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How to Elevate Your Conversion Rate

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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?

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?

  1. 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
  2. Ask clarifying questions (either during the meeting or via a discovery form sent in the meeting confirmation email) and make no assumptions
  3. Explain your process and next steps
  4. 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:

  1. Categorizing across pipelines (ie. what kind of lead is it?)
  2. Tagging and note taking for individual contacts and deals
  3. Automatic reminders to follow up based on last contact date (and control over each individual pipeline’s reminder frequency)
  4. 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
  5. 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?

Why your work week should be 10 hours or less

The 70-hour plus work week is a sham.  Pride in overwork is misdirection.  These cliche’s are completely false, and they are distracting thousands of Entrepreneurs from the truth:  something in your business is out of balance.

In fact, you could easily be working less than 10 hours a week on your business.   You should also be making more in those 10 hours than you did in the 70 hours you used to work.  Think I’m crazy?  Read on to learn more about the amazing effects of Scaling a business.

What’s out of whack?

If you are working more than 40 hours a week in order to earn a living, something is truly out of balance in your company.  Typically there are two possibilities – either you’re charging too little or your lead generation pipeline is broken.

Charging Too Little

It is all to common that women charge too little for their products and services.  Especially services.  Over and over I’ve seen my clients undervalue their time out of a place of giving.  I love that my clients have big hearts, but our time is valuable!  It is used to make sales, project manage, order inventory, and more.  If you give all your time for free, you will quickly find that you are hurting your company and its growth.

If you feel like you may be undercharging, look at your competitors — in all markets.  I happen to live in a city that has extremely low cost of living, so it would be easy to price myself lower than the true value of my work.  If I had done so and had a consultation with someone in New York City, they would have thought I was way underpriced (and probably not worth their time).  Your pricing matters, not only to ensure you make what you should, but so others believe in your worth.

Broken Pipes

Alternatively, you may be priced on par, but your lead pipeline is broken, so you’re spending way more time hustling for clients and customers than you should be.  I tend to see this in clients who equate sales with sleazy used car dealers (and the like).

First of all, sales and marketing are two different things.  Marketing is your pipeline.  Sales is what happens once someone reaches you through the pipeline.  You need both.

Look over your lead generation over the past few months.  How are you doing?  Did you get many leads but not convert them, or are you not getting many leads at all?

If you’re providing a service and either of these is broken for you, I highly suggest taking a look at the book “Book Yourself Solid“.  It walks you through creating your Target Market, how to talk about your business, and then how to create the pipeline for marketing your work.

But I’m the only one that can do this!

Wrong.  If you truly were the only person in the world that could do what you do, you would be making way more money, and probably for an institute or organization.  So let’s rework this mindset.

I used to think I was the only one who could create websites that went deep into my client’s target markets.  I certainly am the only website developer in my city that has a degree in Anthropology.  While that is unique, that didn’t make me the only person in the world who could do what I did — or even the only person in the city.

In fact, once I stopped being stubborn and started looking for someone who could do what I did, I found someone even better.  That’s right.   Instead of finding someone who was as good as I am, I found someone who is even better.  Not only does she have the ability to see into the minds of others, she is also certified in other tools that I am not, and dreams up way cooler design for our clients.

What about the techniques and systems I had created specifically for my company?  I trained her on those, and she rocks them out from her unique point of view.  Since hiring her, our portfolio has quadrupled, all because I now have more time to sell and market our services.

Hiring a VA

Perhaps you’re not ready for employees.  That’s alright.  You still are doing work you shouldn’t be, like scheduling your social media posts, writing up contracts or proposals, ordering supplies, and more.  Yes, you need to oversee some of this through daily, weekly, or monthly checkins, but you don’t need to be doing these things, yourself.

This is when an Intern, Virtual Assistant, or Personal Assistant is absolutely the right fit.  They can be available to you as little as one hour a week, and they free up the valuable time you use to bring home the bacon.  More time to sell and create partnerships equals more money!

I am a big fan of Shared Hands (my friend’s VA company) which is 100% based in Grand Rapids, Michigan.  The fabulous part of their service is if you do happen to grow to fill your Assistant’s time, you can buy out their contract and bring them on as an employee of your business.

Systems, systems, systems

Finally, it may be that you are spending too much time working simply because you need to systemize.  How much time do you spend scrambling when a new client comes on?  I once asked a new client how she would feel if she had ten new clients sign that day.  She said she’d probably run away — she didn’t know how she would manage onboarding that many clients.

The truth is ten new clients should make you jump for joy.  If it doesn’t, or if you feel like you’re spending extra time doing small tasks, it may be that you need better systems.  Take a look at your repetitive processes.  Is your contract standardized?  How do you onboard your clients?  Do you have standard milestones that can be a part of an automated system?

Some of these things must be created internally, but some of them can be outsourced to an app.  For example, I found I was spending a lot of time emailing back and forth to schedule meetings.  I now use an app called Calendly which does it for me.  Some CRMs come with automation that handles your entire sales process for you.  Make use of such services to ensure your time is free to do the work that matters — and to see your family once in a while.

Need help scaling your business to a ten hour (or less) work week?  Get on my calendar!