Business
In this episode, Nick and Chris discuss the numbers that you need to know in your sales process. Some critical key metrics that you need to understand at a deep level. When it comes to marketing and sales… what are the key numbers you need to master to ensure you can continue to succeed? How many clicks does it take to get a qualified lead…? How many leads does it take to convert a sale…? What is the lifetime value of your clients? What is the velocity of your ad spend return? There are a number of ways to ensure you are aware of these numbers, measure, and benefits. Get a pen ready and write down the simple steps to Client Conversion. Welcome to Coaching Conversations. Time Code/Show Notes 00:25 Show Welcome 01:35 What are the key numbers in your sales cycle/process. 02:07 Why do we need to know these numbers? They tell us a picture or what’s at hand. What we need to change or edit to get the best results. Start with Marketing 02:31 Cost per lead is the first one to concentrate on. Not cost per click. Clicks mean very little. It’s not the number of people clicking on an ad.. it’s the number of people who take the next step (opting in… taking action). How much is that OPT-IN costing you? If it takes 50 clicks to get a lead… that adds up. What is your number? Things 04:43 Leads aren’t just priced in clicks. How much TIME or MONEY does it cost you to go visit potential clients? Petrol lost work time etc. 04:52 Second number to look for is – your conversion rate. Do you have an exciting offer that will make this grow? 06:22 Sometimes you don’t need any more leads! You just need to look after the ones you’ve already got. Slow down and concentrate on the ones on hand. 07:27 In sales… the conversion rate is vital also. How many leads do you need to have one converted to a confirmed sale? Need to know this number. If low – maybe you need to focus on improving your conversion tactics to conclude the sale. 09:31 Is it your ideal client that you are attracting in your marketing? Is your sales process adequate enough to benefit from the leads? Tweak your process to ensure that leads are more ready to go. An ad to Opt-In … Opt-In to Sale. Need to know how much that costs you. 12:53 What is a Client Life Value? How do you measure it and how do you improve its impact on your business? 16:52 What is the “Velocity” of a return? How do you measure it? How can you narrow it down? 18:30 How good is your referral game? 19:18 What do you do if you don’t have these numbers at hand? EPISODE SUMMARY In brief… Nick and Chris chat about the numbers that you need to know in order to develop and grow your business. When it comes to sales and marketing What is your cost to acquire, keep and grow customers? How quickly do they become clients? How do you get these numbers in the first place?