Our top-line revenue talk continues this month, as it’s such an important topic! This has been a recurring theme here because it’s a critical element of realizing your goals as we enter the second half of the year.
This month, I’m bringing you the top three sales program strategies you can implement to increase your pipeline and revenue.
1. Follow Up
How many times have you heard “I don’t want to bug,” “sorry for being a pest” or “not to be annoying”? Our culture is swimming in insecurity when it comes to following up on unresolved items, but you know what? Those who get what they want tend to ask for what they want.
Individuals who are confident enough to rise above this insecurity often find that their requests are met with a yes. Research shows about 44 percent of salespeople will give up on a lead if the deal isn’t done after the first interaction. This is way too myopic, in my opinion. Step back and take a look at the bigger picture. When you do, you’ll see that research also shows a whopping 80 percent of all sales transactions require five interactions after the first contact (a total of six interactions).
So be persistent. Create a set schedule for sending follow-up emails, direct mailers or brochures and phone calls. Persistence often pays off – especially if the competition is worried about being a bother.
2. Create Deadlines – and Stick to Them
This is all about FOMO, the fear of missing out. It’s what marketers the world over use to create a sense of urgency– if customers don’t act now, they may miss out on their opportunity. This is most certainly the case when it comes to buying a home. Getting pre-approved, for example, can be the difference between securing one’s dream home or losing out to another buyer as that family tries to get their ducks in a row.
Keeping your clients on a structured timeline helps you and it helps them. Your transactions will close faster, and your clients will be that much closer to their goals. You may know you have a little lead time on your end, but keeping them on track and on target can make the experience much smoother for everyone.
You should also offer your assistance where you can to ensure they stay on task. This will add value to you and your services in their eyes. Many people appreciate having an advocate in their corner.
3. Discover Pain Points
If you’ve got someone in front of you, chances are high they are at least somewhat interested in borrowing money for a large investment. They wouldn’t waste their time in the interest of simply being polite. So don’t waste your time, either. Uncover whatever it is that may prevent them from saying yes and work to remove that variable.
You can do this by asking close-ended, yes/no questions, such as “Do you have a home in mind?” “Are you excited to move?” “Have you gone through the homebuying process before?” or “Have you found the loan application process overwhelming in the past?” These questions can start to sniff out where their resistance lies. From there, you can add open-ended questions, such as “what are you most excited about when you think about your new home?” or “what inspired you to look into owning a home?” You can even ask “what concerns do you have that I might be able to address?” It doesn’t get easier than that!
Use your data, experience and repertoire of success stories to allay the client’s specific fears. Recognize that these concerns are common and legitimate among many people who walk through a loan officer’s door. Then add that you’re happy to serve as a trusted partner for them as you navigate this process together.