3 Simple and Effective Ways to Increase Your Sales: Exploring the WMN Method
Not all prospects are the same. In the world of sales, knowing how to classify your prospects will give you a targeted way to create and approach your relationships and potential clients most efficiently. One method that Prequal champions is the WMN (Win, Monetize, Nurture) method. This approach focuses on three ways to classify any prospect for a sale: winning new customers through effective marketing, monetizing prospects that have been qualified and present a business opportunity, and nurturing existing relationships to drive repeat business. In this blog post, we will delve into the WMN method and explore three simple, yet effective ways classify, qualify, and grow your prospects.
Win: Marketing Strategies for Sales Success
The first step in the WMN method is to win new customers through targeted marketing strategies. If you’ve determined through a network audit that you don’t know enough people to focus on selling, we recommend focusing on marketing to win new prospects. Consider implementing the following tactics:
Marketing Strategy: Develop a comprehensive marketing strategy tailored to your target audience. Identify the most effective channels to reach your potential customers, whether it's through digital advertising, industry events, or targeted email campaigns. Leverage market research and customer insights to inform your strategy and ensure your messaging resonates with your target audience.
Content: Create high-quality content that highlights your expertise and addresses the pain points of your clients or customers. Develop valuable resources, case studies, and thought leadership articles that provide insights and solutions. Position your company as a trusted advisor and industry leader to attract and engage potential customers.
Messaging: Craft compelling and targeted messaging that clearly communicates the unique value your products or services offer. Tailor your messaging to address the specific needs and challenges of your customers. Focus on the outcomes and benefits they can expect from working with your company, rather than just features and specifications.
When people consider their prospects, they all too often place a disproportionate amount of weight in this category. Yes, winning new clients is essential for any business, but these yet-to-know-you prospects are not the only leads and potential buyers in your pipeline.
Monetize: Turn Your Prospects Into Clients
The second step in the WMN method is monetize. This is where you actively turn prospects into paying clients. All too often, people either jump the gun on having these conversations or are never sure when is the right time to go ahead and pitch your services. We always recommend using lead qualifiers to determine if someone is ready for a sale. Once you determine they are, consider implementing the following strategies:
Selling and Sales Scripts: Develop effective selling techniques and sales scripts that clearly articulate the value proposition of your offerings. By consistently delivering compelling sales messages, you increase the likelihood of securing repeat business.
Pitch Preparation: Invest time in thorough pitch preparation to ensure your presentations are tailored to each customer's unique needs. Customize your pitch to address their pain points and provide solutions that align with their objectives. Demonstrate a deep understanding of their industry and challenges to build trust and confidence. Learn how to open a pitch meeting here.
Scoping and Pricing: Collaborate closely with your prospects to accurately scope projects and determine fair pricing. Understand their budget constraints and align your pricing strategy accordingly. Transparent and collaborative discussions about pricing build trust and foster long-term partnerships.
Nurture: Driving Repeat Business through Sales Strategies
The final step in the WMN method is to nurture your customer relationships and drive repeat business. People all too often think if their clients needed something they would ask. But that’s not often the case, so you need to develop strategies and processes for continually reaching out and nurturing these relationships too. Consider implementing the following sales strategies:
Stakeholder Interviews: Conduct in-depth interviews with key stakeholders within your customer organizations. Gain insights into their goals, pain points, and desired outcomes. This information will help you tailor your solutions and services to meet their specific needs.
Client Relationship Mapping: Create a comprehensive map of your client relationships to understand the various touchpoints and decision-makers involved in the purchasing process. This mapping will enable you to engage with the right stakeholders at the right time, fostering stronger relationships and increasing the likelihood of repeat business.
Onboarding: Ensure a smooth and seamless onboarding process for your new customers. Provide personalized training, resources, and support to help them quickly and effectively implement and utilize your products or services. A positive onboarding experience sets the foundation for a long and fruitful relationship.
Increasing sales requires a strategic, customer-centric, and targeted approach for each prospect or lead in your pipeline. By adopting the WMN method—winning new customers through effective marketing, monetizing strong relationships through lead qualification and pitching, and nurturing existing relationships to drive repeat business—you can establish a solid foundation for business and sales growth. Remember to continuously analyze and adapt your strategies based on customer feedback and market trends. By combining these three simple and effective methods, you can pave the way for increased sales, customer satisfaction, and long-term success.