Improve Your Conversion Rate By Doing These Five Things
What is conversion rate? There may be many in your company that you could measure
, but for our purposes today, I"m referring to the ratio between your number of leads to your number of clients. Take the number of clients you have an divide it by your number of leads and you have your conversion rate. For example, let's say you have 30 customers and you started with 100 leads. Your conversion rate is 30%. In ActionCOACH Business Coaching"s hierarchy of business owner"s priorities, improving your conversion rate is the second most effective way for you to grow your profits. (The first way is to increase your profit margins).
If you want to increase clients, and make your business more profitable, here are the top five ways to improve your conversion rate:
1. Ask for the sale.
Doesn't that seem intuitive? I can't tell you the number of times that I've encountered sales people that will tell a story or tell all about their product and then smile, and then that's it. They never ask for the sale. Are you ever guilty of that? Think of this even when you"re networking. There's a sales aspect of that in networking also. Ask someone, "That makes a lot of sense, shouldn't we get together? I will call you tomorrow to schedule that time." That's asking for that sale. If you don't do that, you've missed the number one way to improve your conversion rate. It's not going to just happen by accident. If you want to make the sale, you've got to ask for the sale.
2. Survey people who did not buy.
You can do this yourself or you can get business help with this. You can just ask people. Take them out to coffee, tell them you understand their decision and you'd like to sit down together, or you can do it by phone, or you can outsource it to another company who will do that for you. Understanding why they didn"t buy is critical so you can understand how to improve your conversion rate. When you learn why they didn't buy, you can change your approach or do something differently to get an edge on your competition. Performing surveys are a great way to do market research for your company. The idea is to test, measure and improve.
3. Use sales scripts.
I want to be very clear about this, when I say sales scripts, I don't mean what happens when you call a number and you're connected to a foreign country, someone reads something and there is absolutely no thought behind it, no relationship, no connection. That's not what we mean by sales script. I"m talking about a step-by-step approach with pre-thought-out questions that have proven to convert leads into customers to draw from and incorporate at the right point in the conversation. Using a very specific sales script the right way will help you increase clients by dramatically improving your conversion rates.
4. Develop a sales process.
The reason for having a sales process is simple. When you first hear about a company or product, how often do you buy it the first time you hear about it? For most people, it's not often. Because you may not be ready to buy at the time someone is selling. In fact, on average the buying decision is made after the sixth contact with the company. Why do you think the same ads run again and again? The most successful mega brands will mix the media from internet, to TV, radio, snail mail and billboards. And people will say, "I hear about you all the time!" You want them to have that level of familiarity with you, because you"ve taken them through a step-by-step, multiple-touch process that has been proven to increase clients. At ActionCOACH Business Coaching, we have a proven, 15-step process that we share often with our clients.
5. Implement a formalized referral system.
Why is a system that allows you to get referrals consistently so important to conversion rate? Because there's already a level of trust with the relationships that come to you as referrals, because of the nature of the way you connect to them. Marketing and sales processes are about developing know, like and trust with your prospective clients. If you gain a prospect by way of personal referral, the person who referred them has done half the work for you. Referrals have a much higher conversion rate than any other lead.
by: Jeff M. Wilson
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