How to Close More Sales ~ The Law of 4 Interactions

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. http://www.dreamstime.com/-image8745845Getting 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.

sixty percent of yourNow 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. Connection Creates ClientsI’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 #1 Issue With Your Goals…

success is yoursHi, I’m Tiffany Peterson, and I’m thrilled to share with you today the secret sauce in setting goals that are realistic and doable – and the ability to follow through and actually achieve them – which is significantly higher when you follow this model and this formula.

People have challenges with their goals – that’s if they’re even setting them.  I’m curious, have you set your goals?  Are your goals up to date?  Has it been a while?  Could they use a little bit of refinement?

Sometimes the biggest challenge comes because we sometimes set goals that are pie-in-the-sky, right?  It’s this all-or-nothing mentality which is what I call the perfectionistic pitfall. See, when something is all or nothing, it means you might be setting goals that are setting yourself up to fail.

moonNow what I mean by that is – you might be setting a goal, for instance, where you’re going to say, “I’m going to work out every single day.”  That might be a little bit much.  If you were my client, I would tell you, “Settle down.  Just a moment.  How often are you working out now, or getting moving, or exercising, currently?”  And if you’re telling me, “Never,” or “Really inconsistently,” then going from zero to “I’m going to work out seven days a week” is a little bit unrealistic for sustainable success.

Maybe you’re setting a goal to not eat any more sugar, or maybe you’re setting a goal you’re going to write a part of your book every single day.  See, when we set ourselves up that way, that it’s all or nothing, we set ourselves up for that pitfall perfectionism.  Because the moment you mess it up, the one day that you don’t make the workout, maybe you’re sick or something came up with your kids, or you eat that cupcake, whatever it may be, that when we’re setting goals that are pie in the sky, we’re setting ourselves up to potentially fail.  So I just invite you to become aware of that when you’re setting your goals.

To dive more into this process, I’m going to share with you a powerful formula by Raymond Aaron.  He was a great teacher from Canada, on goals and productivity.  This is his content I’ve been implementing in my life for years, as well as teaching and sharing it with my clients to help them succeed at achieving their most important goals.  So consider – what are your goals in health, wellness, in income and sales, in relationships, in home or projects or hobbies?  I’m going to share with you what is called the MTO formula. MTO stands for:

M: Minimum

T: Target

O: Outrageous

So, thinking about the goal – I’m going to use health because it’s an easy one and it’s one that applies to every single person watching this video or listening to this podcast, or reading this blog – is this aspect of MTO, minimum, target, outrageous.  Let’s say one of your goals is to get moving more and exercise.  We all know that we feel great when we exercise and when we get moving.  So, rather than saying, “I’ve got to work out every single day,” consider, minimum:  you’re going to get moving three times a week.  Maybe target is four times, and outrageous would be five plus.  Let’s say you want to organize your home or your office or your closet, or maybe there’s a massive project that you’re working on.  And you might say okay, minimum, I’m going to put in two hours a week, target is three, and outrageous would be four plus.  If you’re making sales calls, what I like to call connection calls, and make – reaching out with contacts, and whether that’s email or phone or setting up appointments – is that you, for yourself, same thing – is how many contacts are you going to make this week?  How many people in your network are you going to nourish?

goalsI use this formula for everything.  It’s helped me significantly make progress.  You’ve probably heard me say at some point or another, “It’s about progress, not perfection,” right?  And when we set the pie-in-the-sky, all or nothing goal, we’re susceptible to that pitfall of that perfectionistic thinking.  So what I love about this is it gives you a scale.  It makes your goals scalable, or doable, or in other words progressionary.  Rather than saying, “Oh, I failed, I didn’t work out today, forget it.  I’m not going to work out any more the rest of this month or this year, and I’ll set that New Year’s resolution once more in another year.” It gives you this scalability to keep it focused on progression, which is key to sustainable success.

So if you’re writing a book – minimum, target, outrageous – how much are you going to write?  If it’s sales contacts, you want to grow your business, how many are you going to follow up with?  Minimum, target, outrageous.  If it’s taking better care of your health and well-being, and maybe you say, “I’m going to get moving for at least twenty minutes, three times a week; twenty minutes four times a week target, twenty minutes five times a week – is that you get your body moving.  So whatever the goal is – health, relationships, sales, income, contacts – you can use this formula to guide your success.

Now I still love to focus on the outrageous goal – the pie-in-the-sky, the breakthrough goal, the BHAG, which stands for big, hairy, audacious goal.  I love to still visualize this and focus on this.  This would be, again, that massive level of change.  Yet I also give myself the permission, and I’m inviting you to do the same for yourself, the permission that I’m going to make progress.  And you know what?  Truthfully, from my heart of hearts, I think the most important goal that you ever make is that it is about progress, not perfection.  That as human beings, we’re all trying to learn and figure it out.  There’s this quote by Buckminster Fuller, where he says, “You can never learn less,” by setting goals.  So set them.  Put them in writing.  Post them.  Get support around it.  But this process of minimum, target, outrageous gives you the framework to make it scalable, doable, and allows yourself to stay checked in.

A goal is a dreamWhen I ask people, “What’s your biggest issue?  Where do you struggle the most?”  It isn’t a lack of knowledge.  Most of you have a lot of knowledge on goals and goal setting, and a lot of knowledge on health and sales and relationships.  The gap is follow-through.  But you know what?  Your fortune is in the follow-through.  So how do I get you to follow through more? It relies upon if you can stay checked in.  That’s what I love about this process, to make progress and steps towards your goals.  You can never learn less, you’re going to learn more by taking action than any other thing.

So set your goals.  Give yourself some benchmarks today around your sales contacts, around your health and wellness, around relationships for connection or getting organized, or writing or producing that book or product.  Minimum, target, outrageous for yourself, so you create that feeling and that awareness that you can continue to make progress.  It doesn’t have to be perfect; what matters is you stay checked in and committed.

Cheering you on!

Tiffany Peterson

Maximizing Live Events

Whether you’re attending a local one hour networking meeting to a full blown multi-day convention, attending live events is one of the best and quickest ways to grow your own business.

Networking meetings and live seminars are great for two obvious reasons:

  1. The seminar you’re attending is great for learning and growth.
  2. The event you’re attending has other like minded, growth oriented people there to network with.

Although I too love social media and connecting online, there is nothing like meeting in person. It gives people the opportunity to connect and get a sense of someone quickly – which in turn can build trust and rapport faster than any other option.

I personally commit to attending a minimum of two events per year (many times more) for my own personal and professional growth. I plan for it and budget it in knowing that the investment in me is often returned ten fold. I invite you to do the same.

“An investment in knowledge pays the best interest.”
– Benjamin Franklin

Per today’s Success Tip, I want to share with you a handful of strategies that can help you maximize your time and investment at the live events or meetings that you’re attending.

When applied, these strategies can create new business, sales, and income.

TIP #1: Do THIS Before You Go! The most popular phrase used when referring to networking is this: The fortune is in the follow up. It’s a cute phrase, but it’s also said so often because it’s true! Now, we already know this, right? But the challenge is doing it. So before you go, schedule time blocks into your calendar dedicated to “event follow up”. I find that already having it in my schedule – a planned priority – sets me up to succeed and it will do the same things for you too. See, when we get back from an event there is laundry and emails and all sorts of things to catch up on alongside of our already busy lives. We have the best of intentions to follow up, yet often those intentions and new warm business cards become dusty and stale underneath the busyness of life awaiting our return. “Success is scheduled” is a truer than true success strategy.

  • When is your next live event or networking meeting?
  • Grab your calendar now and schedule your follow up time in the days following it so it’s already there!

TIP #2: Know Your 15 Second Commercial. The most popular question you will be asked at your next live event, seminar, or networking meeting will be, “what do you do?” Plan on it. When it comes to sharing what you do, think of sharing the outcome or benefits that your product or service provides. I often share this phrase in my sales training, “Sell the Destination, not the Airplane.” People are buying destinations, not the airplane itself, make sense? Focus on what they get and receive. Create a powerful one or two line statement about what you do for others – their outcome in working with you. List out benefits and outcomes people experience and then utilize those in your sharing. Another way to think of this is every time someone asks you, “what do you do?” pretend they’ve really just asked you, “how do you help others?” By responding how we help others thrive and succeed we keep the spotlight on what we do for them. Keep it short and sweet – remember that we’re just wanting to engage, not overwhelm them with our entire story.

TIP #3: The Power of Intention. In showing up to any event, hold the intention or say a prayer to be of service to the people you will meet. I have had many cool “coincidences” of meeting just the right person that I can help or that can help me with having this mindset. All too often people see networking as “what can I get” yet the adage of show up to serve to focus on “what can I give” makes what Larry Benet, Networking Expert calls a VC – Value Creator. When you’re focused on adding value to people’s lives, you will have an abundance of opportunities and plenty of sales as you provide solutions for others. Whether it’s called prayer or intention in your world, draw upon it to help set the framework of how you’ll show up at the next event you attend…and watch the magic happen.

Sean Smith, Elevation guest speaker, myself, and
Larry Benet, Networking Expert in Dallas, Texas


TIP #4: Increase Retention.
All too often we attend a fabulous and inspiring seminar and take detailed notes, only to never see the notes again. To increase your retention, take even 5 minutes before going to bed that night to review your notes. This simply activity significantly increases your retention and therefore, odds of success by applying it. I find that especially if I’m attending a multi-day event, I plan to have a 15 minute evening review to maximize the investment I’ve made to be at that event. To go the extra mile, I like to review those notes once a week during personal study time over the following 30 days. Remember that success is scheduled? If remembering to review is challenging for you, put it in your schedule as a reminder to help you get the value and learning you went for.

TIP #5: Carry Blank Cards. Receiving anything in the snail mail these days stands out, doesn’t it? In the day of texts, emails, and tweets, to receive an actual card almost feels vintage – and it’s powerful. To help set yourself up for success, carry blank note cards with you in your purse or bag. I personally will carry a few in the book I’m reading or in my journal so when I find a few minutes, I can write a card right then and there. Especially when flight travel is involved, I enjoy journaling and writing cards to my new contacts on the flight home. By having them on you and while the meeting is top of mind, I like to ink those sentiments and get it in the mail.

TIP #6: Get Choosy! Although it’s possible and ideal to follow up with every new contact you made at your recent event or seminar, I invite you to pick 1-5 contacts that really stood out to you or that you had a great connection with to focus in on and follow up with. Meeting great people is awesome, following up with them is another. I find that for any goal in life, focus is the game changer to success and thriving. So pick who stood out most to you. Or who you have that “vibe” for. And then begin with building a real relationship with them. Often if we try to take on too much, we get overwhelmed and procrastinate and then do nothing. One person followed up with and a great relationship established is better than a million business cards collecting dust.

  • What tip are you most likely to implement?
  • Are there others that have worked for you?
  • I’d love to hear from you.

Cheering you on!

Tiffany

 

Office Hours for the Entrepreneur

Office Hours for the Entrepreneur

Watch the video here:
http://www.youtube.com/watch?v=hgQ7tMz3NRs

A few nuggets to look at for yourself:

  • What are my office hours?
  • When am I most productive?
  • What activities have the biggest influence to sales & income?

Creating a thriving business while playing more is realistic when we have quality not quantity blocks of time to focus on our MVP’s (most valuable priorities) in business.

You can have both – fun & playfulness AND productive work hours (quality) that grow your sales and income.

Cheering you on!

Tiffany

 

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