Get me more leads, and I'll close them.
This one always cracks me up. If on average you are closing 1 in 10 leads, then how are more leads going to increase your closing ratio?
The critical thing to do before going after more leads is to find out why the nine leads we have are not responding.
We have to look at this from both sides. The customers and ours.
We are addressing this issue, before increasing leads. We need to identify the reasons beyond that nine non-sales.
Usually it will be a combination of the following challenges.
- They can't afford the product/service
- They don't see the benefit of the product/service
- It isn't an emergency or crisis
- There is zero emotional connection to the product/service
- They don't like that particular sales rep
- The sales rep failed
- The sales rep has no emotional connection to the product/service
Notice the word emotion comes into play on both potential buyer and seller challenges.
The unemotionally engaged rep of the product or service is most likely the root cause of the issue. Training or replacing them with someone that is emotionally engaged and watch the close ratios jump.
Let's say the rep is emotionally engaged and not the issue. Why are the close ratios so low?
Again, this may be an internal or external issue, and it is essential to take a helicopter view of the math.
Are we internally prospecting the wrong clients? If I'm selling airplanes and walking into a mall, there might be one person that is a buyer. More likely there will be many that might be connected to or could influence the buyer doing some shopping. Yet, why am I not at the airport? Where there are indeed a higher proportion of buyers.
Those nine might be because I'm not focused on where the buyers are living there lives. That is where I can have an opportunity to make an emotional connection with them.
What are your thoughts on close ratios? Alternatively, are you still stuck in last centuries thinking that sales are merely a numbers game? Comment away.