In business, “keeping on keeping on” is what good selling is about. It is selling until the final whistle and that is when a prospect says, “No I really don’t want your product or service so please stop contacting me.”
Until then, the door is still open. A classic mistake made by average agents is giving up too early.
Consider this:
Outside most ballgames or rock concerts, you will find a scalper or two selling or buying tickets. These folks make a living selling tickets to sold-out shows and events, and their method of operation is always the same:
Hit up everyone that walks by, and if they’re not interested, then move on to the next person. For scalpers, this strategy is perfect. Unfortunately, there are many reals estate agents who use the same approach when they prospect for new business. When a call does not result in a sale, they banish the prospect, never to call again. Much like the scalper, they move on.
A study we have quoted from before investigated the number of times a prospect was called before a salesperson waved the proverbial white flag. Here is their data:
- 48 percent quit after the first contact
- 72 percent stop after the second contact
- 84 percent give up on a prospect after the third contact
- 90 percent wave the white flag after the fourth contact
As you can see, almost half of all salespeople quit after the first call. And the vast majority (90 percent) quit soon after.
So why do 90 percent of salespeople quit so quickly?
There are many reasons, and the simplest is that they let business and life get in the way. Some get caught up in busy work because it is easier than having to follow up. Others just lack the discipline to make those follow-up calls. The fact is that 10 percent of salespeople make the fifth call, and studies show that 80 percent of sales are made after that fifth sales call. Which leads to the conclusion that 10 percent of salespeople win 80 percent of the business.
Superstar salespeople use persistence and their stick-to-it mentality to win, and win big. In the same way that air gets thinner at higher altitudes, competition dies off after the first few calls. And the key ingredient that differentiates the average salesperson from the truly great ones is persistence: The persistence to make that first call and the discipline to make a half a dozen after that (without annoying the potential client, of course).
It’s persistence that increases a client’s confidence in a salesperson’s ability. It’s what makes a salesperson stand out from everyone else. And it’s how salespeople stay “top of mind” when the client is ready to buy.
Superstar salespeople don’t fully expect to sell anything on that first call. They know that only a small percentage of people are looking to buy in a first call. Most buyers and sellers are not going to be ready to sign that contract when a salesperson calls. Rather than trying to make that sale, the goal for the first call should be to implement a follow-up strategy, a strategy that allows you to ask questions to help establish what it is the client needs and how you can help them achieve it. In building a relationship by asking questions, you’ll develop a much better understanding of the client’s needs and wants. You’ll get to understand their underlying problems, not just the superficial ones that appear obvious.
The key to converting your pipeline into actual sales is the ability to hang in there when others have given up. It means being persistent with phone calls, emails or even a personal visit over time because the longer you hang in there, the greater the chance that your competition has given up. Just remember to make that fifth, sixth and seventh call. Anything less, and you’re better off scalping tickets.
Today matters! Make sure for the rest of this week as you are driving to the Riverside event… follow up on all your leads… not once or twice but 5, 6, or 7 times at least…call on the way in and on breaks and call in the evening when you get home.
Reminder in the area of follow up….You have no competition!
Now let’s go out there and make this the best follow-up and appointment setting week you have ever had!
