Maximise Your Conversion Rates

Typical Response Rates for Different Forms of Advertising

Direct Mail Telemarketing Email SMS Internet Advertising
Response Rate Approx. 2% 10-20% 3.5 – 10% 10 – 20% 0.3%

We all work hard each day to generate qualified leads so it is extremely important that we learn to convert as many of these as possible into sales.

Here is our 20 Point Checklist to increase leads and conversions:

1 Track the sales leads that result from your various marketing campaigns on a spreadsheet, database or via tracking software. ð
2 Set key performance indicators for the time taken to follow up each lead. ð
3 Monitor performance levels in the following up of sales leads as what gets measured gets improved. ð
4 Set performance targets and goals for the team so that the follow up of sales leads are seen as an important component of the firm’s performance assessment process. ð
5 Set performance standards for the manner in which professionalism is to be displayed – involve staff in arriving at these standards so that they have some ownership to them. This includes appearance, attitude, language used, acceptable delivery times etc ð
6 Establish a system of customer service standards and communicate these standards to existing clients or put them on a wall for all to see. ð
7 Incorporate a process of keeping in touch with existing clients on a regular basis e.g. a newsletter, regular promotional offers ð
8 Review customer satisfaction levels through written, on-line and telephone surveys. ð
9 Provide rewards for VIP customers. ð
10 Define the demographics (the who, what, where and how) of your target market (E.g. by age, sex, income, general industry type, specific industry etc). Identify their needs by simply asking them. ð
11 Identify what factors influence customers to go in either direction? To buy or not to buy? ð
12 Constantly look to improve your team’s sales presentations skills through training and role playing. ð
13 Train your staff as to your competitive advantage over the competition so they can handle any comparative questions that may arise. Ensure you do not degrade your competitors as this is very unprofessional in the customer’s eyes! ð
14 Share information on what is working well and what is not with all the team! ð
15 The main function of a sales professional is to assist the customer to make a good choice, therefore train staff as to the “what’s in it for me” benefit for the customer. This means knowing your products/services intimately. ð
16 Ensure your client base is up to date and is used efficiently. ð
17 It is easier to sell to customers that have experienced you before than new customers! This means if you have limited resources you are better off targeting your existing customers before chasing new leads. ð
18 Utilise referrals and testimonials their influence can make a substantial difference in converting leads to sales. ð
19 Train your team how to answer the common customer objections that you hear everyday. ð
20 If something is not working change it! ð

Richard Kemp – Watts Price Accountants
E: richardk@wattsprice.com.au

The advice provided on this Article is general advice only. It has been prepared without taking into account your objectives, financial situation or needs.