Cash Flash! Instant Cash Flow Tips

A major element to cash flow is a healthy pipeline of new customers.  Here are three ways to supercharge your conversion rate for new customers.

Follow Up & Follow Up Again …
Don't let anyone slip through your fingers. If you have qualified them properly, until it's over, they're still a 'hot' prospect. Try different techniques for getting in touch with them again. You might try explaining to them that you forgot to mention the extra warranty that's available, or the payment plans that your business offers. As a last resort, you could try calling them to offer them an introductory or time-limited offer. If you take this approach, make sure that you explain that it's a new, one-off promotion and that it's not going to last long. More often than not your persistence will pay off. But you need to qualify your prospect before going all out to make the sale. If they don't have the money, or weren't really interested in your goods in the first place, you can waste a lot of time chasing your tail. Only go after the people that are red hot prospects (see below).
 
Target Better Prospects …
If you're having serious trouble with your conversion rate, you may want to go back and have another look at the way you attract prospects.  Are you getting the right sort of people?  If not, how else could you advertise? There can be many factors that contribute to attracting poor prospects. For example, the appearance of your business or the quality of the goods you sell can often attract 'C' and 'D' class customers. Raising your prices or sending a letter to those customers you'd rather not deal with, explaining the rules for doing business with you, can help rectify this. If you're using a direct mail list, you may also need to consider buying one that's more targeted or up-to-date. This will help to increase the number of hot prospects you develop, while decreasing the number of time-wasters.
 
Ask For The Sale …
Don't be shy.  If you've asked enough questions, you should have established that the person wants to buy what you sell.  If that's the case, assume the sale - ask them an assumptive question 'would you like to pay for that by credit card, or by cash'. A common mistake among many sales people is their need to talk too much, and justify the price. If the prospect is very interested in your product you probably won't have to do too much at all. In this situation, you simply need to listen carefully, and ask the right questions.  Then all you'll have to do is answer a few questions and then close the sale. If you try and explain things in too much detail, the customer could go cold thinking that you're trying to hide something. The trick is to ask temperature-checking questions such as - 'How does that fit with what you've got in mind?' If the response to this question is positive, then close the sale. If the prospect has some reservations, ask them what they had in mind or what you'd have to do to make it fit in with their plans. By asking these simple questions, you can make a huge difference in your conversion rate.

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