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How To Turn Your Lead Graveyard Into A Goldmine

Your precious leads turned to dust?

When you generate leads using your Lead Generation System, what happens to them?

A common mistake many business owners 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 aren’t very good at following up with leads and customers. There are many reasons for this (which we will explore shortly). But first, I want to ask all of you a few questions about your own follow-up practices. So grab a pencil and let’s get started. Be honest now:

Is your lead tracking system disorganized (stacks of business cards, written in notebooks, etc.)? Are you taking a day or two to get back to prospects and clients? Have you ever forgotten to follow up? Have you been too busy to follow up? Have you ever let a hard-earned lead slip through the cracks? Do you think people will call you back if they are interested in working with you? Are you afraid of being pushy if you follow up too many times? Are you marking leads as “dead” before you’ve contacted them at least 7 times? Are you sending the same sales and marketing information to all your new leads? Are you spending more time educating prospects instead of selling? Give yourself 1 point for each “yes” answer. If you score more than 3 points, you must fix Your Next Failure.

Why don’t companies follow up?

– They forgot,

– They focus on hot leads,

– They think people will call back,

– They don’t want to be forced,

– They don’t realize the impact that proper follow-up can have,

Subsequent Failure is Expensive

67% of leads generated from your website will tell you “no” now but will be ready to buy within the next 10 – 12 months —Gartner Research

80% of the leads you consider “dead” will be purchased within 24 months. —Sirius Decisions

How often should you follow up on your sales?

2% will close on the first call

3% will close on the 2nd call

4% will close on the 3rd call

10% will close on the fourth call

81% close after the 5th call

When do sellers stop their follow-up?

48% give up after the first call

24% give up after the 2nd call

12% give up after the 3rd call

6% give up after the 4th call

10% stop after 5th call

On a typical day you may have 10 leads that result in one lead that closes quickly, 1 lead you consider a warm or hot lead that the sales reps are actively working on and about 80% or 8 leads are cold leads, means that they are not yet qualified. Over a one year period this leaves you with about 2000 leads that usually end up in the lead graveyard.

What happens to the 2,000 cold leads that your sales efforts aren’t targeting?

THEY CAME TO THE DUST!

So what happens when you fix your follow-up failure?

What if you could convert just 20% of the leads you let go to waste?

This will give you 400 more sales.

Let’s say our average selling price is $500. This is $200,000 of additional income. This means that for the same campaign (for the same dollar spent) you will have more than double your sales. Like panning for gold and making sure you collect every nugget.

You can test yourself what happens if you close 40% of your unconverted leads.

Isn’t it time to stop letting your customers and prospects slip through your fingers?

What is effective follow-up? Follow-up is good old-fashioned hospitality and relationship building. Think about the local barber in your town and the trust and bond he builds with local patrons over time.

Follow-up is NOT a constant bombardment of sales calls.

Effective Follow-up Is A Combination Of Media And Different Touch Points Like, email, direct mail, phone, voicemail, fax or text.

Without follow-up not only are you missing out on opportunities for upsells, you also don’t know if you have unsatisfied customers who could help you improve your business.

With follow-up you can divide your unhappy customers and happy customers and provide a different follow-up course suitable for each. This can be a step in an overall customer loyalty program.

Example of an order for a new customer

– Send a “thank you” email or letter. – Email a customer satisfaction survey. – Email valuable tips. – Present cross-sell and/or upsell offer. – Ask for a referral. Make a “thank you” call. – Offer subscription to communications. – Put them in a customer care order.

Example of a new lead campaign

– Email (instant): Send the free report.

– Email (day 3): Offer additional resources and free reports to deepen the relationship.

– Email (day 5): Send more tips and tricks.

– Postcard (day 7): Offer a new free report.

– Email (day 14): Offer subscription to future reports and other value-added content.

By putting proper follow-up for prospects and customers in place, and automating where possible, you can convert more prospects into sales, get repeat sales from customers and grow your business without increasing your staff. In short, get your prospects and customers and don’t let them get away from you.

Now the key is to put proper follow-up in your business. To do this:

– Make a commitment to put proper follow-up on your business.

– Scheduling time to set-up a follow-up program for prospects and customers.

– Find a system that will help you automate your follow-up program.

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