It’s all very well to grow your business by generating new leads but if you can’t convert enough of them into customers you’ll waste a lot of money on marketing.
The higher your sales conversion rate, the higher your return on your investment in marketing.
Here are 5 simple ways to increase the rate at which you take on new business:
1. Know your ‘why’.
This is your core purpose; in sevens words (or less) why your business exists for your customers. This is one of the most compelling ways to attract and convert new customers. Understanding your ‘why’, before your ‘how’ and your ‘what’ is crucial to attract the right fit customers who will become advocates and refer you business.
Disney’s purpose statement is ‘to make people happy’. What is yours?
2. Articulate 3 or 4 points of value for each of your products.
Don’t assume your customers will link your product to solving their problems. You need to show how your products or services will either improve your customers’ lives or help them to avoid adverse consequences. Articulate the benefits of your products, not just the features.
3. Train yourself and your team on how to sell.
Selling is not a dirty word; it’s a skill that can be learned. How much sales training have you had? How much sales training have you provided to your sales team? From up-selling to cross-selling, offering the ‘choice of yeses’, identifying the best ways and times to follow up, defining the questions that will engage your target audience, there are so many concepts and techniques that will improve your sales outcomes.
4. Create and follow a sales system.
From enquiry to closing the deal, having a documented system will improve your outcomes. Your system should enable you to efficiently prepare and send paperless quotes to future clients, and these should be easy to understand and accept! A simple checklist can help to ensure that all aspects of the sales process have been followed so that your hot leads are not squandered.
5. Follow up.
Don’t send the quote and leave it at that. On average it takes 6 – 7 points of contact before someone will feel comfortable enough to buy from you the first time. Follow up could include a call, a personalised email, sending your next blog or newsletter, posting on social media or bumping into your prospects at a networking event. Follow up is about staying in their mind as a solution. Tailor your follow up to the prospect as appropriate but define a clear follow up or sales process – this will help you avoid teetering on harassment.
Most business people have had no formal training in sales. So, get on the front foot and contact us for information about how you can improve your sales processes and outcomes using these 5 steps.
“Stop selling; start helping.” – Zig Ziglar
This information does not constitute financial or legal advice and is for general information purposes only. Please contact DLA Partners for specific advice relating to your particular circumstances.