Conversion rate: it’s a term every entrepreneur has heard, but few actually understand on a practical, measurable level. In this episode of The Ownership Advantage, hosts Kay and Tanner peel back the curtain on what it really takes to transform leads into loyal customers—and why most business owners are underestimating the opportunities that a sharp conversion rate offers.
This post expands on the five actionable strategies discussed in the episode, blending their insights with practical advice you can apply right away.
Understanding the True Power of Conversion Rate
Right off the bat, Tanner draws a line between estimated and measured conversion rates. Too often, business owners ballpark their numbers, only to discover after some careful analysis that their true conversion rate is lower than they thought. But knowledge is power. As the episode emphasizes, accurately measuring where you stand is the crucial first step. When you start tracking your numbers consistently, not only do you gain clarity—you often see improvements simply by focusing your attention on the metric.
Action step:
Start by documenting your conversion rate at each stage of your sales funnel. Even a basic spreadsheet tracking initial conversations, sales presentations, and actual sales will show you where to focus.
It might seem counterintuitive, but not every lead should be pursued. “One of the best ways to increase conversion rate,” Tanner offers, “is to have better leads or pre-qualify the leads.” Kay echoes this by detailing how hosting live networking events helps her meet and nurture the right prospects—those most likely to benefit from her programs.
Action step:
Look at your funnel and see how you can introduce a qualifying step before investing time in a full sales pitch. This ensures you’re talking with prospects who are a good fit, making the final conversion much smoother.
Guarantees don’t need to be risky “money-back” promises. Instead, focus on eliminating buyer objections. Tanner uses the clever example of a plumbing company that guarantees punctuality, cleanliness, and basic professionalism—addressing the exact concerns that might keep customers from picking up the phone.
Action step:
Identify what makes buyers hesitate about your product or service. Can you guarantee a smoother experience or eliminate minor pain points? Even simple, thoughtful guarantees can transform skepticism into trust.
Many entrepreneurs bristle at the idea of sales scripts, imagining robotic, insincere pitches. But, as Kay points out, scripts give you a game plan for tackling objections and guiding customers toward a decision. Tanner advises scripting not for rigidity, but to capture the proven flow of successful sales conversations—especially if you want your team to replicate your best results.
Action step:
Record your most effective sales conversations. Distill repeatable patterns and successful turnarounds into a “living script” you revise as you learn what works. Even experienced founders benefit from periodic script check-ups to stay sharp.
Mapping out each interaction in your sales process uncovers hidden drop-off points. Whether you’re guiding customers from a live event to a coffee meeting, or through an ecommerce checkout flow, visualizing the journey ensures no prospect gets lost along the way.
Action step:
Grab a whiteboard or flowchart software and lay out every customer touchpoint. Track conversion rates step-by-step to pinpoint where improvement is most needed.
Testimonials build instant credibility, especially if your buyers move in the same circles. And demonstration videos meet prospects where they are, giving visual context and reassurance about what they’re buying. As Tanner notes, we all check reviews and demos—so make sure yours are easy to find, authentic, and directly address buyer concerns.
Action step:
Regularly collect fresh testimonials from satisfied customers. Where possible, include video demos or walk-throughs—especially for complex or high-ticket offers.
Final Thoughts
Improving your conversion rate doesn’t require a sales overhaul—just deliberate, consistent tweaks using these five strategies. Whether you start measuring your numbers, qualify leads, or finally capture that glowing testimonial, you’ll not only convert more customers but also gain mastery over your business’s growth engine.
Listen to The Ownership Advantage for more practical insights, and pick just one tactic above to implement this month. Your bottom line will thank you.
Check out the full episode on YouTube HERE
Listen to the full episode on Apple Podcasts HERE