You can spend all the money in the world on advertising, but if you don’t fix your internal processes, you’re just throwing that money away.
There are several internal processes we need to create, systemize and/or improve, to ensure that the leads you have coming in are capitalized on.
- You must TRACK THE DATA on your leads. If you have people calling, stopping in, contacting you through your website, social media, or other methods, and you’re not asking “how did you hear about us?” you are throwing money away! You MUST ENSURE that all staff who come in contact with leads or prospective customers are a) capturing their information so we can follow up with them, b) asking “how did you hear about us?” and c) recording it.
- You must TRACK THE DATA on your customers. All customer must be entered into your software, and we MUST KNOW how they heard about us! You also need emails, addresses, phone numbers, and any other pertinent information. As always, ensure that your staff know how important it is to have CLEAN (ie. ACCURATE) data. Dirty data is absolutely useless. Take care to ensure emails, and all other information are entered correctly. Spelling a client’s name wrong (for example) could cost you a lot by offending them. Not entering an email correctly could make it impossible for us to follow up. Since 84% of sales are done between the fifth and 12th follow up, this is absolutely unacceptable!
- You must calculate ROI, CPC, CPL and conversion rate percentage* to understand which types of advertising and follow up are working for you. Use these numbers to make advertising decisions. Calculate the following numbers for every type of lead in your business (for example, Facebook, radio, Google search, etc).
- You must analyze and improve your lead handling, conversion and follow up processes. Find out who is converting the most leads into customers, and start with their process. Have everyone follow the process. Track and measure improvements every month at a minimum!
Stop throwing your money away on advertising, start improving your processes, and therefore your bottom line!
If you feel you need some help to make your company more successful and more enjoyable, contact TMH Business Coaching today for a confidential, free, no-obligation consultation to propel you forward. Also, please feel free to add yourself to our weekly coaching tips email!
* ROI = Return On Investment: Money that came in from each individual source (Facebook/radio/Google search, etc.)/money you spent on each individual source (Facebook/radio/Google, etc.)
CPC = Cost Per Customer: Money you spent on each individual source/number of customers who came to you from each source
CPL = Cost Per Lead: Money you spent on each source/number of leads who came to you from each source
Conversion rate percentage = number of customers from each source/total number of leads from each source