Do you want your prospects moving faster through your sales funnel? And, do you want more of those prospects buying from you?
Of course you do! Those goals are at the top of every business owner’s wishlist.
But how do you do it?
Here’s a trick that is fast to implement and it helps you to accomplish those two goals of faster-moving prospects and higher conversions: Lower your expectations.
Here’s what I mean…
Every step of your sales funnel is a “mini-transaction”. You make a small promise to your prospect and your prospect takes a small action.
Here are some examples: Perhaps you make a post on Twitter that is compelling and induces curiosity, and your prospect takes action by clicking on the link. Or perhaps you entice someone to your website with the promise of a free report, and they take action by giving you their email address. Or perhaps you set up a sales presentation with the promise of showing them how you can help them, and they take action by agreeing to the presentation because you have built rapport and trust and perhaps you might have something of value they can use. And finally, all of your marketing and sales promises come together when you close the deal, and the prospect takes action by handing over their money and taking ownership of whatever you’re selling.
See how each of these steps in your sales funnel is a mini-transaction? You each exchange something — you fulfill a small promise and they take a small action. Cumulatively, these mini-transactions move your prospect through your sales funnel until they buy from you.
Well the way you can get people moving through your sales funnel faster, and get them to convert more often, is by lowering your expectations — by reducing the “cost” of each transaction that the prospect has to “pay”. (Please note what I’m saying: I’m not talking strictly about money here when I say the “cost” of the action. Rather, I mean that every action you ask your prospect to take has a perceived value attached to it, such as the value of their time or the value of their privacy, for example).
Here are a couple of examples of how the cost of a transaction may keep the prospect from moving forward (and how this can be remedied by lowering the cost):
For example: I can think of a time when I wanted more information from a company so I went to their website to research. But in order to get all of the information I wanted, I had to fill out a form on their site (that’s okay) and the required fields asked for my name, email, mailing address, and telephone number (that’s way more information than I wanted to give at that point in the sales funnel). The cost of giving up some of my privacy (by sharing all of my contact information) was too high for me to take action. However, if they only asked for some of that info — perhaps my email address, for example — they would have made the “cost” of the mini-transaction much lower and I would have been more willing to do it.
Here’s another example — this one is a classic issue in many businesses: When a salesperson calls up to make an appointment for a sales presentation, they meet a lot of resistance. Perhaps the prospect was willing to accept information and the occasional sales call earlier but now they don’t want a formal presentation. This is another mini-transaction at work. The salesperson is promising the prospect a presentation of a product or service that could help them, and the prospect is thinking of the cost of their time, their attention, and perhaps even their reputation if their co-workers will be in the room. Asking for the presentation to early, or not demonstrating enough value in the presentation, can make the cost of the presentation appear too high. By asking for a one-on-one presentation first, or by reframing it as something less formal, or by increasing the perceived value of the presentation itself, the business can solve the problem of the cost seeming to be too high for that mini-transaction.
These are just two examples but there are so many more. Your website and marketing material is a mini-transaction, your sales presentation is a mini-transaction, your rapport-building meetings are mini-transactions, your social media content are mini-transactions, etc. Each time, you ask your prospects to do something and those actions have a “cost” associated with them… and sometimes the cost seems to high. So people don’t click or they don’t subscribe or they don’t agree to a presentation, or they don’t buy.
However, you can accelerate your sales funnel and increase conversions by lowering the commitments at each step in your funnel and make it easy and enticing for your prospect to say “yes” every step of the way.