Chet Holmes, one of the best sales and business consultants, published in his book “The Ultimate Sales Machine” those figures that I´m about to tell you here. Everyone involved in selling and marketing should take them seriously. Let´s have a look at the results:
#1 Only 2% to 3% are going to Buy Now
Chet found that at every given moment in any market there are only 2% to 3% who are looking to buy now.
Now, you might say that´s great news – all you need to do is send out 100 letters and you´ll make 2 to 3 sales, however, it´s not that easy.
The very fact that they will buy doesn´t mean that they´ll buy from you! They will buy from someone, and it might be you, but chances are, the lucky one might be some of your competitors. Because of the competition you´ll be able to close much less than the 2% to 3% that are out there looking to buy a product or service like yours.
OK, but here is something that is going to give you some hope! 😉
#2 Another 7% are Open to the Idea of Buying
According to Chet Holmes roughly 7% of the population (including your ideal clients) is open to the idea of buying.
The good news is that many of your competitors will be neglecting those 7% because their marketing materials will be shouting “Hey, buy my stuff! Right now!”, so that they´ll only appeal to the 2% to 3% who are interested in buying now.
What this figure means for your marketing is that you should send those 7 % material that will help them make the decision to buy now – and move to the 2% to 3% current buyers.
You´ll need to find out where the gap is that you need to bridge to take them to the “current buyers” and send them materials that´ll help bridge that gap.
Also, you want to stay in touch with those 7% (without spamming or stalking them) until the moment for them is right to buy.
Your goal should be to make sure that by then, and as a result of your communication with them, they´ll know, like and trust you more than your competitors, which will make it easier for you to close the sale once they´re reading to buy.
#3 The Other 90 %
The remaining 90% of your ideal clients fall, according to Chet Holmes, in 3 equal groups:
- The top third is “not thinking about it” – they are not against buying, they just don´t think about it;
- The next third “think they´re not interested” and
- The final third is definitely not interested.
Now, while spending your time and effort on the final third would be obviously wasting your time, the first and second third are worth paying attention to. Because research shows, that 30 % will be ready to buy some time in the next 2 years.
Your goal should be to stay in touch and constantly educate them about your product /service and its importance /impact on them, so that once they reach the point where they want to buy, they think of you and – ideally – see you as the best option.
Here, once again, the good news is that most of your competitors will be neglecting those potential clients/customers, so that you might be the only one, building a relationship with them that will help you close them successfully once they´re ready to buy.
Given those metrics, if you need 1 or 2 clients now, and 30 clients during the next 2 years, you should approach 100 prospects now and follow up/stay in touch with those who do not buy now.
And, more importantly, you should have for each of those 3 groups a separate marketing approach and specific marketing materials:
For group #1, the one willing to buy now, your materials should
- be focused on differentiating from the competition,
- demonstrating your USP and
- educating them on it´s importance and impact.
- You can also include some “urgency-strategies” to overcome procrastination of the prospects.
For group #2 the materials should be more educational, providing them
- with the missing information that they´ll need to move to group #1 and
- showing them, how to overcome obstacles they might be facing, which are preventing them for moving into group #1.
- Also, you might want to add some “urgency”-strategies to move them to group #1 quicker.
Your approach and marketing materials for prospect group # 3 should be about
- staying in touch, building your credibility,
- demonstrating your expertize,
- building an relationship (by providing value) and
- educating them on topics that are helpful and relevant to them as well as on the positive benefits and impact that your product or services has on businesses in their industry.
Would you like to get our feedback on your marketing materials and your approach for one or each of this groups for free?
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To your success,