To follow up on our post regarding the correlation between speed and the probability of closing deals, here’s the comment of a friend -and customer- of us.
In his business Michel sells goods and services for 5-digit prices. And believe me it’s not 10000€. When we discussed the content of our post, Michel told me that it perfectly applies to his business too. He even shared a mathematical model with me and explained: “if I could draw the mathematical function depicting the probability of closing a deal, it would be a straight line with a negative slope crossing he X axis at t+4hours”.
You can’t picture when he meant. We drew a sketch for you
What Michel meant is that he basically has 4 hours to react after a client has sent an inquiry. After 4 hours the odds to sell are basically reduced to zero.
Advice for your marketing strategy
This is a very good illustration of our last week’s post on why speed is of the essence in business. Nowadays in Europe service quality seems to have ached an all-time low. Doing your job right becomes the exception rather than the norm and if you pay attention to reacting quickly to inquiries and do your follow-up, you’ll be out of the crowd and your chances of selling will increase.
Posted in Entrepreneurship.