Convert Prospects to Clients through Drip Marketing

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives

Kristen Luke

An advisor recently sent me an email that provided some interesting statistics about how many times one must contact a prospect before making a sale. 

Here is what it said:

 

 

48% of sales people never follow up with a prospect.
25% of sales people make a second contact, then stop.
12% of sales people only make three contacts, then stop.
Only 10% of sales people make more than three contacts.
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.
10% of sales are made on the fourth contact.
80% of sales are made on the fifth to twelfth contact.

I don’t know the source of this information so I can’t verify its accuracy, but even if it is not completely accurate, it demonstrates a valuable point: You must regularly contact prospects to convert them to clients.  Just as you should touch your clients 24 times in a year, you should touch your prospects five to 12 times.  If only 10% of sales people make more than three contacts, you will obviously be at an advantage if you make more than that.  If 80% of sales are made on the 5th to 12th contact, the formula is simple – contact your prospects 12 times.  Simple, right?  And while this can be a time consuming process, if executed as a systematic drip campaign you’ll be able to touch your prospects 12 times without much additional effort on your part.

In a drip campaign, an advisor or firm sends marketing collateral to a prospect on a regularly scheduled basis.  There are several ways you can do this.  If you already have a plan to touch your clients throughout the year, you can just add your prospects to the same schedule with a few modifications.  For example, if you are already sending monthly or quarterly newsletters to your clients, you can add your prospects to the email or mailing list.  If you host client educational seminars or webinars, invite your prospects to attend as well.  If you send holiday cards, make sure your prospects are on the mailing list.  By adding your prospects to the same communication program you have created for your clients, you’ll be able to touch your prospects five to twelve times in no time.

Read more articles by Kristen Luke