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Do you know how to maximize your chances of successful sales closure?
Is it about your price, your product, or your after-sales service?
None of the above. The most important factor is GOOD FOLLOW UP
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How to maximize your chances of sales closure
In many cases, buyers obtained multiple quotations from you and your competitors. They may carry out one or more rounds of elimination before the final round
where the decision is made which product or service to buy. To maximize your chances of successful sales closure, it is vital to maximize your
chances of arriving at the final round, i.e., to avoid elimanation in earlier rounds.
Good follow up is the key, and hence good quotation management (systematic and regular follow up) is crucial. We will show some statistics below
to prove it.
What is the number one reason for elimination?
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If one were to ask around for reasons for elimination from consideration (i.e., reasons why buyers decide not to continue considering your
quotation), the following may be suggested: (a) the price was too high; (b) the product may not be appropriate; (c) bad after sales service.
Which is the main reason? According to a business study, 14% of sales is lost because of bad service, 9% is lost because of high price,
and another 9% is lost because of various reasons. However, a whopping 68% is lost because of poor follow up! (this is also illustrated in
the chart above, where the biggest area represents the 68% of poor follow up).
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What do good and poor follow up mean?
Simply speaking, good follow up involves systematic persistence on the part of the sales person. Again, we turn to the statistics for guidance.
A study has looked at the number of calls made to a prospect either by phone or personal visit, after initial contact.
48% quit of sales people after one call
20% quit after two calls
7% quit after three calls
5% quit after four calls
20% continue even after four calls
This 20% receive 80% of the business!
What is the best way to ensure good follow up to maximize sales closure?
Using a good computer-automated tool for quotation management would be the best way to ensure good
follow up. Click here for more information on why the use of a good computer tool for quotation management
is preferable to doing it all in your head or using paper tools like calendars.
What would be a good computer-automated tool for quotation management?
We would recommend taking a look at our Business Enhancement Method software to enhance your
quotation management and sales closure today.
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