Conversion rates are the percentage of prospective customers who take a specific action you want. For example, the percentage of website visitors who purchase something from you online, the sales inquiries that are converted to sales, the percentage of tendering proposals you win, etc.
- Provide evidence of your claimed benefits. Customer testimonials and case studies always increase conversions.
- Make it easy to buy from you.
- Offer a guarantee – Guarantees such as a 30 day money back guarantee gives customers more confidence in your offering (although most guarantees are never taken up).
- Set up a sales funnel – Steps and processes leading to a sale.
- Address objections.
- Use trial closes – Trial closes are questions you ask prospective customers that don’t ask for a final buying decision. For example, you might ask the question, ‘If we were able to offer you this for a price that works for you, is this something you’d like to move forward with?’
- Get customers to invest time – For bigger purchases, the more time customers invest in the process, the more likely they are to buy. So, rather than quickly giving customers a price, it’s often best to have a few conversations.
- Track and measure your conversion rates – You cannot improve what you don’t measure.
- Create a compelling and clear value proposition.
Improving your conversion rates dramatically improves profits. For example, if you spend $3,000 on advertising, you may get 100 customer inquiries. If your conversion rate is 20%, then you’ll secure 20 new customers. Alternatively, if your conversion rate improved to 40%, you would gain 40 new customers. This is a gain of an additional 20 customers for no additional advertising cost, thus boosting your profits significantly.