Improving Your Conversions
Once your leads are generated then Everything you do should be focused on how you can convert those leads; how you can convert those inquiries!Improving conversions should be on top of your mind every time because ultimately simply generating leads is not going to produce any profit, not going to produce any revenue for you, not for your team and not for your business. So, converting those leads is crucial for running your business. So my question to you is what are five things that you're doing to improve your conversions?
If you can name those five or ten things without thinking much then you can be assured that you're on the right path.
But if you have to think a lot or worse you don't know what are five things that you or your team is doing to improve your conversions then you need to worry about that. You need to start working on that asap.
I routinely conduct sales training programs for various industries. One of them is real estate and I have conducted sales training programs for many prominent builders in our city.
Now, every time I find some things really, really strange.
First, people are not aware that there is something called conversions. When I ask someone What is your conversion ratio - from leads to booking or from presentation to bookings?
They look at me blankly and tell me that their conversion is almost 70 - 80%. Almost everyone who visits them or to whom they present the things . . . eventually they buy.
Now, this is not surprising for me. But it is really sad. The reason being people are not aware of their conversions.
They don't keep track of data. They don't keep the numbers.
They don't know how many leads they are having in the pipeline and how many they have presented and how many of those got converted.,
Don't get me wrong.
They know their sales numbers like "I did five sales last month." but when I asked them five sales are great but to get those five sales, how many leads you have gone through and they don't know the answer to that question.
Now there is a huge difference between these situations. Let me explain.
Say, You converted 5 sales out of 50 leads.
The second scenario is you converted 5 sales out of 100 leads.
and Third scenario, you converted 5 sales out of say 200 leads.
Now in each case, as a business owner, you got five sales. So you should be happy, right?
You should focus on how much you spent to generate each lead and which is the most profitable person from conversion point of view. So you can easily see in above three scenarios that the person who is converting 5 sales out of 50 leads is much, much more beneficial to you than the person who is converting 5 out of 200 leads.
Normally what we do is we look only at the sales number. And we forget about how much we spend in time, efforts and money to get those sales numbers.
Almost every business person wants more inquiries. More leads. They want more people coming to them.
Because that's you know, kind of easy part.
Nobody wants to work on improving conversions.
Nobody wants to put in the efforts that are required for using conversion improvement strategies and tactics and principles.
Because that is really hard work.
But that is the kind of work that pays great amounts of profit in your business. In my business and everybody's business.
Just to give you some idea for, I have created 13 different conversion improvement tools that I impart and give readily to my clients and their staff members.
Now, not necessarily each tool will work in everybody's case. And it's not that each tool will generate the same kind of results every time. But when used collectively, by sales team of 5, 10, 15 or 20 sales executives, this particular exercise can double the sales in a very, very short period.
Imagine your staff is having 13 additional tools and all they have to do is use maybe 1, 2, 3 or 4 Out of those during their presentations or during their follow up. When everybody is doing that, you are bound to get much much better results than what you are getting currently.
But as I said it's hard work. It's not easy. To improve conversions.
But again, it's not impossible. So my advice to you is to start working on how you can improve the conversions of your staff member or if you are personally handling bookings then in your case to work on generating leads but simultaneously work on improving conversions.
Also. That will pay you handsomely. I have helped the health industry also. There are various strategies that I use and teach doctors and their staff members to convert their chosen patients to accept the treatments.
So these strategies work in any industry and every industry.
All you need to do is start developing conversion-boosting activities and start using those in your business.
Leading Consultant, Coach & Trainer
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