The Power of Follow-Ups
Any business would love for sales to be easy and for prospects to buy on the first point of contact. The reality is, however, that making a sale takes work. Indeed, only around 2% of sales are made on the first contact, so it’s easy to see how it’s important to persevere and follow up.
Even the second and third points of contact will result in a low percentage of sales at 3% and 5%, respectively. The fourth point of contact is more fruitful at 10%, but even at this point we have only accounted for 20% of total sales. The remaining 80% lies on the fifth contact and beyond.
Giving Up Too Easily
According to IRC Sales Solutions, around 44% of salespeople will give up after the first call and only around 8% will follow up at least five times.
It’s a statistic that should have marketers checking their contact logs and processes because, if this is happening to you, it could mean you are losing out on considerable profits. It doesn’t take a business guru to know that losing out on this revenue is not good for any business’s marketing strategy.
Nurturing Your Leads
The thing is that the majority of people in your database are just not ready to buy yet. Around 56% of people are not at all ready at any one point and may or may not be ready at some point in the future. Another 40% are closer — they are close to beginning the buying process and perhaps just need a final nudge in the right direction. This means we are left with just around 3% of people who are actively buying at any point in time.
Your prospects will go through a journey from the first point of contact to the moment they do buy from you and beyond. The journey for each prospect will be different and each will need to be guided through the sales process if they are to end up making a purchase. It is important that your salespeople are there to follow up on your prospects to help guide them on their journey from one end of your sales funnel to the other.
It is also a good idea to be quick about following up. After all, conversions can be 9x higher for companies that follow up within five minutes. Up to around 50% of purchases are from the vendor that followed up first, so try and get there before the competition does.
Are You Following Up Enough?
With these statistics in mind, it is a good idea to ensure your salespeople are following up on prospects. If you are making calls, ensure your team is prepared for further calls and that there are processes in place that encourage this. Also, use automated follow up email sequences, which can be one aspect of a good marketing automation strategy, to follow up on prospects and help to guide them through the sales process.
Remember also that each of your buyers’ journey through the process is different and that they will need to be treated according to where they are on their journey. Nurture them, build rapport and trust, and answer their questions — and be ready to go in for the close when they are ready to buy from you.