The Pursuit of Improvement Is Endless

Never Be Content with Your Conversion Rate

“Do you double-dip your Oreo?

Please answer the question yes or no.”

from A Yes-or-No Answer by Jane Shore

In business and, yes, in many other areas of life, one truth remains constant: the pursuit of improvement is endless, and it needs to be. This is particularly true when we talk about conversion rates, a vital metric that serves as a barometer for business success and efficiency. The notion of conversion rates varies across different businesses and stages of the sales cycle, yet the underlying principle of continual enhancement applies universally.

So, when asked if you're satisfied with your conversion rate, the answer should unequivocally be "No."

Content breeds complacency, and complacency is the forerunner of decline. Good conversion rates, whether in comparison to industry standards or past performance, are just stepping stones to greatness, not the destination.

In an e-commerce business, one of the conversion rates is typically tied to the percentage of website visitors who make a purchase. In a B2B context, the concept of conversion takes on multiple forms, such as the transformation of visitors to leads, leads to sales, or the nurturing of existing leads into active customers. All these conversions are critical as they trace the customer journey from initial interest to the final sale.

To add another layer of complexity, we can dissect customer actions into even smaller conversions, such as email subscription conversions, renewal conversions, content downloads, social shares, and more. Each of these plays a crucial role in the grander scheme of customer engagement and success.

But let's delve deeper into the sales-centric conversions, which are arguably the most crucial. The journey from lead to sale, demo to sale, or quote to sale tells of the sales process's effectiveness, encompassing both the quantity and quality of these conversions. It's not just about increasing numbers but improving the caliber of interactions.

Take, for example, a demo to sales conversion rate. If 50% of demos result in sales, doubling the number of demos theoretically doubles sales. However, that's just one part of the equation. Enhancing the quality of the demos or the leads themselves can also lift conversion rates without increasing the demo count. Tailoring demos to client needs, emphasizing the right product features, engaging delivery, and a strong call to action can substantially impact conversion rates.

What if your demo to sales conversion rate hits 100%? It's time for a paradigm shift. It's an opportunity to reassess and innovate—bringing in diverse targets, revamping the demo, or even bypassing it if found redundant. Efficiency can often be hidden in processes we don't question.

Whether you're a frontline salesperson or a leader steering the ship, resting on laurels isn't an option. The goal is always to seek out and implement ways to improve conversion rates. This relentless drive not only propels your business forward but also ensures you remain a formidable player in the competitive market. In the quest for business excellence, there's always room for improvement, and settling for 'good enough' is never an option.

Contact us to find out how an interim or fractional sales leader may help you to improve conversion rates.

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Photo by Anne Gosewehr