We all enjoyed and valued Larry Earnhart's March presentation, Part 1 of a 5-Part Formula for Success - The Art of the Referral, so much that we are happy to have him return with part 2 of his business series:
How to Eat an Elephant, Part 2, Turning Your Prospects Into Customers
The conversion rate is the percentage of prospects that are turned into customers through sales activities. Improving the conversion rate is a key to increasing your profits. Learn about keys to building trust with prospective customers and asking for the order (and feel good about it).
The 5-part Formula for Success outlines how business profits are generated = Lead Generation x Conversion Rates x Number of Transactions x Average Dollar Sale x Profit Margins
The five-part Formula for Success is the key to ‘eating the elephant’ of increasing your profits. If you want to double your profits, most entrepreneurs think in terms of doubling customers or doubling prices. If you break the process down into increasing each of the five components of the formula by 15% each, you have palatable bite-sized pieces that can increase your profits by over 100%.