One of the core missions of a software business founder is to capture the market that is composed of their ICPs (Ideal Customer Profile). Despite this, software salespeople are encouraged to close any prospects who might be willing to share their credit card details. The end result? A bloated sales funnel with low-quality leads and a couple of one-star reviews.
In this episode of Scale Your SaaS, Leadium VP of Sales Collin Mitchell educates on the importance of rejecting unqualified customers for your products with Host and B2B SaaS Sales Coach Matt Wolach. He also shares invaluable insights on managing your sales team and utilizing content. Tune in to this episode to optimize your lead pipeline and propel your SaaS business to greater heights!
Podcast: Scale Your SaaS with Matt Wolach
Episode: Episode No. 270, “How to Generate Perfect Fit Leads – with Collin Mitchell”
Host: Matt Wolach, a B2B SaaS sales coach, Entrepreneur, and Investor
Guest: Collin Mitchell, VP of Sales at Leadium
TOP TIPS FROM THIS EPISODE
Only Select Leads that Fit your ICP
The best way to generate perfect leads is to disqualify prospects who do not fit the criteria for your ICP. While this may sound extreme, Mitchell asserts that this will help retain the quality of your revenue. It is better to have a smaller sales funnel with maxed-out conversion than a large funnel with 20-30% noise.
Mitchell elaborates that while it is important to know your ICP, it is just as important to identify who you should absolutely not work with. After all, these clients usually become problematic down the line. Meanwhile, leads that do not convert are still an issue as they consume resources that could have been allocated to fruitful endeavors.
Set Realistic Expectations
Software business executives often have unrealistic expectations for their sales teams. This is because they either assume that they have their ICP and marketing strategy perfected or they believe in relying solely on contracted agencies. Consequently, sales reps are burdened with unattainable KPIs.
Mitchell explains that it’s unreasonable to expect agencies to provide instant results just because they are experts in the field. He explains that figuring out software sales really takes time as the outbound landscape has changed. Additionally, the current best practices will most likely transform due to upcoming technological innovations.
Experiment with Your Team
While there is no single correct method when it comes to being a good leader, Mitchell shares that he prefers to be the type that works directly with his team. He explains that he prefers to ‘go in the trench’ with his team members as this helps them realize that it is okay to not be perfect.
Mitchell also explains that working together with your team allows you to test your ideas in the field. He emphasizes that SaaS founders should be trying new strategies, technology and data. Following his advice would mean staying ahead of the competition as the company would be well-versed on the current trends.
Kickstart Content Creation with a Podcast
Content is pivotal when it comes to SaaS sales. Mitchell points out that buyers are now much more ‘savvy’ or meticulous. They research before they purchase a product which means that they check the product description, blogs, and reviews about it. In short, content is now part of the buyer decision making process.
There are multiple ways to utilize the power of content for your lead generation but one of the easiest ways is through a podcast. Podcasts allow you to make low-effort but high-impact content for your brand. By inviting renowned guests, you easily generate content and increase audience reach for your SaaS.
Be the Face of Your Brand
Mitchell observed that leaders tend to shy away from representing their own brand. Instead, they invest in cultivating the brand identity of the company. While there is nothing wrong with this option as most companies actually do this, Mitchell recommends founders to capitalize on their own reputation.
Mitchell argues that people buy from people. This can be attributed to humans being social creatures who seek connection even when buying products hence companies investing on influencers or celebrity endorsers. This same factor is also why getting the buyers emotional during the entire sales motion is crucial for conversion.
The Wrong Fit Will Cost You More
Accepting a client misfit who is offering to pay may sound tempting. However, they also carry the risk of being unsatisfied with your company. Due to product incompatibility, they tend to complain to customer support only to churn and leave negative reviews. Letting go of these customers would make room for your ICP and safeguard your reputation.
Buyers Consume Content Before Purchase
Referencing FocusVision, Mitchell states that B2B buyers consume 13 pieces of content prior to purchasing a product. This means that content is no longer just an enhancer for the sales process. Content marketing is now mandatory for companies in order to effectively close deals.
Podcasts Allow You to Learn from the Best
Podcasts generate exponential value. Apart from having content that gets you quality leads, it helps expand your network by inviting renowned guests who work in the same industry. Not only do the tips help the audience, they also help the host directly. After all, the podcast host can apply the strategies on their own business.
[4:14] “Understanding who your customer or your ICP or people you want to target is important, but also knowing who is not a good fit.”
[18:49] “People are following people on social, people are buying into people, and people are buying from people. So the power of the personal brand is extremely powerful.”
[16:16] “Before I started, I had no idea how much I would actually learn from all of my guests… So every week, I get up close and personal front row seat of exactly the best ways that are working right now.”
To learn more about Leadium, visit: https://www.leadium.com/
You can also find Collin Mitchell on LinkedIn at: https://www.linkedin.com/in/collincmitchell/
For more about how host Matt Wolach helps software companies achieve maximum growth, visit https://mattwolach.com/