This is the second of a series of five steps by which business owners can increase their gross revenue and their net profitability. Visit http://strategicvisionbusiness.com/blog to read the rest of the articles in this series.
There are two numbers that matter most when it comes to leads: how many you generate, and how many you convert. In our previous article, we addressed the importance of lead generation. Today we are going to focus on lead conversion. Increasing your conversion rates will have a dramatic impact on your bottom line, and not just because it means more clients. Increasing your conversion rate allows you to bring in more business without increasing the amount of money you invest in lead generation. More clients, without spending more money… how’s that for a win-win scenario?
Again, the biggest mistake that many business owners make with regards to lead conversion is the failure to systemize.
Here’s the million dollar question that you need to answer: what’s the most effective way to convert your leads? Maybe it’s a scripted phone call. Maybe it’s a face to face presentation. Maybe it’s an informal lunch meeting. There’s not always one right answer. You may find that leads generated through your web site are most effectively converted through email, while leads generate by direct mail are best closed through a phone call. Identifying the best method or methods isn’t a quick process, but it’s important. It takes trial and error. And it requires careful measurement. Once you’ve identified the best approach, you’re ready for the next step.
As you may have guessed, that next step in this process is systemization. You’ve identified the best approach to lead conversion, and now you need to document it and train your team to repeat it. Whether it is a script for phone calls or a perfectly designed PDF that you email to prospects, make sure that your system of conversion can be consistently replicated by the right members of your team.
Creating an effective and repeatable system of conversion requires an investment of time on your part… but it is worth every minute!