Prospecting and Sharing: The 80/20 Rule

Prospecting Ratios

 

Pareto's Principal

Pareto’s Principal

Pareto’s Principal, or the 80/20 Rule, applies to prospecting just as it does to most things in life.  You need to talk to 100 people to sell 4 or recruit 1.

 

80 won’t be interested at all, 20 will talk to you.  Of the 20, 16 will hear your message and say no.  Four of the twenty may actually purchase your product or service and one of those may join your business.

 

This is where I/R theory becomes so important.  Don’t let disappointment in the sales role take you out.  Like it or not this is a numbers game.  You need to talk to as many people as you can to spread your message.

 

 

Sharing (Not selling)

criticismStop selling!!!

 

There was a time when people were less educated.  In the 50’s, most considered it a great accomplishment if your kids finished high school.  There was no internet to find information.  It could take weeks to find out enough about a product or service in order to make a decision about purchase.  That means in those days I needed you to educate me.  Translation, sell to me.

 

 

Society today is far more educated and most are very capable of finding out whatever technical information they need.  I only need two things from you.  Share your service or product and help me understand why I should deal with you.

 

Take some time to get to know me and let me get to know you.  I need to know that I can trust you before I tell you too much.  Only then can you decide if it’s worth sharing your product or service with me.  If you come out of the gate trying to sell me, I’m just going to shut down and now I don’t trust you any more.

 

Once you gain trust, let me know your product exists and what problem it will solve for me.  Give me a link to the technical stuff to check out later.  Spend the rest of our time together helping me understand why I should buy from you.

 

Make it a great day,

 

Barry

 

P.S.  What am I thankful for today?  I’m thankful it’s finally spring (I think)!  I’m thankful my family is all healthy.  I’m thankful for opportunity.

 

What are you thankful for today?