Hold the pallbearers! Don’t close that casket just yet!
Did you know that it costs 4x as much to bury someone as it does to resurrect them? How is that you ask? After all, if you bury them they are gone and you never deal with them again, so theoretically it shouldn’t be costing you anymore. Right? Wrong!
In defense of my case I call to the stand…Opportunity Cost.
You know how your Aunt Millie always said that her secrets would die with her? Well think of your dying leads in the same way. If you simply let them die the potential money you could have earned from them will simply die with them.
Let’s look at that in real numbers. Let’s say on average you make 30 sales a month with an average ticket price of $500. That’s $15,000. Not bad.
But now let’s look at all of the leads that did not lead to a sale and were simply left to rot and die.
Let’s say that you are a decent salesperson and you converted 30% of your leads. So with 30 sales that means you would have had 100 leads total and therefore 70 unconverted leads. Now, we will be fair and say that half of those unconverted leads wouldn’t even let you in the door and would go in another category. So that leaves us with 35 unconverted leads with potential to buy in the future.
Most salespeople would simply say, “Well, I tried,” and move onto the next list of leads, leaving those 35 unconverted leads to shrivel up and die.
What they don’t see is that maybe those 35 unconverted leads couldn’t buy this month, but next month is a whole new ballgame. In which case that is $17,500 of untapped potential, not to mention any referrals or repeat business that might occur.
What if I told you that there was a simple yet effective way to keep in touch with those unconverted leads, preventing them from dying. Matt and I like to call it life support. So what’s the secret?
Resurrecting your leads can be as simple as putting them on your monthly communications such as newsletters, blogs, holiday mailers, etc. But much like CPR, the longer your leads go without “life support” the less chance of bringing them back.
One of the best pieces of advice I ever received in relationship management was from the mother of a boyfriend in high school. She happened to also be a teacher at the school we attended. After a brief conflict between my boyfriend and his well intentioned mother which ended in my boyfriend storming off, she looked at me with a sparkle in her eye and said, “He’ll be just fine after lunch. I learned early to feed men when they start getting crabby.”
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