This is the third in a series of posts intended to provide our point of view on the most efficient ways to conduct a successful marketing campaign using high quality business intelligence. Last week, we discussed the degree of preparation that is suggested, and decisions that should be made before undertaking a new business program. This week, we will review methods to follow-up long-term prospects to increase your conversion percentage.
As we mentioned, not all potential prospects are ready to move through your sales funnel in the short term. Conservatively, you can expect perhaps 10-20% of prospects to pull the trigger right away. Our experience suggests that a larger number of prospects prefer to gather information before making a decision, or they may simply be building their comfort and trust level with you. More commonly, market conditions and timing can keep a business owner on the sidelines.
From our experience: Too often, agents decide that a potential prospect is no longer worth working with and move to new “fresh leads.” The temptation to neglect long-term prospects to pick at “low-hanging fruit” leaves a lot of money on the table. Statistically, in essence you will have warmed up a potential prospect for the next agent who comes along.
• On average, it can take up to 5 to 7 attempts to contact a lead
• As many as 70% of leads can be long-term in nature
• 40-50% of qualified leads will close with proper follow up
The fact of the matter is that many long-term prospects will close – If not with you, then with someone else. Following up on these opportunities doesn’t have to be a full-time job with the right processes in place.
To maintain productive contact with long-term prospects, formalize a lead nurturing program using drip marketing methods we’ve mentioned before. Whether you schedule future e-mails or phone calls using your calendar, or have a more advanced automated system using a CRM tool, you should be sending value-added materials in an appropriately timed manner to build confidence and maintain contact.
Never forget about the basics and that “personal touch.” Some agents will send a personalized introductory letter as soon as they receive a business intelligence report. While not necessary, the extra investment can open the door to a warmer conversation the first time that you make contact with your prospect. In the next installment of this series, we will talk about the most difficult and important part of the business sales process: Securing an appointment and the first meeting.