you make. Remember: You lose value with a prospect or client every time you make a sales pitch, so you must replenish that value before asking again. A value-to-sales pitch ratio of 3:1 is pretty standard, but I recommend a bare minimum of 7:1 for the best results. How to Boost Your Low Lead Conversion Rate There are dozens of reasons why your company’s lead conversion rate could be low. But if I had to put money on one, I’d bet you’re not using the right sales tactics. I see this all the time when I consult for other entrepreneurs. They pour a ton of money into generating leads, then freak out because they’re broke, their expenses are up, or they’ve overspent. That panic pushes them to do the exact wrong thing: They go in for the hard sell because they need to close as many customers as possible right now. Let me be real with you. Screaming “Buy! Buy! Buy!” at a customer when the only valuable thing you’ve given them is a one-page lead magnet is the kiss of death for your sale. It’s like trying to pull water from a dry well. You can’t extract value from a relationship until you’ve put value in. If you want to actually convert leads, you have to stop selling, take a deep breath, and look for ways to add value to your sales process. Take it one step at a time, and break down your big goal (making a sale) into smaller goals. If you have a hot lead, what is your next step? “Close the deal” is the wrong answer. Your real next step is probably getting that lead into a phone consultation or a presentation. Look at every step in your sales pipeline, identify where leads are falling off, and then fix the holes with better processes or more value. If your fix doesn’t work, change it back and test something else. Finally, you need to remember that if someone doesn’t buy right away, there might not actually be a problem. They’re probably still researching and comparing your offer to your competitors. If you stay in touch through multiple channels and keep adding value, you’re much more likely to get the sale than if you push hard right away. Do that, and they’ll go running straight to your No. 1 competitor and won’t look back. A Final Note These strategies will help you achieve some of the best retention, upsell, and lead conversion rates in your industry. If you
A nurture campaign can also build relationships with your other customers, prevent them from canceling, and encourage upsells. Speaking of which … retention rates, you can almost hear the sucking sound of money going down the drain. “ The Strategy That Will Win You More Upsells As I said, most businesses that make under $1 million in revenue have poor to nonexistent upsell processes. You need to plug that gap. Upselling may seem like an “extra” thing you don’t have to worry about to grow your revenue, but it’s actually insanely important because the more lines of business a client has with you, the lower your customer churn will be, and the more profit you make. This isn’t my opinion. This has been proven by companies worth tens and hundreds of millions of dollars. Cable companies, for example, have been all over this strategy for decades. If you want cable, they force you to buy internet and a physical phone line because they know that when you buy three different products, their customer retention rate goes through the roof! Back in the day, I personally stayed on cable for way longer than I should have because it seemed like such a pain to unbundle my cable, phone, and internet services and pay for them all separately. If you combine the expense of generating a lead with poor lead-to- customer conversion rates, limited or no upsell process, and poor customer
So, we’ve covered why upsells are important — but how can you get them? The best way to successfully upsell more customers is by incorporating your offers into a high- value nurture campaign. Send out value-added emails, newsletters, and personalized gifts (think birthday cards, holiday gifts, etc.) and sneak in your asks every once in a while.
perfect them, you’ll break through the $1 million revenue ceiling and skyrocket your odds of becoming part of the .5% of extremely successful businesses that reach $10 million.
To actually get a return on those asks, you need to provide at least three pieces of valuable content for every offer
- Shaun
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