One of the biggest challenges business owner faces, is time.
We all know that we are busy in our businesses and in life. And the biggest challenge that we have is simply not having enough hours in the day to get done what we need to get done.
Now that becomes a real problem, particularly when you’re wearing multiple hats, as most small business owners can’t allocate their time out effectively into all areas of their business.
So how do you as a small business owner, increase your time in your business, so that you can then focus on other areas of your business that need your attention?
Well, it’s quite simple.
To do that, we need to get better at our sales processes, our sales systems, and our sales procedures.
If we can reduce the amount of time we’re spending on prospecting and selling, we can then increase the amount of time on building.
Did you know, a referral sale has a 69% faster closing time than a cold lead conversion does?
The reason for that is because that referral lead comes to you with a greater level of trust.
Now, most businesses that I know focus on a direct sales model, where we are marketing to the outside world, to our avatars to generate new leads.
However, a fact in the direct sales world is that these leads only have a 3% conversion rate! Every 100 calls you make or leads you generate, cold, you’ll only make three sales.
It’s a complete waste of time.
If you want to get more time in our business, so you can get more work done elsewhere, it’s time to work smarter, not harder.
Understanding referral leads are closed 69% faster and that they have a 70% higher conversion rate, it makes sense that building a business this way, is a winner!
I’ve been doing this for a very long time and, my whole career’s been commission-based sales. In all the industries that I’ve worked in, my average closing rate was always around 30% which is very good. 3 out of every 10 people I spoke to.
The reason it was so high, was because I invested over one hundred thousand dollars into learning how to communicate better.
Now let’s look at the difference.
10 leads for 7 sales, v’s 10 leads for 3 sales.
Where it gets more exciting, if we’re trying to reduce more time in our prospecting and sales processes, is that every referral sale has a 37% higher retention rate than a new client does!
What does that do for your time and bottom line?
You’ve got a much higher retention rate and a much faster closing rate. You’re making more money. It’s never price driven. You’re communicating with the right audience. The trust levels have gone through the roof and your business naturally expands.
If they repeat buy, they repeat refer. So, in essence, what you’ve done is create a ongoing marketing machine that is going to fuel you forever!
So, if you’d like to know how you can establish a referral partner program in your business right now, whether you are service based or product based (it doesn’t matter), let’s talk!
You can book a free 15-minute strategy call here: https://calendly.com/tasta-coaching-call/15-minute-discovery-call , where we can look at what’s going on for you and your business now, and then come up with some solutions on how we can eliminate wasted time that you have got going on in your business, straight away through your prospecting and your marketing.
To your success!!