How To Convert More Leads Into Paying Clients
Most business owners underestimate their conversion rate ...
POSTED BY PAUL BROOKSBANK ON 31/01/2019 @ 8:00AM
For many business owners, attracting new enquiries and being able to convert more leads into paying clients is an onerous task ...
I bet you're seriously underestimating your conversion rate so let me show you to convert more leads into paying clients!
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Ask the majority about their conversion rate (that is, the number of customers they did business with, versus the number of potential customers/enquiries) and they will likely estimate it around 70-80%.
"In nearly all cases, it is more likely around 30%! "
Most business owners believe that they are selling to the majority of prospects they come into contact with! That means there is nearly always significant untapped potential for new customers in most businesses before spending time, money and effort trying to drive more leads in.
So, how do you convert more leads into paying customers? The first step is to accurately track your numbers. For two weeks, keep a record of every phone call, every email enquiry, every walk in, every single prospective buyer that contacts your business.
Ask each one how they found out about your business and keep a record of it. Was it a referral? A Google ad? Did they find you on LinkedIn? After two weeks, see how many of them have bought from you. Mostly it will be around 3 or 4 out of 10.
Working on your conversion rate is a massive opportunity to boost revenues and profits. Once you know how you are performing, you can get to work on improving your numbers.
Here are just a few ways:
Keep tracking your numbers - just that added focus alone usually boosts conversion rates 10%!
Script your sales process - use a lot of questions in the script (it's NOT a sales pitch) and learn from what the best salespeople are doing.
Break your sales process down - document each and every critical step and work on one step at a time.
Run a competition - Encourage your salespeople for a week or two around the one area you need to see the most improvement in, then learn from the new ways they start doing things.
Learn the critical buying step in your sale - for example, in female fashion stores, it's trying the clothes on. With it you have more than a 50% chance at making a sale, without it, less than 10%.
Follow up and follow through - too many sales are lost by salespeople who don't follow up again and again and again ... at least 7 times.
Make an offer - that is either limited or a bonus offer or something to get customers to act now and to give salespeople some ammunition.
A lot of time and money often goes into generating leads, so don't waste your efforts by not maximising your conversion rate. Would you like to discover more on how to convert more leads into paying clients?
Call me on 07590 584642 or click here to ping me an email and let's see how I can help you.
Until next time ...
If you're looking for a specialist business coach in the Bedford area, you can find out more about me by visiting paulbrooksbank.actioncoach.co.uk . Let's see how I can help you achieve your goals!
Are you a motivated business owner working far more hours than you would like in an average week? Do you feel frustrated that despite the hours you work, your business isn’t growing as fast as you’d like and profits aren’t at the level you think they should be? Is a lot of your working week spent fire-fighting and do you think that your time spent in the business could be more productive?
Do you feel like there’s untapped potential in your business but you are so bogged down working ‘IN’ your business, that you lack the time, energy and resources to work ‘ON’ your business and take it to the next level? Would you like to know how you can both reduce the hours you’re working and grow your business faster? And yes, it is possible.
If so, business coaching could be right for you!