The Secret to Breaking Buyer Silence in the Sales Cycle
According to Sales Hacker, companies only have 14 days to engage a buyer before the conversion potential is so low that it is no longer worth following up. Just after three days, the expected conversion rate drops three times. After four days, it drops down by four, and it only gets lower from there. So, how businesses quickly convert leads to buyers?
With the dramatic increase in e-commerce spending in 2020, consumers are less likely to be dealing with a seasoned salesperson. They will most likely be dealing with your website's algorithm, your company's social media, a customer services rep, or any other computerized version of your company. In reality, the best way to prevent buyer silence is never to have a client be silent. If you are experiencing many potential clients dropping out or your win rate is low, here is how you start closing the gap.
Analyze your Strategy
Coral Ouellette, specializing in digital and affiliate marketing, reports that 38% of shoppers will leave a website if it looks unattractive. A shopper forms their opinion on a company's website in 0.05 seconds. That can leave room for a high bounce rate and low conversion. The best way to analyze your website's success rate is to test and analyze utilizing different strategies such as A/B testing and customer surveys.
A/B testing can also be very beneficial for communicating directly to consumers. When sending a sales follow-up email, a marketing newsletter, or experimenting with social media posts, the data can help you tweak and redirect your messaging.
Data science is key to figuring out what does not work for customer communication and website design. Another company's website layout and branding may work great for their target market but could be a horrible idea for yours. Having concrete data proving what your clients are looking for will help improve your overall strategy.
Change your Ask
Changing your ask is directly related to the data learned from step one. When you analyze your strategy, you will most likely realize you need to change how you speak to your customer base. Remember, your company's goal should not be to reach every person with expendable income; instead, you should be talking to your target market. When you change your ask to fit a target market better, the less likely your company will have to break the silence with a potential client.
Changing your ask for a one-to-one sales approach would mean that you may ask for a text-back reply instead of asking for an in-person meeting. Additionally, changing your ask for an e-commerce storefront might be adding a "continue to shop" button in their cart instead of only offering a "check out now" CTA. With the right sales engagement platform, you can quickly gain insight into how different messaging is performing.
Pivot, pivot, pivot!
What value are you bringing to your customer OTHER than your product or service? When you can prove value outside of your offerings, you are more likely to trust the product or services you are offering. The quicker you can emphasize your brand's value, the less likely you are to lose leads.
The added value does not always need to be tied to product or service cost. Examples of added value for retail could be:
"How to style yourself this season,"
"What the newest trends are this season,"
"Don't miss out on our next sale; sign up for our newsletter today."
Adding value can be a simple yet effective way to establish yourself as an industry expert. If consumers can trust your brand, they will trust your product or services, increasing your win rate.
It's Okay to Move On
Sometimes a possible buyer is not worth trying to close. After you've analyzed your target market and what works for your brand, your company will know precisely when it is time to move on from a potential sale. There will be times that a possible customer will wander onto your website and maybe even add a couple of orders to their cart. But the reality is that they won't close because they are not the right customer for your brand. Remember, we want to attract a customer whose problem we can immediately solve and have them keep returning for you to solve their problems.
The buyer's journey differs from person to person, country to country, culture to culture. Sometimes a bounce rate from your e-commerce website is just that, a bounce rate; other times, it is entirely up to your business to make the sale. The best way to reduce customer silence is never to have it happen in the first place. Sometimes, that is easier said than done, but you can succeed by using fundamental analysis and numbers to fuel your client communication.