The conversion of a prospect to a paying customer is the lifeblood of any business. Sometimes a business will be good at the initial conversion, but they will stop there. A great way to help the local business is by implementing a sales funnel. This can go hand in hand with the previous implementation of a CRM system.
First, find out where most of the leads come from for the business. Ask the business owner if they have a qualification process in place to prioritize the most likely customers. The goal is to optimize the sales process and increase the lifetime value of a customer. No matter the number of leads it will be impossible to convert them all. Out of the initial set of prospects a certain percentage will become customers. After the first set of prospects become customers, then the business owner will won’t to maximize the amount spent. This can be done in with an upsell, just like when you purchase a value meal the cashier asks if you want to supersize it. This can be applied to all types of local businesses. Again, a certain percentage of the initial customers will take the upsell. As you move down the funnel, it becomes thinner and thinner. This is how it gets its name “sales funnel.”
Take a look at all the products and or services that are offered by the business. Make a list of the ones that are complimentary to each other. A great way to increase the initial purchase is by packaging similar products together to bump up the sale. The best time to offer this package is when the person has their money out and are ready to make the purchase. This is a great way to increase revenue for a local business.
There is no limit to the size of a sales funnel. A business can keep selling and selling as long as the customer is willing to spend. The goal is to zero in on the best conversion from one level of the funnel to the next. Make sure the business owner is properly tracking the sales, so the progress can be measured over time.
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