| Strategy 2 | | | | optimize. If you don't know the conversion rate |
| Integrating the USP: | | | | of the sales processes, then take time to track |
| Once you have determined your unique selling | | | | the process and record the information - plus the |
| proposition (Strategy 1), it will become the | | | | customer's name, address, phone, and (where |
| overriding theme you carry throughout your | | | | possible) the amount of the purchase and for |
| operations. It's the message that should be | | | | what product or service. Though other |
| written on invoices, work orders, and receipts. It | | | | information can be captured, this should be the |
| should be communicated by all company | | | | minimum. |
| employees. Whenever they're talking on the | | | | The key objective in this strategy is to increase |
| phone or servicing a client, the USP should be | | | | the conversion rate of prospects to customers. |
| explained. | | | | Integration of the USP into all selling processes will |
| Your Unique Selling Proposition (USP) is the focus | | | | help accomplish this objective. Make certain the |
| of all radio and newspaper ads, the theme of | | | | USP gets integrated into phone scripts, follow-up |
| every cross-promotion or newsletter. It should | | | | calls, and presentations. The USP gives salespeople |
| appear on any specialty advertising items - pencils, | | | | a clear reason for selling. They will be more |
| pens, refrigerator magnets - as well as on your | | | | motivated to make more calls. |
| letterhead and business cards. Benefits of the USP | | | | It's very important to track the current closing |
| can become headlines for all advertising, and | | | | rate or conversion rate of your salespeople. Make |
| salespeople should incorporate it into all their sales | | | | certain that prospects contacted, presentations |
| promotions. | | | | given, and the number of prospects converted to |
| The USP will evolve and change as your business | | | | customers is a required report. |
| (and the marketplace) does. Domino's, for | | | | Remember, however, that a company can't |
| example, has abandoned its "thirty-minute | | | | simply hire sales-people, expect them to report |
| delivery" USP because other pizza companies can | | | | progress, and hope all goes well. The enterprise |
| now deliver in the same amount of time. As you | | | | must commit to train them on a regular basis. |
| develop an effective USP and integrate it | | | | Salespeople need to be trained in the psychology |
| successfully, more people will be attracted to you | | | | of selling. They need to know how to build trust |
| business. More prospects will become customers. | | | | and rapport, to probe to isolate the needs and |
| Your customers will remain more loyal. | | | | wants of prospects. They need to know how to |
| IMPLEMENTATION | | | | present their company's USP and products and |
| You want the integration of the USP to | | | | services in a persuasive way. They need to know |
| accomplish one primary objective: | | | | how to close a sale. They should have a follow-up |
| Increase the conversion rate of prospects to | | | | system to track prospects and a system of |
| paying customers or clients. | | | | re-contacting them. They should know how to |
| Don't be concerned yet with increasing the | | | | ask questions, overcome objections, and ask for |
| number of prospects - that's accomplished with | | | | the order. |
| strategies discussed later. In this strategy, you | | | | It is reasonable to expect accountability from |
| want to do the best you can to determine one | | | | salespeople if the company builds their |
| critical ratio: conversion rate of prospects to | | | | competence with regular sales training. By tracking |
| customers. This is often referred to as the closing | | | | and working to improve a salesperson's closing |
| rate. | | | | ratio, management is also managing by activity, |
| A closing rate occurs in every type of business, | | | | not personality. Goals can be set and |
| regardless of industry. A professional, for | | | | accountability related to the goals. This helps |
| example, does a certain amount of marketing and | | | | management avoid conflict and involves the |
| from that generates prospects. He or she should | | | | salesperson in the process. |
| know who those prospects are and how many | | | | STEP TWO: IMPLEMENT FOLLOW-UP SYSTEMS. |
| are becoming clients. A retail store should track | | | | One of the quickest ways to increase the closing |
| the number of people coming in and then the | | | | or conversion rate of prospects to customers is |
| number of transactions that occur. This can be | | | | by implementing a follow-up system. One of the |
| computed to a conversion rate or closing rate. | | | | best tools for follow-up is the phone. This often |
| Certainly if your company has an outside sales | | | | costs little or no money, and most sales |
| force, you're likely already tracking a closing rate. | | | | representatives have slow time they could fill in |
| A minimal increase in this ratio can mean a | | | | this way. |
| significant increase in your business's profitability. | | | | Or perhaps a letter and a follow-up phone call |
| For example, consider a medical practitioner in the | | | | works better for your product or service. For |
| diet business. This doctor had prospects calling on | | | | example, a moving and storage company sent a |
| the phone after reading his yellow pages ad, but | | | | letter to all prospects worth over $500. The letter |
| he did not know how many of them were | | | | simply reaffirmed the USP and invited the |
| coming in for appointments. He started keeping | | | | prospect to call and book a date for the move. |
| track of names and addresses and sent | | | | This increased the closing rate 30 percent for the |
| information out to those interested. Follow-up calls | | | | company. Follow-up works well for two reasons: |
| were made and appointments set. This one | | | | 1. Your competition is probably not doing it. In |
| activity alone increased business by 25 percent. | | | | other words, your company becomes even more |
| However, the important thing is to understand the | | | | unique by implementing follow-up systems. |
| profitability increase. The doctor was already | | | | 2. Life, and commerce, is a moving parade. Just |
| paying for the yellow pages ad, the same amount | | | | because someone says "no" today doesn't mean |
| regardless of response. With a 25 percent | | | | he or she will tomorrow, next week, or even |
| improvement in the conversion of prospects to | | | | next month. Persistent follow-up can give your |
| clients and no accompanying increase in expense, | | | | sales force a chance to resell the prospect over |
| most of the increase could go right to the | | | | and over, helping prospective customers decide to |
| bottom-line profit of the practice. This is what's | | | | do business with your company. |
| meant by leverage or optimization of marketing | | | | The follow-up may even require a personal visit. |
| assets. In both the follow-up phone calls and the | | | | The nature or extent of your follow-up can be |
| information sent, the doctor's USP was clearly | | | | determined by the potential sale amount. Deciding |
| presented. Before determining a USP, the doctor | | | | when to follow up will depend on the buying cycle |
| would not have known what to present and sell in | | | | and habits of your customers. While a computer |
| the printed information or over the phone. | | | | company may know that people make a decision |
| This strategy of integrating the USP applies to | | | | to buy a computer within twenty-four and |
| any marketing effort. A direct mail program that's | | | | seventy-two hours, another type of business |
| now converting a certain percentage of prospects | | | | may have a two-week window of receptivity to |
| to clients can be improved and leveraged by | | | | follow-up. Create your system around this cycle. |
| integrating a good USP to improve the response. | | | | Not only will a good follow-up system help |
| A tax professional was sending an annual mailing | | | | increase the conversion rate, it will improve and |
| to people moving into her area. By integrating a | | | | build upon customer service. Your customers will |
| USP into the mailing, response doubled. Again, | | | | become more endeared to your company. They |
| there was no increase in expense - the same | | | | will be more loyal and respond to invitations to |
| postage and same envelope but a different letter | | | | return and do business. People love to be led and |
| meant the difference. All the increase went to | | | | nurtured in the buying process. |
| profit. This further illustrates leverage or | | | | STRATEGY 2 |
| optimization of marketing referrals. | | | | IMPLEMENTATION CHECKLIST |
| STEP ONE: IDENTIFY ALL CURRENT MARKETING | | | | __ Identify all areas of selling in your company: |
| PROCESSES AND IMPLEMENT A PLAN FOR | | | | phone, ads, salespeople, mailings, brochures, and |
| CAPTURING CUSTOMER INFORMATION | | | | so on. |
| Your business or company has some sales | | | | __ Integrate the USP into marketing activity: |
| process going on or it wouldn't be in business. It | | | | - Headlines |
| might be media advertising to bring inn prospects | | | | - Ads |
| or outside salespeople making cold calls and | | | | - Sales Presentations |
| getting referrals. It might be a direct mail program | | | | - Phone scripts |
| or telemarketing effort. A manufacturer could | | | | - Mailings |
| generate leads by being on a bid list. You first | | | | __ Track and record closing rates. |
| need to identify all the different sales processes | | | | __ Implement follow-up systems. |
| going on in your company. The more the better; | | | | __ Evaluate any changes in response from |
| this means more opportunity to leverage and | | | | prospects (e.g., closing rate increase, etc.). |