Do you Know Your Closing Ratio?

By Sales Transformation Group. 

Knowing your numbers is the key to growth; follow these tips to calculate a high closing ratio month after month. 

As a growth-minded contractor, it is important to your future success to know where you stand within your industry. To do so, you will need to know your numbers, specifically what your closing ratio is. Sales Transformation Group believes that evaluating your success based on a closing ratio is a valuable tool in scoping out where in your business you can improve and where you are excelling. 

A close rate helps you measure how efficiently your sales team is performing. If you don’t know your closing ratio or track this information, it is likely you may not track other important metrics and variables that will help you be successful. Knowing a closing ratio will be instrumental in developing and planning to reach your goals.  

Learn how your customers make decisions 

If you would like to grow your business, you need to know your numbers. Every customer or customer organization has a specific process for decision making. Often, a decision is made not only based on the value of the bid offered but also because of the internal relationships and dynamics within the organization. 

In a business, multiple people may impact a decision. This is why, as a contractor, you must have a working relationship with everyone. Prospects are more likely to purchase from you if you match their personality style. And don’t make the mistake of sticking to one-for-all tactics. 

Improve your lead response 

The quicker you respond to your lead, the better your closing chance. For instance, aim to respond to requests or questions from your website within ten minutes or less. Keep in mind that if you contact a lead within sixty seconds, you have a 200 percent higher conversion rate than the second contact.  

On average, companies take 15 hours to respond through email and 60 hours to respond by telephone. So, get ahead of your competitors by responding to leads faster. 

Growth is a mindset 

Growth is a lifestyle, and if you are growing in business, you should be growing in other areas as well. You have to know and track your closing ratio. Growing is a math equation. 

Increasing your close ratio is important 

When it comes to sales, note that closing is the name of the game. Also, note that how you close matters and is just as important as your close ratio. While calculating your closing ratio is easy, there may be obstacles and challenges that make attaining your goal a little tougher.  

It is important to align with your marketing team and understand how the leads you are working on are qualified. You should also improve your product knowledge in order to overcome objections.  

Finally, thoroughly understand your prospects with accurate buyer personas. This will help you meet them where they are in the buying process. 

Final thoughts 

Are you tracking your closing ratio today? With these tips, you will calculate a high close ratio month after month. Even if the closing ratio cannot be a direct measure of an organization’s sales success, this key metric, when not increasing, is a vital symptom that you should work on and improve your sales effort. 

Learn more about Sales Transformation Group in their RoofersCoffeeShop® Directory or visit SalesTransformationGroup.com. 

Original article source: Sales Transformation Group