How to Start and Rapidly Grow a Coaching Business - Follow-Up Right and Close 5 Times More Business

Have you avoided following up after meeting someone? Oor slow Followers Australia-up. Here's a simple approach to making it easy for you.

Market research companies say that 80% of all sales are lost due to lack of follow up. 80% of all sales are never followed up. Only 20% of all sales are actually followed up.

Can I say that in any other way.

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Well here's another.

If 80% of all sales are lost due to lack of follow-up, would that mean that if you spent time to follow up on the 80% you've missed before, that the 20% would become 100%? Well, not quite, but it does mean a 5 times increase.

Let's take a look at how that works. If you talked to 100 people, and had a possibility of closing 10, but due to lack of follow-up you lost 8 out of 10, and closed 2. Just by following up you'd get 5 times more than you got before.

Let's take another look at that. Other research says that, on the average, 5 continuous follow-ups are necessary for the customer to say yes . ..FIVE. That says how important follow-ups are.

44% of sales people give up after just one no.

22% give up after 2 no's

14% give up after 3 no's

12% give up after 4 no's.

But here's an important fact

80% of your prospects say No at least 4 times before finally buying.

That means that

Only 8% of all sales people are getting 80% of all sales. And if you haven't been doing the follow ups now you know how to become one of them.

So stop and think for a minute. That means that you should follow-up at least 5 times and you'd see your sales increase significantly.

Now, assuming you do follow up -- How Fast You Follow-Up Can Increase Your Probability of Sales Even More

Would you believe, that to increase your probability of success on any one sale that the sale gets colder for every day you delay before following up. In fact, here's a good rule of thumb, if your prospect WAS interested when you first met him, it becomes exponentially colder and he is less interested for every day that passes. EXPONENTIALLY colder for every day that you delay.

So, let's say that you meet someone at a networking event, a chamber business fair, or whatever, and you reply within 24 hours, the first day. You have the most probability of closing the sale. Or, if you reply in 2 days (remember EXPONENTIAL), then your prospect is 1/22 = 1/4th as interested as he would have been within the first day.

Here's a chart indicating how fast the interest drops off.

Number of Days

Level of Interest

Delayed

1------------------------Maximum

2------------------------1/4th

3------------------------1/9th

4------------------------1/16th

Delay more than 3 days and you might as well forget it. Well, DON'T FORGET IT, instead respond in the first 1-2 days.

The faster you respond the more likely they will still want what you have. Get it? You get the most from replying fast, and especially if you reply before your competition.

Delay just 2 days and you have a 1 in 4 chance of closing. That means that if you delay 2 days before replying you would have to do 4 times as many meetings just to close as many sales as if you replied in the first 24 hours.

Dlay 3 days and you may have to make 16 times as many calls as you would at 24 hours to get the same number of closed sales.

These are simple concepts to MULTIPLY sales by several times.

Why do most people avoid following up?

Many people avoid following up frequently it's because of that old "aggressive used car salesman" picture in their head. The more they feel as if they are pushing the prospect, or becoming even slightly aggressive, they back off to avoid looking like that aggressive used car salesman. So they don't follow up.

And others are avoiding the fear of rejection. They are afraid that if they do call they might be rejected, so either they don't call at all, or they put it off, procrastinate, until, in their own head, they can "get it right" before they call. In other words, they are trying to think it through until they've developed some approach that just WON'T get rejected. But the longer they put it off the more likely they will get rejected.

The result is that they put it off for days and weeks, and that means that they never call. They didn't make a choice not to call, but it just happened that way as they let it get older and older trying to be perfect.

What to say when you do follow up?

This is critical, and it will make the Followers Australia up call EASY to do. It should even help you avoid procrastinating and getting to that call within the first 24 to 48 hours.