As a salesperson, it’s always helpful to have a long list of prospects. However, if you don’t have a well thought out plan for converting them into customers, you are simply setting yourself up for failure. A low conversion rate is a common problem for salespeople, but one that is correctable with understanding the steps to take through the entire sales process. These steps are easily implemented with little or no cost and can make a tremendous difference in converting a higher percentage of prospects into customers.
Pick Suspects with Care
Not all prospects are created equal, and it’s best to think of them as suspects until they are screened and qualified. This is a fact that seems obvious, but is often forgotten. The reality is that it’s very easy to jump into selling mode, and mistakenly waste time dealing with someone who will never become a customer. Without a process for assessing the potential of a prospect, you are rolling the dice. You might get a customer, but more likely you’re going to get someone who will take your time and not offer anything in return.
Categorize Prospects
When you have multiple prospects, it can be a challenge to keep tabs on where each one is in the selling process. A touch point management strategy is a must. From sales quoting to billing and beyond, companies of all sizes need to make sure that these vital touch points are handled on time and effectively. Without them, the relationship will most likely come to a screeching halt. Sensitivity to what a prospect or a customer is experiencing is crucial and knowing that the proper handling of the most basic of interactions can be what is required to ensure long-term, fruitful relationships.
Improve Your Prospect’s Situation
You can have the most wonderful product or service in the universe, but if it does nothing to benefit your prospect’s situation, they’re not going to buy it. Take the time to understand their situation, their needs and wants, and then show them how you can help them. Never assume that what you’re selling just sells itself. In the vast majority of cases, it won’t. It’s your job to sell.
Move the Process along the Sales Pipeline
Often the sales process heat up early on, and then fades before anything is closed. If you’ve done your homework and know that you have a qualified lead and a potential sale, don’t let the momentum die. Follow through, keep asking questions, and offer your assistance. Don’t let a sale slip through your hands due to a lack of follow through, and by all means, don’t expect your prospects to do move the sales process along themselves.
Close New Business
It comes natural to discuss the features and benefits of what you have to offer, but it can be unnerving to take that final step of closing new business. This is often because many of us associate closing a sale as hard selling. Rather, it’s not a cutthroat maneuver; it’s just a necessary part of the sales process. If you’ve taken the right steps throughout the sales process and recognize that your prospect is ready to buy, they will appreciate the honest, mutually respectful discussion towards the sale.
