Conversion Rate – whether it’s converting a “potential” customer into a “buying” customer or a girlfriend into a wife–conversion rate is very important and, in business, this rate percentage is often overestimated.
The definition of conversion rate is the percentage of people who did buy divided by those who could have bought. For example, if you had ten people walk through your store today and you sold to three of them, you would have a conversion rate of three out of 10, or 30 percent.
There are many strategies a business can use to improve its conversion rate. One of the most important is identifying your customer’s number one concern in doing business with you and then promising them it won’t happen when doing business with you. Domino’s Pizza made a name for themselves when they promised “30 minutes or it’s free”. They identified a key concern of people calling for a pizza–which it wouldn’t be delivered on time. This simple guarantee or USP (unique selling point) made them a household name.
Other strategies to improve conversion rates are: measuring conversion rates, staying in touch with your customers through cards, newsletters, etc., using testimonials, quality brochures, rewriting quotes and proposals into action plans, educating on value not price, using sales scripts, and defining your uniqueness.
If there’s nothing different about you, people will only buy from you because of convenience, or price, nothing more.
About ActionCOACH
Brad Sugars founded the brand Action International in 1993 when he realized there was a disconnect between business advice and implementation. The answer was Action! Brad Sugars created a business coaching company so that business owners throughout the world can realize their goals in business. Today the company is known as ActionCOACH. To learn more about business, visit Brad Sugars Review blog!
