- August 22, 2011
- Posted by: Paul Foster
- Category: Business activities management, Grow a Business, Improving Customer Service Strategies
There are ripe profits stuck between the leads your business generates and the actual revenue dollars you convert from these leads.
Pick the low hanging fruit
A lead is created by your referrals, your marketing and advertising efforts, your location etc. It is a potential customer walking into your store, a phone call, a website hit or a cold-call by your sales team.
Out of every 100 leads, there is only a percentage that gets converted to actual sales. Some of the leads that did not become sales may have happened for the following reasons:
– The business missed answering the phone call. It still shocks me how much this happens!
– The lead was not properly followed up by the sales team. Perhaps the sales team isn’t properly educated about the products or services.
– Nobody followed up with the potential customer after the initial contact. This could be because you didn’t get the contact information or ask for permission to follow up. This could also be because you did get the info but still didn’t follow up. Again it still shocks me how much this still happens – myself included!
– Maybe you’re good at dealing with walk-ins, referrals and phone calls, but the system to properly follow up emails leads or website hits has not been perfected.
Improved conversions = increased profits
Unfortunately, when I speak with many business owners they seem to think the above never happens in their business.
Related article – Improve Business Profits by Monitoring Your Business Activities
For the rest of us, I think it is just priorities, lack of focus and life events in general that hold us back from 100% focus and drive to a perfect business.