If you run a business that requires you to provide an initial phone consultation to prospective clients, you’ve probably had your fair share of prospects eagerly book a meeting, then never show up!
When you sell your time for a living, such as we do, at The Million Dollar Pineapple, this type of behavior can compromise the very livelihood of your business.
So how do you stop it?
After more than a year of testing and analyzing different solutions, I’m pleased to announce that we’ve nailed down the perfect solution:
- Publish the cost of a one hour consultation, next to your new client meeting button. (Example) We have all heard the advice “never publish your prices online”. Well, this depends on what your goal is. If you are a high paid consultant who is currently battling with people disrespecting your time, publishing your fee for a one hour drop in session next to your new customer booking button, will break that habit quickly.
- Charge people $15 for the booking. (Example) We played around with this number a bit and found that no-shows didn’t drop to 0% until we increased the fee for the initial consultation. If your goal is to get the maximum amount of potential clients booking, this is NOT a good strategy to follow. If, however, your goal is to protect your time and discourage proposal shopping (people sending their intern to ask you and 40 other consultants for a proposal), this is a golden solution.
Prior to making these to changes, less than 20% of new client consultations converted into buyers. Now, the only people who book a new client consultation with us, are legitimately interested in talking to us and 80% more likely to convert into loyal customers.