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Want a simple, cheap and easy way to increase profit? Increase how often people buy from you!

It is very common for business owners to be so caught up in trying to find the best ways to gain more customers, that no one is thinking hard enough about how to increase their current customers’ average number of transactions. Yes, gaining new customers will most definitely increase profit, but think about this… your existing customers clearly 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.

Now, I want you to ask yourself this question…

How many times a year do your clients buy from you? How can you increase this frequency? And what will you increase this average to? It’s time to start devising the ways you can encourage past clients to buy from your more often. Get brainstorming!

Need a few ideas? Consider these…

Hairdressers often end their appointments with asking their client when they would like their next appointment to be. Not only does this lock in their next sale, but it also gives the hairdresser a great opportunity to build a relationship with their client and to get to know them more.  When you’re with a customer, be sure to position their next purchase as well.

Boost Juice is a company which any business owner could learn from. They have a very simple and easy-to-use membership program which gives their customers a free boost for every 10th visit. As well as that, they make sure to say thank you to their client by using the name that comes up on their membership card. This is a great incentive to encourage clients to come back and buy, as well as making them feel good by knowing their name.

Imagine how much your cash flow would improve if all your customers bought once more from you each year or quarter. You would be steps closer to your financial goals!

So here’s a note to leave you with… Have a good think about creating products and services that encourage clients to buy off you more often. Then be sure to proactively trigger more purchases.  It is a great way to build your business more quickly.

Need help brainstorming some ideas? Click here or call me today on (02) 9146 4439 to book an appointment with one of our coaches.

Till next time…

“Every contact we have with a customer influences whether or not they’ll come back…”

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…”

lead generation

Lead generation strategies are all around you!

When we meet with a new client, we get them to fill out a questionnaire which asks them what their major concerns are in their business. What is the most common answer, you ask? Not getting enough traffic ‘in the door’. Unfortunately, one of the common reasons that 8/10 small businesses fail is their lack of strong lead generation strategies. Almost every business owner we speak with is looking for more new leads. And there’s a good reason for this: the bigger your list of leads, the more opportunities there are to convert into sales for your business.

So how long does your search party for more leads need to go for? You will be pleased with what I tell you next… you can call it off! Our clients are always left gobsmacked once they realise the simplicity of increasing the number of leads in their business.

Now, there are roughly 84 different lead generation strategies, but if you start with these four you will most definitely be able to generate enough leads to keep your business growing.

Referrals 

Being absolutely free of charge whilst providing amazing results, referrals from existing customers is a strategy not to miss. Every existing customer is a walking, talking testimonial! And considering that in today’s world, one of the major factors that deter or encourage someone to buy from you are the reviews that are shared face to face or written online, having your customers share a positive review of your business is imperative to generate more leads. An easy way to do this is by making a habit of collecting testimonials and reviews and using them on your website and other marketing materials. This is a great investment in the future of your business, because repeat customers mean repeat business – so this lead generation strategy has an exponential effect. 

Strong Online Presence

Over the past decade, there has been a noticeable shift in buyer behaviour with our access to the internet becoming much more efficient and reliable. These days, 60% of the buying decision is made before someone will pick up the phone and speak with a sales person. If you have a strong online presence, you will consistently find new customers at a higher rate than your competitors who don’t.

Understand Target Marketing & Customer Acquisition Costs 

Do you look at your marketing as an expense or an investment? Good marketing which gains new customers is most definitely an investment. With that mindset, you will be able to develop a more targeted marketing plan, allowing you to market specifically to your niche. This brings good customers to any business far more effectively than broad-based marketing. Test and measure different strategies then invest the money to “buy” more customers at an acceptable acquisition cost.

Using Strategic Alliances

Need a new database of your target market? Why not exchange yours with another business?! One of the greatest resources for generating leads for your business is other businesses. A strategic alliance allows you to sell your product/service to your target market, by using a database from another business that sells a different product/service. Make connections, and find new customers!

Start by making small improvements in the 4 lead generating strategies above and you will notice a dramatic difference in your sales funnel.  Keep developing these tools and you are sure to generate enough leads to get your business soaring!

If you want to generate more leads in your business, let us teach you more strategies that are just right for your business. Click here or call us on 9146 4439 to organise a coffee with one of our coaches!

Now that you have a clear idea of where to start with your lead generation, I want to share with you a few helpful strategies on how to convert these leads into clients. But I will leave that for my next blog. For now…

“…You can’t hit a target if you don’t know what it is”

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!