The practice of finding and selling to potential customers (frequently referred to as prospecting), is simply the process of weeding out that one “yes” from the other 99 “nos”. It is often times brutal, frustrating and painful. How to get customers is a question that continues to perplex everyone in business. There isn’t a silver bullet or perfect solution. However, persistency seems to be the key. One of the most important things you can do during the sales process is to keep on keeping on. To try and try again. Be resolute and thick skinned. Eventually, you will unearth a yes and it will be glorious!
According to figures from the National Sales Executive Association, and the source The Mind Capture Group:
48% of sales people never follow up with a prospect;
25% of sales people make a second contact and stop;
12% of sales people only make three contacts and stop;
Only 10% of sales people make more than three contacts.
2% of sales are made on 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 fifth to twelfth contact.
Do You Have It In You?
There are a million good reasons for going into business. Many starry-eyed home business entrepreneurs become smitten by a certain product and decide to become a representative for that product. The only thing they don’t really consider, is the fact that they have to actually sell it. Not just tell a few people about it, but rather, find lots of people to tell about it – and actually close the sale.
One of the biggest reasons home-based businesses fail is owners don’t want to sell. It is critical to do a gut check before delving money and resources into a home-based business. A business-owner should ask the question, “do I have it in me to spend my time prospecting for customers daily?” If your answer is yes, you are ready to take things to the next level. If the answer is no, I would strongly suggest revisiting the reasons you decided upon a home-based business.