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FIXING FOLLOW-UP FAILURE INTO A LEAD GOLD MINE
- 1. FIXING FOLLOW-UP FAILURE Strategies to convert your lead graveyard into a gold mine
- 2. Presented by
- 3. Hi! I’m Rhett Hott with Ghost Chili Promotions, an Infusionsoft Referral Partner. Ghost Chili Promotions affiliates have: •Over 20 years experience in the promotional product industry •Over 150 years of combined marketing experience •Work with small mom and pop companies as well as large corporations such as Napa and Samsung
- 4. A re val uab your turn le l i ng ead to d s us t ?
- 5. Follow-up Evaluation 1. Is your lead tracking system disorganized (stacks of business cards, scribbled on notebooks, etc.)? 2. Does it take you longer than a day or two to get back to prospects and clients? 3. Have you ever forgotten to follow-up? 4. Have you ever gotten too busy to follow-up? 5. Have you ever let a hard earned lead slip through the cracks?
- 6. Follow-up Evaluation 6. Do you think people will call you back if they're really interested in working with you? 7. Are you afraid of coming across as pushy if you follow-up too many times? 8. Do you mark leads as "dead" before you have contacted them at least 7 times? 9. Do you send the same sales and marketing information to all of your new leads? 10. Do you spend a lot of time educating prospects instead of selling?
- 7. Score & Results • Give yourself 1 point for every “yes” response • If you scored more than 3 points, you need to: Fix Your Follow-up Failure
- 8. Why don’t companies follow up? 1. They forget. 2. They focus on hot leads. 3. Unconverted leads fall through the cracks. 4. They think the people will call back. 5. They don’t want to be pushy. 6. They don’t realize the potential impact follow- up can have on their business.
- 9. Follow-up Failure is Expensive 67% of the prospective buyers that tell you “no” today will be ready to buy in the next year. —Gartner Research 80% of leads you consider to be “dead” will buy within 2 years. —Sirius Decisions
- 10. How many times should I follow up? • 2% of sales close on the 1st call • 3% of sales close on the 2nd call • 4% of sales close on the 3rd call • 10% of sales close on the 4th call • 81% of sales close after the 5th call
- 11. When do most companies stop? • 48% quit after the 1st call • 24% quit after the 2nd call • 12% quit after the 3rd call • 6% quit after the 4th call • 10% quit after the 5th call
- 12. Traditional sales and marketing process
- 13. Traditional sales and marketing process Day Week Year 10 50 2,500 Closed 1 5 250 Warm Leads 1 5 250 Cold Leads 8 40 2,000 $500 $2,500 $125,000 Total Leads Sales ($500 / deal)
- 14. What happens with the 2,000 cold leads that your sales efforts don’t focus on? THEY TURN TO DUST!
- 15. Fixing follow-up results In… Day Week Year No Contact Leads 8 40 2,000 Nurture (convert 20%) 1 8 400 $500 $4,000 $200,000 Sales ($500 / deal) % ROI Increase 260%
- 16. It’s time to stop letting your prospects and customers slip through your fingers.
- 17. What is follow-up? • Educating prospects • Nurturing relationships • Maintaining ongoing contact • Building relationships • Providing long-term value • Staying top of mind • Differentiating yourself from the competition
- 18. How should I follow up? • Email • Direct Mail (Flat) • Direct Mail (Dimensional) • Phone • Voice Broadcast • Fax • SMS / Text
- 19. Example 1: Website (no follow-up)
- 20. Example 1: Website (with follow-up)
- 21. Ex 2: New Customer (no follow up)
- 22. Ex 2: New Customer (with follow-up)
- 23. Ex. 2: New Customer 1. Send a “thank you” email or letter. 2. Email a customer satisfaction survey. 3. Email valuable tips. 4. Present cross-sell and/or upsell offer. 5. Ask for a referral. 6. Make “thank you” call. 7. Offer subscription to communications. 8. Put them in a customer nurture sequence.
- 25. Case Study: All About Spelling • Online retailer that sells educational materials to help parents teach spelling • Owned by Greg and Marie Rippel • Quit their jobs and started the business out of their home in Wisconsin • Were prisoners to their business and suffered from “multi-systems” chaos
- 26. CASE STUDY “We are very customer service oriented, so customer follow-up was our top priority. When a customer had a question, we might have to check the shopping cart, email system, paper system, and more just to find the answer.” —Marie Rippel
- 27. CASE STUDY Goal: Double Their Sales Strategy: Fix Follow-Up Failure
- 28. Initial Analysis CASE STUDY • Traffic: Solid SEO but they weren’t capitalizing enough on high-traffic pages • Lead Capture: Decent thanks to a newsletter form on the website but they couldn’t differentiate between people in the database • Conversion: 50% drop off between stages • Customer Marketing: No upsells, no referral program
- 29. The Plan CASE STUDY 1. Get organized (segment customers and prospects in the database). 2. Change newsletter opt-in to free report offer on the website. 3. Integrate the shopping cart / e-commerce into a follow-up system. 4. Add upsells to follow-up process. 5. Create an automated referral program. 6. Automate process to save time and money.
- 30. The Results CASE STUDY • Grew their opt-in list from 5,863 to 10,632 contacts, thanks to free report offer. • Doubled the # of purchases from 599 to 1,232. • Increased the average order size by 16%. • Increased overall sales 149% in 3 months. • Generated 49 sales from referral partners.
- 31. CASE STUDY Since everything is centrally located, I don't have to worry about anything slipping through the cracks. This has freed me up to work on product development. We win and our customers win. I love it.” —Marie Rippel
- 32. Fix YOUR Follow-up Failure • Convert more leads into sales. • Get repeat sales from customers. • Grow your business without growing staff.
- 33. Fix YOUR Follow-up Failure • Make a commitment. • Create a follow-up program. • Find a system to automate your follow-up.
- 34. For more information: Contact your Ghost Chili Promotions Affiliate or contact us on our website at: www.ghostchilipromotions.com We’ll help you stand out!
Hinweis der Redaktion
- Use this slide as an opener while people settle into their seats. Reiterate the title of the presentation and what will be covered.
- Insert your picture into the image. Edit the slide with your information. Keep it brief (you can use the attendee handouts for a more in-depth bio) tie bullet point experience into what got you to the point that you can stand up in front of them and educate an audience. Note – if possible, for the ascetics of the presentation, use a sepia tone photo of yourself.
- Today we’re here to talk about something that is near and dear to the heart of all business owners – sales! We all know that sales don’t just appear out of thin air. It’s takes time and energy and MONEY to generate leads. Many of you may even have dedicated marketing resources focused on generating leads for your sales team. Our focus today will not be on how you generate leads, but rather on something that is much more important. It’s about what happens to your leads. Are they turning to dust???? You see, a common mistake that many businesses make is that they think in order to sell more, they need to generate more leads. This is true, but can be an expensive road to take. A better solution is to convert more of your leads into buyers. How do you do that? The answer is through effective follow-up marketing. But most businesses just aren’t that great at following up with leads and customers. There are a lot of reasons for this (which we’ll explore shortly). But first, I’d like to ask you all a few questions about your own follow-up practices. So get out a pencil and let’s get started.
- Read questions to attendees.
- Alright, it’s time to tally up your score. Give yourself 1 point for every “yes” response. If you scored more than 3 points, you need to fix your follow up failure.
- Don’t beat yourself up. Most companies do a poor job of following up with leads and customers. Let’s explore those reasons. (read list) Okay, so we know why companies don’t follow. But seriously, is it REALLY that big of a deal? Follow-up doesn’t really matter THAT MUCH. . .does it?
- Well. . .follow-up does matter! Why? Because, let’s face it. . .people don’t buy on your schedule. They buy when they are ready to buy. If you don’t capture the sale at the exact right time, you are letting valuable leads slip through your fingers…and that’s expensive! The key to capturing that sale is making sure you are on the top of their mind when they are ready to buy. That only happens though effective follow-up.
- Let’s take a second to look at the traditional marketing and sales process. 1. The first step is to capture the attention of your target audience through a marketing campaign. (click to show campaign image). You can do this through online advertising like PPC or SEO, or through more traditional media such as newspaper ads, direct mail, and more. Let’s assume you run an ad to offering a free quote for A/C repair. 2. If your are successful at capturing attention, a certain number of people will respond by requesting a free quote. Those people are leads. (click to show lead image) 3. Once you connect with these leads to deliver the quotes, your sales reps will probably start to cherry pick the leads that are most likely to buy and start actively working them. These people are called opportunities. The other half of your leads will fall out of your funnel and vanish as if they never existed. 4. Of the opportunities that the sales team are working, only some of them will convert into the buyers. The remaining opportunities fall away. You can see along the way, the money you spent prospecting to now dead leads has deteriorated the value of your marketing efforts. The key is to keep the leads alive with follow-up. Let’s put this into some numbers and see what happens…
- In a typical day you may have 10 leads resulting in one lead that closes right away, 1 lead you consider a warm or hot lead that sales reps are actively working with and about 80% or 8 leads are cold leads, meaning they have yet to be qualified. Over a year period this leaves you with about 2000 leads that typically end up in lead graveyard.
- If you can’t quickly and easily qualify these 2000 leads where do they go? Unfortunately, in most cases they are vanishing into thin air and ending up with the competition.
- So what happens when you fix your follow-up failure? What if you could convert 20% of the leads you once let turn to dust? This would give you 400 more sales Let’s say our average sales price is $500. This is $200,000 in additional revenue. This means for the same campaign (the same dollar spent) you have more than doubled your sales. Like panning for gold and making sure you collect every nugget.
- By not following up, you are simply letting the gold slip through your fingers. So, who is ready to learn more about follow-up and how to fix the follow-up in your business?
- Let’s look at what follow-up is. Follow-up is good old-fashioned hospitality and relationship building. Think about the local barber of the old west and the trust and bond he built with local patrons over time. Follow-up is: (see slide) Follow-up is NOT a constant bombardment of sales calls.
- Effective Follow-up Is a Combination of Media and Different Touch Points (see slide)
- Let’s see some examples of follow-up in action. Look at a website before follow-up. You can see, a traditional website captures date on actual sales and let’s all other traffic disappear.
- Let’s see some examples of follow-up in action. Look at a website before follow-up. You can see, a traditional website captures date on actual sales and let’s all other traffic disappear.
- Now let’s look at your existing customers. Without follow-up not only are you missing on opportunities for upsells, you are also unaware if you have unsatisfied customers that could help you improve your business.
- With follow-up you can segment your unhappy customers and happy customers and provide a different course of follow-up that is appropriate for each. This can be one step in an overall customer loyalty program.
- Now that you’ve seen examples of follow-up, I’d like to show how it works in a real small business. This is a small business called All About Spelling. According the Marie, their business relied heavily on customer follow-up and even made it a priority in their business but follow-up was a very time intensive, labor intensive process for Greg and Marie.
- According the Marie, their business relied heavily on customer follow-up and even made it a priority in their business but follow-up was a very time intensive, labor intensive process for Greg and Marie.
- My friends at Infusionsoft aimed to double “All About Spellings” revenue in less than 3 months simply by fixing their follow-up failure. Remember, Marie already said they made customer follow-up a priority so this was a very lofty goal to say the least.
- Here is the plan Infusionsoft devised to fix their follow-up failure and automate follow-up to reduce the complexity of their #1 priority. (see slide notes)
- Not only did they double their sales, the automation of their follow-up allows them to concentrate on other areas of their business, such as product development.
- So you are still asking yourself, can fixing my follow-up really improve my business? By putting proper follow-up for prospects and customers in place, and automating wherever possible, you can convert more leads into sales, get repeat sales from customers and grow your business without growing your staff. In short, capture your prospects and customers and don’t let them get away from you.
- Now the key is putting proper follow-up in to your business. To do this, dust off your boots and just get started by: Making a commitment to put proper follow-up in your business Scheduling time to set-up a follow-up program for both prospects and customers Finding a system that will help you automate your follow-up program If you want to learn more about my recommendations for follow-up in your specific business, please add your name and email to a list I am circulating and I will follow-up with you via an email campaign that gives you more follow-up tips you can put into practice.