4 keys to maximize conversion rates
Remember way back in lesson 1 how we mentioned that your sales pipeline had holes in it? We said that not everyone you talked to would buy. This is still true, but if you carefully study and implement these 4 keys, you will see a substantial increase in your closing rate:

1. Work with the right people.When dealing with potential customers, there are many kinds of people you'll talk to. These are decision makers, influencers and those who are just the wrong ones to talk to. Influencers are relatively easy to get in touch with, but they will take up too much of your time and return little.

   On the other hand, decision makers are busy and don't have a lot of time to waste. They can give you a yes or no on their own. If you find that you're not getting through to the right people, you may need to work on that skill.

2. Go before you're invited

   Many businesses have set up elaborate processes for buying services and goods: tenders, quote requests, etc. The problem with quote requests is that in most cases, the prospect has already made up their mind by the time the request goes out.

   It's much easier, and far more effective, to spend your time helping customers form an opinion than trying to change one. Be proactive, borderline aggressive, and go after new customers yourself.

3. Drop the wrong prospect ASAP

   Increasing your conversion rate is really more about searching for opportunities rather than trying to convince someone to buy. If you want to be more effective as a sales person, create a good buyer profile and stick with it. If you're talking to a prospect who doesn't fit the profile, move on quickly.

4. Get to know the business your potential customers better than your competitors do

   It could be said that this is the most important key of all. People and companies buy because they have a need, a want or both. If you can understand what those are and do your best to meet the desires or prospects on their wavelength, you'll see a dramatic increase in your conversion rate.

   We once worked with a man who could close 50% of his prospects. What he heard most from his customers was something to the effect of, "Even though your prices were a bit higher, we felt that you really understood what we were looking for and offered a solution that showed it." If you ever want to make more money in sales, you can't go wrong by referring to this simple statement.

Next up: Increasing the velocity of your pipeline, the last of the series about the 4 levers or pipeline flow.