Chinese Water Torture… in a good way

Drip, drip, drip.  According to research by Invespcro.com:

  • 60% of customers say “NO” four times before saying “YES”; whereas 48% of salespeople never make a single follow-up attempt.
  • 80% of sales require 5 follow-up calls and emails
  • 70% of salespeople stop after one email
  • You have a 25% chance to hear back if you send more emails
  • 57% of people said they would be encouraged to make a purchase, if they are not pressured during the follow up process

Let’s look at those last two bullets.  First, you will only increase you chance to 25% if you follow up.  You are financial advisors… how much better is 25% than 0%? 

Secondly, when you follow-up, don’t be a pest.  Make sure you have a process that always provides value on every single follow up contact.  Maybe you give them another piece of information that would help them decide… or even offer them a cheat sheet as we talked about earlier in this newsletter. 

People want to make sure you care about them as a person… and not just making a sale.  During your follow ups, make sure you are more about being of service than making a sale.  Think… what could I do for them right now that would have nothing to do with a sale… that would make them happier or put them in a better position?

I know creating this follow up process takes some work.  The key word being “process”.  Because once you’ve taken time to create the process, you should be able to put that process on autopilot, so that it happens for every prospect.  You don’t need to recreate the wheel… have a process that works for everyone.

Once it is done and in place, you have created a very efficient and cost-effective way of significantly increasing your closing ratio… and bottom line.

About Mike Kaselnak

Michael Kaselnak is considered one of the top marketing and sales experts in the financial services industry. He has personally mentored over 300 financial advisors in the past 10 years. These financial advisors saw their average production increase by 62%. Many saw increases of over 300 percent. He writes articles that have appeared in many mainstream magazines and has written the popular report 300 Financial Headlines that sell.
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