Persistence
Because Only 2% of Sales Close After the First Meeting
"Persistence and determination alone are omnipotent. The slogan "Press On" has solved and will always solve the problems of the human race."
Calvin Coolidge
Most of your prospective customers will not buy from you instantly. You cannot simply introduce someone to your product or service once and expect that they will go the rest of the way by themselves. Studies have shown that only about 2% of sales will close after the first meeting.
What is required to successfully close the deal is persistence, "a firm or obstinate continuance in the course of action despite the difficulty, opposition, fatigue, or frustration."
What does that mean in sales? According to a study by Brevet, 80% of sales require an average of five follow-ups to close the deal. Just because you've got a foot in the door doesn't mean you've closed the sale. Keep up your persistence and do everything you can to stay connected with the prospect post your initial meeting.
However, 44% of sales reps follow up with a prospect only once before giving up. After four follow-ups, 94% of salespeople have given up. At this point, the one call and the four follow-ups are a total and complete waste!
An excuse often used by salespeople is that they do not want to appear pushy or aggressive, seen as annoying or not taking the hint, so they simply stop following up.
However, the number one reason why a prospect won't get back is that they are busy. Decision-makers have a lot of conflicting priorities to juggle and many different demands on their time. According to Harvard Business Review, professionals have, on average, over 200 emails in their inbox at any one time.
In other words, they're (probably) not ignoring you because they don't want what you have to offer. You just need to be tenacious to get their attention because they have a lot going on. Here are a number of best practices to use in follow-ups:
Use a variety of methods.
Don't send five emails, hoping that one will get the buyer's attention. Mix it up: email, phone, LinkedIn message, Thank-you note, voice mail, comment on their bog, birthday card, … Creativity wins the day.
Establish the right cadence.
There's no exact formula for correctly spacing your follow-ups. It all depends on the length of your overall sales cycle and what timeline the client may have provided you. In most circumstances, every day will be far too often, and once a month is not often enough. I find that once per week or so is appropriate in most circumstances. Set reminders for yourself on your calendar to ensure you never miss the opportunity to follow up at the right time.
Provide value with each follow-up.
Make the follow-up about the client, not you or your product. Engage them with each follow-up and ensure you provide them with value: Ask how their business is going (ideally with a specific reference to, e.g., a product launch, time of year, or an industry event), include a link to a relevant article, blog post or video ("I just saw this and had to think of you."), or share a special that they can take advantage of.
Always define the next step.
Clearly define a specific next step in the process: "I'll call you on Wednesday — would 9:30 am work for you?" or "I will send you an email with the case study tomorrow morning before 9 am."
Use the Right Language.
Forego most of the fluff, such as "How are you today?" or "I just called to check-in," or "I just called to see how you were doing since we spoke last." Be professional and speak like a professional. You need to tell your prospects the purpose of your call and what you need to discuss. They may not be able to remember what exactly was discussed in your last interaction, so this will make it easier for them to get up to speed, and they will appreciate your directness.
Keep it brief.
Avoid rambling emails, long phone calls, or endless meetings. Instead, cut to the chase and keep your follow-ups brief and to the point. You have only a short timeframe to grab their attention and make them want to take action, so be direct.
And finally, know when to stop.
No matter how hard you try, at a certain point, your follow-up becomes aggressive, pushy, or just pointless. Since 80% of successful sales require five follow-ups on average, I recommend using this as your baseline. Certainly, send no more than six or seven in total. At a certain point, a lack of response is a no.
Being persistent shows the customer dedication and purpose on your part. I have found many times that customers do appreciate the extra effort.
Many salespeople, however, are afraid of the follow-up stage of the sales process. This is because they fear annoying the prospect, being seen as a spammer, or even afraid to hear a definite "no." However, a clear "no" is a gift. It means you can stop wasting time and move on to someone who is interested in what you're offering. No's are built into the sales process. The sooner you hear it, the sooner you can move on.
Find out how fractional or interim sales leaders show persistence.
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Brian Williams – 21 Mind-Blowing Sales Stats
Salesvue – The Art of Persistence in Sales