How to find out where in your sales process you’re leaking profits
For the majority of businesses, especially those in earlier stages of growth your biggest expense is that of lost opportunity.
This is super apparent when it comes to looking at your sales process and discovering where you’re literally leaking profits from things that could easily be fixed.
What I’d like to do in this episode is explain the process I go through with clients to discover where their biggest leaks are and give them a plan to plug them up.
Throughout each stage of the sales process there are a limited number of factors that are able to impact your results both positively and negatively.
By going through this analysis you should be able to eliminate the majority of factors that are negatively impacting your results and maximise those that are providing a positive return.
The way I like to do this is by starting at the end result and working backwards
For the purpose of this recording let’s assume the end result is to have a closed client that’s happy and stays closed.
We’ll assume the opposite of this is having a large number of clients that cancel early, the cause of which is usually buyers remorse.
If this is an issue for you, you’ll need to look at what’s being said to clients after they’ve confirmed are you future pacing them, are they excited about what’s about to happen?
Implement this then see what this does to your sales numbers.
After this look at how many phone calls turn into sales.
What factors are at play here?
The sales person on the call, the source of the lead, is your team trained in the same way? Do you find having male sales guys convert better for you for certain types of clients or females or vice versa?
Knowing all this will allow you to put the right person in the right position for maximum success.
Then you’ll need to look at your sales funnel itself, whether it’s a landing page, webinar funnel or something else how does it convert throughout?
If conversions are poor at any single stage you’ll need to hypothesise what might be causing this, is it lack of trust? Is your offer not compelling enough, are the people you’re marketing to not qualified in the first place?
Finally we get to the ads themselves, my suggestion here is to get as granular as possible. Look at what offers have worked best for you in the past, what images converted best and what targeting options yielded the best results.
When you have all this together you can start to optimise the results you’re getting and have super valuable info to provide whomever you get to run your marketing campaigns going forwards.
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