Improved Results, Productivity, Sales

Conversion Rate… The 8th Wonder of Business

6 Weeks and counting…  Here is the second instalment to planning your actions for maximum success as we enter 2013.

Last week I talked about generating more leads. So let’s now think about what we can do to convert those into business.

Better Conversion: Seeing improvement in the conversion rate from prospects to client can be very quick, or extremely long depending on the sales cycle of your particular industry. A retail business with a short sales cycle could see a rapid increase in conversion with some sales training and the development of a unique selling proposition and guarantee. Once the techniques are effectively implemented, they could have an immediate impact on the bottom line because clients decide relatively quickly.

However, if a company is selling software, those same sales technique improvements would take much longer to reach the bottom line because the sales cycle could be 3 to 6 months or more. The key takeaway is to expect to see measured improvement a full sales cycle AFTER your company has effectively implemented the enhancements.

Sales training is essential in any business, and must be regular for maximum impact. These days sales techniques need to be changed to react to the ever changing desires of the marketplace. And techniques that worked in 2012 almost certainly won’t be as effective in 2013.  When was the last time you really thought about how you were communicating with your customers and prospects? We all like to be communicated with in a particular way, so make sure you are matching your communication to your audience.

Here are some other ideas about improving your conversion rates:

  • Collect and use testimonials from your current clients
  • Make people a compelling offer
  • Develop your uniqueness and provide a written guarantee
  • Educate your team on best selling techniques, including using NLP
  • Use competitions to collect data and then ensure you follow up, follow up and follow up again

Stay focused on your conversion rate for 3 months and watch the dramatic effect it has on your bottom line.

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