Understanding Your Sales Cycle, Part 3: Sales

Once you’ve built up your lead pool by creating awesome content, meeting people and impressing the heck out of them, you’re ready to convert these leads into dollars. Last week, we talked about building leads. To some extent converting leads into sales is a numbers game, a matter of building your lead pool and converting x% (this is different for every business) into customers.  According to Vorsight “only 3% of your market is actively buying. 56% are not ready, 40% are poised to begin.” It is, however, important to work towards building lists of qualified leads, or people who are likely to purchase your product. What makes a lead qualified?

Here are a few general guidelines for qualified leads:

1.    They have the funds to purchase
2.    They have a need for what you are selling
3.    They have been engaged and interested in what you are doing thus far

In my opinion, one of ways to convert your leads into sales is to offer a product of value. If you’ve built up a significant enough pool of leads to begin your sales process, chances are you’ve already figured out which kind of content makes your audience tick and there is organic demand for a more robust product that people will be excited to spend money on.  If not, value is something to take into serious consideration.

A few other tips on how to convert your leads into sales:

•    Clean user flow. Make sure that there is a clear path guiding your leads from your marketing efforts (e.g. email marketing) to purchase. If there is any break in user flow, you have the chance of losing folks mid-stream.
•    Integrate. Have a diverse and structured marketing and sales plan that includes social media, email marketing, network marketing, content, PR, public speaking etc. 
•    Your personal network is usually your strongest network, make sure you are asking them to support your sales efforts.
•    Pick up the phone. Even though we live in an extremely digital world, don’t be afraid to pick up the phone and do some good old-fashioned sales. 
•    Follow up. According to The Marketing Donut, a mind blowing 80% of sales require five follow-ups. Wow.
•    Relevant and personal emails. According to Aberdeen Group, personalized emails improve click-through rates by 14%, and conversion rates by 10%.  
•    Set clear, attainable sales goals and make a commitment to achieving them. 

There are also some interesting psychological tips to closing sales: 

The Science of Persuasion includes these principles:

  1. Reciprocity
  2. Scarcity
  3. Authority
  4. Consistency
  5. Liking
  6. Consensus

Each principle listed above is well outlined in this Science of Persuasion You Tube video.

There is also quite a bit of research around pricing psychology, which is thoroughly summarized in this article by Nick Kolenda

Stats source: Hubspot

Happy Selling!

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via  optinmonster.com  (this week we're talking Preference + Purchase on this funnel)

via optinmonster.com (this week we're talking Preference + Purchase on this funnel)