Getting leads is not the hard part. The hard part is figuring out how to turn leads into prospects! Some business owners think they can just get the word out and customers will buy if they are interested. Do not fall into this thinking! No matter what type of business you have, you need to actively work to convert those leads into buying customers. Below are some tips you can apply to any business, whether it is a phone-based sales company, an Internet-based business or store, or even a brick-and-mortar retail shop!
Know your target. You need to understand your customer base. Who is buying and what are they buying? Focusing your marketing dollars on that type of customer will instantly result in a higher lead conversion rate!
Ask questions. How can you give a customer what they want if you do not know what that is? This goes one step further than knowing your target market as mentioned above. If at all possible, you need to discover why a lead did not buy from you. There are a lot of tools to accomplish this; phone calls, online surveys, postcards. Newsletter mailings asking them to email your business with their opinions (make it an entry for a free drawing promotion so you get responses) can also be valuable. The point here is to ask what they need and be prepared to show them how your product or service can help them. Not only will they feel like you care, you will get another opportunity to approach them directly with a follow-up to their comments.
Offer many options. Your leads may want to buy but are cautious or cannot afford the big-ticket stuff. Offer products or services in a variety of price ranges or levels (basic, premium, VIP). Give them the option of signing up for a newsletter or joining your social networking fan page. Do not lose the lead! Think of some way they can keep in touch so you can update them, keep your business in their minds, and continue to present them with opportunities to buy.
Change your approach. Throw an event, have a big sale, or offer a special promotion. Do anything you can that will give you a reason to contact a lead with an exciting new offer. The key here is to keep your business fresh, and thereby keep it interesting. Maybe the lead who has been hovering in the background will finally be tempted to purchase! At any rate, it will certainly keep current customers coming back.
Follow up. People are bombarded by emails, phone calls, commercials, junk mail, and all other sorts of media. There is a constant demand for their attention and money. Contact them while your business is still fresh in their minds and before other opportunities arise. For Internet businesses newsletters are a good way to stay visible (even if they do not open it, your business name appears as the sender). Send postcards or keep advertising. It can take up to five hits on a lead before they decide to buy your product or service.
Keep track. Do not forget to keep records of all your efforts and the results! Keep copies of your mailings and the date sent in a folder. If possible, track sales records for that date range and file that along with your marketing materials. Most email newsletter companies will track open and click through rates for you. All this will make it easier to identify where leads become prospects.
Converting leads into prospects can be hard, but it’s worth it. After all, running a business is one of the most challenging things you can do! The time you spend initially will pay off in the long run as you start seeing those leads become customers!
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