Monthly Archives: January 2023

Top tips to improving your sales conversion rate

Here is a key question for anyone who wants to grow their sales this year – what is more important for your sales success, lead generation or lead conversion?

I am sure it will not surprise many if I said that both were as important because one will not work without the other. However, most companies we come across will find it easier to invest in lead generation than conversion because it’s easier to measure and influence. It may also be because lead generation is often outsourced so it becomes somebody else’s problem then.

Whatever the reason, the problem with concentrating on lead generation alone is twofold:

  1. Once the initial excitement wears off, you realise that you have spent the money but not got any sales yet. It then becomes harder to justify the spend going forward
  2. Your initial conversion rate is likely to have gone down as you now have more leads and less time to develop and nurture all of them.

Clearly, lead generation alone is never going to make sales and bring growth, despite the fact that many think it will just happen automatically. So, to get the best outcome for increased sales you need to work on both lead generation and conversion.

Successfully improving conversion can be harder to achieve. To make a difference, you need to work on two key elements:

Your strategic planning:

In an increasingly tighter market where convincing companies to part with their money is becoming harder, a one size fits all approach is not good enough. If you are busy updating your business development strategy, make sure you go back to basics and define the following elements:

  • Your target markets: ask yourself who are they, where will you find them, which companies are ideal clients for you and why.
  • Their key issues: There is no question that alleviating pain sells but only if it’s specific and accurate. Ask yourself what are the problems that your target markets face which you can solve.
  • The best solution for it: It’s important to consider the best solution you can provide which is based on their problem and not your original offering. Your leads will only take interest if they feel that what you offer has the capacity to solve their issue but also relates specifically to them.

Your sales process:

So many companies forget the importance of a well-defined sales process which is shared by the whole team. In the SME world most companies utilise their entire team to sell meaning that without a sales process, the lack of clarity and direction will often result in sales slowing right down. When you look at your sales process consider the following elements:

  • Where do your leads come from, and which source is most successful in terms of conversion?
  • What do you need to know about a new lead to ascertain it’s right for you?
  • Do you use uniform sales proposals?
  • How often do you follow up?
  • How do you nurture existing clients?

If you have taken one thing from our blog, we hope it’s the recommendation to spend some time defining your strategy for both your lead generation approach and lead conversion approach. Being specific and considering the details will set you on the right course of action as long as you are putting together a process which everyone in the business can follow.

At YBDT we can help you with both strategic elements:

Click here to read more about our business development strategy creation.

Click here to read more about our sales process support.

Wherever you want to start, we will be happy to become a part of your sales success this year so get in touch to find out more.

Should you prioritise existing clients over new business?

There are many statistics and quotes around how much harder it is to generate new business than it is to retain existing clients and build additional work with them. Bill Quiseng encourages us to “work as hard to keep a customer as you do to find a new one.” Starting from scratch will always be harder than continuing to work with someone who knows and trusts your business. You need to find that balance between the existing business that keeps the wheels turning and allows you the time to create the new business that grows the company. How that balance is achieved depends on what you do. In sectors like insurance or SAAS renewals are critical to building a sustainable business.

Locking in clients for another year is a task that cannot be left to chance. Discovering where your competitors are not fulfilling their customers’ needs is vital to building your business. Creating a strategy that will take account of both the requirements of existing and new business is the key to making sure nothing slips through the net.

The common factor is that both existing renewals and new business are based on relationships. Existing clients need to be nurtured every bit as much as potential new customers. A clear business development strategy will give you the information to make decisions about where your existing team is most effective, and what other resources are needed to allow your goals to be met. YBDT’s sales enablement service starts by creating exactly this strategy.

If you are looking to build a renewals pipeline then understanding your competition, and differentiating yourself from them is important in busy crowded marketplaces like insurance and IT. Whether you are talking to new or existing customers your sales conversations should cover three elements: creating interest, nurturing it appropriately and conversion. Taking clients for granted because they have been with you for years, is to undervalue them. Nurturing them when renewals are due demonstrates their worth to you. YBDT have put the nurturing of potential customers at the heart of our work for clients for a long time. It works just as well when speaking to your existing clients about their renewals, by reinforcing relationships and flagging areas of concern.

YBDT have worked with Higos Insurance since 2020 through our sales enablement programme. We have helped them identify renewals in new target sectors, allowing their team to concentrate on supporting existing clients and retaining their business. Higos regional manager Alan Clarke said: “I wouldn’t hesitate in recommending YBDT to any organisation that want to create a sales campaign or indeed want to enhance their current sales structure.”

YBDT can help you create and implement a clear business development strategy to differentiate you from the competition, maximise your client retention and build a pipeline that balances renewals and new business acquisition. Get in touch to learn more about how we can help.