Your sales conversion rate is one of the easiest ways to track and improve your business’s revenue. It all starts with understanding your data and once you have it, you can make small incremental changes to improve your revenue and profit.
Here are the 6 areas you should be looking to improve:
1. Your sales pipeline. A CRM is a must! Spreadsheets can only go so far. The basic sections needed are leads, prospects, buyers, customers, and retention. Entering all of your prospective customers into a management system can provide you with the information you need to make decisions.
2. Start with the right lead. There are 5 stages of awareness from low to high: unaware, problem aware, solution aware, product aware, and most aware. You’ll be wasting efforts going after anyone who is not solution aware and above. The more aware of their problem, the more apt they are to take action to solve it.
3. Understand your audience’s problem. Everyone talks about this because it is very important to the success of your sales. Not only can you catch their attention with your marketing but you can connect and empathize with their pain. Buyers want to know that you understand their seemingly unique challenge.
4. Prove that you know how to solve their problem. Case studies and testimonials work well here. Show that you have a proven way to help them. Make it seem possible that they can alleviate their problem and what it would look like on the other side. Your buyer just wants it fixed.
5. Make a compelling offer that solves the problem. An irresistible offer is the way to go. When the buyer can make the decision easily and it makes total sense to take your offer, they’ll act quickly. This isn’t the reason that they buy, you should do that with the steps above, but it is the icing on the cake.
6. Offer a risk reversal. Most buyers have a fear of making a mistake. What if it doesn’t work as promised? The easiest way to get them past this fear is to make a guarantee. Either a money-back guarantee or you’ll continue for free until it does work. This takes away any fears that they could be wasting their money. It shows the confidence that you have in your offer. Guarantees have a low percentage of being acted upon.
These are just a few areas we can improve to boost our revenue. Take some time to review your sales process and look for ways to improve it. Our sales skills can always seek improvement but that is another conversation. Skills, strategies, and tactics can all add up to improve your revenue and your profit.
Marcia Riner is a business growth strategist. Small Business Owners come to Marcia looking to exponentially boost their revenue and profitability without spending an additional dollar on marketing or advertising. In fact, she is able to show prospective clients a clear ROI to working with her before they decide to hire her. Don't believe it? Let her prove it to you in just a few minutes.
Marcia hosts a weekly podcast with videos on YouTube @ www.Youtube.com/profitwithaplan and audio @ www.profitwithaplan.com. She is constantly sharing business growth tips on all of her social channels @marciariner
Marcia has created an incredible FREE webinar that will show you how you can boost your net profit by 45% in just 30 days. Go check it out while you can @ www.30dayProfitBooster.com