“You’ve increased your ability to get more conversations in less time, but also you may have some information based on the last conversation to change up your script and increase your chances of taking that conversation to the next stage. ” – Ryan Reisert in today’s Tip 968
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Scott Ingram: You’re listening to the Daily Sales Tips podcast and I’m your host, Scott Ingram. Today’s tip comes from Ryan Reisert. Ryan is the VP of Sales at Sellpoint and has been co-founder at Inside Sales Bootcamp and The Sales Developers, plus co-author of bestseller, Outbound Sales, No Fluff. He now runs a firm coaching CEOs/founders on go-to-market success and helps reps with effective cold calling strategies. Here he is:
Ryan Reisert: Today’s daily tip. Fat Stacks in the Circle backs. Hat tip Sean Robinson. So in my book, Outbound Sales, No Fluff, I created a process I wrote about a process that I call Buckets. Bucket, it’s a process for the top of the funnel that helps folks stay on track stage definitions and exit criteria at the very top of the funnel. How do we move a lead from uncontacted to a meeting scheduled so that we are as efficient as possible in our outbound motion?
What does fat stacks in the circle back have to do with buckets? Well, when we’re cold calling today and we take a list and we start making outbound calls, the average dial-to-connect rate is about 3 to 5%. What that means is if I make 100 outbound dials, I might talk to 3 to 5 people. Most people when calling will talk to those 3 to 5 people either set an appointment or they don’t and they never try them again.
Hence, Fat Stacks in the Circle Back. In the Bucketing Methodology, we call this a priority lead. Somebody who picked up the phone, this person tends to pick up the phone over and over and over again. And when we take the data associated with connect rates on a cold call, first time versus a follow-up call, I know they pick up the phone. Our connect rates could go from 5% to 25% or said differently for every hundred dials we make against a follow-up, a priority, or a fat stack circle back, we could have 25 conversations and the same amount of activity that we have five. Now I know what you’re saying. Oh, my God. But they said no. They said, I’m not interested.
Now let’s take in a concept from Chet Holmes. The late great Chet Holmes talked about this in his book, The Ultimate Sales Machine. He has something called The Buyers Pyramid. The Buyers Pyramid helps you understand in any given market what percent of those individuals are buying, open to buying. Not thinking about buying. Don’t think they’re interested or no, they’re not interested. It might surprise you that only about 3% of your total market is buying now. Now 7% is open to it. 30% not really thinking about it. 30% doesn’t think they’re interested and 30% knows they’re not interested.
So let’s take out the knows they’re not interested and doesn’t think they’re interested out of this equation. That’s 60% of all outbound conversations. Let’s just say that those are going to be the no’s. The hard no’s. Take me off your list. Potentially, if you then inter correctly. These are individuals that are the ones that you definitely are not calling back today because you’re afraid to make those calls at some point in the future. Then you go into the 30% that I’m not thinking about it right now, and a lot of those folks are going to brush you off. They don’t think they’re interested. I’m okay. Try back in the future, but maybe you never do. And we’re talking about 90% of your total list that you’re never talking to again. And this is where you’re losing out, because at least that 30% that sounds like they’re kicking the tire. But then it didn’t sound like they’re interested. Try to push you to somebody else, etc. Maybe then they just hung up on you, didn’t even get past slow. They hung up on you.
When you follow up with those, not only are you going to increase your connect rate, follow-ups are going to be in the 20 – 30% range, call it 25%. You’ll have a live conversation every four to six dials. You’ll get them back on the phone. Those who pick up send a pick up again. When you call them back in two weeks, a month, they probably don’t even remember your call anyway. So what have you done here? You’ve increased your ability to get more conversations in less time, but also you may have some information based on the last conversation to change up your script and increase your chances of taking that conversation to the next stage. And here’s a simple script for those who might be afraid to make these calls. When you make this call, you can simply say, “Hey, Ryan, we spoke back on August 16th. Sounded like it was the worst possible time for a call. Do you mind if I explain exactly why I was calling? And you can let me know if it’s worth a future conversation.” That’s the tip of the day today. Fat stacks in the circle back. Increase your connect rates by up to five times and increase your success rate of booking appointment by 2 to 3X. You can thank me later.
Scott Ingram: To connect with Ryan and learn more about Phone Ready Leads™ just click over to DailySales.Tips/968.
Once you’ve done that. Be sure to come back tomorrow for another great sales tip. Thanks for listening!