Did you know that if you are not getting enough clients into your business right now there are really only three things that could be going wrong?
Three probably sounds like a really small number when you consider the amount of things that are happening in your business every day but the beauty of a clear framework and a method of assessment is that you can easily identify where your business can do more to bring customers onboard.
At Elation we call this Interrogating Your Process – it involves working through the exact experience your customer is having with your business and looking at where there are gaps that are impacting on your revenue.
We start out by talking about the THREE CONVERSION TOUCH POINTS:
1.LEAD GENERATION – The first step in understanding where you may be missing out on revenue is to think about the lead generation strategy you have in your business. The methods by which you unearth new clients and generate new leads are fundamental to driving revenue. Assessing the impact that you are having at this stage is about understanding whether the prospecting that happens in your business is of the right quality and quantity to drive the results you need.
There are a few questions you should be asking to understand whether you have a weakness at this touch point of your journey.
i. What methods of lead generation is your business using?
ii. Are they diverse enough to be engaging on many levels to a wide audience?
iii. What volume of lead generation happened in your business last month?
iv. How many enquiries were generated using these methods?
v. What guidelines do you have in place regarding how to generate leads in your business?
2. LEAD NURTURE – Once an enquiry is generated in your business it is crucial that that enquiry turns into revenue. A poor enquiry conversion rate can teach us a lot about your business. It may be that the quality of lead generation is poor so enquiries are not high quality, it may be that conversion is low as you are not strong in your market and people buy elsewhere, but the most important concern is whether the processes and practices that you have in place are good enough to ensure that the customer chooses to buy from you.
When you are thinking about the way in which your business handles enquiries think about the following things:
i. How thorough is your enquiry capture, are you gaining a clear understanding of needs at a very early stage?
ii. What is your process for proposing business? How soon is a quote sent? How is it presented? Do you have great written and visual communication at this stage?
iii. What is your process for following up your quotations? Do you always review your quotations with your clients? Are you handling objections well and effectively influencing conversion?
3.ACCOUNT MANAGEMENT – The practices that you have in place to support and nurture existing clients are fundamental to achieving your growth aspirations. One of the best opportunities that you have in your business is to maximise revenue from existing clients. Ensuring that every client is getting your fullest service and that you are unearthing all the potentials opportunities for business requires having some real rigour in place.
Great account managers are thinking about the following things:
i. Do I have clear mechanisms in place for ensuring that all my clients are satisfied?
ii. Which of my accounts have the highest potential for growth?
iii. How am I effectively identifying the new opportunities in my accounts?
iv. What are my referral levels and how can I better influence them?
v. Are all my accounts getting consistent management based on their value?
When carefully interrogating your process, you are reviewing each of these three stages of the customer journey and understanding where your biggest gaps to conversion are. Pin-pointing whether you are weakest in area 1,2,3 is step one in understanding where you need to invest time to build a more effective revenue source.
So, of the three things that could be getting in your way as a high growth business, which one do you need to focus on today?
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