There was a classic movie came out in 1992, called Glenn Gary Glen Ross. There was an opening scene in the movie of where Alec Baldwin came out with all his bravado and ego, looked at one of the salesmen and says, “Put that coffee down. Coffee is for closers.” He went on to talk about how weak they were with their closing and presented the Glenn Gary leads, which they didn’t get, because they were gold, as he wanted to make sure that they were able to convert those leads into paying customers.
Now it’s a long way from 1992 when that type of arrogance came into sales, however, converting leads into customers still applies. Most business owners always think about how they can get more leads? But they really don’t think about how to effectively and efficiently convert those leads into paying clients, then turning those paying clients into raving fan clients that come back again, and again, and again. If you are not converting leads into customers, you have no starting point. You can’t work on your average dollar sale. You can’t work on your number of transactions. You can’t work on your margins because you need the customers to get the money flowing and get things going.
So, my question to you today is, first of all, do you know your percentage conversion rate from all your different lead sources? Whether it’s social media, networking, your website or whatever it may be, are you measuring all those different areas to see where the real money is coming from?
Are you crystal clear on your ideal client, exactly who you want to work with, the client that you deliver your products, services and like doing business with the most? If you’re not clear on your ideal client, you just might be attracting a lot of people you don’t want to do business with. You might be attracting price shoppers that you’re haggling with, and then when you get down the margins, your margins are getting squeezed.
Have you written and articulated a referral policy, so your entire team, customers and clients know what they get in return of telling their friends to come do business with you?
Those are just a couple of the strategies to get clear on in converting your clients. What you test and measure, you increase. If any of you go to the gym, you weigh yourself. You take your body mass, your muscle index and all that, you track and measure how everything’s working. The same thing applies in business. If you don’t know your conversion rate, you’re winging it. Remember, your job is to close the sale.
In addition, if you take pride in building your organization, building your team, and showing up as the best day in and day out. You are actually doing an injustice to your prospects and customers if you don’t get them to see the value in what you have and how it can benefit them. Think about this; it’s not necessarily about closing the sale. It’s about helping your clients get the value, benefits, and rewards of doing business with you because you do business right.
Put the structure and systemization in place. However, most importantly, measure your conversion rates, so you can find where your ideal clients are coming from and replicate that strategy over and over again to continue building your business.
I invite you to go back, watch the opening scene of Glenn Gary Glen Ross, 1992. A little arrogant, however, pretty funny. It’s a great scene to watch in which to relax and get the juices flowing with your sales group. Remember, most importantly, coffee is for closers. If you’re not converting your leads into clients, your business just isn’t moving, and we’re in the business to serve and grow.
I trust this has been valuable. If you ever need any additional insight, have any questions, I have many tools that can help you convert those leads into high-raving fan, quality, paying customers. If you want a little help, just reach out as I’m here for you.
COACH MICHAEL DILL is an Award-Winning, Certified, Business Coach, Speaker, and Trainer. He brings more than 40 years of business and entrepreneurial experience in his leadership, team training, and mentoring practice. Michael’s passion is to both encourage and challenge business owners and entrepreneurs to become their best selves both personally and professionally to obtain all they want in their business and life. Businesscoachmichaeldill.com