Increase Your Conversion Rate
Helping a client recently to win more business from
large blue chip companies, we spent some time working
on his written quotations. Together we blended his unique
style and company image with tried and tested formulas
for winning proposals.
If you’re very busy quoting for lots of business,
but not getting the conversion rate you want, it might
be a good moment to review your proposals. Having received
many quotations over the years from potential suppliers,
I continue to be amazed by the poor quality of many of
them. What is it the vast majority of companies do? They
send a very brief covering letter (usually written by
a junior sales administrator) attached to their “offer”,
which is usually a detailed, often very technical specification,
with a price highlighted at the bottom.
So what should you do? Start with a hard critical review
of what you currently do, preferably by someone outside
your own sales team – perhaps your own buying department
or a friendly client. You may be surprised to hear that
you’re writing things or unnecessary highlighting
terms that put potential clients off. Then consider making
your covering letter the heart of your proposal, with
the technical (often boring!) bit as an appendix or attachment.
The style of proposal will obviously vary depending on
what you’re selling and to whom, but I was taught
a long time ago to include the following:
- Start by convincing the prospect you have fully
understood their situation and requirements. This firstly
shows you have listened to them and secondly allows
any possible misunderstandings to be addressed before
it’s too late.
- Clearly put over the specific benefits to them of
your product or service and how it addresses their
needs and requirements. Will it increase their sales,
improve efficiencies, reduce waste, etc and can you
give supporting evidence for this?
- Get across why they should deal with your company – what
is unique about you and sets you apart from the rest
and why they can trust you to deliver.
- When you get to the price, can you present this
in terms of an investment and their return on investment?
Consider how this could be broken down or presented
in different ways, e.g. £X per day/week rather
than a total price.
- Finally, finish either by asking their permission
to do something or on an action point, e.g. I will
telephone you early next week to arrange a meeting,
discussion, or whatever.
If you could increase your conversion rate from 1 in
3 to 1 in 2, what would it mean to you?
If you would like to transform your business, then please tell me a little bit about
you and your business by completing this brief questionnaire. My assistant
will then telephone you to arrange a convenient time for an exploratory consultation call, to see
whether we would like to work together.