Almost every business I know makes this crass mistake. That doesn’t mean you have to. But you quite probably do
I often wonder where more money is wasted: on advertising that doesn’t sell, or on a failure to follow up sales leads.
This is about the latter, prompted by the dreary task of editing an e-book based on my helpful marketing ideas.
I issued the first book three years ago. This is the second. I marvel at how long it takes me to get things done. I’m just a lazy bugger.
In the book I cover this subject twice, because it is so important – and because four years ago something happened that made the point.
One morning I was writing to a friend who had and still has three unique products – products so good that the military, the banks, the railways and telecoms are interested in them as well as some of the world’s most famous brands.
It was clear that they were (and are) great products, because he had no trouble raising a lot of money. Yet he was not yet making a profit, which frustrated him – and plain maddened me – because I knew precisely what he ought do.
This what I wrote – and if it rings any bells with you, I’m glad!
“You have an almost unnatural ability to come up with winning products – I was actually telling someone about it the other day.
But you’re only half way – from what you told me – to making a profit.
Without even looking I wager I can tell you where the missing profits are.
They are in unsold leads. Millions of pounds worth of profits.
I recall that the very first thing I ever wrote for you was a follow-up to people who had enquired but not bought.
I will lay a lot of money that it is not being used systematically – and probably not at all.
The reason is that your sales manager is in charge of this.
For nearly 50 years in this business I have ALWAYS found that:
If a sale is not made the average salesman (or sales manager) thinks it will never be made because the prospect is:
a. Not interested or
b. Stupid or
c. Has no money or
d. Not the real decision-maker
e. Not the right kind of company
f. Not a genuine prospect
- Whereas in fact
a. They did not like the salesmen
b. The sales pitch was no good
c. They had something else they needed to buy
d. “Something came up”
e. They moved to another job
f. They couldn’t persuade the money people
I guarantee that you have all the sales you need lying around in unsold leads but not followed up
… and I bet your sales manager doesn’t believe it.
This is your friend speaking!
Well, of course my words had absolutely no effect at all and that man is STILL struggling.
I have long since lost count of the times I have told people that the biggest unreaped harvest in business lies in leads people have given up on.
I once asked one of the cleverest, most successful people I know – worth millions when not much more than 30 – how long he follows up leads.
His reply was simple.
“Till they give in”.
