We have certainly discussed this before, but I want to take a little different angle on the topic this time. I recently received a marketing email from a lead management software vendor talking about the number of leads that go ignored in sales people’s pipelines. The number was enormous-they said 90%–I have seen objective research that puts it closer to 40-60%.

Regardless, this presents an incredible opportunity for you and your aged leads marketing strategy.  Assuming either of these big numbers is accurate it is no wonder customers are still willing to listen to you 30, 90, even 120 days after their initial inquiry. No one is talking to them.

Here are 5 simple steps to seizing this opportunity:

1. Create an aged lead script. It is worth putting some time into learning to introduce yourself to someone that has been dropped on the floor or whose needs have changed. I like to suggest an ear catching statistic-preferably one related to a change in the market or lending environment. This prevents the quick hangup while you are trying to spit out your name, which they won’t remember anyway, and it immediately explains your call.

2. Don’t lose track of them again. For heaven sakes manage your leads so you don’t drop them again. If you are going to work aged leads you should invest some of the savings from aged leads  into a good lead management system. If you lose them you will never get them back.

3. Reassure them along the way. You are certainly climbing a mountain in gaining these clients trust. However, if you keep them informed and reassure them of what the process is when you get that trust it will be locked. Coming through for a customer that has previously been disappointed can be a huge win for your sales pipeline.

4. Be hyper-responsive. Much like your strategy to reassure a customer of the process, your follow through is a trust builder. Try to be as responsive as possible. Immediately return calls and emails, even if you don’t have the answer yet.

5. Ask them for a referral. Don’t be shy. If you did a good job ask for that referral. They will want to repay you and are going to be interested in sending people they care about straight to you so those people can avoid getting put in the meat grinder they probably went through before you helped them.

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Cold calling is really the center of the aged lead business. You are making a commitment to working hard and making a lot of calls when you buy aged leads. Chances are these are leads that other lenders or debt businesses passed on or rejected.

Cold Calling is Real Sales

I think that is kind of a noble cause. I think the work that lenders and debt businesses do to convert my aged leads is something pretty amazing. So often the articles and books written about sales is negative towards cold calling.

I don’t think making a lot of sales calls should ever be looked at negatively. It is how this business gets done. And if you are able to do it and good at it to-you should be proud.

The reality is that cold calling is real selling.

Real Salesmen Love Cold Calling

I got on this thought when I saw this article from the Sales Machine on BNET. By the way if you are not subscribed you should be,. He’s got great stuff.

His article is strong. He contends that the top sales people love cold calling. Here is his fantastic analogy:

Here’s an analogy.  Most people hate exercising and don’t it; they’re called couch potatoes. Some people hate exercise but do it anyway; they’re called healthy people. A very small number of people exercise simply because they love it; they’re called athletes.

Do you want to be a Top Sales Pro?

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As the market continues to deal us tough challenges it is time to look deeply at your sales and marketing strategies. Take a few moments away from trying to grind out sales and think about the big picture. Where are you headed in 2009?

1. Write Down Your Mission: It is amazing how powerful simply writing down an idea can be to it’s execution. Think about what you are trying to accomplish. Make that concept simple, but big. Then write it down.

2. List Your Strengths and Weaknesses: Take inventory of what you have to work with in making that mission a reality. Every organization and/or individual has strengths and weaknesses–list them. Now understand how you can leverage the strengths while minimizing or improving the weaknesses.

3. Review External Threats: Who are your competitors? What technologies, processes, or approaches are beating you in the market? These are your threats. Review them for opportunities to pivot or beat them head-on. Don’t hope they will go away–deal with them.

4. Look for Growth Opportunities: You will be amazed at how likely you are to find these growth opportunities in analyzing your threats. Regardless of where you get your inspiration, itemize your potential opportunities and use them as a foundation to your plan.

5. What are Your Options: Roll together your strengths and weakness inventory, your threat analysis, and growth opportunities. Now look at that data and assess your options. This is going to help you build all of the facets of your strategy.

6. Create Long-term Goals Vision: The foundation of your strategy needs to have a vision. This is supported by long-term (specific) goals. Get as concrete and measurable as possible. Again, write it down!

7. Develop Short-term Benchmarks: Break that big goal into little bite-size chucks. These smaller goals should be easily actionable and tied directly to measurements. These benchmarks are going to be your roadmap to success.

8. Implement Business Plan: Planning time is over. Now it is time to get to work. You now have a new business plan. Start executing. The hardest part is the first step–do it!

9. Evaluate Decisions, Adjust: No plan executes flawlessly. Your benchmarks and metrics are going to help you quickly identify what is working and what isn’t. Don’t ignore these indicators. Adapt and reposition your plan. Every decision gives you an opportunity to build a new success, make sure you are evaluating each carefully.

Don’t put your head in the sand in these tough times–look at it as an opportunity to grow and build marketshare.

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Sales is truly a contact sport. The basic rules of success can be simple, but so often they are not consistently applied. Here is my top 10 list of sales principles. When diligently applied, they are guaranteed to produce results.

1. Appointments are Everything: Whether you are telesales or a traditional “belly-to-belly” sales person, appointments are everything to getting a deal. You need to make contact to close a deal.

This means every action and activity in your sales day should be focused on increasing your contact or sales calls–appointments.

2. Get Better at Selling: It sounds simple, but so many sales people never strive to get better at selling. They look for a “magic bullet,” “sure-fire” method, or clever short-cut to success. The real secret is practice makes perfect.

Learn by doing. Learn by listening. Learn by reading. Learn by tracking and logging what works and what doesn’t.

3. Create a Great Presentation: Again, this is a practice that I often see missing. Craft and perfect a great sales presentation. It may seem boring to deliver the same old presentation over and over again on every sales call, but remember each prospect is hearing it fresh.

The lesson here is that if you get a tried and true presentation that gets sales–make it a standard. Use it until it doesn’t produce consistently, until then simply tweak it to perfection.

4. Sell Wants and Desires: Don’t try to tell customers what they need–sell them on their own wants and desires. Chances are that they are listening because they have some emotional desire. Discover what that burning desire is and sell it home to a closing.

You can try to sell rate and payment all day, but I can guarantee the top sales person on the floor is selling hopes, dreams, independence, and/or wealth. If you can convince them of a mortgage or debt plan that can get them to these places the interest rate is an afterthought.

5. Enthusiasm! Never underestimate the power of a sales person on their feet, smiling, with a chest full of confidence (even on the phone). Enthusiasm projects. Enthusiasm is contagious.

If you are confident and excited about helping your customer they will be equally enthusiastic to do business with you.

6. Never Ask Them What They Think: This is a big waste of time and breaks the momentum in any sales process. Chances are you called them–so they haven’t even had time to think. On top of that, why would you put your customer on the spot.

The best result of a question like, “what do you think?” is an awkward silence. The worst case is they tell you they aren’t sure and don’t have time to think about it right now.

7. Practice Closing: How much time do you spend learning your products, getting down your introduction, working out the perfect mortgage or debt presentation? My guess is a lot of time. But, how much time do you practice closing–asking for the business?

Unfortunately, most don’t. You know what that means? You won’t get the deal.

8. Always Be Closing: Okay, perhaps an overused cliche, but it works. Your sales process should be built on a technique I train as–acknowledge, pivot, close. This process always returns you to closing.

Once you have listened to the customer’s need, presented the program, and asked for the business it is time to run the gauntlet of objections. This is where most lose–in the “red zone.” Instead practice acknowledging the objection, pivoting off the negative and refocusing on a value point, and then ask for the deal again.

This technique. is designed to be repeated until you schedule a follow-up or close.

9. AIDA, It Works: Attention, Interest, Desire, Action. Again, probably overused and abused, but it works. Design your sales pitch to grab your prospects attention, align their interest with your product, kindle their desire, and then compel them to action.

Just walking through the steps makes you feel like you are headed into a closing.

10. Care: Like confidence, genuine interest and concern for the the customer works wonders. In a world that is quickly losing its tendency to care and trust others, your focused attention on the customer will create a unique and differentiating experience.

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So, let’s review a few questions you lead provider should be asking you–when you ask for leads:

Business Assessment

1. What is your primary business?

2. What part of the credit spectrum do you specialize in?

3. What states or regions are you licensed in?

4. How much experience do you have in this business line?

Marketing Assessment

1. Who is your target audience?

2. What is the profile of the person you can help?

3. What marketing ROI (cost per closed deal) do you need?

4. Are you willing to share your lead performance data?

Sales Assessment

1. How many sales reps do you have?

2. What are your dial and contact rates?

3. Do you use a CRM or dialer to manage your leads?

4. What is the average experience of your sales team?

Strategic Assessment

1. What is your monthly closed deal goal?

2. What is your average conversion rate?

3. How many leads do you need to meet your goal?

4. What price do you need to buy leads at to meet that goal?

They are some of the starting discussions you should have with your lead provider or lead broker. These discussions will ensure that you have a realistic plan going into your lead buying. It will also ensure that your lead provider understands your goals and is helping you to work towards achieving those goals.

CALL 949-861-3122

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One of the most unfortunate results of this economic crash is that it has put millions of Americans out of work. However, if you are one the strong businesses still surviving you have an excellent opportunity–there is premium talent walking the streets looking for a new shot!

Take advantage of this fact to upgrade your sales force, and increase your long-term success.

Savvy business owners will take this opportunity to review the current sales team, look for holes, and bring strength into the organization to take it to a new level. Here are some ideas on how to proceed with this plan:

1. Assess: Take a close look at your current team. Objectively evaluate sales numbers, historic performance, and team chemistry. Rack and stack your team.

2. Search: Quietly, begin your search. Use your network, watch the news, and review industry publications for competitors and similar businesses’ downsizing announcements.

3. Chose: Start with your goals. Draw a line–usually the bottom 20 percent. Assuming the 80/20 rule this probably leaves you taking little risk to your top line production.

4. Cut: Now it is time to make the cuts. Make them swift and complete. It is usually a good idea to speak with those top performers you are keeping first to hold motivation and confidence on the producing sales floor.

5. Reinforce: Immediately bring together the new team. Assure them that you are confident and betting the company’s long-term success on their continued performance.

6. Beef Up: After you have “topgraded” your team, it is good to beef-up that new team with training and a sales rally to pump up the volume.

This exercise can be the difference between surviving and thriving now and in the future.

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