Becoming a lead partner is an exciting opportunity filled with possibilities. It opens doors to potential growth, increased visibility, and expanded business capabilities. As a new lead partner, you can tap into the existing customer base of a trustworthy company and benefit from the quality leads they generate. As a result, you can forge new partnerships, build a stronger brand reputation, and ultimately drive your business forward.
Understanding the Lead Partner Role
Lead generation companies and suppliers work together to generate high-quality leads and drive business growth by leveraging each other’s expertise and resources. The process usually goes as follows:
- The supplier establishes goals and objectives with the lead company.
- The lead generation company develops a customized strategy based on the supplier’s needs.
- The lead company sorts and qualifies leads as they come in.
- Qualified leads are shared with suppliers promptly by the lead company.
- The supplier takes over the leads and begins their sales process, nurturing, and conversion.
To put it simply, the lead company works on generating high-quality leads, while the supplier focuses on closing deals.
What Should You Expect as a New Lead Partner?
It is crucial to balance the excitement of becoming a new lead partner with a realistic understanding of what lies ahead. The road to success as a supplier can be challenging and demanding. While the company you’re working with may provide quality leads, it is crucial to recognize that these leads do not guarantee automatic success. Building strong relationships with potential clients, delivering exceptional products or services, and continuously meeting their expectations requires effort, dedication, and a thorough understanding of the market. To succeed as a supplier, you must prepare yourself for the hard work and obstacles ahead, ensuring you are well-equipped to navigate the competitive landscape. We’ve outlined four expectations you should have when becoming a lead partner below.
1. Rapid Growth Requires a Good Sales Strategy
Working with a lead company is a sure way to get quality prospects, but it doesn’t ensure you’ll close the deal. Success comes down to sales skills. A wake-up call that many suppliers face after signing on with a lead partner is the reality of having to fine-tune their sales process.
Quality leads require sales representatives to be able to call fast and often. In addition, converting leads into sales requires engaging, persuading, and building rapport with prospects. A successful salesperson understands customer needs, presents compelling solutions, addresses objections, and ultimately closes the sale. Simply signing on as a lead partner doesn’t guarantee a sale, that depends on the work put into the lead.
Furthermore, you must be ready for the volume of leads now going your way. The problem for many new lead partners is they’re not prepared for the uptick and as a result, end up burdened by their success because they don’t have the resources to keep up with the demand. Your company will need to have a good sales process in place, in addition to figuring out how to route the leads in a way that works for your business.
While lead companies can help generate initial interest, it is the salesperson’s expertise that determines whether that interest turns into tangible business outcomes. To maximize the benefits and achieve sales success from lead companies, it is crucial to develop sales skills.
The Importance of Contact Rate
As a new lead partner, your contact rate is crucial to your success as a business. Why is contact rate so important? This metric represents how many conversions you obtained from your leads. By comparing the number of people who picked up the phone and engaged in a conversation to the total number of people you reached out to, you can quantify the effectiveness of your outreach. Check out the video below for some tips on how to maximize your contact rate.
Need Help? Check out these 8 things you need to do to have a good contact rate.
2. Don’t Expect to Close Right Away
Suppliers and sales agents need to understand early on not to expect to close sales right away. Building trust and establishing a strong rapport takes time. A lead company can provide the prospect, but it’s up to the sales team to take the time needed to convert them into customers.
In general, B2B sales cycles take more than two months to complete. This number doesn’t change just because you’re working with a lead company. All that changes is that you now have more time dedicated to nurturing that lead instead of cold calling.
While working with a lead company may provide a warmer starting point, it is the sales team’s responsibility to invest the necessary time and effort to convert leads into loyal customers. Sales agents who recognize B2B sales cycles and prioritize relationship-building have a greater chance of closing deals, managing expectations, and maintaining long-term relationships.
Related: Why Persistence is Key to Closing Sales
3. Leads Still Need Work
Just because you have more leads, doesn’t mean you can give up on some more easily. A common mistake suppliers make is giving up on the lead too early. New lead partners must recognize the importance of consistently working the leads, rather than simply giving up on them. Did you know 92 percent of sales experts give up after the fourth call? However, 80 percent of prospects say no four times before saying yes. Thus, creating relationships, establishing trust, and converting prospects into customers are at the core of effective lead development. Leads require time and effort to mature and progress through the sales funnel.
Lead Nurturing is Essential
Lead nurturing must be consistent and persistent to maximize leads’ potential and achieve long-term success. To convert leads to loyal customers, lead suppliers should use tactics such as personalized communication, targeted marketing campaigns, and providing valuable content. As a result, companies that excel at lead nurturing typically generate 50 percent more sales-ready leads at a 33 percent lower cost.
Related: Why Lead Nurturing is Key to Boosting Sales
4. Partner Support and Determination
When becoming a new lead partner, it’s important to remember you are not alone, and that’s why it’s called a “partnership.” Your success matters to the lead company, and you can expect a high level of support and determination from the company you work with. As a supplier, you will find that their team is committed to your success and will go the extra mile to ensure that you thrive. One of the ways they demonstrate this commitment is through regular check-ins, providing valuable sales tips, and sharing best practices. They have a wealth of experience and expertise in generating leads and are eager to share their knowledge with you.
However, to make the partnership effective, you must track your leads diligently and be honest about your efforts. Providing accurate detailed information about your progress, challenges, and results can help the lead company tailor its support and guidance accordingly. By being transparent about your efforts and tracking your leads effectively, you can maximize the benefits of the partnership and achieve your goals.
Final Thoughts
To conclude, becoming a lead partner opens up a whole new world of possibilities. While working with a lead generation company can increase your visibility and provide quality leads, success as a supplier requires dedication, effort, and excellent sales skills. Develop a good sales strategy, fine-tune your sales process, and adapt to the influx of leads, and you’ll be a great new lead partner.
Ready to Become a Lead Partner?
Take the first step toward success and growth by joining 360Connect today. You can also visit our learning center for more information about becoming a revenue-generating lead partner.