Our Greatest Weakness is Giving Up Too Soon (Money Monday)

Three weeks ago it warmed up here in Augusta, Georgia, so I played hooky from work to take advantage of the nice weather and play a round of golf. While I was waiting for the group in front of me to clear the green my phone rang. I answered but I couldn’t hear anything on the other end so I hung up.  Ten minutes later it rang again with a call from the same number. This time, however, I was walking up to a birdie putt, so I sent the call to voicemail.  After finishing my round, I looked at my voice messages to see who had called, but there was no message so I didn’t give it another thought.  Later that day, I found an email from the rep asking for a meeting. He said he had called but we'd been disconnected.  It was at that moment that I realized I had my earbuds in when I answered the phone the first time. Sometimes calls do not automatically transfer to them. That is why I couldn’t hear him when I picked up the phone.  I considered responding to his email at that moment, but it was dinner time, and I was getting ready to grill some steaks. So, I put his note aside for later. The next morning, life happened, priorities got in the way, and I completely forgot about it. I haven’t heard from him since.  After three attempts (and no voice message) he gave up. The sad thing is, because of my guilt about hanging up on him, had he made one more call or email, I would have responded.  Other than not prospecting altogether, giving up too soon is the primary reason salespeople are failing at prospecting on an epic scale.  92% of Prospectors Give Up After Only 4 Attempts Once after another attempt at creating a viable light bulb went down in flames, inventor Thomas Edison said that he hadn’t failed. He’d just found 10,000 ways that didn’t work. Because of his relentless persistence, he changed the world.  Now juxtapose this against the statistics on sales prospecting persistence:  44% of salespeople make only one prospecting attempt before giving up.  78% make only two prospecting attempts before giving up. 92% never make more than four prospecting attempts. 94% of these attempts are lame, poorly written emails.  Deeper into the weeds, the data tells us that it takes many prospecting touches to compel prospects to engage.  4 touches to engage a hot inbound lead.  5 touches to engage a prospect in a buying window who is familiar with you and your brand. 7 touches to engage an inactive customer or previously closed/lost deal. 9 touches to engage a warm inbound lead. 11 touches to engage a prospect in the buying window with no familiarity with you or your brand. 13 touches to engage a prospect with some familiarity with you or your brand but not in a buying window. 20+ touches to engage a cold prospect who is not familiar with you or your brand. Keep in mind that these are averages across a wide statistical distribution. Depending on your brand recognition, geographic location, prospecting channel, product, service, sales cycle, industry vertical, and the role (CEO, Director, Manager) you might find that these numbers shift. The point, however, is not the numbers. It is the story these numbers tell us. In most cases, it takes around 8 touches to get meaningful engagement from a prospect. But 92% of salespeople give up after no more than four attempts.  It’s no wonder that pipelines are bone dry and last year, according to recent data, 91% of sales teams failed to achieve quota.  Emotional Hangups in Prospecting When I tell stories of prospecting persistence from the stage during keynotes and training sessions—for instance, the rep who contacted me 71 times before finally convincing me to buy from him—people in the audience visually squirm.  Invariably, when I tell the true story of the time I left a voicemail for a prospective client every day for 52 days in a row before he called me back leading to a $1.2 million deal and punching my ticket to Presidents Clu...