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Point of sale (POS) is perhaps the most potent in terms of the generating leads as you are dealing with a prospect who has come to your outlet, and therefore is carrying a first level of interest about your product/services.
Point of Sale lead generation is related to getting basic customer information (filling visitor's register, OR filling up the information for nothing OR for some prize/discounts for any future purchase, OR dropping your visiting card OR becoming a loyalty card member with a temporary loyalty card issued to you on the spot..). A lead in this case is defined as a prospective customer who comes to your outlet and buys nothing OR buys something, but can be sold your future products as well.
The biggest key to success here is that attendants at your outlets, are focusing on the lead-generation. This depends upon how well they are trained OR incentivized for generating leads and also leave a good impression on a visitor, even if he OR she does not purchase anything. ExecutionMiH.com believes that if you treat a non-buying customer with as much attention and respect as a buying customer, the non-buying customer will eventually come back to buy.
The point of sale lead generation can range from getting the basic information about the prospective customer to generating a warm lead. It depends a lot on the kind of business you are in. The point of sale lead-generation apparatus could range from a bunch of brochures carrying a telephone number and email address to having a special counter.
Point of sale lead generation feeds into other lead-generation channels like telemarketing lead-generation, where you take the lead generation to next level. A customer who has filled-up an information on point of sale can be contacted by telemarketing for a more detailed exchange, which could ultimately create warm lead to be closed by a sales person.
We have assumed point of sale to be a store/outlet OR a counter (like check-in counter for a hotel OR a registration counter for out-door patients). The point of sale can also be, when any of the sales OR service staff is contacting a customer at any location. For example - a life insurance agent selling a policy and asking for references at the customer's residence.
The success drivers for point of POS sales lead-generation are:
- The training and incentives to the outlet attendants.
- The ease with which a customer can provide his-her information.
- The incentive offered to the customer to provide his/her information.
- The quality of brochures and forms.
Measures/Facts for point of POS lead-generation
- Number of POS leads
- Number of POS leads converting into warm leads.
- Number POS leads converting into sale (this can be cut to further sub-stages like customer demo, price negotiations, raising purchase orders deliver)
- Lead-generation cost
KPIs-Metrics for point of sale lead generation through Point of Sales
- % age of POS leads, which got converted into warm leads
- % age of POS leads, which got converted to sales.
- POS cost per lead for leads, which got converted to sales
- POS cost per lead for generating warm leads.
- POS cost for generating a lead.
- % age of leads, which were dead-leads (wrong OR non-existent telephone number, the person is not an existing customer though he/she is mentioned in your list.)
Dimensions/Attributes for POS lead-generation, around which you can dice your measures and KPIs
- Location (with outlet being part of the location hierarchy)
- Product
- Lead value-slab (high value, medium value)
- Lead priority (high, medium, low)
- Lead Source (external database, existing customer, point of sale..)
- Time
- Outlet category- (for example- Exclusive store vs. non-exclusive store)
SWOT of Lead Generation through POS
This it the reference list of what could be part of the SWOT of Point of Sale for lead generation. Within strengths/weaknesses- if an item is rated high, it will be strength and if it is rated low, the same item will be considered a weakness. Same rule applies on items within threats and opportunities (unless marked specifically as O OR T)
Strengths/Weaknesses
- Quality of POS databases—this will have direct impact on telemarketing database.
- Quality of training to the store attendants/counters.
- Quality of the lead generation material (the appearance, quality of print, style of questioning.
- Incentive for customers to provide the lead.
- Number of references customer is ready to give.
Threats/Opportunities
- Generating leads through after sales service channel.
Key Management Decisions around Lead Generation through POS
- What should be the level of incentive for lead generation?
- The level of data to be gathered for the POS lead. Should you have a long form OR a short form?
- Where to focus more- to existing customers (for up-selling OR cross-selling) OR new prospects?
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