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Every entrepreneur wants to increase their conversion rates. But what is a conversion rate? Conversions are when a prospect turns from a lead to a client. Conversion rate is the metric by which we track how many leads turn into paying clients.
By knowing your conversion rate, it becomes clear how much time you are spending on each lead to convert them to a paying client. Spending a lot of time on leads directly impacts your hourly rate — lots of monthly leads but only one conversion means more work for less dollars.
So how do we fix this so you make more money with less effort? Below are three easy steps for you to implement TODAY that will increase your conversion rate and boost your confidence.
Stay in Control
One of the biggest mistakes I see entrepreneurs make (especially new-preneurs) is expecting the client or customer to drive the sale. This is extremely rare! More often than not, the client or customer won’t know exactly what they need, they just know they are in need, and are looking to you, the expert, to build their confidence and tell them what to do next.
Many new-preneurs don’t stay in control, however, because they feel shy, scared, or are dealing with Imposter Syndrome (watch this video I created to help you with Imposter Syndrome). I’ve been there! But by not stepping up and guiding the client through the process, it is more likely that you will lose the sale, further damaging your confidence.
It is critical that you stay in control of the relationship with a potential client or customer. This will not only amplify your chances of success, it also instill a sense of confidence and trust in the client. If you know what you’re talking about, and you can guide the next steps, the client will trust you.
How do you stay in control?
It is critical that you stay in control of the relationship with a potential client or customer. If you know what you’re talking about, and you can guide the next steps, the client will trust you. Click To Tweet
Systemize Your Lead Process
The best thing about systems is that they can be studied. Each stage is a separate step in the process, meaning you can test individual stages and find weak points. No more guesswork!
What are the basic steps you should include in your lead process?
- Immediately set up a meeting (use Calendly or some other app to let the client choose what time works best for them) when you receive an inquiry
- Ask clarifying questions (either during the meeting or via a discovery form sent in the meeting confirmation email) and make no assumptions
- Explain your process and next steps
Schedule follow-ups BEFORE they leave each meeting (people tend to get distracted outside of meetings and scheduling the follow up won’t seem important compared to other business)
This leads us to the final tool that will help you stay in control and increase your conversion rates for more (and larger) sales.
Use a CRM
A CRM is a Client Relationship Manager. A CRM helps keep contacts organized as well as helps the follow-up process.
Have you ever had a lead ghost you? This is the worst feeling for entrepreneurs who are building their confidence. When this would happen early in my business, my mind would spiral and I would question myself. What did I do wrong? Why didn’t they want to work with me?
Sadly, allowing these negative thoughts to take over your mentality reduces the likelihood of going after the missing lead. 90% of the time, a lead ghosted simply because they got busy or weren’t clear on the next step. Had I reached out when a lead ghosted, I might have saved the sale, instilled greater confidence in the client, and learned something to improve my process!
There are several CRM software options out there, but here are the features that absolutely must be included:
- Categorizing across pipelines (ie. what kind of lead is it?)
- Tagging and note-taking for individual contacts and deals
- Automatic reminders to follow up based on last contact date (and control over each individual pipeline’s reminder frequency)
- The ability to set a reminder on an email you’re sending so, if there’s no reply, the system alerts you so you can follow up
- Integration with your email
My favorite CRM is Cloze. It not only does all the above, it also helps set an agenda for you each day, and integrates with your phone and social media so every touchpoint with a contact is documented. It’s a game-changer!
Regardless, know that your address book in Gmail or Apple Contacts isn’t going to cut it. Your CRM will help you stay in control, follow up with leads, and save a sale before it goes cold.
What will you implement today to expand your conversion rate? Tell us about it in SCALING:lab!