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conversion rate

Improve your conversion rate with these 5 simple tips!

Are you frustrated with how many of your leads never turn into customers? That is a quite common stress for small business owners. You’re doing all the marketing activities you planned, and are sticking to your target market, but why isn’t your customer base growing?! Unfortunately, the businesses who experience this challenge more than often ‘wing’ their sales process and hope for the best. I am here to tell you… that isn’t good enough! If you want to see a great conversion rate, you must build, follow and track a documented sales process.

“Conversion” is the percentage of leads which actually end up becoming clients. So I want you to think about this… of everyone who calls you, or walks into your shop, how many end up buying something? By tracking your conversion, you are already one step forward to increasing it! Once you understand your current conversion rate, it is time to start improving it.

There are around 80 different strategies that can be used to improve your conversion rate. Out of those, here are my favourites:

  1. Sales Process: When you get a lead, do you follow a clear, step-by-step process through which you lead your prospects? A sales process allows you to interact with your leads in a way that builds trust, that identifies their needs and that communicates the right messages at the right time. As well as this, by implementing a sales process you are able to track the stage that your leads are at, and measure the success of your process, allowing you to recognise the biggest areas of improvement. Many may think that constructing a sales process is a timely task, however it is not only among the cheapest ways to improve your conversion but you will also save time as through converting prospects in the most efficient way possible.
  2. Sales Scripts: A sales discussion consists of a number of important sections including the opening, the questioning, and the close. Many business owners believe that they are skilled enough not to follow a script. However, many of those business owners have not tested nor measured the response from script use. If a script is not used, how can you ensure that you employ rapport-building and persuasion techniques? Following a sales script not only allows you to feel in more control, but ensures that you are getting the most out of your sales discussion. Furthermore, this is the only way you will ever get multiple sales people all converting prospects at a rate that will truly grow your business. And once again, it requires little-no cost, saves time and increases your conversion success.
  3. USP: Your Unique Selling Proposition should be clear, tangible and differentiated. You want to give your prospects complete clarity about how their lives will improve as a result of working with you. If your USP does not communicate this, it is time to make some adjustments. After all, prospects become more emotionally interested when they are told about how it will help THEM.
  4. Guarantee: Now that you have a clear, tangible and differentiated USP, is it backed up by an effective guarantee? A common factor contributing to losing a potential customer is the prospects fear of making a wrong decision. How do you overcome this, you ask? Give them a guarantee that makes them feel safe and confident in buying from you! With an effective guarantee, they won’t have a reason to say no!
  5. Testimonials: As technology expands, prospects look for reasons to buy through researching the internet. So take advantage of it! Are your prospects receiving sufficient evidence of the quality of your products or services, of how many people are using them and just how much they have benefited from them? Make it a process and ask your current clients to make a testimonial following their purchase. You will be surprised as to how much it impacts a prospects buying decision.

Whilst these are my personal favourite conversion strategies, there are countless more that may fit into your business better.

Any lead who has failed to turn into a customer has used up some of your time, effort and money… so why not increase your conversion rate with simple, easy, and cost-effective strategies! Can you afford to have a low conversion rate?

Click here to register for a FREE 1 on 1 meeting with our very own coach, or call me today on 9146 4439 to discuss the best strategies for your business!

Here’s a thought to keep in mind…

“Every touch point in your sales process is an opportunity to delight…”

marketing plan

Get your marketing plan into shape with these 5 easy strategies!

Have you ever felt like your marketing activities just aren’t generating enough profits for your business, so you just give up on them? Or do you pause your marketing plan in order to save more money? Well consider this…

…If you put an end to your marketing plan, will you really save money? Yes, you will… in the way that stopping your wristwatch saves time. In other words, don’t kid yourself.

A marketing plan needs to be clear, simple, and most of all, consistent. Then you have to actually stick to it and, rather than halting its use, update it and make it better. If you let it go after 3 months of not seeing any results, you are guaranteeing that you’ll never see results.

Most business owners think that you must be a marketing guru to generate and implement a strong and profitable marketing plan. Well this should be music to your ears… there are only 5 key areas of marketing and sales that you need to focus on to build your business!

Over the next few months, I will cover each key area in detail. Here is a summary to start your journey to becoming your own marketing guru:

Number of leads – This area is all about how many potential clients you attract. Unfortunately, being unable to generate leads is one of the main reasons that so many small businesses fail in the first few years. The lead generating strategies we will teach you are both simple and mind-blowingly effective.

Conversion rate – Now that you are generating enough leads, how many of them do you convert into clients? Many business owners ‘wing’ the sales process and hope for the best. If that’s you, how is that going for your business? Having a detailed sales strategy will not only improve your conversion rate, but make it much more reliable.

Number of transactions – How many times a year do your clients buy from you? Increase this frequency by devising the ways you can encourage past clients to buy from your more often. Think about this… your existing customers already like what you do, which makes it about six times easier and cheaper to get a past customer to buy again than to acquire a new one! Get brainstorming!

Average dollar sale – How much do clients spend with you each time they buy? Imagine what would happen if you increased the value of each sale by 10%. That’s not a big jump, but it makes a big difference. By executing only one well-implemented price increase strategy, you could make a big difference to the bottom line.

Margins – What is the gross or net margin your business achieves? Improving your margin is one of the quickest way to improve your cash flow. Our clients are often left shocked when they learn that this, the easiest part of a marketing and sales plan, is the fastest and least costly to implement and will have the most immediate impact.

If you are thinking ‘this is too much to work on right now’, remember that all you need is a slight 15% improvement in each area, and that will be sufficient to double your profit! These 5 areas provide you with more than 350 different strategies to explore. All that’s left for you to do is to select the ones that are right for you, implement them effectively, and watch your business soar.

If you feel like you are investing in expensive marketing; that being, marketing which you do not receive a profit from, and just aren’t seeing the return, join one of our coaches for a coffee to discuss the ways in which we can help you.

Can you afford any more expensive marketing? Register here or call us today on (02) 9146 4439.

In my next blog, I will dive deeper into Lead generation and share with you my favourite strategies which will help you increase the number of quality leads attracted by your business. Till then, here’s a thought to take with you…

“…Unless commitment is made, there are only promises and hopes; but no plans”

Selling from Stage

Selling from Stage is one of, if not the, most effective way for Professional Services businesses in particular to promote themselves.

Whilst it may not lend itself to mass marketing, it is typically a very high conversion marketing activity.  This is largely because, speaking to a group of people, it is possible to do two things that cannot be done by mail, by phone, or in an initial 1:1 introduction:

  •  Emphasise the pain felt by your targets.

There are questions you can ask and comments you can make about the specific challenges experienced by your prospects/clients that, in a 1:1 situation would be inappropriate and, by phone or mail, would be ineffective.

  • Demonstrate your capabilities. 

Sampling is a strong influencer in the psychology of decision making.  In a presentation situation, you can allow the audience to genuinely feel and experience what you do, how you do it and the results you could achieve for them.

 

The techniques below specifically to selling from stage. They do not constitute a complete set of tips and techniques for public speaking in general. To be able to sell effectively from stage, it is necessary first to master the generic skills of public speaking.  Those skills are not discussed here, although there are three in particular that are critical to underpin effective selling from stage and so those are worth highlighting:

 

3 generic skills of public speaking that you need to master to be able to sell successfully from stage:

 

1. Words tell, stories sell. 

Real life examples, case studies, testimonials and stories will be far more effective in engaging the audience. They will more easily relate to your material and, as a result, will be more likely to buy!

 

2. Tell ‘em…tell ‘em…tell ‘em. 

The overall structure of any presentation is just as relevant here as in any other situation: Tell ‘em what you’re going to tell ‘em….then tell ‘em….then tell ‘em what you told ‘em.  That is to say, begin by outlining what you’ll all be going through, then go through it and then summarize at the end.  In the initial outline and in the end summation, emphasise not so much what you, as the speaker, will do, but emphasise that they, as the audience will get out of it.  Use clear, directive language; for example, “what I would expect you to take away from today’s presentation is……….”

 

3. Any supporting aids are only ever that…..support.

There are certainly times when powerpoint, flipcharts and other presentation aids are valuable….just be sure to use them only as a minimalist support.  They should contain VERY little of your content and should just be used to demonstrate or clarify a point you’re already making.

 

Now to the specific skills of Selling from Stage…

 

1.       Before anything else, engage the audience! 

 

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Literally the first thing you say can (should?) be 3 or 4 short closed questions that ensure every member of the audience raises their hand to at least one of them and produces at least some form of engagement; usually a laugh!  This will wake them up, get the blood flowing, engage both sides of their brain and will also program them to participate.

 

These questions must be closed questions and must require every single member of the audience to participate.  For example, Brad Sugars usually begins with the same three questions: “Who in the audience owns a business?  Who in the audience is an employee?  Who in the audience owns a business but wishes they were an employee?!”

 

When asking the questions, raise your own arms – left arm first, then right, then left.  People tend to mirror and the majority are right-handed.

 

2.       Ask questions…..a lot!

 

If asking questions is the most important skill in selling, then it applies equally to selling from stage.  This is an effective technique for engaging the audience in general and also a very effective technique for emphasising their pain and challenges.

Often, these can be rhetorical questions but should still be accompanied by hand-raising.  Open questions can also be used, albeit sparingly and typically more with smaller audiences.  It is hard to get long and varied answers from 1,000 people!

 

3.       Position the audience to take action at the end.

 

From the very beginning of the presentation and then again during the presentation, prepare the audience for the fact that they will have an opportunity to buy/take action at the end.  Whether you have a particular special offer for them, whether you have a particular package you’re selling at the end, or whether you’re simply looking to arrange meetings with attendees, allude to this opportunity early in the presentation and then again during the presentation.  That way, their sub-conscious mind will be preparing to take up the opportunity and won’t be taken by surprise when it arrives.

 

4.       Any sized audience is made up of individuals. 

 

The most effective way to engage with anyone is 1-on-1.  In the course of your presentation, engage 1:1 with as many members of the audience as you can.  It may be by picking up on their answers to your questions or may be by responding to their questions.  Ideally, it is in a way that adds value to them.  Their direct connection with you and the law of reciprocity will then increase the chance of them buying from you or taking action at the end.

 

5.       It’s only relevant if they have a challenge or a situation.

 

In all likelihood, the only reason they’re in the audience in the first place is because they have a challenge that relates to what you’re talking about, or they want something you’re talking about.  Furthermore, if there is to be any chance of the taking action or buying from you at the end, they must have a challenge relating to what you’re talking about or they must want something you’re talking about.  So make sure that your questions, your stories and your content emphasises the challenges and/or opportunities that are relevant to your subject matter.

 

The biggest hurdle to clear with an audience before they will take action or buy from you is simply getting them motivated to do so.  The only two things that motivate people are pain-avoidance and goal-achievement so be sure to bring real emphasis to the pains and the opportunities they may be feeling!  In reality, pain-avoidance is typically the stronger motivator so usually it is most effective to bring more emphasis to bear on pains than on opportunities.

 

6.       If you don’t brag about yourself, who will?

 

This is also a great opportunity to demonstrate just how good you are.  Not only can you emphasise pains and opportunities that your audience are likely to be feeling, but you can also let them experience and feel just how great you can make things.

 

In the course of your presentation, case studies, stories about the results you achieve and how you achieve them, statistics about the results you deliver and testimonials from clients, can all be effective in emphasising this point.

5 Fast Ways to Convert more Prospects to Customers

Conversion…among the quickest, easiest and most controllable ways to grow your business!

 

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

“Conversion” is the percentage of people who know about you and consider buying from you who actually do buy from you. Of everyone who calls you or walks into your shop, how many buy something? Just tracking the answer to that question will get you on your way to increasing it!

 

Once you know your starting point, then you can start improving it. Here are my favorites of the 80 different conversion strategies:

 

 

1. Sales scripts. Have you scripted the most important parts of your sales discussions? The opening? The questioning? The close? Do those scripts employ effective rapport-building and persuasion techniques? Have you tested different scripts to choose the most effective?

 

2. Sales Process. What is the process through which you lead your prospects? Are there sufficient interactions to build trust? Does your collateral communicate the right messages to the right people at the right time? Are you employing the most effective methodology for delivering proposals?

 

3. USP. How clear, tangible and differentiated is your proposition? Do your prospects have absolute clarity about how their lives will improve as a result of working with you?

 

4. Guarantee. Is your USP backed up by an effective guarantee? Risk and the fear of making a mistake are among the most common reasons people don’t buy….how do you overcome this?

 

5. Testimonials. Are your prospects receiving sufficient evidence of the quality of your products or services, of how many people are using them and just how much they have benefited from them?

 

Any prospect who fails to buy from you has used up some of your time, effort and money…..the great news is that the frequency of this can usually be reduced quickly, easily and cost-effectively!