Keep Going Strong Despite Turndowns – ’No’ Doesn’t Mean ‘Never’.
One of the biggest challenges facing businesses returning to a fully functional situation, but facing hugely changed markets, is the building of an impressive order book and pipeline.
In certain markets many customers will have been lost which means that there are two priorities that must be focused on by all sales teams going forward – they are:
- Optimising sales from existing customers by effectively cross selling or upselling
- Winning new business from new customers through the effective conversion of leads
Both elements present their challenges with both requiring specific skills and sound application. In stable market situations getting the most from existing customers will often suffice in ‘priming the pump’ keeping regular orders coming in as account management and customer relationships continue to build. However in some markets that customer stability will have been lost through the effects of the pandemic, in those markets the need to win new business and win it soon will be a new challenge for many businesses.
There are some similarities in skill requisites between ‘farming’ (building business with existing customers) and ‘hunting’ (looking for new customers and business) but there are significant differences too. When in need of more customers the first area that needs examination is your lead sourcing process – how do you get new customer leads? What volume of leads are you receiving?
Secondly do you know your conversion rate? How effective are your people in the first contact situation – either on the telephone, by video or in person? As an owner/ manager do you know – have you checked your process and how well your company is presented at first contact? Do the key things that you need to convey get conveyed?
If you don’t know these things – why don’t you? Surely this is of huge importance. Find out and determine what needs changing?
Finally, how persistent are your team in terms of new enquiries? Here are some remarkable figures proven in many different research models over many years:
of salespeople give up after one ‘no’.
more give up after two ‘no’ responses.
more give up after three ‘no’ responses.
and by the time four ‘no’ responses have been received 92% of salespeople have given up!!!
You could say that ‘you can’t blame them, getting a ‘no’ is soul destroying’. That is a fair point until you look at further research that shows that 60% of ALL customers say no four times before they finally say ‘yes’. So, if your people are giving up at the earlier stages your business is missing out on many, many ultimate potential ‘yes’ responses.
With more businesses in need of new customers going forward you need a follow up system that ensures that enough multiple contacts are made with potential customers to elicit a ‘yes’ understanding that the first, second, third and fourth ‘no’ doesn’t mean ‘never’. Secondly you need salespeople who can ‘keep going strong despite turndowns’ and who recognise that polite persistence will pay off in a great number of cases.
Have a real good look at your front-line impact. In changed markets those who are most effective in this area will undoubtedly lead the rest.
If you need help in increasing your sales conversion rate and in winning more customers don’t hesitate to contact us at ignite@tinderboxbusinessdevelopment.co.uk, or call on 0116 232 5231
Alternatively you can contact me directly at the points below:
David Turner
Managing Director
david.t@tinderboxbusinessdevelopment.co.uk
07747 023610
