How and how much should you be compensated to convert leads to customers?

Doctors looking for side gig clients need to offer them several value-added services that deliver results.

The faster the better.

If you are thinking of consulting to a startup or early-stage company, serving as an advisor, on the management team or board of directors, just having initials after your name won't mean much. You will have to deliver the value that startup CEOs are looking for: money, marketing, making something, management, manpower, mentors, monitoring the environment and mergers and acquisitions.

For most decision makers, that means they want you to find qualified leads and help convert them to cash (investors), collaborators (pilot and strategic partners), and customers (sales).

Here are the LLM notes to doing it:

1. Qualify the Leads

• Lead Scoring: Prioritize leads based on their likelihood to convert. This can be done by scoring them based on factors like demographics, engagement, and actions (e.g., filling out a form, visiting your website frequently, or attending a webinar).
• Use CRM Tools: A Customer Relationship Management (CRM) system can help track lead activities and categorize leads to focus efforts on the most promising ones.

2. Build Trust and Relationships

• Personalized Communication: Tailor your messaging to the lead’s specific needs and challenges. The more personalized and relevant the communication, the more likely they are to feel understood and valued.
• Offer Value Upfront: Provide helpful content, such as free guides, eBooks, or webinars, to nurture trust and showcase your expertise.
• Follow-Up Regularly: Don’t just send one email or make a single call. Follow up at different intervals, but ensure each communication is relevant.

3. Understand Their Pain Points

• Ask Questions: During initial conversations, ask open-ended questions to uncover the challenges or needs the lead is trying to solve. This will help position your product or service as a solution.
• Offer Tailored Solutions: Use the information you've gathered to position your product or service as the perfect fit for their situation.

4. Present Clear, Compelling Offers

• Value Proposition: Clearly communicate the benefits of your product or service, not just the features. Explain how it solves the lead's pain points.
• Create Urgency: Offer time-sensitive promotions or limited-time discounts to encourage action.
• Offer Demos or Trials: Giving the lead a chance to experience your product or service can make them more likely to convert. Offering free trials or product demonstrations can reduce hesitations.

5. Handle Objections Effectively

• Listen to Concerns: If a lead has doubts or objections, listen actively. Understand their concerns before offering a solution.
• Provide Social Proof: Share testimonials, case studies, and reviews that demonstrate how your product has successfully helped others.
• Offer Guarantees: If applicable, offer money-back guarantees or warranties to reduce perceived risk.

6. Close the Deal

• Make the Process Easy: Simplify the purchase process as much as possible. Offer different payment methods or a straightforward signup procedure.
• Use a Strong Call to Action (CTA): Ensure your CTA is clear and action-oriented. Phrases like “Sign Up Now,” “Get Started,” or “Request a Demo” work well.
• Create Scarcity: Let the lead know if a deal is ending soon or if there are limited spots available for your product or service, encouraging them to act fast.

7. Nurture and Follow Through Post-Sale

• Welcome and Onboard: After the purchase, continue engaging the customer with onboarding emails, guides, or support, ensuring they’re set up for success.
• Provide Ongoing Support: Continue the relationship with excellent customer service. Help customers solve any issues quickly, and stay engaged through regular check-ins, newsletters, or offers.
• Ask for Referrals or Testimonials: Happy customers can become advocates for your business. Request referrals, reviews, or testimonials to generate more leads.

8. Measure and Optimize

• Track Conversion Rates: Continuously analyze your lead-to-customer conversion rates and look for patterns or bottlenecks. Which methods, channels, or approaches are yielding the best results?
• Refine Your Process: Based on insights and feedback, tweak your marketing and sales strategies to improve conversion over time.

Key Tools & Tactics to Use:

• Email Marketing Automation: To nurture leads through targeted, timely, and relevant emails.
• CRM Systems: To track lead status and interactions.
• Sales Calls & Webinars: Personalized outreach via calls or virtual meetings can be very effective.
• Content Marketing: Blog posts, videos, and webinars can educate and engage leads.

How and how much you get compensated to do this depends on many factors.

Compensation models play a crucial role in determining how businesses are charged for their online marketing efforts. These models help businesses understand the pricing structure and help them choose the most suitable approach for their specific needs. Various compensation models are used in digital marketing, including pay per lead, pay per sale, pay per click, pay per impression, and more. By understanding these models, businesses can make informed decisions about their marketing strategies and budget allocation

Here are things to consider that will inform your compensation and pricing model as an advisor or consultant.

Other tips:

1. Under promise and over deliver
2. Be sure you have the mindset, means, and motivation to create value
3. You generally can't do this alone. Instead, work with the client marketing team. If they don't have one or are depending on you to get the job done, think twice about accepting the offer.
4. Be sure the client value proposition is clear and easy to understand by your grandmother
5. Insist that you are aligned with a strategic marketing and communications plan
6. Don't assume the CEO technologist founder has the necessary communication, storytelling, sales and marketing skills
7. Be careful about finding and converting investors since your activities may run afoul of securities regulations
8. Be sure there is a valid way to track conversion success and subsequent payment
9. The sick care enterprise sales and decision-making cycle is obscenely long. Are you willing to work now and get paid much later?
10. Decide whether you will accept equity or not as part of your compensation and its tax and risk impact on you
11. Set goals, expectations, and timelines
12. Agree on how long you will have to meet the objectives and key results and the bilateral terms and conditions of ending your work if you don't deliver or "circumstances change".
13. Ladder your side gig portfolio

Be a value-driven consultant or advisor and focus on getting Sh#t done.

Arlen Meyers MD, MBA is the President and CEO of the Society of Physician Entrepreneurs on Substack