Archive for December, 2016

Converting Prospects – Does your Business spend enough time on this?

How do you provide your buyers with a complete understanding of what you do, what you sell and why your products or services are better than the competition?

This question was posed to members at a Business Exposure Group meeting and a lively discussion ensued.

Too many businesses are already generating all the leads and prospects they need but are unwittingly losing up to 90% of opportunities to convert them into sales.

It is important to consider the following:-

  • The buyer is more interested in themselves than you, so, how do you remove the perceived risk of buying from you?
  • Map your sales process. A step by step process to convert enquiries and leads into sales – the actions taken to prepare for each sale.  How you overcome concerns.  Build trust/understand the buyers goals/create certainty that your product meets their needs/ overcome fear of making the wrong decision/officially confirm the sale.  Develop a process.
  • There is value in trying to convert old and cold prospects. It may be time to approach another prospect in the target company.
  • Qualify leads so you don’t waste time. If a prospect isn’t ready to buy don’t give them to the sales team.  Provide useful mailshots and wait your time.
  • Spend enough time researching the buyer’s needs, then offer the solution to win the sale. It is important to listen and find the solution for the prospect.
  • Measure your conversion rate and always have a planned agenda for the sales meetings to keep you in control and set the appropriate expectations.

The Business Exposure Group members came up with the following points.

Offer content and information that educates, regular newsletters are the beginning of the process.

  • Fish where the big fish are, don’t waste time trying to convince people to buy when they are clearly not interested or ready to commit.
  • Establish a no communication deadline to remove redundant prospects from your pipeline.
  • Follow up your initial call a few days later asking questions, eg, have you had a chance to go over the information and make a decision? 80% of all significant sales occur only after a minimum of 5 follow ups. Following up will apply pressure and open up dialogue to discover questions and concerns that the prospect may have.
  • Have a list of scripted answers readily available for every possible objection/query
  • Remind them that you have a solution that is going to make them more money
  • Don’t adopt a one size fits all approach, target and segment, focus on the best prospects first
  • Increase the skills of your sales force, make them appear helpful not pushy, and the overall product knowledge of your team will reduce the risk factor facing the prospect.

The future for any business is to develop a well thought out process to maximise the conversion of prospects.

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