Too shy to follow up potential prospects?

 In SoPro Insight Series

Here’s what you’re missing out on.

If you’re not following up on introductory mails to B2B prospects then you are halving your lead generation potential.

This is not hot air – it’s a stone-cold fact.  And we’ve got the data to prove it.

But first I want to share someone else’s stat that absolutely floored me.

It’s taken from analysis of users’ prospecting habits by Yesware, the sales productivity platform.  They looked at over 500,000 email chains and discovered that 70% of unanswered prospecting mail chains stop after the first email.

Chaser emails are not utilised in b2b prospecting, 70% of the companies are sending only one introductory e-mail and never follow up with emails non-responders.Let me just pick myself up off the floor again and dust myself down – it gets me every time!

Seven in every ten B2B sales introductions are not followed through. And, what’s more, of those that are two out of three only try a second mail to make things happen.

That is crazy!

And it’s a real wasted opportunity.

We have the stats to prove just how crazy it is – and to show exactly what you’re missing if you’re too shy to follow up on a prospecting mail.

Actual factual data from SoPro’s 2017 prospecting

Over the course of 2017 we engaged close to a million prospects – across a range of industries, organisations and countries.

Each prospect was painstakingly researched and targeted – and there’s no way we are going to kiss goodbye to all that hard work identifying and reaching them on just the one mail.

In fact, from selection to ongoing optimisation there are 8 steps contributing to the success of any prospecting campaign.  Here’s what success looks like for us:

email open rate. 2017 SoPro average b2b email open rates are 31%. 40% of opened rates generate b2b leads.

email marketing conversion rate. SoPro average b2b lead conversion rate is 3.6 percent in 2017

With most outreach campaigns running at sub 1% lead rates (and often sub 0.1%) you’d be right to question the claims.  Much of our success is due not just to targeting but to the follow up emails.  They are an integral part of our 8-step sales prospecting campaign format.

Identify prospecting campaign objectives, GDPR compliance assessment, Full market assessment, list build, set-up email config and DNS, craft personalised messages, passively prospects engagement through social media, tracking campaign persformanceYou can see that we carefully create at least four chaser emails. These are scheduled to engage non-respondents based on our knowledge of the perfect time to send for each industry and campaign.

If you are not doing something similar when prospecting then here’s what you are missing out on.

What if we told you that 59% of SoPro responses are generated by follow up e-mails?That’s right.

59% of responses are generated from the follow up mails that we send.

The vast majority of responses we get from prospects comes from either email two, three or four. The first email secures only 41%.

If you are not following up on introductory mails you are throwing away the majority of your campaign results.

Here’s how things breakdown by each mail in the prospecting chain.

b2b email response rate by stage of the follow up e-mail. the first chaser email increases the response rate by twelve percent. After the fourth chaser the email response rate starts to drop.As you can see it’s actually mails two, three and four that have the best response rates, with a sharp drop off on any mails after this.

The important thing to note though is that email three in a chain actually performs better – in terms of response rate – than the first email.

Of course, not every response results in a lead, but about 40% of our responses do.

40% of SoPro b2b email responses are generating leads. 20 % are positive response leads, 13% are referral leads and 7% are deferred interest leads

52% of our leads are produced by our follow up mails

52 percent of all b2b leads are generated by the follow up emails sent by SoPro. First chaser e-mail generates most of b2b responses

And what’s more the lead rate for the first, second and third mail is not radically different.

 how many leads do follow up email generate by number of email in the chain

The big takeaway here is that you need to spend as much time crafting and scheduling those follow up mails as you do agonising over the first and identifying your prospects.  There it is, scientific fact.

Next time when you’re double thinking whether time spent penning the perfect follow up is worth the hassle, just think… 60% additional leads.

On the other hand

If, like most businesses, you know you should be following up but you simply don’t have the time or discipline to track and filter your responders, then schedule and deliver the 2nd, 3rd and 4th stages of messaging… then why not let us handle it for you.  There’s about a 110% chance we can prospect more effectively and at a far lower cost than your internal options… and at the very least you’ll learn what an awesome prospecting campaign looks like.

Give us a Holla!

 

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