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Picture the Perfect Sale

Posted by Kirsten Lowis on 6 May 2019
Picture the Perfect Sale

SALES: Picture the perfect Sale...

To a great extent, sales conversion can be a two-trick pony involving a combination of strong product and equally strong personality. But before we get into the ways you can improve your sales conversion, let's confirm that you actually track and calculate your sales conversion rate in your business.

If not, then that's the first job on your list of systems to create. Simply put, sales conversion rate is calculated by dividing your actual sales transactions by gross traffic counts. For example, if you tallied 50 quotes in September and 20 were accepted, your conversion rate would be 40% (i.e. 20/50). Same goes for retail door counts, appraisals, web hits etc. The fact is, if you don't track your traffic, you simply can't begin to calculate conversion rate let alone improve it. Traffic volume and conversion rates tend to be inversely related, so watch when you get a traffic spike, conversion rates tends to decline, and vice-versa. It's not hard to understand why this happens - when the phones or assistants are busy, it's harder to maintain customer service standards.

It's vitally important to have goals and targets if you want to improve results on or offline, and remember that every business is unique and conversion targets should be set uniquely to suit your trading environment. Sales requires the collective effort of your entire team to help convert prospects into buyers. From the marketing, reception and first sales meeting to accounts payable and quality management everyone in your business plays a role. So don't think of sales as merely some business metric, but rather a simple measure of how well your overall business is helping people buy.

In this fast-paced world of off and online, improving your in-store/office conversion rate is not necessarily difficult, but it will take dedication, focus and attention. Simply put, if you're not tracking your activity, you will be missing out on an entirely new way to drive sales in your business. You can't improve sales conversion if you don't measure it.

Increasing your conversion rates is absolutely crucial as having a good conversion rate is the foundation of high sales volume. Let's say your goal is to increase your sales by 50%. How would you do it? More advertising? Producing 50% more content? 50% more time, effort and money into marketing?  All of this could work, but it sure is much faster and cheaper to do it by increasing your conversion rate.

FACT If you have 2% conversion, going to 3% is actually a 50% uplift in results!  Sometimes just a small tweak can lead to significant improvement in conversion rates. 

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Kirsten LowisAuthor:Kirsten Lowis
About: As the Founding Director of Zoom in Business - a subscription-based network and magazine, NQ Business Sales - a business sales firm based in North Queensland, and Bizrich - a business valuation firm, Kirsten has learnt from the trenches and brings a wealth of personal and professional experience and knowledge to our members. With over 13 years as a franchisee, retailer and start-up business owner, Kirsten has worked closely with fellow coaches, hundreds of clients and the best facilitators in Australia who have run their own business or have experience in running a business and teams. Kirsten’s extensive knowledge and experience as a Registered Business Valuer and Licenced Business Broker helps our readers and members improve awareness of the state of the market, understanding and confidence in buying, growing, valuing and selling their business, while connecting them with local and international news stories and experts to create a capable and dynamic business network.
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