Improving your conversion rate by a small amount can have major impact on your growth and can lead to big increases in your profitability.
It's important that you monitor your conversion rate and continuously improve your strategy.
While this may seems obvious, to do that, you need to ensure you follow up with every lead, and this is one of the biggest hurdles that you and your team can face - "follow-up call resistance".
Follow-up call resistance
Many small business owners and their teams have a poor way of expressing the clear facts in a quote or proposal, which often leads to ‘follow up call resistance’.
Here is an example of a typical ‘follow up call resistance’ scenario:
A team member decides they are going to get their quota of quotes out. Once that's completed they hide under a rock and hope for leads or contact from potential clients. They send email after email, but never pick up the phone.
Your team needs to have the tenacity to follow up on all prospects and continue to follow up until they make a decision.
Maxmise Your Business Potential
It pays to re-write quotes, tenders and proposals into action plans, instead of just writing a standard quote i.e. you receive X FOR $Y, take it or leave it.
Rather then taking this standardised approach, try adding a prospect letter and focus on communicating the benefits of doing business with you and the overall value that you will deliver for what you've quoted.
This offers potential clients a quote that includes more than a set price adding value into the client’s decision making process.
Once you have contacted a potential client end your conversation with "I’ll call you in the next few days to discuss this quote further". Even just doing this small gesture in the first call ensures you beat the follow up call reluctance.
Are selling a premium product?
Communicating your product's benefits to every potential customer is very important if your product or service is more expensive or unique in comparison to your competitors.
Reinforce how much better off a client will be if they choose your business for the project or service. Don’t rely on price point alone to win a contract!
Remember your quotes, tenders and proposals are your opportunity to sell your business to potential clients.
Making this a well-designed, strategic process with a focus on continuous improvement will ultimately increase your conversion rates and profit.
It's all about working smarter, not harder. Attracting new leads is expensive in both time and money - you need to make sure you make the most of every opportunity.
Then, if you are going to walk the talk, you must not only show your current and future clients that your business has these attributes, you must follow through with clarity and confidence.
Who are you? Where are your strengths? In what areas are you weak? You may need to get external help for your weaknesses, but to be attractive to your clients you need to show your strengths.
If you are going to walk your talk, that’s how you need to be behind the scenes as well as in the open, and you need to do it with respect and humility. You’ve probably heard this before: you have the same number of hours in the day as Richard Branson (or Bill Gates or Janine Allis), so you can do what they do. This doesn’t make any sense to me.
Who cares what Richard or Bill or Janine do with their 24 hours? I sure don’t. I only care what I do with my 24 hours. Worrying about anything else is a complete waste of time. Do your best, all day, every day. What more can you expect of yourself?
Power to you!
CEO, Business Benchmark Group
Stefan Kazakis on 5 May 2018
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