Find an Entrepreneur in action, and Entrepreneurs can learn great lessons, as is the prime example of Mrs. Tracy ‘Power Gal’ Monteforte. Thursday evening Tracy packed her webinar with enthusiasm and precision as she trained on the subject, “The Fortune is In the Follow-Up.”Tracy trains that business is all about building relationships. She is grateful to her mother for insisting that she send thank-you notes even at the age of seven. Tracy feels that this skill has helped her to this day, both personally and professionally, as she maintains a lot of friendships. Tracy says that it takes six times more effort to gain a new customer than it does to retain one you already have.
Tracy shared the following statistics:
- 48% of sales people never follow up with their prospect
- 25% of sales people make a second contact and stop
- 12% of sales people make three contacts and stop
- 10% of sales people make more than three contacts.
- Only 2% of sales are made during the first contact
- 3% of sales are made on the second contact
- 5% of sales are made on the third contact
- 10% of sales are made on the fourth contact
- 80% of sales are made on the 5th through the 12th contact
On average, it takes six weeks to have someone join your program.
Tracy strongly recommends the “Pipeline” method, which is a way of disseminating information so a prospect can make an informed, intelligent decision.
Tracy recommends the following tools to grow your Pipeline and Follow Up:
- Contact Manager
Tracy feels that a Contact Manager is essential to stay organized. Her company, WTPowers offers a robust contact manager, which is available at www.wtpowers.com She says there are other contact managers available such as Outlook Express, for example. - Speedialer
This is another tool that Tracy would not be without. The dialer that Tracy uses is located at www.speedialer.net
Tracy offers weekly trainings using both of these tools. Her trainings are on Monday evenings, and one may get on her invitation list by contacting her at http://www.dialingfordollarslive.com
Some of the subjects that Tracy trained on include:
- How many times should I follow up with a prospect?
- What do I say on the Follow Up call?
- How do I prevent no-shows on my Follow-Up call?
- How do I prevent myself from seeming too pushy or annoying when I do my Follow Up?
- How do I keep track of prospects so no one falls through the cracks?
Tracy says that one does not have to be a “sales person” to apply the sales process. With a little training, which she is always happy to expertly assist, and the right tools, anyone can achieve whatever goal they want for themselves; and remember, “The Fortune is in the Follow-Up!”
Wow, these statistics totally blew me away….I just cannot imagine that almost half of sales people Never follow up! If you’re unable or unwilling to follow up with your prospects, you should definitely not be in a sales related job!
I’ve seen through my own efforts that it almost always takes many follow ups with a prospect before we make a sale. Often it has taken me several months or more of keeping in touch. It’s all about timing, and when we stay connected to our prospects we’re likely to catch them at a time when the timing is perfect for them.
Kathy Jodrey
Kathy Jodrey recently posted..Talk Fusion- Can The New Video Conferencing and Broadcasting Features Help You Explode Your Business
Hi Kathy,
Welcome back, and you’ve got the skills! Keep up the great work!
All the best, Linda
Hi Linda,
Those were interesting stats! Goes to show how important persistence is and determination – and not giving up! Thanks for the insights!
Hi Lesly,
Great to see you, and glad you enjoyed the post. One of the ways to ensure not giving up is to continuously learn and practice. And as you can see, Tracy is an excellent trainer! All the best, Linda
This is so true. Most everybody fails because of the lack of follow up. I know I have done it time and time again. I just hate making return phone calls and I think most people do. I wrote a post about this sometime last year called the Psychology of Follow up and the Second Cup. I was trying to make it as easy as asking someone for a second cup of coffee, but the fact is it is still hard. The statistics are astounding though, to see how many people let this slide.
Hi Nicole,
I can certainly relate to your comments. When someone does not make their follow-up appointment, I assume that they are not interested. What I have to remember is that life happens, so something may have come up. That having said, though, it’s” three strikes and they are out” for me!
Looking forward to connecting with you again soon,
Linda
Hi Linda,
Yes we have heard many of those statistics and thank you for reminding us again of them. They are so empowering. If we just do the proper followup as your friend Tracy recommends, we’ll be part of a very small and select crowd who have success since there is little competition.
If we think about how long and how many exposures it took for us to decide to join our opportunity, we can easily under why we need to expose our prospects to at least 7 exposures before we can expect them to make the same decision. It just makes so much sense especially when we only have a 2% chance of getting a yes on the first exposure.
A followup needs to have the same energy and enthusiasm as the first exposure since it is just part of the whole and long process.
Thanks for a great post on the requirement to followup at least six times, Linda!
Dawn and (Dave)
Dave and Dawn Cook recently posted..How To Jazz Up Your Email Signatures…
Hi Dawn (and Dave!),
Thanks for the great comments. It sounds like you’ve got it down! Tracy tells of a story where one of her key players, LaDonna, had been in her follow up for a couple of years! And then one day, LaDonna made the decision, and they have been working together ever since. Cool.
Looking forward to learning about jazzing up my email signatures, and connecting with you there!
All the best, Linda
Great post about the sales process. I know that I like to be fully informed about anything before I buy, so I understand why it usually takes several contacts before a sale is made. It’s ironic that this doesn’t seem to imply to things like clothes and make-up and shoes. When we see those, we pull out the wallets immediately, lol. But for the really important stuff, we need to think it over a lot.
I guess it’s a matter of the size of the investment as well: the more expensive something is, the more we need to think about it before buying. As well we should…
Hazel-Ann La Fortune recently posted..Continuous Progression is the Key to Success
Hi Hazel-Ann,
Another great comment here! I agree, finding a great match–especially in business–is very important, and it does take time. As Entrepreneurs, it is in our blood to make quick decisions and get into action. For me, the decision and fast action is when I know I have something that will greatly help people.
Have a great day!
Linda
Hi Linda,
Great statistics and this proves that being organized is one of the most important aspects of succeeding in network marketing. Also, you can easily notice the importance of follow-ups, this is extremely important, especially on the internet.
Communication is an art so you can learn to become a master recruiter but only after you really practice and go through some rejections. You learn a lot by failing so you must be ready for some pain in the process.
Have a great day,
George
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Hi George,
Great to connect with you, and you sound like the voice of experience! Keep up the great work, and I am looking forward to reading your posts.
All the best, Linda
Linda,
Thanks for this! I appreciated the vivid illustration of how important follow-up is to relationship building. I recently began sending real greeting cards after networking events and the response from business associates has been amazing! I enjoyed selecting the cards for them and it really cemented the interaction we had. And it enabled me to really picture the new contact in my mind in a way that simply writing on the back of a business card cannot. Thanks for the facts to back up my gut reaction. Have a POWERFUL day! Allegra
Allegra Sinclair recently posted..Job Hunting Tips- Guest Post from an Employer Seeking Employees
Hi Allegra,
Yours is a great idea to continue to get to know these new acquaintances. Keep up the great job, and looking forward to meeting you on your blog soon. All the best, Linda
Wow sounds like some great training. Numbers don’t lie and looks like they have been laid bare for all to see. This Tracy lady really knows her stuff. Thanks for sharing all that you learned here.
Steve
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Hi Steve,
I believe I visited your blog last night, as I tagged it to spend more time to learn more about the iframe tab! And, yes, Tracy is a great trainer, and a good one to bookmark for when you have new recruits that need this training!
Make it a great day, and surround yourself with entrepreneurs!
Linda
Great Tips and statistics on Sales and Followup.
I always asked “Whats more important Initial Contact Up or Follow Up”
Thank You for the post!
Bill
Hi Bill,
Great to connect with you. As we can see, recruiting and/or sales is a process. So many shy away from the initial contact, so at that point, overcoming that obstacle is the most important part of the process. But what Tracy is saying is that too many people get started, but do not complete the process, and thus, never achieve their goals, so the follow up then becomes the most important.
Looking forward to connecting with you again soon,
Linda
This is an amazing post.
I know follow up is King and people do not pick up the phone to reach out or follow up.
Thank you so much for the the information!
Hi Maggie,
I think I visited your site yesterday. I had some struggles, but it was my laptop that was the issue, but I think I got a comment posted
And you are no doubt an ace recruiter. Glad you enjoyed this post. Tracy is awesome.
Looking forward to connecting again soon,
Linda
Interesting statistics, and very true. The key is in the follow up. It takes time to build a relationship, and you have to take that time and nurture it to get a good sale, that requires follow up. The funny thing is that we do it without even thinking with friends and family, why not take the methodology and apply it to business.
Hi Adrian,
I believe we connected on Twitter and FB the other day, and great to see your comments. You sound like a natural when it comes to recruitment and sales.
Looking forward to visiting again soon,
Linda
Hi Linda, what a great article for anybody that sees the importance of becoming a professional consultant. The only way to limit attrition in a business is to focus all our attention back on the customer. Having a good coaching program has worked for people that have turned consultative selling training into new found skills that helps businesses take on a life of their own. If people track a customer buying once to that same customer buying monthly for 12 months they’ll see what it does for their bottom line dollar. Big difference. A couple top coaches are experiencing up to 80% to 100% conversion rates so it’s important to find the right kind of training to qualify and guide people in a direction based on what they give you. I’m sure MS. Tracys Power Gal webinar is something that can possibly change peoples lives. Thanks for taking the time to post the stats.
Rick Salas
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Hi Rick,
Great to see you, and glad you enjoyed this post. I agree with you. I have a friend who has been a top recruiter in the past, but not so much these days. He was telling me that he wanted to recruit people that could pick up the business and run. Well, that is nice, but not that many people have those type of skills. This is one of the reasons that I will always remember Tracy’s training, as people that want to grow their skills can certainly learn from Power Gal Tracy!
Take care, Rick!
Linda
Hi Linda,
Awesome stats! And I agree with Dawn….it is always good to get a refresher on them so we know where we are lacking and maybe to think of how we can get the extra exposures out there.
This blows my mind:
80% of sales are made on the 5th through the 12th contact
Amazing….stat. We sometimes tend to forget that when we join a business, of course it took time for us to make a decision whether to join or not. It only makes sense. So many focus on the 1 call close and as you mentioned, it just doesn’t work too often.
Thank you for posting this. This is suck great information!
Kim
Hi Kim,
Great to connect with you, and glad you enjoyed the post. I recommend Tracy’s training as a refresher, as well as a trainer for new people. She is very experienced and a great trainer.
Looking forward to connecting with you again soon,
Linda
Oh my goodness,
What amazing statistics!
I think that not being a sales person type has to help somewhat as we are all wise to the traditional methods nowadays but we must definitely follow up and believe in what we’re doing.
Thank you so much… I found this post very eye opening.
Emma
Hi Emma,
Great to connect with you again–it’s been a while, but I remember some of your posts
Glad you enjoyed this post. I believe that Tracy’s training should be the beginning training for new recruits. She is a top performer in any marketing venture she applies herself, and a great trainer, as well.
All the best,
Linda
Linda,
Thanks so much for sharing these sales closing statistics. Bottom line is persistence and followthrough are the keys to success in marketing ourselves. I’m certainly guilty of poor followup and am inspired to persist after reading this post.
Thanks again,
Adam
Dr. Adam Sheck recently posted..Can Men And Women Be Friends
Hi Dr. Adam,
Great to connect with you today. Yes, Tracy is a shining example and thus a great inspiration. Whether people are just brushing up, or just getting started, Tracy is a great trainer.
I need to hop on over to your “friends” post. My best friends are guys.
Chat soon,
Linda
Hi Linda,
Wow,you blown my mind with these statistics.Prospecting isn’t an easy thing to do for many.That’s why a lot are quiting.But if you truly want something you can train this skill and get the expected results .In prospecting you have to possess positive attitude,persistence and consistency:)
Thanks for sharing this,
Radu
Hi Radi,
Even new stock brokers, when they come on board, they give them a phone book, and they have to start cold calling. Without proper training, this could be a career stumbling block.
You sound like the voice of experience! And you are right–some people will not even try. But, like anything else, overcoming obstacles is very inspiring and rewarding. I remember when I used to have phone freight disease
Thanks for your comments, and looking forward to connecting with you again soon,
Linda
Hey Linda! I am so amazed at these statistics but I am thankful that you shared them. It goes to show you that you can’t give up easily. Thanks for sharing this.
Angela recently posted..Fasten Your Seat Belts- It is Time to Get in the Drivers Seat of Your Life
Linda, great stuff your topic of the pipeline with prospects. The more blogpost I read the more you can learn from each other.
Thanks for sharing,
cheers…Mario…
Hi Linda,
Im in sales and know a lot of this already, but wow, I was blown away from the stats that were produced. Goes to show you, you can learn something every day, I DO know that most people need to see you in front of them before they make a decision at least 7 times! So those that are marketing and give up after 5 times, are leaving money on the table! Or here’s another one, it takes 10 no’s before the “yes”! I am also glad my mother made me write thank you notes, I have wondered when sending a gift to others if they ever got it, because I didnt get any response, which is not only rude but thoughtless! Show you are thinking of your prospect, email or IM them before they do you! It will show you’re thinking of them!
Hi Leslie,
I can see that you are excellent at what you do! As for thinking of the other person, this is awesome.
I have a sister that does not send cards or thank you’s. I have thought about this over the years and I am sure
she does not realize her lack of doing her part in relationships. I guess maybe she makes up for it in other ways,
as she is a very good person. But you are right, to never hear back if they received something or if they liked it leaves
the caring person who sent it wondering if they are even appreciated, and over time the relationship can go downhill,
rather than building it. What a shame.
You must be great at what you do…you got me rambling, for sure
Linda
How interesting — the statistics about follow-up, I mean. I always feel like I’m being pushy when I contact someone more than once. Obviously there are many ways to contact someone that are not pushy. Good tip about following up — more than once, twice, or three times!
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Hi Pastor Sherry,
Great to hear from you again. You always have such great insight; and you are right, there are many ways to contact people that are professional and helpful. I really only want to try to form relationships with people that are willing to do their part. Tracy has an email follow-up system, so I would imagine that this plays a key role in her follow ups!
All the best, Linda