Inquiries Eventually Become Sales

Research on the topic of sales leads and inquiries all point to the same conclusion: almost a quarter of all inquiries finally convert into a sale within six months' time. The rest take longer.

Reed Business Information conducted one study on inquiry handling based on examinations of over forty-thousand inquiries. These inquiries came from advertisements and press releases, and focused on the manufacturing industry. Within six months' time, the study determined that over 65% still had plans to purchase, and 21% had made the purchase. However, when looking back at some of the old inquiries, it was also discovered that over 10% purchased within 90 days of the inquiry, 17% purchased within 4 to 6 months, and 25% bought within 7 to 12 months. Almost half took over a year to make the purchase.

So, although the number of inquiries that eventually become sales is quite high, many salespeople regard ad inquires as not worthy of follow-up. The main reason for this is that these long-term prospects are not as valued as immediate sales, which increase the commission and satisfy immediate quota requirements. Your company's inquiry-handling process may pass all the inquires on to your salespeople, but they could be screened and longer-term prospects forgotten in the process. This could spell a huge overall loss for your company, as in time over 80% of prospective sales could be left on the table.

What can you do to change this situation? Follow the steps below to help maintain better sales-winning relationships in the long term:

* Follow up inquiries with a phone call, to find out more about the prospect's needs, budget, and timeframe

* Send out requested info immediately, to show your good response time

* Maintain contact with long-term prospects through mail, phone, fax and email, to keep your products in their mind yearlong

* When it does appear that a long-term prospect is ready to buy, send them on to your salespeople and representatives

By following the tips above, you could be well on your way to improving your company's overall sales potential in the long term.