The conversion report, also known as a sales report, is where you convert prospects to clients. It is where you identify your client's problem and clearly show how your product or service is the solution to their problem.
Key # 1 (that will skyrocket your conversion rate)...
Do your report in groups!
Here's why:
a. It greatly leverages your time. There are things that are common to all your clients that you can explain to everyone at once.
b. Since you are leveraging your time, your presentation will be much more complete. Typical one on one presentations are cut short and are very incomplete because of time constraints. It takes time to deliver a good conversion report. You have to breakdown the problem, offer your solution, and explain your process. That can be accomplished in a 40 to 60 minute presentation. Most one on one presentations are scheduled to be 10 to 20 minutes in length. What is being left out and how is that effecting conversion rate and retention?
c. Your presentation has a much greater chance of being dynamic, inspiring, and even revolutionary, if done in a group. It is extremely difficult if not impossible to deliver a report in a revolutionary matter to one person. Can you imagine Martin Luther King or Winston Churchill delivering their storied speeches to one person sitting in a chair in front of them?
d. Group reports have higher conversion rates. Many people logically assume that an intimate one on one report makes it easier for an individual to buy your services. In fact, the opposite is true. People are more willing to accept your solution when it is presented in a group setting.
e. Your prospective clients are still going to get a one on one report with you after the group report. When you offer them their custom tailored solution for their specific problem they have already worked out a lot of their objections for themselves.
Are you already doing a group report?
Here is your advance homework.
Spend more time training on your conversion report. Make the conversion report one of your priorities over the next quarter. Video record your report next week, and review its content and most importantly your delivery. Be brutal. Was your report exciting, inspirational, and revolutionary? What was the outcome? Did people start and refer others? Spend at least an hour a week fine tuning your report every week for the next 12 weeks.
Here's why this is important...
People's lives are on the line and so is your profitability. Do the math. You spend time, effort, and money reaching out to your prospects to get them to the report. You have invested in sales materials, trade shows, advertising, team members' salaries, and your own time to get them to this point. If then your report isn't the best, your conversion rate will suffer (and so will the client that didn't sign up and so will you).
I'll do the math for you. The average young Warrior that is growing a practice and is currently serving 200 clients a week gets 20 new clients per month. Assuming that many of the clients are coming from ongoing outreach efforts, the typical conversion rate with a good report is 50% (clients that are referred into the practice, have a higher conversion rate, as high as 80%), or 10 out of 20 clients will start care. The typical case fee at the low end is $2000, which equates to sales for the month of $20,000. If you were able to improve your report, so that your conversion rate improved by 5% you would start 11 clients and add $2,000 per month of revenue. Improve by 10% and you add $4,000 of revenue per month or $48,000 per year. Here is the kicker: your overhead stays exactly the same, so the $48,000 you are losing is your take home pay!
We can keep doing more math if you are not yet convinced. A great report will have at least as many client referrals as clients that started care. So add another 10 new clients to your next report. You get the idea. Get out the video recorder.
Coach Yurij
Traininthepain
Warrior Coaching
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