It is simple to answer that sales are made in tough economic times by developing relationships with prospects. People will purchase from people they like and trust. The more complex part of the solution is about building relationships. Although it’s a complex process that can be designed in many different ways, the simplest way to do this is to make multiple contacts with one person over time. It can be overwhelming to look at the prospecting list and wonder how you will build all these relationships.
As a coach and trainer, I find that many producers either concentrate on their clients and suffer from their prospecting activities or on their prospects. An agent selling health benefits told me that he had more than 2,000 clients. I asked him when he spoke to his clients. He said “only when they called me”. He had more than 2,000 clients. The bad news is that his retention was low because he couldn’t maintain a relationship. He didn’t have a system in place to ensure he was in touch with his clients, which led to him losing out on renewals. He was obsessed with selling and prospecting.
How about prospecting? Some producers will only make one or two calls with prospects and then give up on them after that. They don’t care about building relationships and they aren’t focused on making quick sales. It takes time to build relationships. Producers don’t have the patience and the system to keep them focused on building relationships that will result in sales. Let’s take a look at the stats.
The following statistics are available about prospecting activity:
48% of salespeople don’t follow up with prospects.
Make a second contact for 25%
– Only three contacts are required for a 12% discount
Only 10% of the respondents make more than three contacts
Statisticians can also reveal where the sales come from.
– 2% of sales made on the second contact
– 5% off the third contact
10% off your 4th contact
80% to 80% of sales occur on the 5th – 11th contact
It is clear from the statistics that a successful selling strategy requires multiple contacts over time, which equals building relationships.
There’s an added bonus. Referrals are your easiest and best sales method. They give you credibility immediately with the prospect. Although it doesn’t guarantee a sale, referrals can often get you past the gatekeeper. Referrals are a great resource for any salesperson with a client base. Have you ever asked your clients for referrals before? Are you aware of who is giving you the most referrals? And, more importantly, are you looking after those referral sources?
These are great ideas, and it’s easy for someone to say it that way. But how can you actually implement what I’m talking here? Is there an easy way to build and maintain relationships with prospects and clients? This will help me make sales and keep my renewals. Is there a way to show my clients the value of my referrals
There are two types of salespeople in today’s technology world: those who love it and those who hate it. Because not all technology is equal. Would you be open to using technology that is easy to use, affordable, and comprehensive in building relationships and referral networks as a salesperson? It would be great to have technology that makes your life easier and keeps you focused on what will make you successful. Would you be interested in a system that does all of these things? PurePRM is an online technology that helps you build relationships and a referral network. It was created by insurance professionals and will allow you to connect with clients, prospects, and referral sources in a new way.
