For a few pounds, you could double sales - simply by following up correctly...
In this article, you'll see how you could double sales for just a few pounds by implementing a simple follow up system.
In the last issue of Results Report (Strategy Brief 40) we explored the importance of staying in touch with your prospects and clients regularly and relentlessly within 90 days (or less).
This is based on the 90 day calling cycle pioneered by Saatchi & Saatchi and documented by author Wendy Evans in her book "Choose and Grow your Own Business in 90 Days".
This case study from Wendy's book shows how you can more than double sales by implementing a 90 day (or less) follow up system.
The example is based on starting with a 200 strong prospect list...
The First Cycle
"In my experience, the first time you make the phone calls to your contacts, you quite quickly get some business. It's called beginner's luck. There are always some firms that are unhappy with their existing supplier and will say yes just to establish a new relationship.
However, in general you'll find that your chances of getting an appointment from the first cold letter or phone call are about one-half to one per cent. So, from 200 prospects, you might get one or two appointments the first time around (but beginner's luck can mean that you get 5 or 10 or 20; then sadly it doesn't last, and you go back to the norm, as follows.)
To all those who say 'No', you will say, 'Thank you' and also, 'If you don't mind, we'll be in touch again in three months' time.' Don't be discouraged; just as life changes, so does business. When needs change and your product or service is required, you will be favoured over the casual cold caller because your prospect has grown to trust you. That means you get business. Prospects don't mean 'No'; they mean 'Not now'.
The Second Cycle
Within three months, you write and/or phone again, just as you said you would. Your percentage of appointments is likely to rise to about 2 or 3 per cent-maybe a total of six appointments from your 200 contacts.
The Third Cycle
Three months later, at the ninth month, write and/or phone again. Now, because you have been in regular contact, the prospect has learned to trust you. You didn't give up the first or second time; you came back. In the third cycle, your appointments are likely to rise to around 7 to 10 per cent-perhaps 14 to 20 appointments from the 200 prospects.
The Fourth Cycle: things begin to happen
Beginning with the fourth cycle, the percentages will increase dramatically and you may find about 30 per cent of your prospects will agree to an appointment.
The Fifth Cycle: things are really happening!
Be well prepared for success by the fifth cycle, as you can secure appointments and buying signals from up to 60 per cent of your well-chosen prospects. Keep on keeping on and you will get up to 80 per cent of your prospects turning into clients."
1st Cycle - 1%
2nd Cycle - 2% to 3%
3rd Cycle - 7% to 10%
4th Cycle - Up to 30%
5th Cycle - Up to 60%
There you have it - a simple and inexpensive follow up system that could more than double sales for a few pounds - the cost of an extra couple of phone calls and/or emails.
We have been applying this follow up system with clients for years in all kinds of industries and consistently see great results.
As Wendy points out in her book, the numbers you see above can be conservative compared to what you may achieve.
Simple. Cheap. And hugely effective.
Not convinced? No problem - test this on your next 20 prospects and measure your conversion rate compared to your normal follow up.
P.S. Want to find out how you could get better results from your business? Take advantage of our free Revenue Opportunities Analysis (valued at £275.00).
Simply complete a short questionnaire (which we'll send you) and in one hour or so (over the phone) we'll put your business under the microscope and identify your best opportunities for growth and getting better results.
To request a free Revenue Opportunities Analysis call us now on +44 (0)1933 373000 or send us an email.