Stay in Touch with Leads and Get More Closes
How many leads have come into your business since the beginning of time that never closed? That is a salient question. Who knows how many, but I bet there are a lot. Whether a small company or a large one with a sales force, the leads that are always best are the ones that are easy to close. But what about the prospects that were reached but never closed? They are in an abyss - The Unclosed Sales Lead Abyss, technically speaking. What are you doing to follow up? Are you following up? Do you have a fixed idea in mind about some time frame that those leads then become dead? What does it cost you to get that lead? Let’s look at a hypothetical analysis: • Postcard marketing experts will tell you to send out 5000 postcards. • It costs you $2000.
00 to send out those postcards. • Say you do that and you get 50 calls; • That is $40.00 per lead. The Return On Investment (ROI) of this example is as follows… • You make $2000.00 off of every close.
• You close 20% out of those 50 calls (10 sales). • You made $10, 000 less the 2G’s for the postcards = $8000. That is decent Return On Investment (ROI), but what about the 40 leads that never closed? That is $1600.00 sitting out there on table, spent with no return. Now ask yourself, how many of your leads don’t close per month? Take that theoretical situation and multiply $1600 by the other 11 months. That is a chunk of change that you are basically blowing. Don’t get discouraged. Getting educated in marketing and determining your ROI is a major step in the right direction. Great ROI is what you should be going for, but don’t stop there.
There is more to sniff out. So, what are you doing to get all of those that initially reached for your product or service? How many phone calls do you make before you decide that a lead is “unclosable” – zero, two, three? Did you leave a message on their voice mail and they didn’t call back so you dropped them? Most likely a one-man-band or a two to three-person operation is working harder than a sales force in following up on their leads. How many in a sales force are simply cherry picking their leads, so to speak, and not closing or following up with the rest? How many of these dropped leads do you have built up? Can you see the waste? You need to follow up. Even if you didn’t get the ROI you anticipated or needed, you still need to follow up. But how? More specifically, what kind of campaign should you do to get even more ROI? Good question. Here’s the answer. First of all, realize that these prospects reached for you, your product or service and you CAN rehabilitate that initial interest. They are much easier to close and more valuable than someone who has never shown interest in your product or service before. Build on that. You don’t now have to send out a mass mailing of postcards again to revitalize their interest – we’re only talking about 20 to 100 leads that need to be followed up with a catchy message each month.
Yes, they responded to a postcard (if that is what was sent) and will respond again if it is the right communication. The same postcard may work, but what you are trying to do is send repeat communication to those initial “reachers” and word it in such a way that they will want to reach again. Send a direct mail postcard or an email or both – follow up with repeat mailings to that small cluster of people that is a different, more personal communication than what got them to reach the first time. What would that message be? When you get calls off of your initial mailing, get as much information as possible – cull the data. Have you ever heard of “Database Marketing” or “CRM” (Customer Relationship Management)? This means getting data about each one of those customers/leads and putting them in a database. What is it that you need to find out? All kinds of things, such as, but not limited to: 1. How they found out about you in first place? 2. What kind of product they are looking for? 3. Do they have a deadline for that need? (This tells you how hot they are as a lead.) 4.
What is going to cause them to purchase or not purchase? Ask!! 5. What makes them want to do business with someone or not? Again – ask! You can find out all of this information while talking to the person on the phone when that person first calls. The more interested you are in that lead the more they will like you and will want to do business with you. It is not how interesting you are or how low your price is, or how great your company is – it is how much you actually are interested in them. Your initial closing percentage will actually go up and likewise you will have simple information that can be put into a data base (or a simple Excel spreadsheet) about your leads and you’ll be able to find out what is the common denominator about those people. Then do a communication to those people based on those common factors. By the way – this is what the big companies are doing, they already know about this. If you want to get big – do what the postcard marketing experts are saying and doing. Take the information that you gathered and send out tiny little mailings.
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