Stump The Strategist - Increasing conversions of face to face meetings: Most of the sales conversations for my financial consulting business are face-to-face, but only 2 in 10 convert. How can I increase conversions?

January 5, 2016

 

Stump the Strategist is a fast-paced live event where our friends from Step Change get on stage and solve strategy and marketing challenges against the clock. The audience votes on whether the strategists were stumped.

 

Live Question: Most of the sales conversations for my financial consulting business are face-to-face, but only 2 in 10 convert. How can I increase conversions?

 

Answer Summary:

  • Everyone says they have great service but never give a proper reason for why. It’s important to use the power of ‘because’ to justify why you’re the best and differentiate yourself from the competition – so there’s a greater chance the client will listen
     

  • If you’re working in an industry like financial consulting, where 80% of Australians aren’t using your product, your challenge may not be to differentiate from competitors. Instead, you might need to focus on selling the value your category offers. This should be reflected in your messaging
     

  • In the finance market, building trust with your clients is a high priority. Educate your sales team on neuro-linguistic programming or the exact phraseology to use in prospective client conversations. This allows your team to quickly tap into the language used by the client to build and foster a connection
     

  • Is the client a pleasure-seeker or pain-avoider? Understanding what motivates clients will help you position your sales pitch to their needs. You can try taking the pain and risk off the table completely with an outrageous guarantee like the “360 Day Return on Fee Guarantee”
     

  • Make sure your sales team is on the same page with a systemised sales conversation. You want this conversation to focus on the loss your client has suffered without your product.
     

  • Autoresponder emails are a great way of keeping your business top-of-mind during a client’s decision process. Be sure to offer sign up during your face-to-face sales meeting
     

  • Be aware of the other parties involved in the client’s decision i.e. spouses or the management team. Be sure to include these stakeholders’ needs in your tender to make their decision a ‘yes’ too

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