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Overview
The X-Date System is a methodology for following up on prospects that did not want to initially purchase. This can be a manual process or it can be an automated process. There is no single method of follow up that will consistently work across industries. Even different businesses within a specific industry might use different techniques for following up.
The key, however, is to follow up.
This is where people often miss the opportunity. And the opportunity is worth many dollars. Today, these are lost dollars for you.
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Background
One of the most challenging aspects of running a business is identifying how to continually get new customers. Having a steady stream of customers is critical to the long-term viability of any business. Companies spend a lot of money on customer acquisition tactics. They advertise in various places, use social media to introduce people to their products and services, and often spend a lot of time talking to prospects. This is a lot of activity that casts a wide net for prospects. In traditional sales this is called the funnel system. We start with a large number of prospects and slowly try to win them over as customers.
With that in mind, organizations spend a lot of money to get prospects. In most scenarios, many prospects enter the funnel and very few become customers. The precise outcome of this activity generally varies from industry to industry. Close rates, which indicates the number of people that actually get converted from prospects to customers, can be as small as a fraction of a percent or as large as 50%. A 50% close rate means that you are converting one out of every two prospects that you speak to. Sales activity and possible close rates are all very well documented in sales theory and again are typically dependent on the industry.
Organizations spent a tremendous amount of money to get prospects interested in their product or service. And as we know, not all of those will become customers. In most cases only a small percentage will become customers. So what do organizations do with the prospects with whom they could not convert to customers? If you’re a small business owner, or for that matter an employee working in a large business, then think about this for a moment. How many people do you ever follow up with after you have failed to convert them? the fact. The reality is that when businesses do not close the sale with prospect then they also mentally close the door on them. This means that you walk away and never revisit that prospect. This is problematic. Getting a new customer means you have a sunk cost. By sunk cost we mean that you have already paid for that prospect. But if you close the door on the prospect then you have effectively wasted your money.
This is where the X-Date System comes into play. The X-Date System is a methodology for following up on prospects that did not want to initially purchase. This can be a manual process or it can be an automated process. There is no single method of follow up that will consistently work across industries. Even different businesses within a specific industry might use different techniques for following up. The key, however, is to follow up. This is where people often miss the opportunity. And the opportunity is worth many dollars. Today, these are lost dollars for you.
I have refined the X-Date System. Over a five year period, I very closely tracked customers that I spoke to and then put them into a follow up methodology. This was effective because it takes time for people to make decisions. No one wants to be rushed. In fact, when people are rushed they feel like the person trying to sell them might really be trying to steal from them.
Another important aspect that the X-Date System takes into account is the courtesy factor. The X-Date System allows you to be courteous and helpful to prospects. By courteous, we means that you’re actually doing a favor for the prospect. By following up you’re saying to them, “hey, did you remember to do what you were supposed to do?” This is a powerful tool that none of your competitors are using. And it’s simple enough that you can manage this with pen and paper, a spreadsheet, or even a good old wall calendar. Email us for more information.
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