Most common area of missed sales opportunities
Companies hire me to work with their sales staff to accomplish one thing: drive more revenue!
So when I go into a company, the first thing I look for are the areas of missed sales opportunity.
For me, it’s extremely obvious as to where these opportunities exist; for the owner and sales management it’s not so obvious.
The good news is that once you realize where these areas of missed sales opportunities exist, the only thing left to learn is how to successfully convert these opportunities into sales.
The most common area of missed sales opportunities is the incoming phone call.
A prospect phones in to get a quote or more information about your company and/or products and services.
Time and time again I witness reps answer their questions, provide the information asked for, say “Thank you for calling” .
This scenario occurs over and over and over and over and over again within the typical work day.
Do the math: if just 6 people a day call in for information, there’s 6 people A DAY that wanted you to treat them as a serious buyer, despite what you think!
Here are a few of the most popular excuses from untrained phone reps:
“They’re just shopping”
“They weren’t really serious about buying”
“I don’t have time to meet with all these people”
“They only want the lowest price”
“They said that we’re too expensive”
Of course there are many others, but these seem to be the most popular among many different vertical markets.
If your reps aren’t skilled in converting prospect to clients, you’re missing tons of opportunity!
Your competition will love you, though!
In the example above at only 6 calls per day, you’re missing 30 chances per week to convert “shoppers” into clients.
Let’s take this one step further:
A minimum of half of these people will give you a referral whether they buy from you or not (see my previous blogs to learn how do this).
This equals a minimum of 45 opportunities a week to increase your business!
That’s 180 opportunities a month; that’s 2,160 opportunities a year!
With a 50% closing rate, that equates to 1,080 sales per year. If your average sale is $500, that’s an increase of $540,000 for the year!!
Insert your own numbers for your business and sit back and take a look at this (you may want to have a box of tissues handy for the tears).
How many incoming calls are you getting per day?
Track this for a week vs. how many of these calls turned into meetings and/or sales.
All companies are looking for ways to generate more revenue. More revenue comes from converting opportunities into sales.
You’re spending money on advertising, social media, marketing strategy, business development and other ways to drive traffic to your business.
How about spending a few bucks to train your sales staff on converting prospects into clients?
Hmmmmmm…makes sense! Oh, it’s much less expensive than advertising with a much better and much faster ROI to boot!
If someone calls your company for information, they’re telling you that they are getting ready to buy what you offer, they’re just not sure who they will buy from at the moment.
If your people are trained properly, these prospects will buy from you! Train your people!!