Its an all too common mistake that I see commissioned salespeople and entrepreneurs alike make.
Their follow up SUCKS! ( I know, I've been there)
I understand the "hunt and eat what you kill" mentality that is pushed upon us by most sales books and sales training.
Who has time to sit around chasing people who aren't ready to buy now, right?
I'm here to tell you that this mentality is keeping you in the poor house and here's why...Let's say you just launched a marketing campaign which had the main objective of sending a message to your target audience to get them to raise their hands and request an appointment with you or one of your salespeople.
There are a few key things you need to understand to eliminate waste from your business.
The first is the "temperature" of your leads.
You have your Hot Leads, Warm Leads, and Cold Leads.
Hot leads are the easy pickin's.
These guys and gals heard your pitch and are ready to buy your product right now. Salespeople refer to them as "lay downs".
Warm leads are interested, but need a little more time, or a little more coaxing. These are usually around 80% of your customers, and this is where the real money's at.
Cold leads might not be your ideal customers and may never buy, but sometimes they can come around with some follow up. This might take a few months, or even a few years.
Most sales people focus on hot leads exclusively and neglect the warm and cold leads.
The fact is this: every single person who raised their hand showed that they are interested, they requested more information, maybe they even came into your showroom or had a sales call with you.
The important thing to understand is that every single one of those customers WILL buy your product...eventually!
The key is in following up with these leads with relevant and useful content, and consistently sending them your sales messages.
This is how you generate good will with your leads and your customers will actually look forward to your marketing messages.
You should switch up your media for following up with these prospects as well. For instance maybe you send them an email every 21 days, and then you send them a direct mail package, and maybe you call them also.
It's essential to realize that if you do not follow up with people who have raised their hands, you are flushing your money down the toilet.
You paid money for every single person who raised their hand, whether they bought or not. If you paid $2000 and got 20 leads out of it, you paid 100$ per lead.
Let's say you immediately closed 5, woohoo good job, you made your commission for the week or month, and now you can sit back and relax.
But wait, what about the other 15 leads? You just threw away $1500 if you simply let them fall off. I don't know about you, but spending $1500 and seeing no return does not make me a happy camper.
Following up with unconverted leads is only half the battle however...
The second big area of waste is not following up with your existing customers.
There is an accepted formula for internet marketing when it comes to email marketing. You can generally expect to make about 1$ per every name on your list every month. Sometimes more, sometimes less.
Your customers are your number one asset in ANY business. You need to start building equity with your them by consistently providing them amazing value.
The last thing you want to do is bother them or even worse, bore them.
On top of following up with your customers and consistently sending them new offers and content, you must make sure you keep your list updated and segmented ( but that's another topic altogether).
The best way to keep track of your follow up is to invest in a CRM ( customer relationship management) software. There are tons of them out there that cover the entire spectrum of complexity.
They may be a little confusing to set up at first, but your ROI over the long time will be enormous. You can go from closing 10, 20, or even 30% of your leads to 80-90%. How would that change your business? Your life?
So don't be a meathead. STOP throwing your money away by not following up with your prospects and customers.
Resist the urge to constantly hunt for new customers and focus on building a strong relationship with the ones you already have. Make the switch from hunter gatherer to farmer.
That's the position you want to be in
That's how the real money is made in the marketing game.
I'm outta here
P.S-I have a pretty nifty little marketing checklist that I want to share with you. It's what I use when going into new businesses to determine exactly where they can be improved, it's over 74 points now.
You will like it.
If you're into that sorta thing send me an email to firstname.lastname@example.org
P.P.S I also just signed up for clarity.fm, so that means you can schedule a call with me and we can discuss anything marketing, sales/persuasion, or direct response copywriting related in your business. I love working with entrepreneurs and helping them grow their business.
I deliberately kept my price pretty low so that I could provide a lot of value to the most amount of people.
Here's the link for that---> clarity.fm/benbyrne