Lead Generation x Conversion Rate = #Customers x Ave Dollar Sale x Ave #Transactions = Revenues x Profit Margins = Profits
Conversion Rate is an often overlooked area with many businesses focusing on generating leads first. This is a mistake since there’s no point spending money generating new leads if they are not converting to customers. ActionCOACH has developed and proven 83 systems to help you increase your sales conversion – here are my top 7 ways to increase sales conversion.
1. Written Guarantee
This is where you write a guarantee addressing the customer’s key frustrations in buying from you. For example, a hairdresser that guarantees ‘you will like your haircut and so will 98 per cent of your friends’. For a layer the guarantee could be a fixed price – you’ll get for patent filed for $5,000.
2. Use Sales Scripts
These are absolutely essential whatever business you’re in. Once you find the right (or very close to right) way to sell something to someone, why change it? Write down exactly what you said, and then do that every time. And make sure your team does the same. Every customer is different, but the objective is always the same: match the product to the buyer. You should have scripts for everything – from answering the phone to saying good-bye.
3. Define Your Unique Value Proposition
If there’s nothing different about you, people will only buy from you because of convenience, or price, nothing more. Added to that, you’ll never be able to raise your prices – if there’s anyone doing it cheaper, people will buy from them. You need to work out what is special about you, and then make a big deal about it.
4. Print Benefits and Testimonials
This is a sheet (and a page on your website) that you can give to every person who meets with you. It contains the 4 most important things about your product, or the 7 reasons yours is a better choice for them. Also include testimonials on it – that is, direct quotes from your past customers about how good you are. A video testimonial is the most powerful way of communicating all that you do for your customers.
5. Build Trust and Rapport
There are some simple things that you can do to make sure this happens. First, always use their name, and make sure you introduce yourself using your full name. Ask them questions, and genuinely listen to the response – these are your clues. Do your best to help them with ideas and advice. If you believe in your product/service, then you know that one of the best ways to help them is to sell them your product/service.
6. Provide Something Extra
To seal the deal, throw in something they didn’t expect – something that gives them the perception that they are getting a great deal. Then place a time limit on it, which encourages them to make a decision. Make sure it’s something that they will value highly which doesn’t cost you very much – i.e. high perceived value, low cost to you.
7. Provide Quality Products
People will buy quality when it’s affordable. By providing the best, you put yourself a cut above everyone else.