Here in Australia, the 30th of June marks the end of the financial year. We’re in the last month and it seems like a sprint to the finish line. If you haven’t got there yet, you want to work out how you can increase your sales. If you don’t have much money to spend, I have this low-cost strategy, which can sometimes be a free strategy. This strategy is actually implementing a number of strategies together that all work towards one outcome, increasing your conversion rate.
Conversion rate is often overlooked when it comes to generating more sales. If you have plenty of leads but your conversion rate isn’t as high as it should be, you should start asking yourself, why is this? If you can increase your conversion rate and get more people to buy from you, your acquisition costs per customer will decrease, which will in turn allow you to get more sales for the same marketing spend. There are a lot of different aspects to consider when it comes to increasing conversion rates; we can’t go through them all in this article. Here we will leave you with 5 different aspects that you can implement to increase your conversion rate.
Firstly you must follow up. You have got the quotes out there, follow them up! If you have incoming enquiries, don’t leave them longer than an hour or two, get onto them as soon as possible. If you respond to your leads quickly you will have an impact almost straight away. Think of your own personal situation here, have you ever requested a quote from somewhere and it has been days before you’ve heard anything back from them? By the time they contact you, you have most likely already made a purchase decision from someone else. This is not good for business; make sure you follow up as quickly as humanly possible!
Have Social Proof
The second strategy we will address is having social proof. Reviews on Google, Facebook Testimonials, Video Testimonials, Case Studies and before and after photos. All these things convert, right? Make sure you have an array of Social Proof when someone enquires or looks at buying from your, through this you can show them that your product or service actually works. You want to make sure that you’re able to address any enquiries in this area as it has a direct impact on your sales.
Understand How People Buy
You have to make sure that you understand how and why people buy. It is no good only learning how to sell, you need sales training. You need to understand the underlying psychology of why people buy, there are lots and lots of great resources available relating to purchasing behaviour, make sure you get studying! There are two books that we highly recommend you read, firstly, “The Psychology of Sales” by Ben Tracey and Secondly, “The Psychology of Influence,” by Dr. Robert Cialdini. They are two excellent books on the psychological aspects behind influencing and buyer behaviour. You have to understand what makes people buy! You can end up upsetting people if you just tell, tell, tell. You must learn how to ask the right questions and work out the customers’ needs or they won’t buy from you.
Have a Sizzling Offer.
It’s the end of the financial year. People are conditioned to expect amazing offers t come out. Why don’t you create your own? For example we have a voucher up to $4,200, we are calling it our end of year stimulus, business stimulus payment. That is our stimulus incentive. You should make your own! An offer you can’t refuse! If a person perceives that they are getting better value for something they are more likely to make a purchase. Put this into action. Make sure to provide some kind of guarantee. You need to have a unique selling proposition! You need to have something to differentiate you from your competitors. If people are looking at the competition, they are also looking at you, and the only factor they can use to make a decision is the price. You have to educate the consumer on your point of difference, if you haven’t, price is all they can decide on, which makes it less likely for their decision to go in your favour. You must strive to make your business unique! Make sure you have that added flair with your product or service, this will give you that competitive edge!
Measure your Conversion Rate!
We highly recommend that you measure your conversion rate, it is a low-cost strategy that can massively improve your results, an easy way to make a big impact. You need to have a good system in place to measure your conversion rate, but don’t just measure your sales conversion rate. If you’re booking appointments, measure your rate of booked appointments to held appointments. Measure the number of days between a quote being requested to a quote being submitted, or whatever it might be. If you don’t know your numbers, how are you meant to measure them? You should measure everything possible! There you have it, increase your conversion rate, it is one of the lowest costing ways to boost your sales! It is one of the easiest ways to boost your sales today, if not now! Get out there and start doing it! Need help increasing your conversion rate? Fill out your details on our contact us page and one of our team members will be in contact!