"Only 20% of My Leads Show Up. How Do I Fix It?"

0:00Yeah. So, um I got to have a fitness and nutrition company. >> Cool. >> And we're from Spain, so the market is kind of different I think on the most of pricing. So, we sell one-on-one coaching. So, we have two tickets, three and six months. Three months would be 800. And six months it's euro and 1,400 the six month. So, we have four trainers right now. They do support daily. We have a call every six weeks. So, the question is first one, I think the main constraint is the show rate to the call, which is at 20% from the qualified leads.

0:35And the second one >> Of leads or of schedules? >> Of the qualified leads that filled the the application form. >> So, you get 20% of people who filled the application form to show up to a call? >> Yeah. >> What percentage schedule? >> I don't know. >> What if they schedule to show, right? So, what's the step in between? >> So, the thing is the [clears throat] process is, so you would send me a message. I would send you the form. So, I see you're interested in getting a change the form. And then from there we send them a WhatsApp message. So, I think here is where we have the problem because most of the people like the 80% don't answer to that message.

1:14>> So, 100 people fill out your form. >> So, let's say 600 people fill the form, 300 qualify. And from those 300 we get like 60 60 calls. >> Do you call Do you call the people outbound? >> No. >> Call them. >> Okay. Okay. >> I'm not saying that as a as a slight. I mean, I I get you build things, you know, try to be as efficient as possible in the beginning, but you in order to squeeze out the juice in a funnel, you start doing things that require more operational complexity. By doing that, you improve your LTV metrics, which allow you to outcompete your competitors.

1:50>> Okay. >> So, right now you have a show rate issue, but it's really just you have a lead nurture issue. It's not a show rate issue. Like you need to work the leads more. So, um in order So, you have to get in touch with them. So, it's going to be volume of outreach. You've got availability. You've got speed. And you got personalization.

2:18So, there's the four components of lead nurture. So, it's how many times do I reach out? How quickly do I do it? How personalized is the outreach that I'm doing? And then what availability do I provide them so that I can make it convenient for them? And so, think about these as vectors or continuums. And if you were to rate yourself one out of 10 and 10 out of 10 on this on each of these scales, what would it look like if volume were a one out of 10? It might be what you're currently doing, which is nothing, right? >> The volume I think the volume of leads is high.

2:45>> No, no, no. Volume of times that you reach out to them after they fill out the form. >> Oh, low. Only one message. >> Right. Exactly. So, you have super low volume. So, if I was like, "How do I fix this process?" I would say, "Okay, we're currently a one here. We're maybe a three here. Uh we're a you know Well, it's kind of a one cuz you're not even doing the volume. And do you do any personalization with the reach outs?

3:09>> Yeah, it's me the one that's doing it. >> No, but personalization to them. >> Yeah, so basically I see the case and then send them like a voice message. >> Okay, so you do have you're like, "Hey Sandy, it looks like blah blah blah blah blah." Okay. And they just don't respond to that. >> Yeah. >> Right. Got it. Okay. So, um so, I'll put that as a five, right? So, what I would do here is like, "Okay, if I need to fix this, then the first thing that I would crank up is probably this one."

3:36I'd reach out way more times, follow up. And I would do it faster. This one will become a problem as you do these two. Cuz then you're going to start booking up, and then you're starting to need more guys. But fundamentally, like right now you're not reaching out and following up enough times and doing it fast enough is my bet. And if you want to do personalization, you can always just do multiple like you can do a video, you can do a text, you can do multiple forms. And so part of personalization is talk to somebody in the medium they prefer. So if you send me a voice memo, I will literally never listen to it.

4:06Super inefficient. I'm not going to listen for 2 minutes as you talk about whatever, right? Just send me bullets. Right? So it's just going to depend on who the person is. So you can send the text, you can send the voice, and then you can send a video. Right? This is how you add more personalization to the thing. >> Okay. >> So that makes sense? >> Yeah. >> Okay. >> Uh I mean in terms of the price, cuz uh I think like here I see a lot of people like charging way more. Like I think it's a not a high ticket. So should I bump up the price? Uh

4:32>> Well, you said in Spain people can't do it. >> Yeah, I think that's a constraint, I think. Like people can't don't pay. I mean, that we have a a little bit of everything, right? But most of the people >> But no one in Spain can afford $3,000. >> Of course, yeah. They will not. >> Well, maybe we should sell them. You do probably have a pricing issue. It's not like the like the average earnings per person. Do you know what the average earnings in Spain are versus the US? Average income? >> Around 30 30K, I

4:59>> Okay, so I would just adjust with the median income is. Spain to US is probably my pricing indicator across markets. And so if, you know, these guys are here doing 3K, then you just make the adjustment on that on that fraction, and that'll probably be an equivalent amount. But I also know people who sell 10K. So Right? Now, um if you do want to get more, you know, more pricing power, that's where branding comes in. So right now, do you have a big brand?

5:24>> Uh we have around 100 150,000 followers. So it's all organic through Instagram. That's where we get our clients. We don't do any paid media. >> It's crazy that you have such a low conversion off of inbound organic. So I think this process is broken. >> Okay. >> Yeah, I don't actually like I wouldn't even touch anything else until you fix this process. Because inbound organic, you should be able to get a huge percentage huge percentage to close. >> Okay. >> So this is what I would put all my emphasis here is on lead nurture. So, what you have to have is every single step in the process, you should have a percentage conversion attached to it.

5:57And that's what you should look at every day. That's what you check before your bank account, before you check your social media. It's like, what are conversion metrics from response to DM all the way through? Is there anything I can change on the form to get a higher percentage people fill it out? Is there anything that I can do immediately afterwards that I can automate to send them so that I can keep them in the loop? Are there What personalization can I add? How many follow-up attempts can I do? Can I send a meme in between that gets a higher response rate? By the way, memes get really good response rates. >> Um What do you mean What do you mean by meme?

6:23>> Kevin Hart. Do one of those. You send the meme, you get big response rates. I'm being dead serious. Like, it's a great It's a great process. But, this is this is where all This is your All the holes are here. And so, I would focus all my attention there. And I do think that you'll be able to raise the price, but I would do This is the constraint. >> Okay. >> Cool? >> Thank you very much. >> No, you bet. All right. Guys, thank you so much. Um Neil >> [applause] >> will be your shepherd. Thank you. >> Thank you. >> If you're a business owner and you are not growing as fast as you'd like, I'd like to give you a free gift. So, my team and I put together the $100 scaling roadmap, which is basically 200 hours of us looking over all the portfolio companies we've had and what stages of growth they went through and more importantly where they got stuck and how they got past it. And so, we broke it in these 10 stages and we made this little kind of quiz thing where if you put in your business information, it'll tell you where you're at and the most important part for you what to do for each of functions of the business across product, marketing, sales, customer success, recruiting, IT, human resources, and finance. And so, no matter what you're struggling with, someone else has already struggled with it and solved it. And so, I'd like to give you this thing absolutely free. You can go to acquisition.com/roadmap, plug in your business information, and if you want us to actually help you de-constrain the business and you're trying to scale, we'd love to help you out. On the thank you page, you can book a call with my team and we will look at the business, see if we can help, and if we can, we'll invite you out to Vegas and we'll do this in person live.