How to Boost Your Sales Conversion Rate
Business owners are always looking at ways to maintain, if not increase their sales.
One of the most common way’s businesses look to do this is to spend more money on lead generation /marketing, through advertising, mail outs, networking, telemarketing etc.
While there are certainly some fantastic lead generation strategies businesses should be implementing, these can be among the most expensive business growth strategies to use. Therefore, it is worth noting that there are some far more cost effective ways to increase your revenues.
One simple way to do so is to look at your conversion rate and work on increasing it. Having a good conversion rate is the foundation of high sales volume.
There are lots of great conversion rate improvement strategies. Of these, here are five we recommend that are free and crucial for any business to implement:
1. Follow up
It is amazing how such a simple strategy can be so effective. Every quote, introduction, tender you do is just the start of your conversion process. So many businesses spend hundreds of euro’s getting a lead, many hours preparing a quote and then, if they don’t hear back, just say “oh well,” and move onto the next lead. This is such a waste of time, effort and money for any business.
Just think of how many times you have been offered something and then life has got in the way so you did not get around to ordering it. How pleasant would it have been if somebody had reminded you and helped you complete the purchase? Also remember if you do not follow up, your competition will!
2. Unique Selling Proposition (USP)
Ask yourself, why should somebody buy from you rather than your competition? When times get tough you may find more people in your sector trying to compete on price. Educating your prospects about your uniqueness and how you add value is the only way to ensure you get the business and still make a good margin. If you can communicate with your prospect all the benefits they will get by buying from you, why would they go anywhere else?
One of the main reasons people don’t buy is that they have a fear they will be let down at some point in the process. It is your job to identify in what areas these fears may lie and then to guarantee that by buying from you they will not be let down. Just look to the big companies like M&S, Domino Pizza and DHL for great examples of this.
4. Benefits and testimonials
Another great way to lessen people’s fears of buying from you is to show them what benefits your existing customers have received by buying from you by simple asking for a short testimonial. Remember, these should emphasise the real benefits to your prospect, not just “they are great people to buy from.”
5. Measure it
It has been proven that just by regularly measuring your results, they will improve by up to 5%. This works because by monitoring your results you are setting your subconscious brain to look for ways to improve that factor.
Just by working on these strategies you can make an amazing difference to your revenues.
So go on, take action and increase your conversion rate today! Good luck…
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Paul Fagan is Managing Director of Business Coaching Ireland, which is part of the largest business coaching, mentoring and training franchise company in the world, ActionCOACH Business Coaching. Business Coaching Ireland are providers of the ManagementWorks Business Growth Programme and Business Leadership Programme.