The biggest problem most businesses have is lack of money. That lack of money is simply a result of the fact that not enough people are saying “yes” to you and your business. That act of saying “yes” is called conversion. And, if you get conversion right, your business will be successful.
Conversion happens throughout your entire business. It’s not just happening when you ask someone to hire you. Although each business model has their own conversion points, these are the 5 points of conversion that every business should be focused on.
For each of these there is a unique strategy for conversion including the expected conversion rates.
1. The Moment of Introduction:
Conversion at this point is about starting to build the relationship. It’s not about offering them your product. Think of the people you meet on Facebook who immediately send you a personal message about how their product or service can fix all your ailments.
2. Move Your Prospects Into Your World:
Conversion at this point is about getting them to opt-in to your list so that you can have continuing conversations with them. This usually occurs through your freebies/giveaways.
3. Get Your Prospects to Attend:
Conversion at this point starts to get exciting. You will have a strategy to get them to sign up for your teleseminars, show up for a speaking engagement, your event or walk into your office or store. It doesn’t stop there though. You must have a conversion strategy for what their next step is. Are you leading them through a small sale to get them to have a conversation for a bigger sale or maybe leading them straight to the sales conversation.
4. Get Your Prospects to Buy:
Here is the biggie. If you have done this correctly up to this point you have already started building the relationship with them. You have had several successful conversion points where they have raised their hand and said they are interested. At this point your conversion strategy kicks into high gear. It is imperative for you to understand what you are offering, make the offer and track your results.
5. Get Your Prospects to Share:
Conversion at this point is about building a referral partner. Arming them with a simple way for them to share you with their friends and family. The biggest key to your success here is to make it super simple!!
Now, that you know the five ways prospects convert, you need to start tracking what percentage of people convert for each of these metrics. Once you have the basic numbers, you can start planning to improve them. A 5% improvement can mean a huge difference in your monthly profits.
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