How You May Be the White Rabbit in Sales and Losing More Than Just Time
How You May Be the White Rabbit in Sales and Losing More Than Just Time
Time is a critical issue for small business owners, sales professionals, managers, SOHO to C Level executives. With only 86,400 seconds in each day, once gone time can never be recovered.
As the old saying goes, time is money. A study by Dr. James Oldroyd of the Kellogg School of Management reviewed more than a million cold calls (telephone) from 50 companies revealed just exactly the relationship between time and money. The results from this study exposed several interesting points about cold calling and all were connected with time.
Oldroyd learned from all of this data collection the best day of the week to cold call, the best time to make the call and how long the lead stayed hot or how quickly the lead grew cold. However, it was this third fact that I found to be the most interesting.
Leads stay hot for one hour. Imagine that! Just one hour before the lead gets cold! This research echoed what a colleague of mine, Doug Brown said years ago, "Leads get cold at the speed of light." Sales research also suggests that almost 50% of all leads are left hanging on the vine to die.
Given that urgency is one of the criteria for qualifying potential customers (a.k.a. qualified prospects), the lead cooling in 60 minutes makes sense. With so much information hitting everyone every second of every day, another urgent item (think need or problem) is quickly replacing the last one.
What this data suggests is if you do not have a process for follow-up, if you are inconsistent with follow-ups, if you do not follow-up immediately, the chances are you will simply not increase sales. If you are lucky enough to retrieve the cold lead, you will probably have to work a whole heck of a lot harder to get the same results had you followed-up immediately.
Now is the time, not later, to make any course corrections to your sales approach. This begins by first tracking all leads. Next scheduling time to follow-up is critical. Auto-responders are a great tool, but a personal phone call probably would not hurt.
As you make your course corrections to your sales approach, do not expect a sale in the first meeting since only 2% of all earned sales happen during the first contact. With 80% of all sales happening between the fifth and twelfth contacts, planning those follow-up calls will significantly contribute to your bottom line and increase your sales to earn ratio. Remember Doug Brown’s wise words: Leads get cold at the speed of light.
How You May Be the White Rabbit in Sales and Losing More Than Just Time - To learn more about this author, visit Leanne Hoagland-Smith's Website.
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"I'm late, I'm late for a very important date." For many these words are associated with the white rabbit from the story of Alice's Adventures in Wonderland by Lewis Carroll.
Time is a critical issue for small business owners, sales professionals, managers, SOHO to C Level executives. With only 86,400 seconds in each day, once gone time can never be recovered.
As the old saying goes, time is money. A study by Dr. James Oldroyd of the Kellogg School of Management reviewed more than a million cold calls (telephone) from 50 companies revealed just exactly the relationship between time and money. The results from this study exposed several interesting points about cold calling and all were connected with time.
Oldroyd learned from all of this data collection the best day of the week to cold call, the best time to make the call and how long the lead stayed hot or how quickly the lead grew cold. However, it was this third fact that I found to be the most interesting.
Leads stay hot for one hour. Imagine that! Just one hour before the lead gets cold! This research echoed what a colleague of mine, Doug Brown said years ago, "Leads get cold at the speed of light." Sales research also suggests that almost 50% of all leads are left hanging on the vine to die.
Given that urgency is one of the criteria for qualifying potential customers (a.k.a. qualified prospects), the lead cooling in 60 minutes makes sense. With so much information hitting everyone every second of every day, another urgent item (think need or problem) is quickly replacing the last one.
What this data suggests is if you do not have a process for follow-up, if you are inconsistent with follow-ups, if you do not follow-up immediately, the chances are you will simply not increase sales. If you are lucky enough to retrieve the cold lead, you will probably have to work a whole heck of a lot harder to get the same results had you followed-up immediately.
Now is the time, not later, to make any course corrections to your sales approach. This begins by first tracking all leads. Next scheduling time to follow-up is critical. Auto-responders are a great tool, but a personal phone call probably would not hurt.
As you make your course corrections to your sales approach, do not expect a sale in the first meeting since only 2% of all earned sales happen during the first contact. With 80% of all sales happening between the fifth and twelfth contacts, planning those follow-up calls will significantly contribute to your bottom line and increase your sales to earn ratio. Remember Doug Brown’s wise words: Leads get cold at the speed of light.
How You May Be the White Rabbit in Sales and Losing More Than Just Time - To learn more about this author, visit Leanne Hoagland-Smith's Website.
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Dianne CramptonDianne Crampton is an executive leadership coach, team culture consultant, author and president of TIGERS Success Series, Inc. Dianne has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down go here. Dianne's contribution to the 2010 Pfeiffer Consulting Journal (an imprint of John Wiley and Sons Publishers) entitled TIGERS Hearted Teams is available in November 2009. Her new book TIGERS Among Us: 5 Winning Business Team Cultures And Why, Three Creeks Publishing will release in March 2010. To receive publishing discounts, subscribe to the free TigerTracks Newsletter here. - Visit Dianne Crampton's Website |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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