Increase your close rate using our advice
7 Effective Steps To Increase Your Close Rate
Do you twitch when someone mentions sales? What’s your first thought? Sleazy second-hand car dealers? Dodgy double-glazing salesmen? Stealing lollipops from small children? Most people have a real hang-up about sales in general, particularly if it’s not their main role. They think its purpose is to get customers to do something they don’t want to do. But that’s not how I see sales at all.
Many of our clients struggle to generate enough net new customers on a monthly or quarterly basis. To overcome this, we coach them on how to influence customers to buy. My inspiration comes from Michael Bungay Stanier’s book ‘The Coaching Habit’. His message is simple – say less and ask for more. It’s great advice for any business leader who wants to increase their impact.
This is all about persuasion. Not necessarily increasing your sales opportunities, but maximising your conversion rate. So that when you do have a sales meeting, you have a tried and test formula that predictably leads the customer to sign with you.
It’s a formula that works. I use it all the time and my close rate is now 90%. In fact, just this week, I received a testimonial from one of my clients, Etch UK, saying, ‘Dom’s seven steps sales process aligns with anyone that wants to break the conventions of traditional sales and stand out. It’s a process we have now adopted with numerous client wins to evidence its success’. I love hearing this feedback!
So what is this winning formula? Sit back and allow me to teach you how to coach prospects to buy (and you can stop twitching now!)
Why Building Trust Will Build Your Organisation with David Horsager
If there’s a problem in your organisation, but you can’t put your finger on what it is, have you considered it might be a trust issue?
Today’s guest studied trust as an undergraduate and 23 years later, David Horsager, CEO of Trust Edge Leadership Institute, has dedicated his career to researching trust, looking at the data, and seeing how trust is built with individuals, in companies, in countries, with brands.
Every year he publishes an annual trust survey in the US and this year he’s got a new book coming out called Trusted Leader, which provides a framework for building trust so that you and your organisation can perform at your best.
In today’s episode, David talks about what the 8 pillars of trust are and how his publisher wanted him to make it a more catchy number, but how he wouldn’t be swayed to change them, because that’s what the research revealed – the data says there are 8 things that underpin how we trust each other.
And, says David, trust is usually where the issue lies. When companies say they have a sales problem, they really have a trust problem – there’s something about the character or the clarity of their message that’s not getting through to clients. When a leader can’t bring his team with them. It’s a trust issue, etc.
As well as delving into the 8 pillars, David also shares some case studies, some observations and some hints and tips along the way. This is a fantastic conversation. And we’re sure you’ll enjoy it as much as we did.
Bernardo Moya founder and Chief Inspirational Officer of The Best You shares a collection of exclusive interviews sure to inspire and motivate you. Interviews include: Sports Personalities & Olympians; Self Made Millionaires & Industry Leaders; Thought Leaders, Influencers & Many More!
A friend of mine has a personal mantra for the pandemic: desperate times call for desperate pleasures. In times of prolonged stress, we need to be even more diligent about carving out time and space for wellbeing, not as a matter of leisure, but as a matter of survival—and these are stressful times indeed.
We are master storytellers. We tell ourselves fanciful stories to motivate ourselves to get vast amounts of work done in small amounts of time. We jot down task after task after task, sure that we can complete them all within a standard workday. And yet, at the end of the day, we’re stunned to find that work remains unfinished and we have to dash to the finish line.
We know it’s been a while, but do you remember bumping into colleagues in the office hallway, chatting about weekend plans or a big project you’re working on? Do you recall finding yourself in the right place at the right time, giving someone a missing piece of information or introducing a colleague to someone new? If you’re like many people, you may not have realized how much these conversations mattered until you found yourself working from home.
With his million-copy bestseller The Lean Startup, Eric Ries launched a global movement. Concepts like minimal viable product, A/B testing and ‘pivoting’ changed the language of business. Now he turns his attention to companies of all sizes – and shows how the startup ethos can breathe new life into even the largest and most bureaucratic organisation. In this groundbreaking new book, he draws on inside stories of transformations at multinationals like General Electric and Toyota, titans like Amazon and Facebook, and tech upstarts like Airbnb and Twilio. He lays out a new framework for entrepreneurial management: a comprehensive approach that kick starts innovation and delivers sustained growth, even in highly uncertain environments. The Startup Way is an essential read for leaders, managers and entrepreneurs at any level. It’s a revolutionary approach to incubating great ideas, turning all teams into startups, and inspiring everyone to think like an entrepreneur.
Entrepreneurs have a problem: startups. Almost all startups either fail or never truly reach a sustainable size. Despite the popularity of entrepreneurship, we haven’t engineered a better way to start. …Until now. What if you could skip the startup phase and generate profitable revenue on day one? In Buy Then Build, acquisition entrepreneur Walker Deibel shows you how to begin with a sustainable, profitable company and grow from there. You’ll learn how to:
- Buy an existing company rather than starting from scratch
- Use ownership as a path to financial independence
- Spend a fraction of the time raising capital
- Find great brokers, generate your own “deal flow,” and see new listings early
- Uncover the best opportunities and biggest risks of any company
- Navigate the acquisition process
- Become a successful acquisition entrepreneur
- And more
Buy Then Build is your guide to outsmart the startup game, live the entrepreneurial lifestyle, and reap the financial rewards of ownership now.
MEANINGFUL ACTION FOR MONDAY
Keep your focus on one thing (and one thing only)
Many of our clients struggle to keep their focus on the most important metric that will drive growth. Here’s a vignette. I’m talking to a client who says, ‘We don’t seem to be able to hit our number around net new customers.’ So I say, ‘How many have you won in the last quarter?’ They say, ‘8 to 10’. I tell them, ‘The reason it’s hard is that you don’t care.’ ‘What do you mean? We do!’, they cry. And I say, ‘If you cared you’d know exactly how many you’d won’.
This kind of conversation happens all the time. When we look at companies who are struggling to grow, they have revenue targets that aren’t split out into revenue growth from existing clients and revenue growth from new clients. Sales to existing clients is BAU (business as usual). You’d expect your revenue to be growing from this source. It’s not an OKR (objective and key result) – these are always about change. If revenue growth from new clients is important it should be the sole focus of the Executive team. New client acquisition should be their target. Measure everyone’s progress on this number in daily huddles and if it isn’t going well, work out why and what you’re going to do about it. This is how you make real progress.
“Working Together” for the greater good is needed more than ever around our world as we all really know. Join top Scaling Up partners from around the globe for our second Scaling Up+ Summit of the year. These leading CEOs and Authors will share actionable insight focused on your people and culture to ensure a prosperous 2021. Outthink competition with 3 keynotes in 90 minutes.
A special workshop presented by Justin Roff-Marsh (author of The Machine) and hosted by Dominic Monkhouse at Foundry Farm near Salisbury. Join 21 of your peers (owners and senior executives from mid-sized businesses) and design a simple (but detailed) plan to expedite the growth of your organisation.
Quote of the week
“People don’t like to be sold to, but they love to buy”Jeffrey Gitomer
Dominic offers business coaching and management development, strategy planning and organisational change, using tried and tested methods to launch your organisation onto an unparalleled growth trajectory. His programme is a function of his broad experience, his deep expertise and a proven process used by over 2,700 firms worldwide.