Conversion Rate Simplified
I know that business owners spend the bulk of their time stressing over how they will get new qualified prospects to their company. Driving qualified leads comes from great marketing. Once the leads are there the business owner then stresses over how many of those prospects will actually purchase and become a customer. In other words, they want the leads to actually convert into sales and revenue.
I show business owners how to increase their conversion rate optimization because what good is getting high-quality prospects to know about your products and services if you aren’t able to convert them into sales? When I speak about conversion rate I am talking about all the people who find out about your products and services and become customers. That should answer what is conversion rate. To be even more clear, I don’t care if these prospects meet you networking, on the phone, or if we are talking about website conversion rate. It is all the same thing – prospects turning into buyers.
Most business owners spend about 10% of their revenues on marketing and want to attract the highest quality leads they can – the ones most likely to need and want the products and services they provide. Some business owners may have ads, others might do direct mail, use Facebook ads or other forms of pay-per-click ads, others may use opt-in forms or their websites or funnels or may have an email list. There are many ways to market.
Do a quick check in for your business. Are you converting 1 of 10? 1 of 5? What is your number? You must know your numbers before you can improve them. So, track them starting now, if you haven’t been.
One of my recent clients had hired a company for conversion rate optimization services at quite a hefty cost. I showed my client my favorite and low and no-cost ways to optimize their conversion rate and they were able to attract a lot of very qualified leads fast and terminate paying for those services.
Want to know what I shared with them?
- Define your Core Unique Positioning Statement – how are you and your company truly unique and different from competitors? Prospects who have the exact problem you solve and who want the exact result you deliver will now find you.
- Communicate your Core Unique Positioning Statement – prospects need to get to know you have their answers and solutions. You can do this with a video, a webinar, a white paper, client testimonials, etc. Prospects that are highly interested in what you do and who you serve can now be reached.
- Create sales presentations and scripting – don’t leave anything to chance. Be sure you have a sales script and a presentation to deliver to prospects – one that is proven and that works.
- In your sales conversations, tell prospects that you will tell them if they are a good fit or not – if they are, ask them to sign on now. If they aren’t, try to send them to another business that might have their solution. Ask prospects to be decisive and to say yes or no right on the spot. I say something like, “Donna, I am happy to spend 10 minutes with you to understand your specific problem and the outcomes you are seeking. All I ask is that if I tell you I can not help you, you understand and if I can help you, I will tell you that I can and offer you my solution. If you don’t feel we are a good fit please be honest with me. My feelings will not be hurt. If you do believe I have the solution I would like you to be decisive and take action as my time is limited and I don’t follow up. Are we in agreement?”
- Add scarcity – give a fast action bonus right now and if they don’t take advantage of it then they lose the bonus or the discount that quick action people take.
- Create a big guarantee that reverses the risk. Be confident you can produce the outcomes you claim and then offer a guarantee for those results.
- Train, train, train your sales people. Most business owners who are super successful have a properly trained sales team that receives on-going training and education.
What did you learn from this article that you are actually going to implement?