Every business, no matter the industry or specialty, relies on its customer base not only to remain profitable but to stay afloat altogether. While retaining your current customer base is vital, so is the generation and conversion of leads. It’s hard to grow a business without that. So what can you do when your lead generation stalls?
Cross-Sell to Current Customers
If you already have a solid base of customers, you may be able to rely on them for a time if your lead generation has stalled out. Most businesses offer multiple goods and services that their customers can benefit from, most of which have some sort of relationship with one another. That means that you may be able to grow your business and remain profitable by cross-selling products related to previously purchased products to your current customers. Incidentally, according to Close, this can be a good strategy if you happen to be rolling out a new product as well.
Recover Lost Leads
The number of new leads you’re getting may have slowed down or stopped altogether, but that doesn’t mean you don’t have any that you can make use of. There are bound to be leads that got lost in the shuffle before your incoming leads stopped. There are plenty of reasons why this may have happened. According to Aktify, sometimes you can lose a lead due to a simple break in communication. Maybe you prioritized hot leads over ones that weren’t as far along in the conversion process. Go back and look through your earlier leads and follow up on any you may have missed before.
Reevaluate Your Marketing Strategy
According to Alexa, the reason your lead generation has stalled may be because your marketing strategy isn’t as effective as you need it to be. Are you marketing to your target audience? Are you placing your marketing where those people are going to take notice of it? If not, you need to reevaluate your marketing strategy. Figure out what’s not working and why. You may find that adjusting your strategy causes your lead generation to pick up again.
Continuing to grow your business despite your lead generation stalling is challenging, but can be done. Cross-selling to your current customer base, taking steps to recover lost leads, and reevaluating your marketing strategy can help your business continue to grow and survive. Lead generation is important, but it doesn’t have to be the only way you grow your business. Don’t rely on it exclusively.
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