Two very important for your firm’s new business effort:
The average sales person only makes 2 attempts to reach a prospect.
80% of sales require 5 follow-up phone calls after the meeting.
So, whoever’s handling new business-you’re not following up enough-that’s evident.
- Prospects you’ve had an initial meeting with, and you haven’t followed up properly
- Those prospects who’ve been in your CRM for months and you haven’t broken through to
With the first-there’s no excuse and far, far too many firms say “We had a meeting and then nothing happened.”
Take a good, hard look in every one of those cases and ask yourself why that really is-sometimes you followed up exactly as you should have-but on average you probably did not.
In regards to the second, one of two occurrences tends to take place:
- The sales person no longer considers those prospects viable and forgets them, or
- Leadership doesn’t support the new business process for the long haul and doesn’t consider them viable either
Sometimes that prospect should be left behind, for various reasons: they should never have been contacted in the first place (e.g. wrong fit) or they’ve specifically said not to continue reaching out, to name 2.
But I’ve seen long-term clients of ours where meetings happen years into the process. (And no, they don’t all take that long by any means).
The key is providing some type of value with every touch, over time, consistently, so that you’re not just reaching out over and over with the same message.
Ideally your firm is creating industry-specific content for example, but if not, there’s an endless stream of third-party articles you can use to show that your firm “gets it.”
At a new business conference, a new business director summed it up best in her presentation, and while it was a slightly facetious comment, there’s some truth there:
We all do the same stuff, so make your company memorable.