Making the Most of an Enquiry
A tale of two advisers - and which one you should follow
Did you know that advisers who accept more enquiries convert proportionally more as well?
Let’s take a look at two advisers, imaginatively named Adviser A and Adviser B. Both receive an enquiry to their account.
Adviser A takes a quick look, sees nothing that sparks interest, and rejects it.
Adviser B take a quick look, sees nothing that sparks concern, and accepts it.
Who’s made the right decision? The data tells us it’s Adviser B.
Higher Conversion Rate - Higher Average Revenue
Adviser B knows it pays to not be too discerning – literally.
Advisers that accept around two thirds of their enquiries convert 15% more than advisers who accept only 10%.
And as the acceptance rate increases, there’s a proportional increase in the conversation rate, which only tails off at around 80% acceptance rate.
But even advisers that accept every enquiry have a conversion rate that’s 12% higher than those accepting only 10%.
On top of this, not only do advisers that accept more have a proportionally higher conversion rate - they actually manage to make more revenue from each enquiry as well.
Advisers who convert over half of enquiries also make on average 43% more revenue from each converted enquiry than those who convert less than half.
So why is this the case? Because Adviser B recognises that it’s not just about the enquiries you receive, but the mindset you have when dealing with them.
The Change in Mindset
You’ve got many tools to help you grow your business. Some tools work better than others, but it’s how you use these tools that can often make the difference.
So it pays to see potential clients as just that: potential. People seeking advice don’t know what they need, and they don’t know what they don’t know.
They’re naturally conservative, so they’ve usually stated what they need help with, and you can find out what else it is they want.
And ultimately people seek advice because they aspire to make more out of what they have - they’re willing to be sold the bigger picture.
So having a glass-half-full mindset - which sees potential rather than risk - isn’t just the stuff of self-help books. Bring it to your enquiries, and the numbers show, your business will be helped as well.
Data from Unbiased Professional Survey March 2019, 259 respondents
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