A Guide to Converting Prospects

By: ActionCOACH

A Guide to Converting Prospects

We all know that lead nurturing is extremely important when growing your business. Though a marketing qualified lead (MQL) may vary from business to business, it’s important to attract the right kind of prospect. Do you find yourself asking, “What happened there? Why weren’t we able to close the sale?” One of the challenges businesses face lies in the conversion stage of the sales funnel. Examining your customer’s behavioral history, identifying patterns, and developing lead scores are just a few of the many ways you can close the deal. And, we’ve created an in-depth guide to help you start converting prospects.

Customer Behavior

It’s important to take a look at your customer’s recent activity. How soon did they travel through your sales funnel? Have they been a loyal customer for very long? What is it that drove them to your brand? Ask how they heard about your business and take into consideration the number of page views, content downloads, or event registrations that took place before your lead become a customer.

Buying Patterns

Most often when you’re studying your prospect closely, you’ll identify patterns that indicate the likelihood of closing. Frequency is a great measure to watch out for. Are they visiting your website often? Have they signed up for a free trial? If you hosted a webinar or event, take a look at the number of attendees versus ones who became customers. Divide the number of closes by the total number of leads to calculate your closing rate. This may change during different levels of the of the sales funnel.

Lead Scoring

We recommend using a lead scoring program that incorporates data from your sales funnel to help you determine which level you’re catching the most customers. Look for actions that boast a significantly higher close rate. Then, consider these when building your marketing strategy going forward.

Optimizing Funnel Stages

In our last blog, we identified the different stages of the sales funnel, but we mustn’t forget to always be looking ahead. Optimization is an ongoing process which requires continual research and analysis. Some of the metrics we recommend monitoring when you’re converting prospects are:

Visitor-to-Lead Conversion Rate
% Sales Accepted Leads
Lead-to-Customer Conversion Rate
Sales Cycle Length
Average Cost Per Sale

The metrics above will be helpful in building (and adapting) your marketing strategy. By paying close attention to where you’re catching prospects and where you may be losing them, allows you to pinpoint concrete actions. We hope you all have enjoyed this article, let us know how you’ll use this information for converting prospects in the near feature!

Reason #1: Different styles and methods of business coaching don't work for everyone

It's important to be honest with yourself and conduct a realistic assessment when it comes to business coaching. Though business coaching can have many benefits, it might not work for everyone.

Every individual brings their own experiences and values to the coaching dynamic, so results will vary. Additionally, some individuals might need more than just a coach. They might also need specialised knowledge or communication strategies specific to their industry or target audience. Below are a few key factors to consider:

Reason #2: There is no clear focus or vision (talk about time dedication here too)

cIt's important to be honest with yourself and conduct a realistic assessment when it comes to business coaching. Though business coaching can have many benefits, it might not work for everyone.

Business coaching is an effective tool for developing a clearer focus and vision for growing your business. A good coach will help you to take a comprehensive look at your strengths, weaknesses, and available resources that can be used to reach those goals. They will also help you draw up action plans with step-by-step instructions to get there.

By providing honest feedback and being patient throughout the process, a business coach can make sure that you’re on the right track. This will enable you to set realistic milestones and tasks.

These tasks may need dedicated time outside of coaching sessions. For example, a coach might help a client develop a marketing strategy or implement new systems for managing employees. However, if the client does not have enough time to devote to these tasks outside of coaching sessions, progress will likely stall.

Both the coach and the client must have enough time available to reflect on past experiences, brainstorm new solutions, and test out different strategies. If either party is rushed or distracted during coaching sessions due to other commitments or obligations, they may struggle to fully engage in this process.

Effective business coaching also requires a commitment to regular meetings and ongoing communication. If either the coach or the client does not have enough time to dedicate to these meetings, progress may be slow or nonexistent.

It's important to recognise that business coaching is an ongoing process that takes time to yield results. While some clients may see improvements after just a few sessions with their coach. Others may need months or even years of consistent effort before they begin seeing real changes in their businesses.

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