Are You Leaving Money on the Table with Prospects?

Two of my 5 boys are in sports. My 9-year-old, Tyler, loves any kind of competition. He’s basically a legend in his mind, and when he’s playing, he’s playing to win the game. Jeremiah is my 6-year-old, and he has a different goal in mind for playing sports. He “wins” snacks at the end of the game. Jeremiah is convinced he’s a soccer superstar because he “wins” snacks every time. We’re not sure how much he actually enjoys soccer itself yet, but apparently the snacks are worth it.

I like to tell this story because it illustrates the fact that two people playing the same game can have very different reasons for doing so. The same is true for your prospects. What motivates one prospect to become a customer isn’t necessarily what will motivate another. Furthermore, what’s working now may not always work in the future.

So, what’s a business owner to do about this? It’s a simple matter of pursuing prospects and making sure to follow up.

Come To The Table With An Open Mind

People are ready to buy at different times and for different reasons.  The best way to go is simply to accept this and stay top of mind with your prospects until they decide that they need what you’re selling. Here are some statistics about how many touches it takes to close a sale:Prospects

2% of sales close on the first call.

3% of sales close on the second call.

4% of sales close on the third call.

10% of sales close on the fourth call.

81% of sales close on (or after) the fifth call.

You’re not going to understand what your prospects want right away, and in fact, neither will they. It takes time for them to get to know you, your business, and your products or services, just as it takes time for you to get to know them. And until those prospects feel confident that they need what you’re selling — and that yours is the business to hire — they aren’t likely come on board as paying customers.

Come To The Table Ready For ‘No’

Gartner Research revealed that “67% of the prospective buyers who tell you ‘no’ today will be ready to buy in the next year.” That’s not because you had a bad product last year. It’s just that Prospectsthere are a lot more reasons for a prospect to say “no” than “yes” at any given time. If your sales team routinely gives up after one sales call and fails to stay in touch or follow up at all with its prospects, then the entire business is essentially dependent on the 2% of sales that close on that first call.

My take is that people are going to buy when they’re good and ready. Imagine how different your business would be right now if you could convert 67% of all the leads Facebook sends your way. That change in most businesses would be nothing short of revolutionary!

The problem is, most of us don’t follow up with more than a few emails. Fortunately, there’s another way to stay in touch : a monthly newsletter. Taking online leads and moving them offline by sending out a print newsletter is the best way I’ve encountered to follow up with prospects. Best of all, you won’t seem pesky or desperate.

Leave The Table With A Plan Of Action

I often get the question, “Why bother with print mail when you can use email?” People are becoming desensitized to email due to the increase in volume. An estimated 95% of emails are never even opened, while direct mail has the advantage of less competition, better targeting, and greater longevity. Ironically, the world’s largest e-commerce event, the Internet Retailer Conference and Exhibition, sells tickets and spots to vendors using a 32-page direct mail piece! Even Facebook and Google use direct mail to sell their advertising services.

ProspectsAccording to the 2015 DMA Response Rate Report, direct mail response rates outperform digital channels substantially. They have an average 3.7% response rate using a house list and a 1% response rate with a prospect list. That’s compared to the average of all digital channels at a 0.62% response rate. Digital marketing is absolutely beneficial and has a place in your marketing, but it really shines when it’s combined with a powerful direct mail campaign.

There really is no substitute for following up with prospects, and incorporating direct mail marketing into your follow-up strategy is a dynamite solution. Don’t leave money on the table just because one of your customers sees “winning” differently than another. If you market correctly, they’ll buy when they are ready.

To learn more about how following up with prospects leads to business growth, request a copy of our Amazon bestseller, The Ultimate Guide to Newsletters!

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