Do you Know your Conversion Rate?

Do you and your sales team measure and keep an accurate record of your conversion rate? Your conversion rate is the number (or value) of sales you close as a % of quotes or proposals submitted. My personal conversion rate from July 2014 to now (June 2021) is 76%, so of all the people I have sat down with to discuss their business, 76% have committed to one of our coaching programmes. Why do I tell you this? Because I have learnt how to sell and you can do the same.

Conversion rate is such an important stat to keep track of for the following reasons:

  • Your brand has attracted x number of leads, it would be a crying shame to waste them by not closing those sales. You won’t know the situation if you not measuring it so you absolutely have to measure it.
  • You may be spending lots of time and effort on marketing and generating leads when lead generation is not your problem, closing is. Fix the closing before spending all your money and effort on generating leads.
  • You can make direct comparisons between sales reps which will highlight the ones who need more training and or coaching.
  • The impact of an improvement could be massive for your business. Let’s say your current conversion rate is 30%. If you can get that to 45%, you will grow your business by 50%, just like that.

Here is why my conversion rate is 76%:

  • I have a highly effective 9 Step sales process that is followed from the time the lead comes in until the client makes a decision. This process includes multiple touch points and allows the prospect to get to KnowLike & Trust me which has to be achieved before a sale takes place.
  • Every lead is treated like Gold and with a high sense of urgency. If you don’t Wow your prospect from day 1 with turnaround time, responsiveness and great service why should they buy from you?
  • I have analyzed in detail every lead that did not convert to a sale and have learnt valuable lessons from this, which have been successfully applied.
  • I make use of 13 conversion rate strategies in my sales process which are a massive contributor to closing the sale. Conversion rate strategies are tools & techniques that help you close the sale.

Here are 5 Conversion Rate Strategies that I have found to be highly effective over the years (will vary depending on what you are selling)

  • Testimonials – Most underutilized strategy that exists. People do what other people do so get written or video testimonials from existing customers today.
  • Guarantee – What is your prospects biggest fear? Are you able to give a guarantee that will eliminate this fear and enable you to close the sale?
  • Make it Easy to Buy – Don’t put roadblocks in the way, make it as easy as possible for customers to buy. Do all the heavy lifting for them.
  • Before / After Pics – If your product or service leads to a transformation, then this is an absolute must.
  • Ask for the Sale – Its crazy how many people don’t ask for the sale. You have to ask, don’t be an order taker, be a problem solver and ask for the business.

When last did you send your team on sales training? Not training on the product or service you provide, but training on how to sell. Selling is a science and when you learn how to master it, your business will explode with growth.

Our Offer to You 

An obligation free, complimentary coaching session to discuss the current state of your business and the opportunities for improvement. (Value R 2,995 plus vat).

Click here to request your session

Services Offered

  • 1-2-1 Coaching Weekly
  • 1-2-1 Coaching (Bi-Monthly)
  • Group Coaching (aka Mini MBA)
  • Sales Training
  • Customer Service Training
  • Time Management Training
  • Leadership Training

For more information on ActionCOACH Ignite, please visit our website at ActionCOACH

Author: dadmin
Website developer for Chilli Source Design.

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