19. Retaining current customers is 6–7 cheaper than acquiring new ones
It’s not a new sales enablement statistic, but it’s just as true today as it was in the past. It’s cheaper to keep your current customers happy than to spend time finding new ones.
Is follow up a scheduled part of your weekly sales actions? Do you ask ‘What’s next?’ with each sales opportunity that closes? Like asking for referrals, staying connected with current clients is low hanging fruit (I dislike that phrase, but it works, doesn’t it?), and doing both will likely produce a 15% increase in business without relying on the company to drive new prospects to you. Make it part of your workweek and practice with other team members before you make any ‘warm’ calls to clients.
If there is encouragement for salespeople to do this, then it must be a priority for a sales manager to check on the actions and the results they are achieving. Be prepared to practice with your team and help them to develop ‘learned dialogues’ that make keeping in touch with clients easier. Knowing that there is value in this sales silo is not as good as taking actions to mine for those opportunities….as actions are the only things that produce results.
7. 80% of sales need at least 5 follow-up calls after a meeting
As shown in sales enablement statistic #6, sales reps are giving up far too fast on potential clients. The majority of sales take time and continuous communication with the customer.
For Salespeople PLAN to do at least FIVE follow up calls with each prospect. Shift your thinking about this. Make each call a bit different and all of them compelling…with enthusiasm! And if you are scheduling appointments or closing as an outcome to the call or meeting, you don’t have to ‘chase’ prospects with phone calls. When CAN they close the sale? What are the obstacles? How are you discussing those obstacles? ASK more questions and don’t try to talk them into the sale, but rather use these opportunities to discuss objections and options to overcome them. The biggest take away here is to expect to make more follow up calls than you have been making so that you aren’t cultivating resentment and resistance on your side of the call, but rather an appreciation for the prospect’s buying process and working within that.
For Sales Managers
For this to happen, you need to PLAN to follow up on their follow up calls and plan on teaching them how to do this…and to manage their thinking about follow up and how many calls it takes to get the sale. Sometimes they need instruction, sometimes they need encouragement, sometimes they just need a push – know your team and their pitfalls regarding follow up calls so that you can manage to their resistance or experience. And BE the example for them to follow and share your successes when you have tenaciously followed up and got the sale so that you can create believers in them.
6. 44% of salespeople give up after one follow-up Quitting on a weak prospect may seem like a way to save time for more promising leads, but quitting too soon means missing sales. Nearly 50 percent of sales reps only … Continue reading →