March 2015 - Tiffany Peterson Business & Life Coach

How to Close More Sales ~ The Law of 4 Interactions

by Tiffany | Mar 11, 2015 | Sales, Strategy

Life is sales. Whether you have a formal sales position or not, life is indeed sales in every form. Getting hired at a job is a sales experience. Getting married or getting engaged is a sales process. Getting your children to do their homework or eat their vegetables at some level is a sales process too.

So when you look at this concept in sales, where a lot of people sometimes struggle, or they get in their own way, is they don’t stick with the sales process long enough. They give up too quickly because they haven’t made a fast sale. Life is sales, but sales are simply relationships. And any great relationship takes time.

You’ve probably heard it said before that people like to buy from those they know, like, and trust. That’s influenced me, it’s influenced you, and will continue to be a massive influence for the sales to come in any industry. It is the power of relationship. And any great relationship takes time.

The Law of 4 Interactions is based on research done at Notre Dame University. A gentleman named Herbert True conducted in depth studies of thousands upon thousands of sales interactions. In the observation of that data, they concluded that 60% of sales transactions purchase after a fourth interaction. Now consider that number, SIXTY PERCENT, that means the bulk of your business will purchase after a fourth interaction. All that simply reinforces is that people, again, buy from those they know, like, and trust, and therefore, there is a relationship established there. This more your price point increases for a product, a service, or a program, the more critical relationship leverage will become at influencing that sales transaction.

Now some relationships are going to need more time. Some are going to need less. But if you can understand that concept, that the majority of your business is found after a fourth interaction, you can continue forward with persistence and confidence that your results are coming with time.

Something else I’d like you to consider that goes along with that same study, is that 44% percent of all salespeople will quit after a first contact. Now that’s you and me. Whether you say I’m a business owner, I’m a vice president, an executive, I’m a network marketer, I’m a coach, I’m a healer – whatever titles that you have, we are all in sales. Sales is your ability to influence, persuade, communicate, and most importantly serve, is going to be found again in that relationship. That’s almost half, fifty percent, that would give up and quit right out of the gate. That’s if they even get started! According to this same data, they would make one contact, maybe one phone call, one voice mail, one e-mail, and if they don’t get the response they want, they’re done and they’re off looking for someone else. If you’re in the business of developing massive wealth, massive influence, then you’re going to need to be a little more persistent than that, and see it from a bigger perspective – see that you’re nurturing a relationship.

To finish up that data: forty-four percent will quit after a first contact, another twenty-four percent after a second contact, another fourteen percent after a third, and another twelve percent after a fourth contact. That means that ninety-four percent of all salespeople – business owners, healers, coaches, executives, will quit after a fourth contact.

44% quit after a 1st contact

24% quit after a 2nd contact

14% quit after a 3rd contact

12% quit after a 4th contact

Just entertain for just a moment for me. What results do you think the other 6% have? It’s probably pretty clear, right? When you study high achievers and performers in any industry, any organization, they have an essence of persistence and grit…that stick-to-it-ness that they’re going to continue on to nurture and develop. See, when someone tells you no, in a sales proposition, proposal, presentation, just remind yourself that it isn’t no forever. It’s just no for today. Remind yourself of this concept and the power of this research. The majority of your sales, sixty percent, will come after a fourth interaction. What I love most about that knowledge and awareness, is you can turn off all the voices in your head around, “Aw, maybe they don’t like me, maybe I offended them, they’re not interested.” Those thoughts are sabotaging your success. With this new knowledge you can simply trust that it just needs more time.

Maybe what you’ve told yourself, or maybe team members or employees or sales reps of yours are telling themselves, is, “Oh, they’re simply not interested.” Show them this blog. Get them to know the facts and the knowledge. Because what I love about knowing that information is it helps me stay anchored that I’m here of purpose, I’m here to serve them. I’m here to build relationships. When you’re in the business of relationships, you’re in the business of service, adding value, nourishing your network – when you show up and play life and your business from that angle, you can write your ticket. You’ll have whatever it is that you want if you’re faithful and persistent to give it the time that it needs.

When you find yourself discouraged or not closing the sales , consider what needs a little more time. When you find yourself saying, “Gosh, I’m making contacts, but not closing sales,” the difference between contacts and contracts is one letter – the letter “R.” That one letter difference – “R” – just simply stands for relationship. So if you’re making contacts, you’re reaching out, emails, invitations, lunches, phone calls, connecting, but you’re not getting the contracts – all it tells you is you need a little more time on the relationship. A little more time to nurture, connect, ask more, ask to serve, be a resource, add that value. I guarantee if you will be faithful and persistent, that is the magic sauce in life in creating whatever you want. Persistence always trumps talent. Life and sales and results don’t always go to the most attractive, the most educated, or the person with the best upbringing. Success and life and results go to the most faithful, the most persistent, which is you, if you choose it to be. Persistence is a choice, right? Being consistent in following up, and being willing to say, “I’m in it for the big payout, I’m in it to nurture relationships, to a point and a place where that I have multiple business referrals.” This starts to come in because you live this on a regular basis. Remind yourself, remind your team members, that their success, your success, hinges upon these principles: Life is sales. Sales are simply relationship. People buy from those they know, like and trust. You need a little more time potentially if you’re not converting as many contracts from your contacts – you need a little more time on nourishing the relationship aspect to your business.

Thanks for taking the time to nurture your brain. Be faithful. Be persistent. Continue to add value and you also will meet with success.

Tiffany Peterson

The Power of Habits

by Tiffany | Mar 4, 2015 | Blog, Featured

When you look at life and you study success, there’s this quote that says, “Success leaves clues.” When you want to create anything new in your life, you want to up-level it, create something brand new, create greater health, wealth, relationships, connectivity, happiness – it’s all found in your habits.

There is research out of Duke University that says forty percent of our daily actions are habitual. At least forty percent of daily actions, we’re not even consciously thinking about. Those are not conscious decisions. They are habits. Think about this: the way you drive into the office, or you get ready, or you brush your teeth, or you make a meal, or whatever it may be, there’s lots of times once we’ve learned how to do something and it becomes habitual, our brain goes into this subconscious auto-pilot. So the majority of our influence is going to be found in what habits we’re possessing, what we’re currently creating, and what we’re doing on a regular basis. It was Aristotle who said, “Excellence is not an act, but a habit.”

So when you think about that for yourself is – when you’re creating any new result, any new outcome, is to ask yourself – what habits do I need to have in place to create that outcome? I love the simple model “habits equal results.”

HABITS = RESULTS

It’s simple. It’s easy, right? But that’s where we have to engage a little bit more with our conscious brain, to become aware. We have to say what results do I want? And then to begin with the end in mind – what outcome do I want, what result do I want, then asking ourselves – what actions, what habits do I need to be employing and creating consistently on a regular basis?

There’s this simple process I teach in my seminars and workshops called the “5% more” exercise and it is simply that. Consider, if you were to take 5% more action or more responsibility for any area of your life, what would those things be?

I’m inviting you to make changes in your life. What you’re after is sustainable change. If you’re after sustainable change, then we need to look at your habits. What I love about the “5% more” is it’s the move-the-needle mindset, it’s after sustainability. Sometimes when we’re trying to make change, we go for pie-in-the-sky, big, huge goals. What’s going to sustain over time and create consistency and therefore the outcome is what you’re doing regularly, consistently, into your life, your business, your sales, your health, your relationships. We all know that what we do every once in a while can feel great, but it’s what we do regularly that creates the outcome that we want.

So consider this for me. I want you to write down in your notes or your notebook this concept of “5% more”. And I want you to go through multiple topics. On a blank sheet of paper at the very top say, if I were to take five percent more action on my health I would … – maybe you’d say I’d go to bed by 11:00 every night. I would drink more water. Be clear and specific how much water that would look like. You might say I would meditate on a regular basis, or I might go to yoga twice a week. If you were to take five percent more action for your health, what would those simple little changes be?

And then I want you to move next to sales or business. If you own your own business or if you’re in sales in some capacity or in any area of your life or your career, if I were to take five percent more action in my careeer/job or sales, I would… –maybe you say I would follow up with five more people every single week, I would go to lunch with a member of my network, I would create that newsletter and send it out on a regular basis, I would take that management training class or read that leadership book. But just small, simple things that can help you move the needle of progress.

Same thing I want you to do in your finances, in your relationships. Relationships, I love that one. Say if I were to take five percent more responsibility or more action for the connectivity or the quality of my relationships, I would ________ (fill in the blank for yourself).

What I love about this mindset is it puts you in the driver’s seat. You’re saying I am the creator of the quality of my life. I own that my results are on me. So how do I start to move the needle? What are the small simple things that, when done regularly and repetitively, create a powerful habit that then produces the outcome that you want?

One of my favorite success quotes of all time is the Zen proverb that says, “Before enlightenment: chopping wood, carrying water. After enlightenment: chopping wood, carrying water.” So much of life’s success is found one hundred percent in those habits, or in essence chopping that wood, carrying that water. That’s true for your health, right? Your health, where you’re at today in energy level, in vitality, in weight, has everything to do with your habits. Not what we do or eat every once in a while, it’s what we’re doing regularly that’s creating that current outcome. Same thing in our business. Same thing in our marriage or close personal relationships. Ask yourself that: what one habit do I need to implement? Consider this for yourself, for this week, this month, this year, – ask of yourself “What one habit would have the most impact in my life?”

And look at each category. What habit in your health, in your business, in your home, in your relationships, would have the most influence or the most impact? I love this thought process. Some people think, “Gosh, isn’t that thinking too small?” When you’re in the business of change, and you’re saying I want to help myself or help others change anything, small consistent change that we do regularly, it now becomes a habit. Now you’re into the sweet spot of creating what you want.

Cheering you on!

Tiffany