3 Ways A.I. Can Increase Your Closing Rate
As a home service business, you probably focus a good amount on how many leads you bring in. Leads are obviously important, but no matter how many you get, you can’t fix a bad sales strategy. Increasing your revenue may start with increasing your lead flow, but you also need to improve your other stages of the sales funnel—and that means boosting your closing rate.
While you likely already have a sales training program in place to teach best practices, you can make your sales reps’ jobs easier by also providing the right tools. This used to mean just offering your team a solid CRM. But as technology advances, this now means offering your team a more robust tool powered by machine learning and artificial intelligence. A.I. allows your business to attach demographic, property, and financial info to each contact in your system. With this information, your team can head into demos with confidence.
So how does this translate to your team’s selling strategy? Here are three ways A.I. can increase your closing rate.
1. Avoid Giving Demos to Low-Quality Leads
If you want to increase your closing rate, the last thing you want to do is head into a home where you know there’s little chance of the person buying. A.I. can help you determine which leads are less buyer-ready so that you can focus on the leads that will actually close. Have your team look at a combination of demographic, property, and financial info. You’ve done enough demos to know what combination of factors generates the perfect selling situation! Use that experience to prioritize the right leads.
Here’s what that looks like in action: One of our clients used the Spectrum Lead Scoring tool to prioritize leads that had a better chance of obtaining financing. This allowed them to decrease their project cancellation rate due to financing related issues. From one month to the next, their net closed percentage improved by 25.8%. Prioritizing the right leads can have a big impact on your bottom line!
Request a demo to learn more about what Spectrum’s Lead Scoring tool can do for your business!
2. Makes It Easier to Tailor Your Pitches
Different people require different selling strategies. By providing insight on a lead’s property, A.I. gives you the power to define those strategies before you even walk into the home.
Do your products and services work best with a certain set of home features? Can your services offer special benefits for older homes? Which products work best in smaller square footages? Knowing the property data gives you a chance to show how your products and services best fit a homeowner’s current situation.
3. Match the Right Sales Rep to the Right Lead
Beyond property info, A.I. also offers demographic insight. With this information, you can better match the right sales person to the right lead. If you know a particular sales rep has more success with certain audiences, use that insight to assign your demos. You can also look at contact data to determine which leads might be harder to close. If the data indicates that a sale might be difficult, put a more senior rep on that demo!
If you want to increase your revenue without increasing your lead flow, you need to close more sales—and A.I. software can help! Spectrum’s Lead Scoring tool instantly and automatically ties property, demographic, and financial data to your contacts, making it easy for your sales team to start selling smarter. Request a demo to learn how our Lead Scoring tool can transform your sales strategy!