What is Your Closing Ratio?
Monday, November 26, 2007
Many contractors talk to good prospects on the phone and they set appointments to meet with those potential project owners. The ultimate goal is get the contract signed so that work can soon begin. Part of the selling process is to give them your pitch about your services and products you work with. Since price is a concern with every project owner, your first instinct is to pitch your experience, past projects, quality workmanship, and timely scheduling.You're probably lucky to close 1 in 10. For some, it might be 1 in 5, but in a competitive market some close 1 in 20.
How can you improve on that ratio? Knock their socks off. Instead of pointing out how many years your company has been in business, give your potential client powerful information about how you will be changing their lives. Your pitch could be a lesson or news story titled, "9 Ways Money is Pouring Out of Your House." Or it could be "12 Ways to Improve Your Property Value by 25% in One Month." What about, "Save Money, Save Time, and Save the Planet"?
When you provide tips, techniques, tricks, and valuable information during your sales pitches, several things happen. You will become the expert in their minds. You will
be offering potential clients something above and beyond your services that will have them talking to friends and family. You will be turning the attention of your pitch to the project owner and away from you. And people love to think and talk about themselves. When it becomes about them and the ways that you will help them, you'll see your closing ration creep higher and higher.
Provide them with information that they value, that goes beyond your services and products, and it will create a need over maybe just a want or a desire. And that is the secret to bumping up your ratio.
Labels: Sales Advice, Small Business Advice
