Hey Folks!
Doug Huggins here with a few ideas on increasing your income at no cost…
Over the years I’ve both generated literally thousands of leads for my company and taught many others to do the same.
By thousands of leads I mean that for a period of 107 consecutive weeks I was able to create in excess of 280 in-bound lead calls to my own company. That’s over 30,000 lead calls in just over two-years. And I did it on a shoe-string budget.
When I am speaking or writing about this I often get a question something like, “What happened after two years, did your marketing stop working?”
And my answer is consistently the same – “NO My marketing continued to work just as well as before. The difference was I was able to turn down the volume on my marketing because I developed a simple yet much more efficient and effective way of converting those inbound lead calls.”
You see, when I was able to convert a higher percentage of those leads into customers, I didn’t need as many lead calls to reach the same income for my company. I was able to cut my shoestring budget even thinner and still make the same or more money.
THIS IS AN IMPORTANT LESSON IN YOUR BUSINESS – regardless of what business you are in.
Think about it!
Learning to convert a higher percentage of your prospects into customers and clients is by far the least expensive way of dramatically increasing your bottom line.
Example:
Let’s say you need two new customer or clients per week in order to stay in business. How many prospects do you need in order to get those new customers? You can certainly use your own numbers here, but for our example, let’s say you need twenty (20) prospects per week to get the two new clients you need each week.
Now, let’s say you want to increase the number of new clients you get per week to three. What are your choices?
One, you can spend the time, money and effort on generating an additional ten new prospects per week so you can get your one additional client. Or Two, you can spend a whole lot less time and effort, and no money learning and honing your skills to convert one more of the 20 prospects your are currently generated each week.
Both options will in deed take you time to implement. But, long term, which will better serve you and your business?
In my mortgage business we were generally converting an average of twelve (12%) percent of our call in leads – or about 33 new loan applications per week. Over time, I developed a much better conversion script. We taught it to our people and required that they use that script when responding to one of the “house leads” we gave them.
In just a couple of weeks of getting our people using the conversion script we increased our conversion rate from the 12% to over 30%. No changes in the quality of leads. In fact, if anything the overall quality of our leads tended to go down over time. But, as a result of the increased lead conversion percentage we were able to go from about 33 applications per week to over 50 per week. And even more importantly we were able to cut our advertising costs dramatically.
So, instead of handling over 280 leads per week, we were able to cut our lead generation efforts down to only about 160 to 170 per week and still increased our bottom line by about 150% (33 customer to over 50 per week).
In addition, we were not only able to cut our marketing costs, we were able to survive with less people and less skilled people. The scripting helped us convert from highly paid loan originators to what we called “marketers.”
I’ll give you more on this tomorrow and the rest of the week. In fact, I will be giving you my simple Four Question Seque Lead Conversion Script later this week. But, I believe it is important for me to give you a bit more “set-up” so you’ll really understand the power of this simple process. And finally, late this week, I’ll show you how to modify the script from our mortgage based busines to literally any other business situation out there.
In the meantime, take a look at this very short video. It will prove to you that my scripting actually works for other people and not just in my one business.
Hope you will enjoy, use and profit from these ideas!
Doug
Doug Huggins
info@doughuggins.com
