Increase conversion rate
Where are you now?
The third way to grow your business is to increase your conversion rate.
- Are you measuring your success at converting leads, quotes and proposals to sales?
- Do you regularly review why you aren’t converting more of them?
- Are there stand out performers in your team who have a higher than average conversion rate?
- Are you using the right people in the sales process?
- When you deal with customers are you dealing with the decision-makers?
Don’t deal with gate-keepers, get straight to the people who can make things happen.
Your conversion rate might be sales made as a percentage of proposals delivered or sales meetings held. If you’re not measuring these, you need to start right now.
How to calculate the current conversion rate
Sales conversion rate % = sales won / enquiries received
Quote conversion rate % = quotes won / quotes prepared
Proposal conversion rate % = proposals won / request for proposal
Installation conversion rate % = installations won / installation enquires
Strategies for boosting conversion rates
- Use a follow up system
- Sales training
- Proposals with options (the choice of yeses)
- Offer diverse payment options
- Educate on value not price
- Ask for the sale
- Address the pain points