How much do you really spend just to generate new leads for your business? Let’s say you are spending as much as 15% of your enterprise’s gross revenues on marketing to provide your sales system or sales team possible best quality leads. How do you convert these leads to paying customers and clients?
Here are my simple, yet very effective sales strategies in increasing the conversion rate of my companies.
How to Improve your Sales Conversion Rate
Value the sales process as much as the lead generation process.
Business often spend a fortune on lead generation and little on the sales process and sales training and then wonder why they are not doing well? Each without the other can be somewhat pointless.
Refinement or Creation of ‘Pre Selling’ System.
I coach many companies and one of them have increased their sales conversion rate by more than 15% through better credibility enhancers and trust messaging. They increase their ‘appointment held’ rate and balance the rate to make the final conversion of held appointments more effective.
Lead Nurturing Program.
This program centres on the process of earning the trust of your prospects before actually asking them to buy your product or service. You may use targeted content or list segmentation to qualify the leads rather than sending the untested ones to your sales. Talk to (not at) your prospect and address what really is on the top of their minds.
Use of Lead Scoring System.
Quantify and scale targeting requirements with a lead scoring system. I was recently talking to a prospective client who lost 6 hours chasing a lead who ended up not even needing/wanting his service. Had this person spent just a little time on the phone with the prospect first, asked some great questions, they would have saved a lot of time, and been able to spend that time on a suitable prospect.
Improvement in Sales Scripting.
Your company already has a written sales script. You just need to record the top performing sales staff demonstrating a mock sales presentation. Transcribe your sales presentation and return through and set it as the first version of your company’s closing script. Test out various elements of your script and notice the effect on the closing percentage. Build the rest of the tactics into your sales script. You will be able to develop the best closing script and protect your company from losing a primary sales person. This approach will also enhance your sales knowledge as captured in your written script other than in a specific sales person.
Track your progress.
Knowing today what your conversion rate is, and tracking this effectively, you can see if your improved processes and training is working and to what level. Good tracking will give you amazing information, including what works best in lead generation, which leads convert better, where your lead drops off and that you are in fact improving. If you have a number of sales staff, even some friendly competition may help motivate them, but without tracking, you cannot action this. Marketing and sales is a numbers game, so are you tracking the numbers?
Have your sales tools right and ready.
As part of your sales process, you have various tools, these may be templates, emails, confirmations …. in fact this and much more. Just like I talked about scripting for sales, so you essentially do this with your other ‘communication’ with great written content, information and resources which will setup the sales in good stead, before you even walk in the door.
You and your target customer need to agree in deciding whether or not to take the following step in the process of sales through an upfront agreement. This may entail a purchase right away or a setup for the next sales meeting. Some sales gurus suggest you refrain from the practice of allowing clients to ‘think it over.’ Personally, I don’t like to do the ‘hard sell’ and force the sale there and then. I invite prospective clients to ‘think it over, talk about it with relevant persons’ but I always say when I will call back to follow up. Never allow too long for the thinking process usually 24-48 hours is more than enough. Frankly, pushing for the sale now appears to me as the salesperson is desperate. There is a fine line between keen and valuing someone’s business and downright desperate.
Optimization of the Offer.
Test the terms you are offering, the way you actually frame your offer, and your price point. What will you lose if you do not take any action at all? Allowing the client to sample, trial or test a product is a great way to introduce them to you, without them having to incur any risk. Personally I find offering a sample coaching session extremely effective. It allows me to see that we can work together, whilst giving the client the opportunity to see exactly how I work.
Use of Stronger Risk Reversal.
How confident are you on the value of your product or service when used correctly? If you are, then guarantee prospects with great results. Put yourself on the shoes of your customers so you will know the reason why they need to hope for satisfaction from your offerings.
Introduction of ‘fear of loss’.
Fear of loss is regarded as one of the biggest sparks that requires action. In my case, I often introduce a highly valued bonus received by my prospects when taking action and purchase. It may also provide them with a valuable pricing incentive for their immediate action. Don’t make the time limit so tight that you come across as desperate.
Better Sales Training for the Team.
You will be amazed, as I am, how intelligent and rational corporate and business leaders spend their financial resources in lead generation activities, but pinch their pennies in sales training or setup of great systems and processes around sales. Ongoing and regular sales coaching and training keeps team motivated, on task and effective as a team. Sometimes sales people (especially business owners) need a shift in their own mentality; it may be anything from “Am I good enough?” to “Sales is a dirty word”. Whilst system and process are important, mindset is critical – without the belief, mindset and trust in yourself, how can you expect others (clients) to buy from you?
Sales training is an ongoing and evolving process; it doesn’t matter how good you are, there is always room for growth and improvement in every organisation. I do business coaching to business owners. Call me on 0411 622 666.