here’s what works for us.
by jody grunden
an important part of the overall process within the company is sales and conversion. for our virtual cfo service, there’s a six-step lead conversion process from when the prospect discovers our website to when the engagement begins.
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the sales and conversion process
our sales and conversion process includes six steps.
here’s what that looks like and the typical timeline:
step 1
the prospect discovers our website either through a google search, reading one of my articles or books, social media, a referral from a client or by attending one of our speaking engagements. the lead may be in the early stages of identifying their need or researching potential solutions. typically, within six to eight weeks, the prospect has done basic research on their own and is ready to get more information from us directly.
at this point, they can schedule a meeting with us right on our website. if they reach out to us via email, we always respond back to them with our calendar link. this allows the prospective client to quickly and easily schedule a meeting at a time that works for them without having to go back and forth with proposed meeting times. once they schedule a meeting, they receive an automated email with the video conferencing information, so they know exactly how and where we’re going to meet.
right out of the gate, potential new clients get a really good idea of how we do things. if they’re not comfortable with a video meeting, they may decide to cancel the meeting, and we’re okay with that because that means we’re not going to be a good fit together.
step 2
consultation meetings are scheduled for a one-hour time block and are conducted via video. we ask the prospect a lot of questions about their company and try to get to know them as much as possible. a big purpose of this meeting is for both of us to see if a potential partnership is a good fit. we ask ourselves if this is a person we’d like to work with, and we want them to do the same with us.
meeting format
the introductory meeting with the potential new client should be one hour long. during the meeting, it’s important to listen intently to the prospect’s needs. ask what keeps them up at night, identify the main problem areas and get to the heart of how you can help them. the purpose of the meeting is to build rapport with the prospect, qualify the lead, establish the value you can provide them and build the proposal together.
one of your goals during the meeting is to determine whether or not the prospect will be a good client. here are some questions you should ask in order to assess whether they’ll be a good fit:
- how big is your company (people and dollars)?
- what services are you looking to replace?
- what type of entity is it? where is it incorporated?
- what is your current accounting structure?
- what software do you use?
keep in mind, it’s okay to turn down a potential new client if you don’t think they’re going to be a good fit. we have criteria for our clients, and if they don’t qualify by our standards, we don’t accept them. ultimately, we are in control of the sales process. if a potential new client doesn’t want to take the time to get to know us, we aren’t a good fit. identifying this before you even begin a business relationship will save you both a lot of unnecessary headache later on!
during the consultation, we screenshare with the potential new client and preview the pricing calculator and quoting scenarios as we discuss them. we let the prospect drive the conversation on pricing. we present them with the options, and we let them decide what they need and what they don’t. we always ask them where they’re leaning so we have a good idea of what they want.
transparency around pricing
we use a pricing calculator during the consultation as we talk through the various options, the prospect’s preferences and how that directly affects their potential pricing. the pricing calculator is the proposal. it allows us to model our services based on the prospective client’s needs, giving them total control over the model and, ultimately, their pricing. because our pricing is fixed and will not change, what they see is what they’ll get. it’s that simple!
step 3
after the call, we follow up by sending the prospect a quick email that includes a guide to all of our services and a screenshot of the scenarios we discussed. we also specifically mention the services the client was leaning toward in our conversation. we let them take some time to think about it and ask them to let us know when they decide whether or not they’d like to move forward.
four essential components of a follow-up email
after the consultation, you’ll want to send the prospect a timely follow-up email. your follow-up email should contain the following four components:
- the email is pre-written (for the sake of efficiency), yet personalized for the individual prospect.
- it briefly reiterates the prospect’s needs and how they are covered in proposal.
- it includes a screenshot of the pricing model with the client’s choices/preferences as discussed in the meeting.
- ends with a call-to-action time and date.
be sure to follow up again on the agreed-upon date if you haven’t heard back from the prospect by then. this shows them that you’re on top of things and that you care about their business.
step 4
when the prospect confirms they’d like to move forward, we send a formal statement of work (sow) and an engagement letter for them to sign. the sow and engagement letter detail the work we will be doing for them and the pricing we’ve agreed upon.
when it’s a win!
when you’ve accomplished your goal and received a “yes” from a potential new client, it is imperative that you have everything ready so you can move that client forward quickly and efficiently. ideally, follow-up should happen as soon as possible, within the same day.
there are three main documents used to close the deal in the sales process:
- proposal (excel document with outlook follow-up)
- statement of work (sow)
- engagement letter
these can be prepared using a quoting software program where you can create, send and track proposals online and obtain an electronic signature. we’ll go over each of these documents in detail next.
step 5
we use a quoting software program to make this process as simple and as streamlined as possible. the prospect can review everything and suggest changes if they’d like. when they’re ready, they can accept the proposal and electronically sign it. at this point, the engagement has begun, and we’re ready to begin working together.
putting together the formal proposal, sow and engagement letter
putting together the proposal begins in the initial consultation with the client. during that meeting, you will have built rapport with the client and established their needs in order to tailor the proposal (pricing calculator) specifically for them. you want to put the buying power in the hands of the prospect. let them determine their needs and, ultimately, the price.
keep the proposal short, use images and make it interactive. the key areas you want to address are:
- identified needs/issues
- why us/differentiators
- team
- experience
- process
- due dates
- price
the sow should specifically address all of the company’s needs as well as:
- deliverables
- tasks that lead to deliverables
- timelines and due dates
- who’s responsible for the tasks
- resources needed
- payment details
step 6
once the client accepts the proposal, engagement begins! we follow up with a quick email welcoming them to the team. we then connect the new client with our onboarding specialist to begin the official engagement process according to the start date specified in the proposal.
the most important aspect of the quoting process is that you are transparent, timely in your communications and delivery and clear in your correspondence so that everything is easy for the prospect to understand. you want to build rapport with the prospect from the very beginning.
first and foremost, prospective clients need to be able to trust you. it’s also imperative that they fully understand the services you will be providing them so that there are no surprises down the road. hiring you may be a significant financial investment for them, and they may have a lot of questions before they’re ready to commit. be patient with potential clients and be sure to fully address all of their questions in a timely manner. the way you interact with people during this phase will lay the foundation for your working relationship going forward.
five best practice tips for sales and conversion
- build rapport with the prospect throughout the entire process.
- engage in a conversation with the prospect; don’t just deliver a presentation.
- clearly discuss the pricing with the prospect and allow them to have control over their pricing.
- price appropriately – don’t undercut yourself to close a deal!
- automate the process as much as possible and ensure a quick turnaround.