More Business With More Conversions
Submitted by rich.yumul on Fri, 05/15/2009 - 13:11
Yes, we brought back the HIGH FIVE.
We kicked off this week's meeting with a fun round of shaking hands and high-fiving. It was fun slapping hands with our guests & getting to know them. Brian Young, from Mutual of Omaha, was new to the whole 'LeTip' concept and wanted to evaluate if it's a good option for his financial advisors. Lisette King visited us, not only interested in the Credit Repair or Identity theft categories, but she also made the beautiful hand bags that were on Debbie Bonham's show boat table. While we missed Brian, it was also good to meet his business partner, Tommy Neer. Thanks for visiting!
Follow Up!
The first thing Mikel discussed was identifying Key Performance Indicators and the math driving the bottom line.
| Actual | Doubling Prospects | Doubling Conversion Ratio |
|
| Monthly Revenue | $5000 | $10,000 | $10,000 |
| Prospects | 200 | 400 | 200 |
| Customers | 20 | 40 | 40 |
| Conversion Ratio (Customers/Prospects) |
10% | 10% | 20% |
If a business wanted to double their monthly revenue, there are two options:
- Double the number of prospects seen every month
- Double the conversion ratio
Typically doubling the number of prospects is a very resource intensive proposition. It can mean an expensive advertising campaign on top of requiring more help just to handle talking to that many more people.
A much more efficient solution is to improve your business's conversion ratio - talk to the same number of prospects, but just convert more of them into customers.
How is that done?
FOLLOW UP, FOLLOW UP, FOLLOW UP, FOLLOW UP, FOLLOW UP, FOLLOW UP, FOLLOW UP!
On average it takes 7 contacts to convert a prospect into a client, and most people give up after 2 tries. Keep things friendly and use 'pleasant persistence' in your follow up calls. Another way to get thru those '7 contacts' is a monthly email newsletter.
It's also vitally important to have a system where you can track and keep a history of each contact with your prospect. You can either use a manual system or one of the online 'Customer Relationship Management' systems.
- www.act.com
- www.salesforce.com
- www.sugarcrm.com
Welcome Florence!
This week was Florence Casiez's first meeting as our official Massage Therapist and she received one of the fabulous perks of membership, the blue LeTip business card holder. Welcome to the group, Florence!
Super Star!
Not only did Mikel lead today's roundtable, he also received his silver name badge from LeTip International, in recognition of all the members that he has helped place into LeTip. THANK YOU for your outstanding contributions to this chapter!
As always, our appreciation goes out to everybody that donated prizes and participated in the raffle, and congratulations to the winners.
Tips
Today we passed 22 tips around the room.
We missed quite a few members at the meeting this week, and look forward to reconnecting with you all next week!
Deep thought for the week
"Imagination is more important than knowledge. For knowledge is limited to all we now know and understand, while imagination embraces the entire world, and all there ever will be to know and understand."
-Albert Einstein
Have a great week!
- Rich
ps - The Monday meeting will be at Chris Wilson's house, 4112 Datcho Dr. San Diego, CA 92117 - 9:00am.
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When it comes to marketing and business development, networking is one of the affordable and effective ways to grow your business. Wealth in Networking LeTip is a San Diego organization of professional business people focused on business development and growth. We meet Thursday mornings from 7:00 am - 8:30 am at the Riverwalk Golf Course Clubhouse in Mission Valley. JOIN US for breakfast and grow your business!
