Of the five areas in which we coach our business owners, increasing their conversion rate is generally the second easiest and most cost effective to help improve sales. Despite conversion rates being one of the easiest areas to focus on and improve in a business, from my experience as a Business Coach, it is also the one most neglected by business owners.
Here is how you can change that!
Do you realize that if your business has a conversion rate from lead to sale of 20 percent and we help increase that conversion rate to 30 percent – this is not just an increase of 10 percent; it’s a 50 percent increase. This in turn means that your revenues (on an average) would increase by 50 percent.
I bet that I now have your attention.
The key to increasing your conversion rate is to test and measure it at every level of your team’s sales process. To do this you need to identify and break-down your entire sales process into the smallest “chunks” possible so that you have a series of standardized “steps” your team performs with clients as it takes them through the sales process.
Measuring the conversion rates from step 1 to step 2, step 2 to step 3 and so on- is key to measuring where your conversion rate is- great, good or indifferent!
Have every team member measure their own conversion rates so that you identify individual conversion rates of each of your team members and then collate all these ratios to obtain an overall team conversion rate for your sales. Next identify where the largest “bottlenecks” are for individuals and the team to work on improving the conversion rates between these steps first.
You may be wondering, “How do I do that?” Well, there are many ways you can do this, which will be the subject of my upcoming articles. It is important that you understand that to be able to even identify the fact that you need to work on your conversion rate in specific areas requires you to first test and measure it. It is the key to increasing conversion rates as I am sure you have heard before…You can only manage effectively what you are measuring.
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!