Often business owners contact me because they need more customers – and more cashflow – today!
So how do we achieve this goal for our clients? The answer : We start with our Kinetic Media & Marketing ‘INSTANT CASHFLOW’ checklist!
One item on the checklist is the break-down of sales process into two components : The enquiry (lead, store browser) and the conversion of that lead into a paying customer. Often most businesses get enough enquiries, but it’s their sales and follow-up processes that are lacking. It’s easy to work out which area is the problem – we ask the business owner (and staff) to record how many enquires turned into sales. This becomes a percentage – sales conversion.
Funnily enough most business owners think their conversion is around 70-80%, but when we measure it, it’s often only around 10-40%.
It’s common for us to review the sales and follow-up systems for a business and make changes to improve sales conversion. I’ll give you an example :
A building material manufacturing company we worked with had a conversion from inbound calls to sales of only 18%. By reviewing ‘what’ they said to potential customers on the phone and then improving their telephone script, the sales conversion increased to 27%. The increase in percentage doesn’t sound like much but when you apply it to a half million dollar ($500,000) turn-over business – it equates to a massive $251,000 increase in sales.
Would you say it was worth it for this business to hire our consulting services? Hmmm, dumb question.
Improving sales conversion by examining inbound phone calls is one good marketing strategy to get more customers fast. In part two I’ll reveal another – watch this space…