Converting prospects into clients is one of the biggest challenges in service-based business. Some of them don’t sign because they are not ready, some because they lack commitment. However, misunderstanding your own value is probably the biggest reason why conversion rates are low. This factor has a bigger impact on your conversion rates than you think. Here are some tips to help you increase the number of your closed deals:
- Focus on payoff, not on process.
Focusing largely on the process is probably the fastest way to lose a prospect. Don’t spend too much time explaining how does your service work. People presume that features of the service make the client buy, but they buy what your service makes possible for them. You are less likely to close a sale if you don’t understand what possibilities the client is looking for.
For instance, you probably don’t care how long it took me to write or re-write this article. You are not reading this article because I put a lot of time in it, but because this article could help you improve your business. And to convince you to read it I have to explain how it can help your business and not how much time and energy I put into writing it.
On the other hand, you can be good at explaining the value of your service, but if you believe that everyone wants the same results, you again missed the whole point. The payoff of your service is different for everyone.
For instance, imagine you are a web designer, and you think every person hires you because they want a modern website. You are wrong; they are buying the belief that new design will attract better leads, make them look more professional, etc. So to close more deals, find out the payoff prospects want and talk more about how they can reach it with your help.
- You’re talking too much and asking too little.
Sometimes, the buyer cannot feel understood and heard because people cannot stop talking about themselves.
Think about sales conversations like first dates; if you don’t stop talking about yourself, you won’t get the second date. Use this first meeting to learn what your prospect values. Then, you can determine if your service can help them, and if it can, elaborate how.
Don’t rush into concluding what your prospect’s desired payoff is; there are layers to it. The only way to find it is by asking questions. Let’s get back to being a web designer, the first layer of desire was attracting leads. If we keep asking we could realize that the deeper desire is to get more clients. It is more likely that prospects will make a deal with you if they understand the way your service is going to lead to the outcome they want. If you just start talking about how great your graphics are and how many degrees you have, you will just hurt yourself.
The immediate need of the prospect is not always the business goal; it’s buried underneath. And to reach it you have to ask questions like, “Why is now the right time for you to make this investment?” or, “Once you obtain this objective, what does it make possible for you?”
- You choke at the money talk.
You need to understand that it doesn’t matter how much you love and believe in what you do if you can’t talk money. The opportunity is that when a prospect objects, it’s beginning of the conversation, not the end. Here are a few tips for when that moment comes:
Say your price, then be quiet. If there is a pause in the conversation, don’t speak, let prospect reflect. Although you probably think they are coming up with the reason to say no, they may be thinking about closing the deal and investing. However, don’t interrupt them.
Question the objection. If they object the cost, ask them to explain why. Afterward, you could work around it with some customized payment plan. You could also realize that you didn’t find their real priority.
It is very important they feel understood. The price objection can sometimes be a sign that you didn’t clearly explain how is your service right choice for them. Ask them if you have correctly understood the payoff they want. It’s possible that you didn’t reach the deeper desire, and this is the last opportunity to do that.
The point is — listen, and focus on what your client wants instead of focusing only on what you are selling.