Having a large prospect pool is only useful if you have a conversion rate that matches. In fact, many businesses are moving beyond lead generation and putting their resources toward the later stages of the sales funnel.
If you’ve been struggling with converting your prospects into customers, there are steps you can take to improve your approach. Here are six tips for increasing your sales conversion rate.
Build a Better Sales Quote
Sales quotes are an essential part of the conversion process. When it comes to building a sales quote, the easier to digest, the better. A sales quote should be detailed without being complicated or overwhelming. It should outline the pertinent information that’s required to make a purchasing decision. The more customers feel that they know what to expect, the more prepared they’ll be to make a sale.
The same theory applies when creating a sales page for an online business. By the time your customer ventures to that page, they already know a bit about your business. Cut the fluff and the sales hype and focus on the details.
Focus on Long-Term Relationship Building
If you have a great audience but struggle to convert them to customers, take a look at your relationship building methods. What are you doing to connect with these people and develop a rapport? A common mistake businesses make when developing relationships is focusing on what the business sells. Your messaging should always be about what the customer needs, not what you have to offer.
Take steps to connect with your audience. If you don’t see the conversion rates you want, reach out and ask them why. A quick two or three question survey can provide valuable insights about what’s holding your business back.
Reduce Friction Points
Distractions are a killer when trying to complete a transaction. Audit your transaction process and see how you can remove friction— the sticking points that take customers off task— and streamline your process.
One of the most common friction points that derail new customers is requiring a log-in while completing a transaction online. If you want customers to register, let them do so as a guest and prompt them to register afterward. Friction points can come in many forms: limited payment options, slow websites, or having to call to place an order can be limiting your conversions.
Use Social Proof
Modern consumers in both B2B and B2C markets rely on reviews and testimonials before making a purchasing decision. In a recent survey, over 82% of respondents indicated that they read online reviews while researching businesses.
Make testimonials and reviews visible at various points of your website to help drive purchasing decisions. It’s important to ask every satisfied customer to leave a review or provide a testimonial that you can use elsewhere.
Create a Follow-Up Strategy
Be proactive in customer service by creating a follow-up strategy for each potential customer. Rather than sending out a quote and letting it fall into the abyss, follow up with your prospects to discuss their options. In many cases, it’s the enthusiasm and professionalism that sells your product over the competition’s.
Use an email management platform with time triggers and automation to assist with this process. Following up with prospects who engage in browse abandonment, cart abandonment, etc. can help improve your conversion rate over time.
Securing new customers can cost upwards of five times more than keeping current customers. Retained customers create another opportunity to handle the conversion problem. Rather than continuously targeting new clients, consider what offerings you can use to cater to existing customers.
Consider how you can add value to existing products and encourage your customers to buy again. Once a customer has experienced the value first-hand, they’ll be more likely to spend again. Keep this in mind when selling to new customers as well. Create an entry-level offer that’s affordable and low-risk, then upsell later.
With these tips, you can improve your conversion rate and make your business more profitable.