Client
A woman-owned business specializing in small businesses based in Ohio, with annual sales of $550/yr.
Objective
- Their sales closing rate was 31%, which is a typical average closing ratio in the US.
- The owner wanted to increase their closing ratio, grow revenues, build more stability in sales.
The Solution
Summary of the Conversation Flow Sales Formula:
The idea is to take the pressure off sales persons to “sell” the prospect, and instead have them focus on having more “conversations” with the prospect (face-to-face meetings, phone calls, emails, etc.), and demonstrate more care and understanding, which develops a stronger emotional connection. This builds trust; and that produces more sales in the long run.
The Formula was great for the company because they had a good sales process but need to increase their closing rate, which it did.
The Process
- We decided that the Key Performance Indicator (KPI) of success would be sales close rate.
- We would measure them by using a CRM to track sales activities including open opportunities and closed opportunities.
- To implement the Formula, we had the owner record several of her prospective client conversations. By simply listening to a few of these recordings, we were able to identify areas for improvement, and provide direct coaching to her about how to use the Formula.
- The client implemented the Formula immediately, developing a stronger emotional connection with prospective clients.
- It took a month to train her to use the Formula.
Outcomes
- Over the next 12 months the client increased her closing rate from 31% to 40%, and continued at that rate. That was an increase of 29% from the previous closing rate.
- Her revenues increased approximately 32% the following year.
