Are You Happy With Your Sales Conversion Rate?
If you or your sales people have low conversion rates of 25% or 33% [1 in 3 or 1 in 4], then this is costing your business a lot of money in wasted sales activity and resources, and missed revenue. The conversion rate I am referring to is from Lead to Sale – from the first conversation with a prospect to their actual purchase of your products and/or services.
The high performers have win rates of 75% or 3 in 4 and let’s explore what is the difference that makes the difference.
The number one reason that our research has identified is that the high-performing sellers have what I call 21st century selling skills.
Underperforming sellers have not upgraded their selling skills – they are still using methods that were relevant to the 1980’s.
The selling and buying environment today is so much more complex and it requires modern selling skills and strategies.
The Seller must co-create Value with the Customer/Client so that the customer/client actually understands how the Seller will solve their problems and create a much stronger brightness of the future.
Many Sales Professionals suffer from Premature Elaboration – when they talk too early about their solution. The customer/client doesn’t feel understood, doesn’t see the value and will cover their risks by putting pressure on the Seller to drop their price.
Here is an example – Richard is currently a very successful Account Manager with an
Australian manufacturing company. This wasn’t always the case with Richard because a few years ago he was constantly struggling.
When I went out on the road with Richard for the first time and I observed him in customer and prospect meetings, he let the customer take over the meetings and he just provided product and industry knowledge.
Richard’s conversion rate was 20%.
After doing the Collaborative Selling Skills training with us, his ability to guide and control the conversation with his clients and prospects improved substantially.
He learnt to co-create value and actually protect margins.
Richard’s win rate went up to 50-75%.
If you or your sales people want to improve your conversion rates and win more sales with less effort, then watch this video and contact me for a free Strategy Consultation to get ideas on what you can do now to improve your conversion rates.