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    5 Sales Tips to Immediately Improve Your B2B Sales Conversions

5 Sales Tips to Immediately Improve Your B2B Sales Conversions

Most entrepreneurs seem to believe that the biggest factor in successful growth is lead generation. There may be some truth in this, but only some.

Before we I talk about how to improve sales conversation let’s look at some statistics:

The typical range of closing ratios for referral business is between 50-80%, but referrals are a very small factor in a sustainable high-growth business.
The range for warm call-in leads is between 30-70%, but warm leads are less than 5% of your qualified, addressable market.
The closing ratio for highly qualified cold leads ranges between 20-35%
And the average for semi-qualified cold leads ranges around 10%
And cold, cold leads? If you get 1%, you’re doing well.

You probably spend a lot of money and time generating leads for your product or service. And depending on your closing ratio, you may have to generate 2 to 10 leads to make a sale.

One way to dramatically improve your profits and revenues, without spending one more dime of marketing expense is to improve your closing ratio.

Here’s an example: Say it cost you $300 to get a lead, which for a high-dollar product sale isn’t bad at all. And say your service costs around $15,000. At a 20% closing ratio, you need 5 leads to make a sale, so you’re spending $1500 on leads plus 10% sales commissions – another $1,500. Total cost of customer acquisition: $3,000 or 20% of revenues. Depending on your gross margins, that’s not bad.

But now you get better at closing and increase your ratio from one out of five to one out of three, shaving $600 off your CCA. That’s a whopping 20% reduction in cost of sale, all of which drops right into your bank account.

Here are five simple tips you can implement […]

Okay isn’t

You know how there are some things to which you’ve given thought? They seem clear to you in your mind, but they haven’t actually become part of the you that’s living your life?

This is common for many people…

You may know something but that “knowing” has no real meaning to you. Knowing it doesn’t in any way change how you live or work. Some people call this the difference between knowledge and wisdom.

Knowledge is just another thing you have, waiting to be used…

Wisdom changes your life.

Something has to happen to drive those things from your head into your heart, into your life. It could be anything…

It could be a full-on shock to your system that does it. A kind of emotional cataclysm – the end of an important relationship, going bankrupt, or the death of a loved one.

It doesn’t have to be a negative thing. It could be the birth of a child or selling your company that does it.

It could be something neutral like simply growing older. Although all by itself that doesn’t seem to make anyone much smarter or aware.

It could even be something seemingly trivial, like getting the right email at just the right time, or a “chance” conversation with a friend or trusted advisor.

I have lived with knowing lots of things that didn’t make a damn bit of difference, but over the last few weeks whole giant aspects of my life and business have shifted.

In my “Rhonda” video – if you haven’t seen it you can watch it by clicking here (fair warning, it’s kind of rough) – I talked about an earlier time in my life when I had this extraordinary job. For a job, it was perfect in almost […]

The OOPS Factor

(Please post your comments below)

Women, perhaps more than men, think of whatever it is that happens, as their fault.

Women tend to take things personally. By nature, they often feel responsible for
everything that happens around them. They hear a criticism, for instance, and they see it as some sort of failing in themselves. And that sense of personal failing creates an emotional cloud that hampers their ability to evaluate what’s happening in the moment and hijacks their decision-making for the next two hours.

I call this very common pattern The OOPS factor: emotional reactions to Obstacles, Other People, and Self.

So what exactly is the OOPS Factor?

Obstacles are external circumstances and events that impact your business. Other people – well that’s obvious, but it includes their opinions, criticisms and reactions. Self is your own hidden beliefs and assumptions about who you have to be or become create sales success.

All of these OOPS become an issue because of your natural way of experiencing
things emotionally.

Now – here’s the funny thing – your emotions are an unusual gift. Your emotions
actually give you an edge in sales when you are able to use them to as a “tuning
fork.” In other words, you can use your feelings to gauge what your prospect is
feeling, and get “hidden information” about where they are in the buying cycle and use that information to help guide them to where they want to be (using your
product or service).

The opportunity is to embrace this natural ability and use it to it’s fullest.

Here are a few simple steps you can use to eliminate the emotional static of the
OOPS Factors and clear the channel to “direct resonance” with your prospects.

Obstacles

Recognize the simple truth that obstacles happen in every business. They […]

Predicting your own future…

Alan Kay, the REAL inventor of the mouse and the graphical user interface, famously said in 1971, “The best way to predict the future is to invent it.” A few years ago, I rewrote this idea in my book, Be Unreasonable.

“The best way to invent the future is to predict it.”

How would you like to change the direction of your life?

Or maybe just the direction of your business?

Or keeping it real simple, how would you like to get to “the next level?”

Yesterday we completed a rather drawn out move into a new home overlooking San Diego Bay, with a view 30 miles up the Southern California coastline. Hard work (I hate moving even if I don’t do the heavy lifting) but well worth it.

Now one of the things I love best about my work is that I was able to do everything on my own timetable. I didn’t have to check in with anyone. My schedule is my own.

Nobody was trying to track me down… Nobody was in a panic because they couldn’t reach me when they wanted to…
I set my hours, work when I want, can travel for weeks or even months at a time with no loss of income, and pretty much make the rules. And I can’t remember the last time I had to deal with somebody else’s emergency.

And even despite the fact that I’m not “on call 24/7,” my clients are consistently and repeatedly delighted with the work we do together and the results they get in working with me.

I like it this way – so much so, I baked it right into my business from the very beginning. It was one of the key “design criteria” that guided and […]

Independence Day

Everybody has their own definition of freedom. For many it means doing whatever you want whenever you want.

For others it is more specific – it means independence from having to create current income – independence from work.

That could be a tall order. Most of us have to work at one thing or another our whole lives and it’s only a question of what we’re going to work at.

This is a crucial question, because whether you love your work or not determines whether your life is one of freedom or something much darker.

Watch this video and leave your comments on the blog.  I want to hear what you think…

The Danger of Doing Nothing…

Last week I ran a business-building workshop for 14 consultants and coaches to help them grow their businesses to high-six and low-seven figures..

On the second day during a break, one of the attendees pulled me out on the terrace. He wanted to ask a really important question.

“Which strategy should I run next to guarantee new clients quickly?”

Naively, I fell right into his trap…

“Tell me about how your marketing system works now,” I asked.

“I don’t have a system,” he responded, a little too quickly.

“Okay, so what kinds of things have you been doing to bring in business?”

“I’m not doing anything. I was waiting for your workshop.”

(You can see where this is going, can’t you?)

“How long have you been waiting…?”

“It’s been about four months. I launched my practice with a few referrals, but now I really need new clients…”

Since January…

Doing nothing…

Waiting four months…

Do you know the right answer to this guy’s question?

If you’ve been reading my posts or watching my videos, you know I’m a big fan of DOING ANYTHING.

Yes, that’s right.  That’s the answer: DO ANYTHING.

It doesn’t really matter what you do, as long as you are always doing something to promote your services, your products, your ideas… 

You see, you have no way of knowing what’s really going to work.

So instead of trying to figure out the perfect strategy, your best bet is simply to take some kind of action.

Do something and see what happens. If you get good results, keep doing it. If you don’t get the results you want, fix what you’re doing or do something else. No matter what, keep doing something.

Of course, there are things that generally work well, and you should be doing those.  But really, who knows?

The best course of action, the most […]

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