Monthly Archives: September 2016
Some clients have increased their conversion rate more than ten-fold whilst at the same time dramatically reducing the cost of acquiring those customers. Here are some of the strategies you can use:
1. Mapping your sales process
This valuable diagram maps the step by step processes required to convert your enquiries into sales. It tracks the actions you take to prepare for each sale; how you overcome concerns; build trust; understand your buyer’s goals, needs and wants; create certainty that your product or service meets their needs; overcome their fear of making the wrong decision; officially confirm the sale … and see to it that your buyer is truly satisfied. You’ll be able to carefully study your sales process from every angle so that you manage and control each step, convert more effectively and address predictable buyer concerns before they pop up later as objections.
2. Measure conversion rate
What you measure you can manage, yet few businesses ever consider, let alone accurately measure, the percentage of their hard-won enquiries that convert into sales. Without a measurement system you can only guess at your sales conversion rate … and usually it’s an over-estimate! Once you start measuring your conversion rate you can start focusing on lifting your “benchmark” performance using some of the techniques listed on this page. If you measure what you are achieving, then focus on the key factors that will impact on changing it … things WILL change, often with immediate effect. It’s not uncommon for businesses to increase their sales levels by 20% JUST by focusing on their conversion target.
3. Qualify Leads better up front
Time wasted on unqualified leads is the No.1 factor that can affect your sales success, because not everyone is a prime prospect for your products or services. You can be “busy” all day talking to people, but you won’t make sales unless you concentrate on qualified prospects, rather than offering your product or service to people who are unreceptive, not ready for, cannot pay for and are disinterested in what you’re offering. You qualify your leads by offering very specific propositions to ensure that the people who respond to your marketing approaches are only those who have the desire, the capacity and the motivation to buy your product or service.
4. Fish where the big fish are
Even if you have the most technically advanced fishing equipment, you’ll leave empty handed if there are no fish in the lake. But if you just have a simple net, and the lake is teeming with fish, your chances of a catch are much greater. Where you cast your line is crucial to catching fish … and the same is also true in business. Successful businesses fish where the big fish are. They talk to customers who are familiar with their product or service, or already use it, or have a high probability of using it. Don’t waste your time trying to convince people who don’t need your product or service when there are customers out there who already know they need what you’re selling … and are thus part-sold before they even see you.
5. Packaged Information Offers
The right offer can increase your response up to 300%. Yet few businesses ever go beyond a token effort of making “some sort of offer.” Most people wrongly assume that their buyers already know it all, or aren’t interested in reading lots of words. In truth your prospects crave as much information as possible so they can make an informed purchase decision. By “packaging” your expertise into a special booklet, report or seminar and offering it as an inducement to get your prospects to contact you, you can bring prospects out of the woodwork in droves whilst simultaneously establishing your expertise and at the same time educating and informing the very people who are most interested in making a purchasing decision … which increases the probability that you’ll get the sale.
6. Show the chain, sell the first link
No one buys a chain link by link. People either buy the whole chain or they don’t. It is the same with converting business. If you show the customer all the steps in a sale and he or she agrees to the first step, the customer has bought the chain … unless you break it. You show the chain, make it clear how the phases in the sale are linked—from first agreement to purchase order—and then sell the first link … which is attached to the last link. Sell the first link and you sell the chain.
7. Using a planned agenda
A planned agenda for meetings with your prospects or customers is one of the most effective, yet under-utilised, tools in selling. It offers a number of key benefits: it makes your sales meetings more productive, effective and rewarding; it shows you’ve taken the time and effort to plan for the meeting which creates a positive impact right from the start; it allows you to take control of the meeting and keep to the allocated time; it increases your conversion rate by setting the right expectation from the outset; it helps you understand who really makes the decisions; it helps you to record and follow-through on any agreed actions and it will make you look and act more professionally, thus enhancing your reputation and increasing the chance that you’ll win the sale.
8. Onionize to understand
To convert successfully you must first get to the essence of your customer’s problem or needs. You must understand all of your customer’s concerns, desires, fears, and limits. You cannot prescribe a solution until you diagnose their need. You cannot turn your customer’s need into a want until you know how to put value on your customer’s desired state. Just as you peel an onion layer by layer, so, too, you help your customer get to the “heart of the matter.” “Onionizing” is akin to being an investigative reporter, detective, psychiatrist, doctor, and archaeologist. You ask, probe, dig, diagnose, and listen to understand … then prescribe the solution and win the sale!
9. Winning Quotes & Proposals
If either your product or your proposal are weak, your chances of a sale are slim to non-existent. If you normally send out single page “quotes,” you’re asking your buyers to make a leap of faith when they buy from you because they really have no idea if they’ll be getting a great service or a lousy one … and you’re inviting comparison with your competitors. If you focus instead on educating your buyers to understand the true value of your product or service by explaining how it solves their major concerns, telling them exactly what you do for them at each step, they KNOW it’ll be great. This will help you to win more tenders, charge what you’re truly worth and increase your conversion rate.
10. Educate by giving reasons why
You’re continuously striving in business to move people first to desire and then to buy your product or service, again and again. For most people, the missing link in this process is to provide your buyers with a complete understanding of the reasons why you do what you do, why you sell what you sell, why your product or service is better than others, why they should act, and why they’ll be disadvantaged if they don’t. The more you help your buyers to understand the tangible, compelling reasons why they should take action, the more powerful your positioning, the more people will understand the value and benefits you’re offering, the more they will trust, and the more comfortable they feel with what you’re offering.
Caution to Internet Explorer users: Depending on your Internet Explorer version there is apparently a minor bug within page caching that affects AJAX client performance in some cases. If your CRM system slows down, we recommend to clear your browser cache.
The % character can be used as wild cart for the search function. For example, if you have two contacts spelled “Meyer” and “Mayer” you may search for both by entering “M%yer” as the search term.
If you click on [New Lead] at the Quick-Create menu you are offered a quick entry menu for leads, but only for name, company, phone and email entries.
If you create a lead this lead will be assigned to you automatically. You may assign the lead to a different CRM user or user group by changing the content of the “Assigned To:” field to a different person or to a team.
In addition to leads, contacts and accounts, data for products and potentials can be imported and exported. Furthermore, notes and emails can be exported.
For the import and export of contact data you may also consider the MS Outlook plugin for Windows computer or the Thunderbird extension for Linux, Mac and Windows computer as they are provided with the CRM system.
If you have to make multiple imports the CRM offers you to store the references you have selected for future use. Mark the check box [Save as Custom Mapping] and write a name of this reference in the entry field. Make sure that this name has not been used before. This Custom Mapping will be available at step 2 as Use Saved Mapping when you make the next import.
If your data contain line feed or carriage return characters you have to remove them before importing the data into Excel. Such characters might be created by the CRM system if you have entries that uses multiple lines. This might for instance the case if you separate street name and suite number in an address entry by an additional line.
Use the CRM’s capability to generate a subsequent operation from a given sales phase automatically. You can continue to use the data already entered. Only if there is no predecessor you may chose to enter the information to a sales phase directly.
Be careful in defining sales stages for your company. If you define to many stages not all your coworkers might be able or willing to maintain a valid data base.
Individual lists facilitate the work with the CRM system very much. However, mistakes in the list composition, especially by AND and OR operations, can lead to unexpected results. Therefore, it is recommended to untrained users to begin with simple lists with simple logical filters and to examine the results.
You may use the Key Metrics for critical processes, in order to recognize immediately, if somewhat has changed. For instance, a sales person can see immediately if the service team has to solve critical tasks with a special customer; a manager can watch the progress in a sales cycle; a service coworker can see, if the company has won new customers etc.
As more CRM entries are labeled with the same tag as bigger this tag will be displayed at the tag cloud.
The CRM system can store your standard email signature and adds it to your message automatically. The signature is set by the My Settings menu at the CRMs Login Area.
Your CRM system administrator may add additional custom field to your tickets or may change the contents of the drop down lists.
It is advised that only one or a very limited number of users get administration privileges.
Default field access settings include custom fields you may have created before.
You should write down your content selection for further references. You will need it if you would like to convert leads to sales potentials as described in the following section.
You may clone templates. Edit an existing template and store it under a different name.
Depending on the speed of your access line to the FTP server, a backup of the full data base might slow down your logout procedure. If you do not need such frequent backups, check with your CRM system provider for other backup procedures.
Data-Driven Lead Intelligence: CRM accelerates your ability to make better sales and marketing decisions based on robust client and lead analytics. With better business intelligence, you can achieve a customer-centric view across your enterprise to attain greater efficiencies and increase marketing and sales productivity.
Robust Marketing Analytics: CRM lets you create, track and manage marketing campaigns effectively. Whether it’s outbound calls, email marketing or social media campaigns, CRM automates the process and provides data-driven results to accurately measure—and improve—marketing efforts.
Interactive Monitoring & Reporting: CRM solutions provide you and your sales team with the tools and information required to close sales faster and monitor sales performance. You can select from a diverse display of reports, create new reports using wizard-based report tools and easily filter out the data you don’t want to see. With automatic reporting delivering deep sales insights, lead management performance improves.
Enterprise Collaboration: CRM solutions drive employee productivity and knowledge exchange with social-style collaborative tools, including peer-to-peer learning and employee engagement. Mobile access, an increasingly critical functionality in business productivity software, grants your team 24/7 access to vital customer information, schedules, projects and history. The better your business collaborates to serve, market and sell as a unified entity, the better your lead nurturing performance.
True Lead Understanding: CRM stores data about all leads and creates lead reports that show you the components that make up your leads and how your leads best fit into your sales pipeline. CRM solutions allow you to customize your lead reports, all the while providing you with automated, end-to-end lead tracking designed to manage leads accurately through your sales pipeline. You can even automate your follow-up activities for greater efficiency in cultivating and nurturing lead relationships. CRM automates the way you acknowledge, manage, analyze, market and sell to your leads—total lead relationship management.