Ken Krogue of InsideSales.com probably knows more about successful phone sales than most people I know. I recently came across some advice regarding how many times a sales person should follow up with a potential client to close a deal. Krogue relies on data to supply his answer, which I think also applies to loan officers working with clients to close a small business loan. Of course, I look at this process as a sales process—which is probably why I think his advice is relevant.
Krogue offers up some interesting statistics:
- 36.5 percent of InsideSales’ appointments are made on the first call
- 60.58 percent of appointments are made on the first or second call
- 90 percent of appointments are set with less than seven call attempts
- 95 percent with less than 12 call attempts
- 97.5 percent with less than 19 call attempts
Krogue suggests the goal is to set an appointment somewhere before the seventh call, but the idea is to add value at every call.
Most bankers don’t get into the business because they want to become salespeople, but much of what they do is very sales related. Nevertheless, the idea of reaching out to potential small business loan customers and providing value should resonate with bankers focused on building relationships. Krogue’s data seems to suggest a couple of important things:
- Don’t give up after making a call or two, it’s going to take a few conversations to make an appointment (six or seven)
- It’s not enough to have a few conversations. We need to be focused on providing value from the very first call.
What do you do to ensure all your interactions with potential customers is providing value?