Follow Up – Is There a Fortune in it?

Sales Tips LogoWe’ve all heard it said that, “The fortune’s in the follow up” but do we understand, exactly, what it means?

Do we understand the opportunity that exists when it comes to following up?

I don’t believe that we do…., at least, not completely.  And to make my point, let me share a few facts with you.  Do bear in mind that  these facts apply when it comes to dealing with completely new prospects – When you’re looking to make that, all important, first sale to a possible new client or customer.  So, let me ask you this question;

“How many times do you think you need to contact your prospect before they’re ready to buy from you?”

Research shows that, on average;

  • Just 2% of prospects will buy on the first point of contact.
  • 3% will buy on the 2nd point of contact.
  • 5% will buy on the 3rd point of contact.
  • 10% will buy on the 4th point of contact but
  • 80% of prospects won’t buy until somewhere between the 5th and 12th points of contact.

a business woman doing her follow upThis starts to highlight, exactly, what we mean when we say that “The fortune’s in the follow up”.  But the research doesn’t stop there.  You see, it also looked at the following up process and at how many times people actually did ‘follow up’ with their prospects.  Alarmingly, 90% stopped following up after the 3rd point of contact.  Looking, above, at when people are ready to buy, this means that a whopping 90% of the potential business was simply ‘left on the table’.

And that’s what we mean when we say that “the fortune’s in the follow up”.  It’s not in following up once or twice.  It’s in the follow up process.

You have to understand that that following up is as much about building a relationship as it is about anything else.  A large proportion of people will want to get to know you better before giving you their business.  It’s about knowing, liking and trusting you – and these things can take time to develop.

Of course, this whole principle doesn’t just apply when you’re talking to new prospects, it also applies to the Networking you do – particularly, to what I like to think of as Referral Networking. After all, the main aim of Networking is to develop referral partners, isn’t it?  People with whom you can cross refer, or better still collaborate with on a continuous basis.

Anyway, you’re now in a privileged position because you understand, exactly, what it means when we say, “The fortune’s in the follow up”. You understand that if you want to get to that 90% of business that gets left on the table then you have to follow up – and keep following up.

Shaking hands to seal the deal after the follow upSo, get out there and pick up some of that business that’s sitting on the table waiting for you. Who do you need to be following up with, today?

Oh! And if you were wondering whether there’s a way to take this new understanding that you have about following up and really turn it to your advantage?  The answer’s ‘Yes’.  I call it ‘Touch Marketing’ and I’ll talk about that in another post.

Regards,

Steve Bimpson

By the way, if you’ve found this information useful, please share it with your network and let me know what you think by leaving a comment, below.  Thank you.


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