We all want to hear “Yes” to our offers and to minimize the No’s!
Apart from possible feelings of rejection, have you ever thought of how much each No is costing your business?
Say your most popular product sells for £1,000. Every Yes you get brings in £1,000 and every No means a potential loss of £1,000! Consider how many people you pitch to in a year and the number who are yet to convert. A No is therefore quite a costly thing! Your marketing efforts cost time, money and other resources and every No is an investment that did not yield. It is not my intention to cause panic but to help you see why it is important to work on getting more Yeses and reducing your Nos. Your Yeses mean money in the bank. Your Nos are bad leaks that need to be plugged! No one ever gets 100% conversion every time. But the better our conversion rates, the more money we gain with our Yeses and the less we lose through the Nos.
6 ways to boost conversion and get more Yeses:
1. Be absolutely sure to do your market research BEFORE you create your product or service.
This is so that you know for a fact that there are enough people out there who are ready to pay for it. This may seem obvious but I often meet people who do things the other way round. They create the product, based on their own thoughts and feelings, and then try to persuade people to buy it. I support my clients through the market research and product creation phases so that we know we are going to market with a winner! This makes it a great deal easier to get more Yeses than Nos!
2. Only sell to pre-qualified prospects.
These are people who have shown some kind of interest in the solutions you provide. Possible indications of interest could include attending your presentation or teleclass, downloading your free report, buying your book, signing up for an introductory chat, asking for more information or making an enquiry. This way, you increase your chances of getting a Yes because you are dealing only with interested people who have taken action on their interest. It also presupposes that you are proactively offering your audience “the right hand of fellowship” so they can step up to a relationship with you. Create and administer some kind of screening exercise so that you are only having consultations with people who are willing and able to buy. If you allow everyone to book your free consultations you will likely spend your day with tire kickers and get Nos all day long! The more qualified your prospects, in advance, the greater your chances of getting a Yes!
3. Advance preparation.
You may pitch your services through one-to-one meetings or to audiences of prospects. Whatever the case, you will get more Yeses if you understand your target market and give them what they want, the way they want it. This calls for some advance preparation. Learn their buying styles: are they heart-based buyers, head-based or a mixed audience? Are they analytical and decisive or emotional and requiring more time? What are their needs? What have they tried before? Why have they decided to speak with you or attend your presentation? You may be able to find out by asking, by interacting before your presentation or through pre-meeting questionnaires. This kind of intelligence means you know exactly what your audience wants and are better able to deliver it.
Brian Tracy’s Law of Advance Planning says:
“The salesperson who has taken the greatest amount of time to acquaint himself or herself with the most specific needs of the customer is the one who builds the highest level of trust and the best sales relationship.”
We are all salespeople, business owners or not, and we could all benefit from building trust-based relationships with our audience.
4. Clearly communicate the benefits.
If people cannot see and understand that you can solve their problems they are not likely to buy from you. Show them exactly what they stand to gain. Be sure to also highlight the consequences of not investing in your product so that it makes far more sense to buy from you than not. For instance, investing £50 a month or £600 a year on health supplements to relieve arthritic pain may sound pretty steep to some people. Till you compare it with the consequences of not investing: Continued absence from work due to arthritic flares could mean losing clients to competitors; cleaning bills because you are unable to do your own cleaning could mean less money for other things; then there may be delivery charges because you cannot make it to the shops, not to talk of all the family gatherings you miss due to ill health. I do not know about you, but that £50 a month now seems like a wise investment and a small price to pay for good health!
5. Stick with what works for you.
Keep a marketing journal and track all your marketing activities. Keep record of the results you get, such as how many leads you generate, how many of these convert to clients and what you did to achieve this. If for instance, you typically have a conversion rate of 2 out of 10 and you need 5 new clients, you can now tell that you need 25 new prospects to reach your target. This could mean getting 25 attendees for your webinar, speaking to an audience of 25 or getting 25 people to sample your product. To be safe, you could double your numbers to 50. Once you know what works for you, keep on doing it! If it does not work for you or your business, there is no sense in continuing. Scrap it; with marketing, less is more! Focus consistently on a few things that work and you will get better results with much less stress than having several marketing irons in the fire.
6. Create and follow a system.
Instead of carrying out random acts of marketing, put a sequence together and keep working it. For instance, Julia, a London-based property investment coach, holds regular quarterly workshops, sharing helpful tips with her audience. Julia considers that paying a minimal fee to attend these workshops is a strong indication of interest on the part of each attendee. So, she simply holds her workshops 4 times a year and follows up with her attendees all year round. Because she tracks her results, Julia knows that a percentage of her attendees become clients at the events. Others become clients through her subsequent email marketing and social media activities. Still, others convert through Julia’s “Refer a friend” initiatives. And since the workshops and follow-up work for her, Julia is constantly on the look-out for joint venture partners with communities that she can present her workshops to. She has found a system that works, perfected every piece and now has her prospects coming to hear her speak, and paying for the privilege, instead of chasing after them herself! Julia has no need to re-invent the wheel. She simply “rinses and repeats” her system all year round!
Now you can stop leaving things to chance and merely hoping to get more sales. Instead, you can take control and increase your possibilities!
By following the above tips you stand a much better chance of getting more Yeses and making more money. You can also minimize the money-sapping Nos. Apply these tips consistently and watch your business grow!