PhilMur's thoughts on biz/tech/money/life

I am not a sales or business development professional by trade.  However, I am passionate about networking with sharp people in business and I think that long-term relationships are the most valuable relationships for anyone, whether they be personal friendships or business relationships that develop over time.

Somehow, after attending a webinar on a related topic, I found myself on an e-mail list from Wendy Weiss, the self-proclaimed “Queen of Cold Calling” who dispenses her advice at http://www.queenofcoldcalling.com

Anyhow, I received an email from her today (advertising a webinar) that contained some statistics that I thought were intriguing.  I think there is a lot of truth to be revealed in these statistics about networking and relationships in general.  See what you think:

•    48% of sales people never follow up with their prospects.
•    25% of sales people make a second contact with their prospect and then they stop.
•    12% of sales people make three contacts with their prospect and then they stop.
•    Only 10% of sales people make more than three contacts with their prospects.

•    2% of sales are made on the first contact with a prospect.
•    3% of sales are made on the second contact with a prospect.
•    5% of sales are made on the third contact with a prospect.
•    10% of sales are made on the fourth contact with a prospect.
•    80% of sales are made between the fifth and twelfth contact with a prospect.

Source:  E-mail distributed by Wendy Weiss, http://www.queenofcoldcalling.com, on February 1, 2010.

Having been in a “buying” role inside of a business (a buyer of insurance services, banking services, consulting services, employee benefits, payroll providers, etc.) I have to agree with these statistics, particularly the second set of information above.

I recall one salesperson in particular who probably emailed me once every 3-4 weeks for almost 2 years before I bought from him.  His contact with me was very professional and appropriate.  He would email me from time to time when he encountered an article related to my business that I would find of interest.  In this way, he stayed in contact with me without being a “pest”, and also without making me feel pressured to buy from him.  But, sure enough, when I wanted to make a change in our commercial insurance brokerage, I picked up the phone and gave him a call.

I hope the above items are substantial food for thought for all of you out there working on building relationships, whether it be in a sales capacity, job seeking capacity, or other business or personal venture.