The goal for marketing is to generate leads, but the lead converts into a client more often when an effective Remarketing campaign is in place.
Only 2% of Sales Occur at the First Meeting
People in business often hope and expect to do business the first time they meet a prospect. Yet studies have revealed that only about 2% of sales occur then two parties meet for the first time.
The 2% of people who buy at the first meeting tend to be people who already have knowledge about the subject matter and already know what it is that they are looking for. If they meet someone who ticks off all of the right boxes and they get along well, then the business may get someone at first meeting. But that is far from the norm. The other 98% will only buy once a certain level of trust has been established.
Professional sales people get to know their prospects. They understand their issues, solve their problems and provide proof. They build relationships and trust by engaging in ongoing dialogue.
Communication is Key
It is amazing how often you express interest in product or service from a company, but never hear from them again? It happens all of the time unfortunately. Research shows that 20% of sales leads are ever followed up. In other words, 80% of potential opportunities are lost without trace simply due to lack of follow-up!
People and companies who don’t follow up, who do nothing to build up that trust and relationship, cannot succeed, especially in today’s tough economic state. People need to be sure that they are making the right decision before they commit to a purchase.
Different studies carried out at different times, in different places, by different market research companies over a number of years reveal that 80% of non-routine sales occur only after at least five follow-ups.
Think about that. It takes at least five continuous follow up efforts before a customer will say yes. FIVE!
There are some fascinating statistics on this:
- 44% of sales people gave up after one ‘no’
- 22% gave up after two ‘nos’
- 14% gave up after three
- 12% gave us after four
This tells you that 92% of sales people gave up after four nos, and only 8% of sales ask for the fifth time.
When you consider that 80% of prospects say ‘no’ four times before they say ‘yes’, the inference is that 8% of sales people are getting 80% of the sales.
After the initial meeting, it is very easy to lose contact. So the next step is to create a practice of following up on a regular interval, i.e. every 30 days or every 90 days, or even every 6 months. You can decided whatever iterval is comfortable, but be sure to stick to it. The point is to make sure you don’t let so much time go by that the relationship goes cold.
Constantly Re-Evaluate Your Approach
Final thought to leave you with is to constantly think about how you can improve you follow-up system. Your system should be fluid, just like relationships are fluid. Most of all, proceed with a positive attitude and spirit of helping others, and you should have no trouble developing deeper and more meaningful contacts.