Build Your Customer Base in 4 Weeks: Business Coaching in CT Tip #8
Business Coaching in CT tip # 8 – Improve Conversion Rate for Leads and Contacts
Keeping tabs on leads or sending contacts costly mailings can be a drain, not an asset.
As leads and contacts are made, they need to be converted as soon as possible into customers. Otherwise they can just join the list of names you have in your database.
Once someone becomes a luke warm lead, it is important to warm them up so that they become a hot prospect and then a loyal customer. How do you convert a luke warm lead into a loyal customer?
When someone walks into a party and doesn’t know anyone, they are inclined to turn around and leave. But a good host or hostess knows how to spot them, introduce them, show them around, and help them enjoy themselves. The same holds true for businesses that are converting strangers into loyal customers.
Conversion requires getting to know the person, understanding their wants and needs, and then fulfilling those in a way that is mutually beneficial by helping the customer while giving profit to the enterprise.
There are many conversion strategies and techniques, and these can be systematized so that once a new contact enters the leads database, they are automatically cultivated and nurtured to become a paying client.
For example:
If the current conversion rate is 20% for every 100 contacts or leads, that translates into 20 new customers a month. Boost conversions to 30% and that represents a 50% increase. Convert 40% instead of 20% and the customer base has effectively doubled without doing any extra marketing or advertising.
Are you looking to increase your conversion rate? Why not attend one of our upcoming business growth seminars and learn how?
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