To put it bluntly, if you’re not actively marketing to your prospect database on a regular basis, then you wasted the money you spent to obtain those prospects in the first place.
One amazing fact has held true in the sales world for nearly a century: The majority of sales are closed after the 5th contact with a prospect. This fact holds true for any industry, and the number of contacts required to close a sale increases as the price point of the product or service increases.
What does this mean for your prospect database? It means that you should have an automated, pre-set follow up sequence that your prospects get entered into. This follow up sequence should last for an absolute minimum of three months, although 6 months to a year is ideal.
Who gets assigned to this follow up campaign? A legitimate prospect is anybody that has:
- personally met with you
- been given a telephone consultation
- requested information, such as a special report, from you
- visited your web site or called you
Basically, I consider a prospect to be anybody that has taken some action to express interest in tax services.
Has mentioned earlier, these prospects deserve special marketing attention. If they have requested information from you via the web, you should always at least request their email address and add them to email autoresponder sequence that reaches out to them at least weekly.
For prospects that you have given a consultation to and/or sent proposals to, you will obviously have their mailing address. In this case, you should be mailing something to them each and every week. Yes, direct mail each and every week for a pre-determined length of time. What you send them can be a variety of things:
- monthly tax newsletter
- webinar invitations
- live financial seminar invitations
- reports and information
- quick tax savings tips
In addition, it’s a good idea to have an organized telephone follow up campaign. Especially after you do a consultation and give them a proposal, you should be following up with them every day for a week, and then at least weekly thereafter for a month, then at least monthly.
The sequence of emails, phone calls, direct mail offers, newsletters, seminars, and other activities that you engage in as follow up with your prospects should all be pre-planned, pre-prepared, and AUTOMATED. Your follow up activities should not be something you have to think about it. With today’s computer technology, there is no reason to do this work manually, where it often gets overlooked.
Following up with your active prospects is, quite frankly, the single most important marketing activity that you can engage in. Many firms with a substantial prospect database could actually stop their lead generation activities and focus solely on proper follow up with existing prospects. With a 10 to 20 percent conversion rate, this follow up campaign can provide sufficient revenue to grow your firm with no additional new lead generation.
On Monday, we’ll delve into a marketing campaign to reach out to your ideal prospect list of people that are not active prospects, but that you want to convert into clients because they meet specific criteria you have established.