How To Increase Your Sales Without Advertising...
I met a business owner once who proudly informed me that every customer that came
into his premises purchased from him and that he was a master salesperson. I was impressed. His customers should have purchased from him every few weeks after that but less than 25% did? Why? What was he not concentrating on?Well, it needn't be that way if you just do one thing in your business. Whether you are in a home based business, an online business, working a job for someone else or running your own franchise, this important fact is critical. It may appear as absolute common sense to many but it is often over looked.
Your business can really be boosted if you really test and measure your conversion rate. The conversion rate is the percentage of inquiries that you manage to convert into prospects.
Too often, when times are tough, business owners and managers waste thousands of dollars on advertising - Its very frustrating when new customers come in and walk out because your team were not properly trained.
Many retailers in business would be delighted with a conversion rate of 30%. This is good and it can often be much lower than that. Imagine what a 25% improvement to your sales figures would mean in the next few months? Do you have plans for the cash. How would that affect your financials in your business. Imagine if you did that instead of spending money on online advertising, on magazine advertising etc? Not only would you benefit from a 25% hike in sales but you would also dramatically reduce your advertising spend - Or you could continue spending on advertising and get a double whammy.
This is huge in any business yet so many business owners do not know their conversion rate at all. You will have heard the adage that "Whatever gets measured gets managed" this was never truer than in the conversion rate game.
Remember that you may also need to consider more than one conversion rate in your business. if you are selling more complex items on a slower sales cycle then you may have to measure the conversion from initial inquiry to quote, from quote to follow up meeting and from there to sale. By measuring each one, you will know where to focus your attention and this is what will get you massive results in business.
If you are just starting out in business make keeping score on all aspects your favorite thing to do. It is a brilliant regular reference point for you and everyone in your business. Its an easy thing to measure, its an even easier tool to use to hold sales teams accountable in your business. Improving your conversion rate costs only time and commitment
Copyright (c) 2009 Derek O'Dwyer
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