Be 1% Better to Double Your Sales
Problem:
Doubling your sales probably seems impossible. However, considering it from another perspective, it may not be. Sales is, in many ways, a numbers game. Can you use that to your advantage?
What’s happening and why:
Every company is different, but looking at our customers, 1% is a pretty typical conversion rate from “suspect” to customer. Keep in mind, most of them aren’t selling a transactional-type solution. They require building relationships and have sales cycles of at least a month or two. However, like all companies, their closed sales are directly correlated with the volume of qualified leads in their pipeline. For this example, a “suspect” is a contact at a target company that fits your customer type.
How to fix it:
So, if you want to double your sales and your conversion rate, all you really need to do is change your perspective. Think about it… Increasing your suspect conversions from 1% to 2% is not a 1% increase… it is a 100% increase.
Yes, this is much simpler in theory than reality. The point is just to say that moving the needle when it comes to the volume of suspects you get into your sales funnel and improving your conversions by just 1% will move the needle in big ways. So, get those numbers up and see where it takes you.
Is 3 the AI magic number? AI will rarely give you a good result with your initial prompt. In our tests, it usually takes 3 “tries” to get simple outputs where they need to be. And by simple, we’re referring to content like social media posts and emails. Longer form content is another story! The first two are needed for dialing in the content/ talking points. The third can then fine-tune the tone. So, don’t use AI as a one-and-done thing. Providing feedback and letting your LLM know what you need more of will go a long way and dramatically improve your results.
Get Your Data in Shape. Perhaps this is more of the trend we want to see, rather than something already in motion, but companies are waking up to the need for better data management. This includes ensuring you have accurate and up-to-date prospect contact information, and that you are using data from your campaigns (such as open/ conversion rates) to continue improving results.
When it comes to contact data, it’s never been easier to find email addresses and phone numbers. Any effort you put into improving contact data (and doing a better job of targeting the right contacts) will more than pay for itself. Better metrics will follow, but it all takes work and consistency.