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The 7 Rules of Lead Follow-Up

In Business Buy Guide, Business Leads on December 29, 2010 by businessbuyguide Tagged: , ,

Rule #1: Following up leads is really a disqualification process.

Your objective should be to disqualify certain people from doing business with you. Have a set of criteria ready to help you determine their probability of conversion. You must be willing to let poor leads go so you can focus on creating and converting good ones.

Rule #2: Don’t waste your efforts on low probability prospects.

We spend a lot of time, energy, money, and emotion on our leads, and some of them take more of these resources to convert than others. These types of prospects are the worst, so watch out.

Rule #3: It’s better to have no prospects than a low probability one.

When we have low probability prospects, we try to change them. When we have zero prospects, we go out and look for new ones. And when we search, we will find.

Rule #4: A “no” is just as good as a “yes”.

There are only three possible responses that a prospect can give you: “yes”, “no”, and “maybe”. Many people beat themselves up when they’re not able to convert enough maybes, but this is the response that wastes the most time and energy. Personally, I’d rather get a “no” than a “maybe”, because most of the latter will eventually turn into the former. When somebody tells me “no”, I can move on to the next prospect. A “no” is just as good as a “yes” because there is certainty in both cases.

Rule #5: Eliminate the lead if you’re not getting anywhere with it.

If you’re not moving the prospect closer to agreeing to an in-person meeting, then you’re losing the game. If you know that now is not the right time to book an appointment, end the conversation. Call them back after a few days or a week if there is some motivation. You should be able to secure the appointment within the first five to ten minutes of the phone call. Your chances decrease as the conversation drags on.

Rule #6: People are more likely to talk with you when they think that you are willing to take “no” for an answer.

Consumers are wary of being talked into buying something from a salesperson. They believe that all salespeople are trained to corner them. The best way to deal with this fear is to let your prospect know up front that it’s okay for them to say “no”. Design your scripts so that they have a chance to say “no” early in the conversation.

Rule #7: Only spend your time on high probability prospects.

The largest cost in your business is not the advertising, the broker, the marketing, the car, or anything else. It’s the opportunity costs of investing your time in the wrong prospect and not getting paid when you could have found and worked with someone else who would have given you a commission check.

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