Sure you know following up after a first prospect meeting is critical, but the three stats in this episode are going to wake you up to just how critical prospect follow-up really is.
Welcome to “3 Takeaways”, your agency new business video series where we focus on one new business category and give you three takeaways to help improve your new business program.
Two of the biggest business development challenges for advertising agencies and PR firms-first is breaking through effectively to your prospects.
Absolutely one of the hardest things to do and full respect for how tough it really is.
The second is what we’re going to talk about over two episodes and it’s the process of following up, after the first meeting.
An important distinction here and I want to make sure it’s clear-there’s your follow-up after your first reach-out, and then the number of touches it takes to get your first prospect meeting, to break through, which on average is about six touches.
But we’re going to talk about follow-up after your first meeting with your prospect.
Follow-up after your first meeting with your prospect.
We’ve got stats for you-and if you’re an agency leader-soak these in, and more importantly, share these with your new business person or team-these are really important.
Your first takeaway:
53% of marketers say that agencies are not sufficiently aggressive in following up after a meeting.
That’s a stat from one of our survey reports.
I get it-you don’t want to jump all over them after a first meeting, but man, when it’s a really good first meeting, you’re excited, you want to get going.
Two things you should have done in that first meeting, and two bonus takeaways here:
one-Diplomatically asked about their timeline and two, ask for the second meeting.
Here’s an example, and a version of what I will typically say: This has been great, and really appreciate everyone’s time. In terms of follow-up, I want to make sure I’m respectful of your timeline, what makes sense in terms of follow up?”
And depending on their answer, try and get that second meeting set.
But I know, that’s easier said than done, and every situation will be different.
You just may not be able to get that next meeting set, which is why-follow up is so important.
So here’s your next takeaway-more stats!:
80% of all sales involve at least 5 follow-ups after the first meeting.
But-your third takeaway brings the harsh reality:
44% of sales professionals give up after just one attempt.
This-drives me to distraction.
You worked so hard to get the first meeting-you had the first meeting and it went well.
You essentially have permission to follow up.
And what typically happens-you follow up once, and your prospect doesn’t respond as quickly as you would like.
Do not take this personally.
Lack of response does not mean lack of interest.
I’ll give you some homework-watch episode 58, it will help you if you’re stuck.
Now sometimes they are legitimately ghosting you-it happens, right, but too many times, they’re just busy. Doesn’t mean it’s not rude, but there it is. So I hope these stats lay out, as boldly as possible, why you’ve got to stick with it. In our next episode, episode 81-I’ll lay out several ways to follow up, that will help you feel comfortable and confident as you do it. Thanks for watching 3 Takeaways-lots of new business content our site at rswus.com, just hit the resources drop down.
As Vice President of Sales at RSW/US, Lee drives sales efforts to bring ad agencies and marketing services firms on board with RSW, creates content around successful new business tactics and takes part in RSW/US marketing objectives, including social media channels, blog content, webinars, video and speaking engagements. You can find him on LinkedIn (https://www.linkedin.com/in/leemcknightjr) or Twitter (@leemcknightjr).