April 2003a- Each month this page will be updated with new tips and ideas and the previous content archived. As time goes by our archives will grow. These will always be accessible, and always without charge. Enjoy.

Welcome to the free tips page for April 2003

Improving your conversion rate

This month I want to look at a few tips to help you become more successful at converting inquiries into new clients.

I still remember the days from my own time in public accounting, when a prospective client was referred to me by - for example - a local bank manager.

I knew three things about the prospect before they even met with me:

1. That they were 'in the market' for a new accountant
2. That they were interested in my firm
3. That I was probably the only alternative accountant they were meeting with

Today is is not quite as clear-cut when you meet with a prospective client. Our conversion rates will have dropped and some people will think 'maybe I just don't have it any more".

The truth is that you might very well be just as effective at converting prospects into clients as you ever were, maybe even better, but the market place has dramatically changed over the last twenty years.

Previously, if you had a referral from a Banker, you knew that you were usually the only firm that they had been referred to.

It used to be so easy, they'd be referred to you, you meet with them, they become a new client.

But today, bankers are 'hedging their bets' by changing how they make referrals.

They now say to their customer... 'I happen to know several good accountants in this town, any one of them could provide you with an excellent service and I recommend them all. Why not give them each a call and see which firm you feel the most comfortable with...'

Then, their customer usually does just that - they call all three firms recommended to them - and then after meeting them all, make a decision on who to place their business with.

What happens next, is that the Bank Manager will call you, and say 'Hey, I just recommended your firm to one of my customers today, expect a call from...' BUT they will 'forget' to mention that they also referred them to two of your major competitors too!

Why?

Because the market place for Banks has 'grown-up' too. They want the opportunity to let you know that they are trying to introduce business to you so that you feel somewhat obligated to make referrals back to them.

They're just as hungry to grow as we are today!

On top of this, the client has become something more a of a consumer, and will 'shop around' before making a decision, probably meeting with two or three different firms to find the 'right fit at the right price'.

So what can we do to help improve our chances of success in such a competitive environment?

I found that the best way to dramatically improve my own conversion rate was not to try to 'Pitch' people, but to train them to 'Catch'.

What do I mean by this? Well simply that people do not respond well anymore if they think they are being 'sold' to. The days of someone with a smooth sales patter (or pitch) who could talk anyone into buying anything are long gone.

And it's the same in our own firms.

In stead of 'pitching' to a prospect, we need to get them to 'catch'.

This involves what I call 'Active Listening' where we show a high level of interest in their business, in their situation and their problems, rather than us talking about our firm and our people and our processes. We ask plenty of questions that are open-ended and we listen carefully. As we listen, we hear opportunities and we ask more probing questions, using the comments made by the prospect or by the client, and we try to find the most pressing issues that they face that we might be able to help them to solve.

Then, instead of saying something like 'I know the answer to that, we could start the project next week, the fee is $x', we need to change the approach entirely.

The better way is to offer a choice of solutions and to demonstrate an attitude of wanting to genuinely do what is best for them, not necessarily what's best for us.

We do that by saying something more along the lines of... 'Yes Mr/Mrs prospect, I have had a number of clients face a similar situation. Sometimes we found that approach 'x' was the most suitable but in other cases we have used 'y' and 'z' with excellent results too. Which do you think would work best for you?'

If they're not sure, THEN, you might want to consider making a recommendation, but only if you feel that you have developed a relationship sufficiently strong enough for them to respect your opinion because it is what is best for them, not because you want to sell service 'y' to them.

Asking questions, listening carefully and building a conversation around the information they provide, then offering a choice of alternatives and only offering direction on which to take if you feel it appropriate, THIS is getting the prospect to catch rather than you pitching to them, and it can make a huge difference in the rate of conversions from inquiry to client that you enjoy.

Towards Awesome Client Service - Module Two. The Success Story Continues...

After the success of Module One, we look forward to continuing the journey towards awesome client service with our subscribers, old and new, with the launch of Module two. It's packed full with new ideas and approaches to develop closer working relationships with your clients, and a better yield on your investment in your staff and yourself. The price is held at the introductory rate of $249.95 per module (US funds) so join us now, and if you haven't yet signed up for Module One, you can still do so at the introductory rate.

Find out more at: www.awesomeclientservice.com/details.htm

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So, that's all for now, if you need more, sign up for our free e-newsletter, LEDGER, on our newsletter sign-up page, or look at our best-selling manual LOW COST HIGH IMPACT WAYS TO WIN NEW CLIENTS.

Thanks for visiting.
Have a great month.
Until next time.

More free tips to come as we next update our site in May 2003.