Manual Lets Close a Deal: Turn Contacts into Paying Customers for Your Company, Product, Service or Cause

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Quick question, how should I calculate the conversion rate of of Conversion with the Value Of Conversion. Please help.. In order to calculate the rate of conversions you also need to know the number of leads. However the leads converted to sales in November may not have been generated in the month of November. Would this factor make considerable difference? When looking at the offsite part of that, you will want to know the length of time it takes to turn a lead into a sale.

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Nice article. Could I know rough average of the conversion ratio in some different sales fields like real estate and insurance? Your question is too broad. There are so many variables affecting conversion rate. Not all realtors are created equal. One business might have more leads that another. That would affect conversion rate. One business might have better sales agents then another.

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That too would affect conversion rate. Demand or the lack of it would also be a factor. And the list goes on. Are we talking about on-site visitor to lead conversion rate or offsite lead to sale conversion rate? The premise around this analysis is to measure the Conversion Ratio from Deferred Revenue driven by Sales versus Reload behavioral pattern of Subscribers showing the Number of days taken for a subscriber to utilize their Balance.

Analytics is feed by the workings that shows the health of the Business from End-to-End. It means that person 2 dix better, so I want to give them leads based on performance in relation to the number of leads received. Please can anybody help. There are potentially a lot of variables in play here. How successfully is the consultant converting their leads.

Not all leads are equal. You also need to consider the value of the lead. You need to track this information month by month to look for trends. Are they doing something different or are they getting a different quality of lead? Where is the sweet spot?

  1. What is a Conversion?;
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  7. By understanding the different factors that are influencing your consultants performance you can put together a plan to improve their effectiveness and track their performance over time. You have such an awesome ability to: 1 analyze the situation 2 determine the needed data 3 explain all of that to mere mortals. By themselves, each of those is a talent in short supply. Put them together and you are a powerhouse of knowledge. I need some assistance.

    I read your article and it was very helpful. I was challenged to get this together. The CEO wants 50 leads a month. What formula or how do I show: if we do xyz we will get 50 leads a month.. Assuming we are just talking about web leads, the first step is to establish what a conversion is to your organization and start tracking those now. I would use your average number of leads as a rough estimate to establish your current baseline conversion rate. For website leads, we need to look at which traffic is converting.

    Is it referral traffic from a specific website? There are many possible channels for leads. Thanks for the clear, concise article.

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    7. I was trying to articulate this to some of our sales team and your breakdown really helped me make it easy for them to conceptualize what Marketing is up to. Thanks for your content. I am not going to beat around the bush. I am horrible at math. Now with my new position i have to convert rates at the end of each month. I have had it explained to me in so many different ways and all are not helping me. Your answer is Total sales — monthly Total visitor — out of targeted volume. Suraj, No sure I follow you. Also, are you saying 40, visitors accounted for , sales? This is also an excellent way to verify how productive your sales staff is both individually and as a group.

      I would love to add a link to your article from my linked in page, I know it helps me and I believe it is a simple but often times over looked tool for the average sales person to sharpen and adjust their skills over time. I am trying to figure out what is the impact on conversation rate by adding an additional sales channel.

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      If i provided an online channel what would be the impact to conversion? If your conversion goal is the same for each channel sale of your product or service then you could lump all of the leads and sales figures into one formula. Keep in mind, I have no idea what you are selling, but my guess is that you would likely want to track these two types of conversions separately so that you could better understand how to improve each sales funnel. Understanding how this impacts conversions is critical to understanding how to improve your process.

      That same conversation will have to be brought online and tailored slightly for each type of website visitor and the problem they are trying to solve. Wonderful article!

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      I am developing a financial dashboard for my company. I did this because of the severity of the range in figures. My question is if we write a proposal now in September it may not be accepted until January. Do you think this would skew my figures? Or should I take a different approach? As you pointed out some businesses do have a longer sales cycle, which can make it challenging to track sales. We are tracking to see our conversion rate. We honestly use it as an alarm to do some follow up on stale proposals.

      We are not high pressure sales we are professional services and want to ensure our efforts to write proposals is worth the effort. Also we want to build our clientele and have been writing proposals for new clients and want to see if our conversion rate if it increases or decreases. Our conversion rate is pretty consistent within a few percentage points and we can begin to project how many proposals we have to write or how much total fee we have to write to meet our growth expectations.

      Also for hiring needs and to project how many professional hours are required to service these contracts. The timing is the toughest part but we estimate future contracts based on the conversion rate multiplied by the total of pending proposals. I think I would track the dates for the proposal and acceptance events.

      The date ranges would be rolling, and you could compare the past days to the past days, or year over year if you want. Sounds like you should ignore calendar years and use a rolling range of days. It is now harder for them to leave. This phenomenon is called the endowment effect. Basically it means that people value something more if they own it. By logical extension, they value it even more if they spend additional money on it. Along with the power of the endowment effect , customers also experience the tug of perceived value.

      Perceived value states that a product is as valuable as the amount you spend on it. The more you spend, the more you value it. Yet another psychological feature comes into play: Sunk costs. The more your customer pays and the longer they stay, the more likely they are to spend more and pay more. I better stay with them. Based on all these psychological factors, one thing is very clear: Your customers will value you more if they spend more and stay long.

      Give them cash, a gift, a rebate, a free something. Make it legitimate and desirable. What kind of action? Make them market your service. Often, this takes the form of an affiliate program. Bluehost is widely recognized as having a great affiliate program. This method of incentivization turns Bluehost customers into aggressive marketers. Every company loves to receive referrals. Think about this in personal terms. Reciprocity is the idea that giving something to someone motivates them to return the favor. Knowing your customers and being aware of the competition is the starting point.

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      5 Unique Ways to Increase Customer Retention (and Increase Profits!)

      I agree to receive an email that'll allow me to claim my prize and a series of emails that will teach me how to get more traffic. There was an error trying to send your message. Please try again later. It hurts. Know your customer: Who are these people, anyway? There are all kinds of data points that you should gather on your customer. Do you know where your departing customers are going? Assumptions are dangerous. Beat your USP into their heads. This sounds a tad violent, but I wanted to overstate it to make my case. If you have a fuzzy USP, sharpen it. If you have a passive USP, make it ferocious.

      Make your customers spend more. If you have a physical bricks-and-mortar business, here are some simple tips for developing good face-to-face customer relationships:.

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      Good customer relationships are at the heart of great customer service. Whether you're interacting with a long-term client or a first-time buyer, developing a strong rapport with your customers is an important part of building good customer relationships. Read about the different types of payment options you can offer your customers, and how to provide an invoice for payment. Home People Customers. You are viewing a section of the Starting a Business Guide.