One of the fastest ways to generate more business is to improve your conversion rate. Even if you are at a 90% conversion rate, you can still improve. What I have found is that most companies operate at about a 15 to 20% conversion rate.
To find out what your conversion rate is, I suggest monitoring it over the next two weeks. Here is what I would like you to monitor. You will need to track how many total people you speak to about your services. This number needs to be both inbound and outbound leads. Once you have that, find out how many “closed” and became a client. That’s the conversion rate we are looking for. Most people only want to track the number of people who said “yes” to a meeting as a “lead” worth tracking. But that number is misleading.
Here are 7 strategies that will help you improve your conversion rate:
1. Start Tracking –Tracking is a powerful strategy that most people underestimate. Simply by closely tracking this number every day you will see improvements in your conversion rate.
2. Improve Your Headlines– The first thing you say out of your mouth, in an email, or in your advertising is what we call a headline. Make your opening statement or “headline” powerful and grab your prospects attention.
3. Huge Value before Your “Pitch”– Do NOT jump right into sales mode. You MUST have something of HUGE value for your prospects so that they will want to listen to you. Provide a free report, free sample, free trial, free audios, or something along those lines.
4. Get Some Data– It’s not enough to know your industry anymore. You need compelling 3rd party data and statistics that build a case for them to buy. Something like, “Did you know there was a study by the American Heart Association that found that 7 out of 10 people would live longer healthier lives if they just did this one thing every day?”
5. Improve Your Language– Sales people are constantly tripped up by their own words. Use positive language that pre-sells the client, but be careful that you use the right amount of it. Use words like, Because, Now, Imagine, Please, Thank You, and control words that give the prospect a sense of control over the situation. And understand that you can’t manipulate the person with this. You are simply providing a positive environment that allows the person to make a better decision.
6. Have an Irresistible Offer– Make your offer so over the top awesome that they buy on the spot. Research shows that someone who has purchased from you once is 20 times more likely to buy from you a second time. So get them to buy the first time and build on that over time.
7. Down-Sell– Every sale does not have to be a home run. Sometimes you just need a small sale upfront to gain a prospects trust. Be prepared to sell something smaller in order to get a sale and start the relationship. Your backup to this should be a freebie like your newsletter. Just sell them on getting something.