As business owners we can all be lulled into a false sense of security when it comes to our sales techniques and processes.
Everyone wants to believe that as long you can get the prospect on the telephone, build rapport and get a meeting, all is good. We also believe that our superhero-like closing skills will wow the prospect, handle all their objections and ultimately close the deal.
If we are being honest with ourselves, it is probably just the opposite. Even professionals have fear of rejection. Even worse, most salespeople assume what they are currently doing is enough to get their prospects to convert to paying customers.
Here are our 5 sales stats that might just surprise you…
Sales Stat #1 – 48% of Salespeople NEVER follow up with a Prospect!
When we first read this statistic, it seemed like a typo or a mistake. But when you really dig deep we can all think of a prospect that showed interest, but we got busy with another call…then get distracted by emails coming in…then a problem with a customer…and WHAM! No follow up with that prospect.
We’ve heard this described many ways, with some people saying “the key to sales is just showing up!” Imagine if you recontacted EVERY prospect that showed an interest in your product or service…how much more revenue do you think you would bring in for the company…and yourself?
Quick Tip #1: Immediately after receiving a prospect’s information, whether it be in person or through your website, get all their contact details into your CRM and set a follow-up task. You may not have time to send an email or make the phone call this second, but the task will remind you so you don’t fall victim to the 48%!
Sales Stat #2 – Only 15% of Salespeople have more than Three Touches with a Prospect
The number of sales professionals who make more than three touches – email, phone call, meeting, drop-in, etc. – with a prospect is 15%! The simple math is 85% of all salespeople make three contacts or less with a prospect and give up.
Sales is about building trust with your prospect – how can you expect to do that after only 3 contacts?
Many salespeople fool themselves into thinking that if they did not hear back from a prospect after two contacts, they are not interested in your product or service. This is simply not true and we all need to remember that it takes time to build trust to a level where a prospect is willing to do business with you or your company.
Quick Tip #2 – Remember that a contact can be as simple as a phone call. This is still an opportunity to make a connection with your prospect and do not treat this like a dead end. Act professional, leave a very detailed message, and let them know you will be following up by email.
Sales Stat #3 – 80% of Sales are Made After 5 or More Contacts!
This may be a shocking statistic for you to read. What is even crazier is that only 10% of sales are made after the 4th contact with a prospect! At Accelergy our personal philosophy has always been that the magic formula is 7 plus or minus 2 contacts before someone will buy from you or your company.
What this should tell you is if 85% of salespeople are making three contacts and stopping, there is a HUGE opportunity for you to stand out and make the sale! We are big proponents of turning your sales process into a math equation. These numbers should help to convince you that it is worth the effort to “make the extra call”.
Quick Tip #3 – One of your touches should be an effort to show the prospect that you care about their business and listened during discovery meetings. Send an article that applies to their business, or be super old-fashioned and clip out a newspaper or magazine article and mail it to them with a quick note. You will quickly set yourself apart from the crowd!
Sales Stat #4 – 72% of Buyers are likely to Switch Brands if they are Treated like a Number and not as an Individual
This statistic is backed up by a recent Salesforce.com survey in which 87% of respondents state that the telephone is still the best means of communication to reach potential buyers. Too many sales organizations rely upon automated email sequences, artificial intelligence responses, and digital advertising to educate their prospects.
Quick Tip #4 – Make a phone call the first or second touch you have with a prospect. We’ve had success leaving a detailed voicemail and promising to immediately follow-up with an email that references the voicemail. You instantly have two touches with that prospect and it shows you deliver on what you promise.
Sales Stat #5 – 50% of Companies do not have a “Playbook” for their Overall Sales Process
This is an astonishing statistic given that win rates can exceed 50% when a team follows a well-defined process for their sales.
We are not talking about having a CRM in place – we are talking about a sales process which is followed by every professional in the organization. This process encompasses the method by which you communicate, the order and sequence of messages, and how many times you contact a prospect before they are placed in a drip sequence.
The more defined your sales process, the better it will be if you experience turnover or want to sell your business. These systems are worth the time and money to implement and will pay huge dividends for your business.
Quick Tip #5 – If you are an owner or sales manager, seek out the top salesperson in your organization and have them detail their process from start to finish. Little details about how they enter data into the CRM, follow-up with prospects, and even email subject lines, can have a big impact on developing your “playbook”.
Written By:
Bill McNeil, J.D.
Founder & Chief Strategist
Accelergy Consulting
Accelergy.co
(269) 760-7819
