Now that 2018 is here, you can reliably assume that an absolute barrage of articles are coming your way in terms of what you should do differently in your marketing efforts in 2018. A lot does change in sales & marketing each year in terms of tactics, but it’s important to remember that the overall strategies that underpin your efforts do really remain the same. One key principle that’s always fundamental to improve is your sales conversion rate. In this article, we’ll explore how any business can use data to improve your sales conversion rate.
Using Company Intelligence To Target Key Potential Clients
If you have key clients you want to win, profiling those companies can give you a higher chance of success. From knowing what makes a particular decision maker tick, to knowing which networking events the business attends – there’s a number of ways to get ahead.
For example, if you were able to go to a networking event with a high level of confidence that a key potential client would be there, and know core information about the decision maker you would meet (think what football team they support, where they went to school, where they’ve worked before etc), then you’ll have a great chance of building rapport in a natural way – giving you a much better chance of turning that contact into a client in a seemingly organic way.
This approach has been proven to be far more successful in terms of sales conversion rates than all other channels – it completely outstrips cold-calling & telesales for instance as you can build your relationship in a normal way, with the added advantage of having the upper hand in terms of information.
But, how do you get this information? Unfortunately, a lot of research and analysis is involved. At Clarity Stack, we have an offering where we use the tactics and expertise gained from spending time in the security services to streamline this process for our clients. However, you can do this work yourself – it’s just likely to take a lot longer!
You’ll need to start by identifying your potential key clients, finding all the basic company information about them such as who the directors are and who the key decision makers are, before delving deep into each of these people – for example you might research them across all social media channels, or you may look for other business interests, or other websites that they own to start gaining some clues as to what interests them.
Pitch Conversion Tracking
A lot of companies track key metrics such as contacts to meetings booked, and meeting to sales rates. However, not many companies seem to measure the conversion rate of different pitch formats and presentations.
I’d recommend starting with 2 slightly different versions of your sales presentation pitch and then AB testing these against each other – measuring the sales conversion rate and average value of the business won. Over time, this will build up a data-rich picture on which is better. Once you have a winner, scrap the lower performing version, and create a third version which is a slight iteration on the top performer.
This way, you’re constantly improving your sales conversion rate by systematically optimising your efforts. It can take a fair amount of effort to do this, but the changes you make and test don’t have to be huge. For example, you could start by having a slightly different pricing breakdown layout and test which converts better with your prospects. Or, you could have a slightly different order to your presentation, meaning that all you have to do is re-order a few slides to try something new.
The key to success with pitch conversion tracking is to accurately record the success rates over time for each version, and to stick with your testing until you’re confident that your results are significant.
With so much data at our fingertips, it’s almost criminal to not use it to help grow our companies. These are two really quick ways that you can make a massive difference to your sales conversion rates.
I’d love to hear what other tips and tricks you have to use data to improve your sales conversion rates, so please do share in the comments!