The phone rings and someone asks about your product of service. You answer their questions, they seem satisfied then they hang up and call your competitors and you never hear from them again. If that’s a familiar story you need to start thinking about lead conversion.
Getting qualified leads is hard work and it’s expensive. Failing to convert them is just tragic. Here’s some things you can do to improve your lead conversion process.
Understand your existing sales process.
Figure out what’s going on by mapping your whole sales process. You may think this isn’t necessary because you’ve got it all in your head but you’d be wrong. Make sure you draw in every single event from the phone ringing through to receiving the order. Then question every step. Ask yourself why each step is happening, does it get you closer to a sale, does it make the customer more comfortable and it the most efficient way to do things.
Measure your conversions.
Create a system for counting the number of enquiries compared to the number of sales. This is the only way to tell for sure whether your conversion process is working. Measuring you conversion rate focuses your attention on what is important. It is common for businesses to increase their sales by 20% just by measuring their conversion targets.
Fish where the best fish are.
Think about your best customers and where they came from. Then go looking for more in the same place. While this seems incredibly obvious, many business people don’t do that. The reason is that it’s often much easier to just continue what you’ve been doing for a while than to make the effort to change. Figure out where the best fish are then go there.
Only deal with qualified leads.
Don’t waste time dealing with people who don’t fit your market profile. If your business is geared to sell to other businesses, don’t waste your time selling to consumers. If you can’t economically deliver a service for under $5000, stop dealing with customers who only want to pay $1000. It costs you time and money and makes no sense.
Make sure you understand your customer’s problems and needs.
Remember, selling is the process of solving your customer’s problems, not yours. Make the time to listen really carefully to what your customer needs and wants. Take notes, ask questions, summarise what you’ve heard and repeat it back to them, read between the lines. Not only will this increase your chances of closing the sale, it will massively boost the confidence your prospect has in your ability to deliver.
Do some market research.
Don’t just assume you know everything about your target market. Start by asking yourself:
- Where are these people?
- How many of them are there?
- When they get together, what do they complain about?
- What are their pain points and how can you help?
- Who are the key decision makers?
You don’t need a market research company to find this stuff out. Start a file and do your own basic research. You’ll be amazed at what you might find.
Plan your meetings.
Always use a planned agenda for meetings with prospects. That doesn’t mean that you can’t talk about other things but it does guarantee that you’re getting all the essential information. It also shows that you’re organised which builds confidence. And remember, always book the next meeting before you complete the current one. Never just leave things hanging without a scheduled next step.