Here’s a question for you: have you ever met someone at a networking event who had something you were interested in but they failed to follow you up?
My guess is probably yes.
It’s what’s referred to as FUTON failure – or failure to follow up thoroughly on networking.
There’s a big lesson here for all of us.
As business owners, we can never be good enough at following up with our prospects. – we can’t afford to make the huge, costly mistake of not following up, because one way or another we pay good money to generate leads and if we let them disappear without them becoming customers, then it’s money we’ve wasted.
And just in case you have any doubts about how important this is, here are some frightening statistics:
47% of sales people never follow up with a prospect
23% of sales people make a second contact and stop
16% of sales people only make three contacts and stop
It’s staggering, but only 14% of businesses make more than three contacts – and ultimately they’re losing a fortune.
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
12% of sales are made on the fourth contact
78% of sales are made on the fifth to twelfth contact
So if you’re like almost half of all businesses and make no more than one follow-up to your prospects… you’re leaving 98% of your income on the table for someone else to come along and suck up.
By following up thoroughly on networking – and indeed all your prospecting activity – you’ll drive more sales on a more consistent basis.