I’m about to share with you some information that most people don’t know or fully understand. Trust me, sometimes you have to take a step back in your business or you are prone to missing out on simple solutions that can help explode your business exponentially. Many times, you can miss situations that are so blatantly obvious, once you are aware of them, and in other cases, they are among some of the best kept secrets on the planet if you are not aware of them.

For example, did you know that only 2 percent of sales happen on the first sales call? People in business often expect to do business the first time they meet a potential customer. Many studies reveal that only 2 percent of sales occur when two sales partners meet for the first time.

The 2 percent who buy on the first meeting tend to be people who have researched the product and/or researched the topic, and already know what they are looking for. If they know someone who pushes all the right buy buttons and gets along with the buying party, then business can be done and the sale can be closed. Now this type of transaction is far from the norm. The other 98 percent of potential prospects would have to get to know, like, and trust you before doing business with you.

Now for any novice salesperson who thinks they can walk right into a sales situation armed with amateur closeouts and closeouts you have been grossly misinformed. Professional salespeople get to know their prospects and try to understand their wants, needs, and desires. They build relationships and trust by engaging in ongoing dialogue. Professional salespeople also follow up with their prospects. They don’t just sell their products and services; they really care about the people they serve.

There can be multiple reasons why people who could benefit from your service, product, or knowledge don’t buy. Many times the prospect has no reason not to buy anything. The timing could have been right, the price could have been right, the place could have been, and your delivery could have been right, but the prospect still doesn’t have the budget. Yeah! This happens most of the time. The reality of all this is that sometimes the prospect is motivated to do business and sometimes they are not. Don’t try to make sense of it. You must be aware of this fact and understand the importance of follow-up. I personally made sales calls years later with a prospect and closed the sale. Here’s the kicker! The prospect called me. If you keep in touch with the prospect, it shows that you really care about them. You don’t present yourself as a hit-and-run salesman.

I can’t tell you how many times I have shown interest in a service or product and never heard from the sales rep or the company again. This kind of thing happens all the time for no reason. Research shows that 20 percent of all sales leads are followed up. That means 80 percent of good leads never receive a follow-up call or visit. Salespeople and their businesses that don’t follow up and do nothing to build relationships and trust cannot and will not succeed in these tough economic times. Prospects today want to be sure they are making an informed decision before committing to a purchase.

I have found that persistence pays off. There have been numerous studies over the years that show that 80 percent of non-routine sales occur after only five follow-ups. Think about that for a second. It takes at least five continuous follow-up attempts after the initial sales contact before a customer says yes. That’s how it is! Five times!

There are some fascinating statistics on this topic:

1. 44 percent of salespeople give up after a “no.”

2. 22 percent of salespeople give up after two “no’s.”

3. 14 percent of salespeople give up after three “no’s.”

4. 12 percent of salespeople give up after four “no’s.”

That tells you that 92 percent of salespeople give up after 4 “no’s,” and only 8 percent of salespeople ask for the order for the fifth time. Consider that 80 percent of prospects say “no” four times before saying “yes.” This means that 8 percent of salespeople get 80 percent of sales.

You’ll want to implement the five no’s follow-up strategy right away!

Now that you’re up to speed with these statistics, you should stack the odds in your favor by sticking to a five-no strategy, where you keep in touch with prospects until each one has said no at least five times. . Every time you are in contact you have the opportunity to move forward and build your relationship with them.

Keep in mind that businesses that practice the 5 “don’ts” approach will enjoy higher conversion rates than their competitors who don’t practice the 5 “don’ts” approach.

Also, keep in mind that 63 percent of people who inquire about your company or products will not buy anything from you for at least 3 months and 20 percent will take more than 12 months to buy. So now you know how important it is to follow up on your leads and existing customers every 3 months or sooner. By doing this, it builds trust and professionalism and keeps you at the top of your game. The main idea after your initial contact with your potential and existing customers is not to call to place orders, pay and/or schedule appointments; It would be to build trust and a good relationship with them.

This simple approach could be key to your survival in these tough economic times. Now you know what most people don’t know. It is up to you to implement this approach and prosper.