When it comes to developing and delivering effective prospecting strategies, many factors come into play—from cold calling and direct mail campaigns to personalized emails and engaging on social media. Sales teams work around the clock to find the best ways to reach and connect with their target customers, but recent research highlights the pain points many salespeople experience while prospecting.
Whether you’re in sales or know someone who is—these figures will surprise even the most experienced salesperson and hopefully inspire you to improve the way you sell.
Turn cold calls into warm conversations
Sales prospecting requires more than just experience, knowledge, and skill—it also requires persistence, patience, and determination. Most salespeople will tell you prospecting can feel like an uphill battle, but it’s important to stay with it. According to research, it takes an average of 8 cold call attempts to reach a prospect. So, if you give up after too few attempts, you’re passing up on a potential sale.
And the same can be said for following up after meetings and phone calls. The same research points out that 80% of sales require 5 follow-up calls after the meeting. Whereas 44% of sales reps give up after one follow-up attempt. Just because you have your foot in the door doesn’t mean you’ve successfully closed the sale. Staying connected post-meeting is just as important as the initial conversation. Sending a gift following a meeting, sales pitch, or phone conversation can help you stay top of mind. With over a decade of experience and backed by industry research, we know that sending prospects a gift they get to choose is proven to be 2-3 times more effective than sending branded merchandise, fruit baskets, gift cards, or nothing at all.
Retain and reward loyal customers
Even though customer acquisition is vital for any Sales team’s success, customer retention is just as crucial and possibly even better for your bottom line. A recent Forbes article echoes the same sentiment: “Retaining current customers is 6 to 7 times less costly than acquiring new ones, and [can] increase profits by 25-95%.” The fact that these clients previously engaged with your brand gives you an advantage. You don’t have to wait for the next project to pop up on your radar before reaching out to past clients or customers. Sending a gift is a great way to stay connected even when you’re not actively working together. Our tiered pricing makes it affordable so you aren’t having to shuffle your budget or spend an exorbitant amount to make an impact. Capitalize on all the hard work you’ve already put in with proper account management, up-selling, and cross-selling. And don’t forget to ask for referrals.
This LinkedIn study revealed that nearly 91% of customers say they’d give referrals, but only 11% of salespeople ask for them. Remind yourself of the age-old axiom, “what’s the worst that can happen?” Don’t beat around the bush—be direct and ask. Chances are they’ll be happy to help, and you’ll be glad you brought it up. Plus, referral gifts are a great way to thank past clients for their business and encourage them to partner with you again in the future.
Leave a lasting impression
Once you’ve begun investing in these professional relationships, take it to the next level. Researchers found after a presentation, 63% of people remember stories. Only 5% remember statistics. The same goes for gifts—when prospects are given the option to select a gift they want and will frequently use, they’re more likely to appreciate it and remember who gave it to them.
Whether you’re providing them with valuable solutions and resources to remedy their pain points, wanting to reward and retain loyal customers, or working towards closing a deal—a virtual gift experience will thank them for their time, remind them of shared past success, and help guide them in the right direction.
At Cultivate, we believe in the power of choice and personal connection. Remember to be thoughtful and responsive in your outreach strategy—adding a gift experience into the mix increases your chances of landing a meeting, closing a deal, retaining top customers, and accelerating your sales pipeline. If you want to learn more about what gifting can do for your sales development, reach out—we’d love to tell you more!