An illustration of why you should quickly get back to leads if you want to close deals

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.

By Pierre-Nicolas Schwab Dr. Pierre-Nicolas Schwab is the founder of IntoTheMinds. He specializes in e-commerce, retail and logistics. He is also a research fellow in the marketing department of the Free University of Brussels and acts as a coach for several startups and public organizations. He holds a PhD in Marketing, a MBA in Finance, and a MSc in Chemistry. He can be contacted by email, Linkedin or by phone (+32 486 42 79 42)