Road Trip Status
The road trip is buzzing along. We're recruiting some incredible extreme entrepreneurs, such as:
Also, we're pushing hard for corporate sponsors and foundation support. This process has
finally given me a push I need to get over my limiting beliefs and fears related to selling. In the past, I've avoided making phone calls and gave up after two follow ups, because I didn't want to "nag" a person. Furthermore, I've given up on ideas after getting a small number of rejections or no responses!
My partner, Adam Witty from Advantage Networks, has inspired me. He says that 80% of sales are actually closed after the fifth contact. Also, the people we're pitching are so busy, that while a project like ours may sound interesting, they still have to deal with all the short-term deadlines and performance goals that are giving them stress. So, following up in the right way is actually is helping them stay on top of an interesting idea.
Regarding the number of phone calls I make, I've been inspired by Joshua Newman. I forget the exact number, but when he raises capital and he's raised millions, he makes the commitment to contact something like 100 potential funders. So many people probably give up after 5.
As I look back, I can see that lack of sales expertise on our team has pushed us back months, if not years. However, I'm happy now to be gaining the necessary experience/confidence and partnering with great people.
At any rate, I'm off to make some more phone calls!
Posted at May 10, 2005 12:55 PM
Glad to see that things are looking up for you Michael.
For very form of sales it has always been a numbers game of getting to as many prospects as possible. The good sales people later work at increasing their conversion rate. I remember meeting a veteran insurance sales representative who clocks over a million dollars in commissions a year. He told me that he usually closed the sale within the first meeting as his time is very precious. He even has a portable printer in his car to ensure that he doesn't miss out printing any forms. Guess thats the dream and goal that every person in sales would aim for.
Didn't know that 80% of sales is closed after the 5th contact. I learn something new everyday. For non-sales focused individuals like us I guess thats the norm. =)
