Judgment Leads Are Not Easy
I am a Judgment Broker, not an attorney, so nothing in any of my articles should ever be considered legal advice
. This article is my opinion on cold, fresh, and raw leads in 2011. In this article, when "cold" lead is used, it means cold, fresh, or raw leads.
In olden days (just a few years ago), cold leads were already tough. Rarely would one letter, email, phone call, fax, or visit - result in a sale. From many sources, I have seen these typical statistics:
A) 70% - 87% of initial sales contacts are never followed up on, yet 84% of prospects purchase a similar product within 14 months.
B) 79% of salespeople give up after 3 contacts, but 49% of all sales require more than 5 contacts.
C) 50% - 70% of sales do not close at the first contact, but 63% close after six or more contacts.
Those statistics are averages for most businesses, however every business and salesperson and customer is different. In my business, I get thousands of cold judgment leads from hundreds of sources around the country.
In the last 12 months or so I have noticed a sharp downturn in sales closed per letter, email, or call. Fortunately my business doesn't depend only on cold leads.
In the beginning, I suspected this decline per lead effort was specific to my business, however my friends in all kinds of online and other sales jobs and businesses told me they saw this problem too. It seems we all have to work 10 times harder to make a cold lead pay off than we did even one year ago.
Why? The first reason is the economy, people have less money to spend. Another reason is that many people seem to be in shock and don't understand that just because the economy is bad, one does not have to hide their head in the sand. Some people no longer open mail or email, or answer the phone, unless it is from someone they already know.
Others reasons are competition, and everyone sees more scams and advertising now than ever before. People simply tune it all out, and your sales message gets lost. Now there are 10 times as many people trying to close the same sales as you are.
For those working in sales, because cold leads are not as valuable as before, we have 3 choices:
1) Get more cold leads coming in, to compensate for the reduced performance of almost all cold leads.
2) Invest more time and effort with the cold leads you already have.
3) Transition from cold leads to warm leads. This isn't easy, one way is to create a good web site and pay for marketing so people will contact you. When people contact you, it is usually much easier to close a sale.
No matter what you do, it seems everyone is a shopper now, and you need persistence to keep yourself in their mind while they shop. One needs to know what the competition is doing, and do it better. One must not become a pest or beat a dead horse, yet one must try harder now to close sales.
by: Mark Shapiro
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