What Role Does the "80/20 Rule" Play in the Sales Process?
You have to be relentless in your follow-up calls to leads, but keep in mind the 80/20 rule. This is the universal law that 80% of your revenue is going to come from 20% of your leads. That means that you have to figure out who those 20% are that are going to create 80% of your revenue.
Use the right tracking software
The right software can actually show you exactly who these 20% really are and what they’re interested in. If a customer is all over your website, spending lots of time reading, then they’re likely ready to buy. If they’ve never opened your emails, gone to your website or done any research, it’s possible that they’ll buy from you, but highly unlikely.
I’ve been tracking this for 15 years on every project I’ve worked on, and there are always exceptions to the rule, but generally speaking, web activity is the greatest predictor of sales.
Do your research before speaking with a lead
I even use this technique when interviewing prospective employees. Before someone comes for an interview with me, I already know how much time they’ve spent on N5R’s website and what they’ve done there. If they haven’t done enough research on us, I don’t really want to meet with them.
Focus on those who are interested
The 80/20 rule is about focusing your time and energy on the people that are really interested, and analysing their web activity is a great way to do
Learn more from my book
The Million Dollar Minute: The secrets of how we sold 367 condos in 90 minutes, and how you can too!
