| Is your sales conversion rate acceptable? Would | | | | do not know your sales conversion ratio or |
| you like to work smarter not harder? Then | | | | percentage, shame on you. |
| consider education based marketing instead of the | | | | If sales conversion is the 800 pound gorilla in the |
| traditional sales based marketing and realize your | | | | room, then your sales actions should be focused |
| goal to increase sales. | | | | on improving that percentage. By taking such |
| So what is your sales conversion rate? In other | | | | directed actions, you can begin to close the gaps |
| words, if you receive 100 qualified leads, how | | | | between leads received and sales earned. |
| many sales do you actually earn? Depending upon | | | | One such action is education based marketing |
| the industry and your own sales skills, this may | | | | which is probably 180 degrees away from the |
| range from 5% to 90%. However from my sales | | | | traditional sales based marketing. Your role is now |
| coaching experience, I believe the average is | | | | to educate your potential customers or even |
| probably closer to 1 out of three to five. | | | | centers of influence. By demonstrating your |
| What would happen if you could double that | | | | subject matter expertise, you become the go to |
| conversion rate? Instead of earning one sale with | | | | person when people have questions. |
| every 5 contacts you now have 2. For the same | | | | Since educate means to lead out, you now take |
| amount of effort, you have doubled your results. | | | | the role of leading your potential customers out |
| Does that make sense to you? | | | | from where they are to where they want to be. |
| During the last year, I have been transitioning | | | | Imagine that you are walking side by side with |
| from sales based marketing to education based | | | | your customers, educating them instead of having |
| marketing. My sales style was always helpful, but | | | | to pull or push them to buy your products or |
| I never considered myself an educator unless I | | | | services. |
| was doing sales training. Now, I have embraced | | | | Education based marketing extends beyond the |
| this more contemporary model and the results | | | | traditional research of the marketplace. Some |
| have been exciting. | | | | examples of within this 21st century marketing |
| The traditional way of selling evolves from a sales | | | | approach include: |
| based marketing approach. Here is the focus is on | | | | - Articles |
| how quickly you can make the sale. Within this | | | | - White Papers |
| approach are certain No-Nos such as Do not give | | | | - Assessments |
| anything away. | | | | TAKE ACTION SALES COACHING TIP: |
| With the advent of technology and the Internet, | | | | Understand the difference between sales based |
| there is a wealth of free information so the old | | | | marketing and education based marketing. Revisit |
| paradigm of giving stuff away is no longer viable. | | | | your marketing growth action plan and make |
| Now sales professionals must out think the | | | | those course corrections now. Embrace a belief of |
| Internet and all that free information. | | | | educating your potential customers first before |
| To change from the accepted and traditional sales | | | | attempting to sell them. Watch your sales |
| based approach is quite easy. All you must do is | | | | conversions skyrocket; your sales increase; and |
| take the role of trusted educator and advisor. | | | | your piggy bank explode. |
| Your goal is not to sell the product or service, but | | | | P.S. You may be wondering how I know this to |
| to bring value by educating the potential qualified | | | | be true? Fair question. Since providing a free |
| customer. Of course, you may think this may | | | | professional sales profile to qualified potential |
| take more time. Given that most sales are | | | | customers by using a performance appraisal online |
| completed between the fifth and twelfth | | | | assessment tool, my conversion rate has |
| contacts, the time really is not an issue. | | | | increased from 40% to 80%. My qualified |
| So what is the real issue? From my sales | | | | potential customers are receiving a tangible |
| coaching experience, the real issue is conversions. | | | | product and service while experiencing the benefit |
| How many contacts or leads can you convert | | | | of working with me as a sales coach or executive |
| into loyal customers? Sales Coaching Tip: If you | | | | coach. |