it, forcing businesses to reexamine traditional methods of buying and selling to accommodate their unique preferences and experiences.
A 2014 survey found that 46% of B2B buyers were Millennials, and that number is on the rise. Their preferences and behaviors are having a noticeable impact on B2B buyer behavior as a whole. In short, the supply chain should be prepared to change the way business is conducted to account for this generation’s impact.
Who are Millennials?
The term “Millennials” describes the generation of Americans born between 1982 and 2000. The more than 83 million Millennials represent a quarter of the US population, and are more diverse than any previous generation, with 44.2% being a part of a minority race or ethnic group.
Millennials are generally highly educated, though often underemployed and saddled with debt. They are digital natives who are decidedly collaborative by nature. Having grown up in a time of rapid technological advancement, their expectations and priorities are much different than previous generations. They’re delaying marriage and parenthood in favor of higher education and travel, fueling their strong sense of optimism. And they generally are reluctant to make major purchases — like homes, cars, and even music — instead favoring services that provide access to products without ownership, fueling the growth of the collaborative economy.
Ads be gone
Bombarded with over 5,000 marketing messages a day, every day for their entire lives, Millennials are able tune out traditional advertisements. They are turned off by direct sales pitches and much prefer word-of-mouth recommendations or joining communities around brands they like to learn about products and services. They are easily incentivized and want to be rewarded for their brand loyalty with things like discounts, access to information, and personalized communications.
Reshaping retail
Millennials are highly attached to technology. More than half go online multiple times per day, while more than a third (36%) report going online “almost constantly.” Approximately 90% are active on at least one social media network. They expect brands and businesses to have a digital presence and engage with them online — especially if they have a complaint or problem.
Having the internet at their fingertips shapes how Millennials shop. Their constant access to product information, user reviews, and price comparisons allows them to favor brands and products that offer maximum convenience at the lowest cost. Catering to their proclivity for the best for the least, giant retailers like Amazon have reset expectations for shipping times, availability, and price.
Millennials have taken shopping mobile. Around 92% will use a mobile device while they shop, and 78% will use an app to shop. And the revolution is far from over : Artificial intelligence, robots, and drones represent a new wave of technology that many tech companies, driven by Millennial innovators, are just a short step from achieving.
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by Fronetics | Apr 21, 2016 | Blog, Marketing, Social Media, Strategy, Supply Chain
Fronetics’ new report explores the adoption of social media within the logistics and supply chain industries. Learn why your company is at a disadvantage if you are not participating.
It is estimated that over $1 trillion annually could be realized across the value chain through the use of social technologies. Yet companies in the logistics and supply chain industries have lagged behind when it comes to social media participation. The question is: why?
In short, many companies within these industries did not realize that their customers, employees, and competitors were leveraging social media to conduct business. In today’s world, the exponential growth of social media platforms is largely fueled by commercial activity. Consumers and corporations alike are increasingly turning online to do research and make purchases. This holds true for both the B2C and B2B sectors. In fact, a dominant 88% of B2B marketers are using social media in their marketing programs.
Companies within the supply chain and logistics industries, however, have begun to recognize the value of social media — and are starting to reap the benefits. Both large and small businesses alike can profit from the use of social technologies as part of their marketing strategy, and they can reduce their marketing costs by doing so.
About the report
This report offers an overview of social media and social technologies. It identifies users and usage patterns, and describes some of the benefits which companies within the logistics and supply chain industries can realize through participation. Further It offers insight into how businesses are using social media and some strategies for measuring ROI.
Learn more about how your company can benefit by participating in social media by downloading the report below.
by Fronetics | Apr 20, 2016 | Blog, Strategy, Supply Chain, Talent
Seek out candidates with these skills and experiences when hiring new supply chain talent.
Your business is growing, and it is time to hire. That means facing the challenge and overcoming the fact that there is a dearth of supply chain talent. Growth is very common right now, as job titles evolve and shift due to the rapid changes in supply chain management and new technological requirements. So more talent is in demand as many businesses try to remain competitive.
According to Supply Chain Brain, managing how you seek and acquire supply chain talent can either make or break your company’s success. One study revealed that only half of organizations surveyed had a talent-management program, and 80% thought that the program was a priority for their business. But, that leaves a large segment of companies that are not managing talent like it is a priority, and that can be a critical issue when business is growing.
There are, of course, specific things your talent management program should be looking for as it reviews new candidates. Here are some attributes that top the list:
Soft skills
Recruiters typically have a list of about 30 job skills that they look at when reviewing job candidates within the supply chain industry, but soft skills take top priority to produce the most successful new hires. These include: knowledge of basic business ethics, problem-solving skills, and solid communication skills. These can be identified through the talent’s past job experience, references, and responses to key questions during the interview process.
Supplier and inventory management experience
Look for previous experience and direct knowledge of supplier management and inventory management. These are typically a critical component to a hire’s skill set.
Financial management proficiency
Financial management training is a huge plus. Maybe the talent didn’t crunch numbers daily in their prior position, but there should be indications that he or she definitely has a good understanding of how to utilize data to make solid business decisions.
Demonstrated interest
Seek talent that demonstrates interest, enthusiasm, energy, and passion for the position they are hoping to fill. For example, they have researched and show knowledge about your specific company and how their skills will benefit the organization.
Education
Try to find candidates that possesses university training or certifications. Specific things to look for include participation in projects involving problem-solving and a basic understanding of financial management.
Mentorship
Look for applicants that have been mentored by supply chain professionals or took part in an internship for career development.
Data and technology knowledge
A candidate with training in supply chain data-driven technology should catch your eye.
“Fit”
Look at talent that aligns with your organization’s objectives. According to SCM Talent Group’s founder and talent recruiter, Rodney Apple, every supply chain is different, especially in size, scope, and complexity, so the talent you hire should be a good match for your specific organization.
Varied experience
Seeks someone with knowledge and/or experience spanning multiple functions within the supply chain.
Results-oriented track record
Ask candidates to not only list their previous job responsibilities, but to quantify their results. Look for someone who can produce a few examples of projects in their resume, with results, where they have had to work with other supply chain departments, suppliers, and/or service providers.
Female candidates
Also, look for female talent for traditionally male-dominanted roles. Women tend to be strong in many of the soft skills needed for the future of SCM. According to Shanton J. Wilcox, vice president, North America, and lead for logistics and fulfillment at Capgemini, “Many so-called tactical jobs will be replaced by positions requiring more interpersonal and relationship management skills.”
Transferable experience
Also, be open-minded when it comes to considering top talent from other fields/industries. Many candidates in other professions have very transferable skill sets for careers within supply chain.
With the present challenges in securing supply chain talent to fill required positions, it may be time to shift your approach. Examine your staffing forecast, know your company’s specific trends/needs from historical data, create a talent management program, and then look at candidate pipelines that can fulfill your frequent hiring needs. Companies that perform the best are the ones that treat the recruiting department like a strategic, value-added program.
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by Fronetics | Apr 19, 2016 | Blog, Strategy, Supply Chain, Talent
Looking for talent? Try recruiting from these top-rated programs and schools.
Recently U.S. News & World Report released its annual rankings, including the top supply chain and logistics MBA programs. Of course, U.S. News is not the be-all end-all. But this list gives companies in the supply chain and logistics industries an idea of where some of the brightest graduates, who will be seeking employment in the upcoming months, will be coming from.
We have talked before about the importance of recruiting and strengthening the relationship between academia and the supply chain industry as means to solve the growing talent gap. If your company is looking to hire, consider strengthening your rapport with schools that offer supply chain programs or specialties.
U.S. News 2017 Top Supply Chain Management/Logistics MBA Programs
#1 Michigan State University
#2 Massachusetts Institute of Technology
#3 (tie) Ohio State University
#3 (tie) Pennsylvania State University
#5 (tie) Arizona State University
#5 (tie) University of Tennessee – Knoxville
#7 Carnegie Mellon University
#8 University of Michigan – Ann Arbor
#9 Purdue University
#10 University of Maryland – College Park
#11 University of Texas – Austin
#12 (tie) Georgia Institute of Technology
#12 (tie) University of California – Berkeley
See all 19 schools.
See also: U.S. News 2017 Online Supply Chain Management Master’s Degree Featured Programs
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by Fronetics | Apr 14, 2016 | Blog, Marketing, Strategy, Supply Chain
If you’re looking for the latest news and information about happenings in the industry, you should have these five supply chain websites on your radar. In no particular order:
www.dcvelocity.com
Facebook | Twitter | LinkedIn | Google+
DC Velocity is a multi-media magazine serving the informational needs of logistics and supply chain managers and executives. The website is updated on a daily basis with the latest in industry-related news and educational content, written by fellow supply chain professionals. Content includes:
- Best practices/case studies
- Emerging technology
- Labor issues
- Management trends
- New products and services
- New market research
- Equipment profiles and reviews
- Professional development and enrichment opportunities
- Columns and Q&A interviews with industry thought leaders
- Special reports, including:
- Salary surveys
- Best practices awards
- Annual state of the industry spotlight
DC Velocity also regularly posts exclusive news, case studies, seminars, and user-content on their video channel, DCV-TV.
Also check out sister publication Supply Chain Quarterly. This high-quality source for industry intelligence offers cutting-edge ideas on all aspects of the global supply chain, from product design, procurement, transportation, and warehousing to human resources, information technology, and finance.
Read my blog on productivity for DC Velocity.
electronicspurchasingstrategies.com
Facebook | Twitter | LinkedIn
Electronics Purchasing Strategies is a vibrant online community and resource center for buyers, sellers, and suppliers of components, design, distribution, logistics, production, and other services to the global electronics manufacturing industry. Industry strategists and those that serve in the trenches share their ideas about everything from inventory tracking to supply chain planning. Specifically, EPS focuses on the following subjects:
- Economy
- Government and industry rules and regulations
- Purchasing and manufacturing strategies
- Contract manufacturing
- Distribution
- Logistics
- Software development
- Component manufacturing
- Trends with a focus on interconnects, passives and electromechanical devices
Also, I regularly contribute to EPS’s blog — see what I’ve been writing about lately.
www.logisticsmatter.com
Facebook | Twitter | Google+ | Pinterest
LogisticsMatter is an independent supply chain news aggregator and blog covering industry trends and developments, written by founder Martijn Graat. Very conversational with a sleek, modern design, this site offers information about the many challenges one encounters working in the supply chain industry — from handling returns to emerging technologies. Subject areas include 3PL, logistics, supply chain, transportation, shipping, sustainability, and social media.
Be sure to follow Graat/LogisticsMatter on Pinterest, a rare industry presence on the social media platform, where he regularly shares infographics about the supply chain and logistics industries.
www.supplychainbrain.com
Facebook | Twitter | LinkedIn
SupplyChainBrain is touted as the world’s most comprehensive supply chain management information resource, written by experienced industry professionals and trusted content partners. In addition to providing complete coverage of all fundamental supply chain principles, this site identifies emerging trends, strategies and best practices, forward-thinking ideas, cutting-edge solutions, and the latest innovations — and continues to write and report on these as they evolve and mature.
The website features 70 topics, over 2,000 videos, regular podcasts, a think tank of blogs, whitepapers, and research, as well as a list of resources, just in case all of that was not enough for you.
www.supplychain247.com
Facebook | Twitter
Supply Chain 24/7 is an informative online business resource for transportation, distribution, logistics, and supply chain professionals. Select from webcasts, whitepapers, news, and photos, or search for a company overview by industry or trending industry topic. Subject areas include transportation, manufacturing competitiveness, warehouse and distribution centers, and the latest trends from the supply chain industry and the technologies that serve it.
What are your go-to supply chain websites?
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