Call us: 
0821-7733-6889
Call us: 
0821-7733-6889
Call us: 
0821-7733-6889
Call us: 
0821-7733-6889
#SERIES 71

Is there a hole in your boat?

A common thought point for a business owner is a wish for more leads. If only they could get more leads, they’d be able to make more money.

How often do you think about generating more leads for your business? This could be more telephone calls, more emails, more people walking into your store, or even more website visitors.

The thing is, you actually don’t need more leads.

When you find yourself needing more leads in order to increase your revenue, this actually suggests you have a different problem.

Your sales process has holes that need patching up.

Every business will have a different number of steps for their sales process. This largely depends on the type of products or services that you sell and the customers that you market to. This means that you need to identify where the holes are in your own individual sales process.

They could be right at the start. Perhaps potential customers are not finding the right information on your website or they’re being confused because you’re not explaining things clearly.

Your sales team could have an issue with overcoming objections. If they’re not able to help a potential customer understand the value that your product or service offers, it’s very easy for that person to walk away.

Maybe you have a lack of follow-up in place? You need to make sure you follow-up with your potential customers. Just because they don’t buy immediately from you, doesn’t mean that they won’t buy from you at a later date. Being able to stay front of mind makes all the difference when your potential customer is ready to buy.

Those are just three examples from different steps in the buying process. I’m sure you can find plenty more when you think about how your customers buy from you.

Your sales conversion rate is one of the most important metrics in your business. Put simply, this is the rate at which customers “convert” (purchase) from your business.

Let’s imagine for a moment that your business currently generates 1,000 leads per month. These are through a mixture of website visitors, emails and telephone calls. You’re converting 0.5% of those leads into sales. This equates to 5 sales per month.

Now imagine that you could increase that conversion rate to 3%. That would equate to 30 sales per month - a substantial increase.

If each of those sales was worth $1,000, you’d be looking at generating $360,000 per year in sales, instead of $60,000.

The vast majority of businesses don’t need more leads to generate more revenue. It’s a common misconception and a great waste of time and advertising budgets.

Before you next start chasing new leads, take a moment to look at your sales process. What can you do to fix the leaks?

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