No matter what strategies introduce yourself to your prospects, one of the biggest determining factors in whether or not you’ll make a sale is your follow-up strategy. (Here’s a quick hint: Make it happen sooner rather than later and don’t give up after one time.)
No matter what you sell and no matter what strategy you follow, the old adage is true: Fortune is in the follow-up. There’s no and’s, if’s, or but’s about it.
It doesn’t matter how you were introduced to your prospective client, they will rarely buy from you instantaneously. The average sales person closes only 10% of his/her sales. And, that sale typically comes because there is a need, want, or desire for that product, service, or solution from the get-go. It basically just fell in their lap. They stumbled on it.
You’ve heard it before – sales is a number game. It’s true. And so is follow-up. The statistics on sales and follow-up are eye-opening and if you know them, you can use them to your advantage!
Here are 3 reasons you should follow-up (and continue following up with) each of your prospects:
Over 70% of salespeople either never follow-up or only follow-up once.
Did you know that 48% of salespeople never follow up with a prospect. WHAT? Why is that?
Take a second and consider, is this you?
Now, 25% of salespeople make a second contact and then stop. This is really important. These people are not sale-makers. They don’t want to make a sale, they just want to take an order. They are just order-takers (not sale-makers).
Only 2% of sales are made on the first contact. And, only 3% of sales are made on the second contact
What this means is that the 48% of the salespeople who never follow-up lose 98% of their potential sales. And that the 25% of the people who give up after their first follow-up, lose 97% of their potential sales.
Following up two or three times will barely increase your chances of a sale.
The numbers don’t get much better with a second or a third follow up. It’s true! Only 12% of sales people make a third contact, then stop. And only 5% of sales are made on the third contact. That means the 12% of the salespeople who only follow-up twice, lose 95% of their potential sales.
10% of sales are made on the 4th contact. 10% of the sales people who make a 4th contact and then stop, lose 90% of their sales.
Most sales are made AFTER the 4th point of contact.
Let that sink in for a minute. Most sales aren’t made until you’ve communicated with a prospect at least five times! Studies show that 80% of sales are made on the 5th-12th contact. Only 5% of all salespeople even make a 5th contact. You want to be in that 5%
Another adage goes… 10% achieve success, 1% achieve wealth. I think we can see why and how that is true. Those who are persistent make the sales.
Where do you fit into this equation?
I am continually amazed by how few business people fail to make the time to follow after they’ve met a prospective client or customer.
Why do we do what we do if we’re not willing to do what it takes to get to where it is we want to go. Why don’t salespeople, entrepreneurs, and small business owners follow-up? Do you?
Think about it. What would your business, life, and bank account look like if you kept working those numbers, and also understood the science and need for follow-up?
Take a look at your sales process and evaluate how you manage your pipeline, your contacts, and your database. Is there an easy way for you to fit in quality follow-up?
Now that you know WHY you need to follow-up with potential clients and customers, you’re likely looking for authentic and effective follow-up strategies.
Check out my audio training, Fortune is in the Follow-up, for everything you need to know about the science and strategy of effective follow-up!
If you’re curious about other training opportunities, visit our Training Store.