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When I ask advisors how many leads they bring in each month, they usually give me a definitive answer.
But when I ask them how many of those leads they convert into paying clients, it gets wobbly with words like: “around”, “maybe”, “I want to say...”, “I think it’s...”.
It’s rare to meet an advisor who is clear on that number.
Why would I ask them that question, when what they really want to know is how to get more leads?
It’s because if one new client pays you $10,000 annually, and you keep them for at least ten years, then losing a prospect (a “potential client”) doesn’t cost you $10,000... it costs you $100,000.
If you’re losing 5, 6, or even 7 out of every 10 prospect each month, that’s a lot of value slipping through your fingers.
In a low-volume/high-margin business like yours, with a low conversion rate, bringing in more leads is the wrong focus.
Rather than focusing on the gains you might get from bringing in more leads, what about shifting your focus to the significant losses caused by the potential clients you’re losing every month?
If each potential client represents significant long-term value to your business, then stopping that loss could be a windfall of new revenue.
Sales conversion is everything for your business.
Let’s think about the psychology behind this for a second.
When you’re presented with a new marketing or business development initiative, is it easy to make a decision?
No.
It triggers a cost-benefit analysis in your mind and you need time to go away and think about it.
But when you become clear about a problem and its impact in the present, especially if that impact is significant, making a decision to solve it, is a no-brainer.
The issue is clear, there’s nothing here to think about, only to take action to “plug up the hole” in your sales process.
To start stemming the losses, consider shifting from a solution/value sales approach to a trust-based problem-centric approach, helping your prospect understand the impact (or direct financial losses) their financial issue is having in the present.
That creates instant clarity for them – just like a doctor showing the patient an x-ray of their problem.
That level of clarity makes it easy to trust you to be chosen as the one to help them solve their problem.
Sales conversion is the big lever hiding in plain sight, ignored by most advisors.
It’s more exciting and self-validating to talk about and measure wins, than losses
And it’s easy to shift the blame of a lack of conversion to prospects not being a “fit”.
Basing your sales conversion process around the prospect’s problems and unpacking them to a much deeper level than anyone else, dramatically reduces the number of potential client losses and rapidly grows your business.
For more details on how to create clarity and trust in your sales conversations, order the complimentary book and consulation below.
Related: How To Differentiate
Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net worth/lead generation expert for financial advisors. His newest book, “Trust In A Split Second” has become an instant best-seller among financial advisors worldwide – you can get a Free copy of Ari’s book here and, when you click the “YES” button in the order form, you’ll also receive a complimentary “plug up the holes” lead generation consultation.