What does conversion mean in product/service sales? Just because the buyer’s jaw dropped (prospect’s), floored by the magnificence of your novel product or service, does not mean they will automatically buy. No. They must still be sold to.
Conversion involves product attraction PLUS customer engagement.
This revelation is a cause for grief for many novel sellers or businessmen. Take the one who, having identified a need for a custom-made tour van proceeds to re-jig an existing one to need a spec, complete with a fridge, charging ports, face-to-face seating to enhance interaction, and a kitchen-caravan. The likes on the social media page are envious, the comments all glowing; wherever he goes to pitch, he is met with, “Wow! This is exactly what we wanted.” So, expectantly, he waits for the prospect to flash the cheque-book and sign. Instead, what he hears is, “Let’s discuss and get back to you.” His heart sinks.
This is the eleventh time he is hearing this. And he cannot understand why. The prospect is the right one and evidently needs the product, the price is a “pleasant surprise” (as all eleven have said using different words), his armpits aren’t smelling, and neither is he rude. All boxes are checked. ‘So what’s the problem?’ he wonders.
“What is Sales Conversion?”.
Well, buyers are first human beings, and human beings are averse to change, which is what a purchase represents. The more when it’s new. So whereas on the one hand, the mind is telling him yes, on the other, the heart is telling him, no. And the change could be, “I don’t know this fellow. What if the product fails, unlike the demo? Will he jump ship? What if…” – much like the back-and-forth thoughts of a girl attracted to a boy. Another reason could be that the buyer wants to find out if you’re the only one in the market offering the product or service, and so bides his time, to shop around, with, “Let’s get back to you.”
Is there a chance, that the 31st pitch might see the prospect flash his cheque book?
Absolutely yes! If you pitch anything long enough you will get a buyer. Isn’t this what ‘SMS’ conmen thrive on? Some research was done to see if prospects would buy if not sold to. So this seller went round with this frills-free pitch: “I’m selling this pen. Do you want to buy it?” The 70th person did. But do you want to take this route? Probably not.
It might be more effective to help the prospect embrace the risk (change) by easing him into the purchase. This can be done via trials, endorsement (getting a respected authority to say it is good), transparency (openly sharing information of how what you offer differs from what’s in the market), and knocking more doors because it could be that the 21 prospects you’ve approached just weren’t ready for one reason or the other, but the 22nd through to 29th just ask, “Where do I sign?” This sums up sales conversion.
How do you convert sales? Just remember. Conversion is attraction PLUS engagement.