Yes, you read the title of this article correctly. It is possible to double your turnover in a few short months and I am going to show you how to do it. But first, let’s look at the challenges solicitors believe they have to overcome…
Their is a myth, that in order to grow your firm you need to attend tedious networking events, spend £100,000s on advertising like the nationwide firms or “get lucky” with a high paying client. This is simply not the case. There are a range of things you need to do, but the easiest task with the quickest and highest return is….
Improving the rate at which you convert enquiries to clients
I’ve come across conversion rates as low as 13% and some as high as 82%. Who do you think has a higher turnover?
Do you have these problems….
1. Are you treating answering the phone as a low level administrative task? – How your team answers the phone determines how much money you make. If you think it’s simply a case of directing people to the right person you are wrong. Answering the phone is a sales job. An ambitious, sales-oriented person answering the phone could be the difference in whether you double your turnover or not. I’d even go as far as paying my team a commission based on “conversions”. You do know your conversion rate right?
2. Do you know your math? – Let’s assume you get 2 enquiries a day (Monday to Friday) asking for a quote on a divorce. If you charge £500 for a divorce that means you have the potential of winning £253,000 in client fees every year (253 working days a year x £500 x 2 Enquiries). If you’re winning 30% of the enquiries today but can move up to 60% that would mean an additional £75,900 in turnover. That’s money you can spend to hire more staff or simply put in your pocket. The opportunity is HUGE.
3. Train, Record, Repeat – Have you given your phone operators sales training? Do they know how to understand a caller’s needs, convince them your practice is perfect for them and possibly upsell them on the idea of a higher price? Do you record calls? Review them weekly and develop scripts that turn enquirers into clients?
You might be thinking this is a lot of work, but if you know what you are doing it’s not. Doubling your turnover can be achieved in less than 90 days with this approach. And even if it is a lot of work, wouldn’t you say it’s worth it?
Amazingly, a recent nationwide survey of solicitor phone practices found…97% of call handlers did not ask the person on the phone if they wanted an appointment! And please don’t get me started on the 39% of calls that were left unanswered. This is truly money down the drain. Especially when you consider these same firms are spending money on advertising only for the phone not to be answered properly.
At John Ndege & Co we have experience training phone operators and solicitors on how to track, record and improve conversion rates so you can dramatically increase turnover. You can learn more here.
If you want to get started on your own I recommend using software like Ring Central or Call Rail to record and track your calls. There is some manual work involved in figuring out which calls are enquiries and which are not, but since the stakes are £100,000s, there is no doubt it is worth the effort.
Once you can track your calls and numbers, you need some sales training. I recommend the book SPIN Selling and the webinar Millions On The Phone by Grant Cardone (although much of this content is about outbound sales).
If you have any questions about improving your call conversions please add them to the comments or send me an email at firstname.lastname@example.org.