Expecting Rejection
Turns out people shouldn't feel too bad about rejection. On the importance of coping with the likelihood to get rejected and converting more prospects.
Disclaimer : This blog post was inspired by the video How to Handle Rejection - Young Hustlers from the Grant Cardone Youtube Channel.
Disclaimer : This blog post was inspired by the video How to Handle Rejection - Young Hustlers from the Grant Cardone Youtube Channel.
Have you ever felt bad talking to a prospect?
Very probably it was because you weren't expecting a rejection.
Maybe you expected to get a good conversation with the prospect?
Maybe not this time but the next time ?
Maybe.
What you should do :
That would be too easy...
Most likely you should expect that among the 40 conversation per day that you will make, you will only get, 1 good conversation.
Very probably it was because you weren't expecting a rejection.
Maybe you expected to get a good conversation with the prospect?
Maybe not this time but the next time ?
Maybe.
What you should do :
Expect to Get Rejected and Quantify the Likelihood of the Conversion.
Selling something to someone isn't like tossing a coin, you won't succeed half of the time.That would be too easy...
Most likely you should expect that among the 40 conversation per day that you will make, you will only get, 1 good conversation.
What you should do, and I know it isn't very intuitive to do, you should celebrate those rejections because they are just part of the job.
This coping strategy is to expect to get rejected.
It will make you insensitive to the rejections and it will help you go through the day with a better mindset.
It will make you insensitive to the rejections and it will help you go through the day with a better mindset.
Having a good conversation isn't good enough.
You need to have a big stock of those good conversation so you can move each of those conversation to the next step, get a contract, and then again move this contract to the next step, make a good deal.
If you don't have a big stock of good conversations, you won't be able to have a big stock of good contracts and a big stock of good deals.
The funnel only gets smaller as the prospect move through the tunnel.
You might realize that one of prospects that was about to sign the deal was fire and the other one went with another company.
To make more good deals, you need a larger funnel because only a few of those will come to fruition.
If you lose a few deals among a lot of potential deals you won't be that affected.
If you take it like a statistic, the emotional side of the job isn't then as tough at it could be with a smaller scale.
So how large should the funnel be ?
We have
n as the number of prospect that you must attract to the start of the funnel in order to make a deal in one day
z as the number of deals that you want to sign daily
c as the daily convert rate
s as the number of steps to sign a deal
Then
z = n * c^(s)
or
n = z/(c^(s))
Now let's suppose :
z = 1
c = 1/40
s = 3
Then
n = 1/((1/40)^(3))
n = 64000
That's a lot of people that you need to attract to the start of the funnel.
If you don't have that much money to spend on marketing, you can only do two things :
You need to have a big stock of those good conversation so you can move each of those conversation to the next step, get a contract, and then again move this contract to the next step, make a good deal.
If you don't have a big stock of good conversations, you won't be able to have a big stock of good contracts and a big stock of good deals.
The funnel only gets smaller as the prospect move through the tunnel.
You might realize that one of prospects that was about to sign the deal was fire and the other one went with another company.
To make more good deals, you need a larger funnel because only a few of those will come to fruition.
If you lose a few deals among a lot of potential deals you won't be that affected.
If you take it like a statistic, the emotional side of the job isn't then as tough at it could be with a smaller scale.
So how large should the funnel be ?
We have
n as the number of prospect that you must attract to the start of the funnel in order to make a deal in one day
z as the number of deals that you want to sign daily
c as the daily convert rate
s as the number of steps to sign a deal
Then
z = n * c^(s)
or
n = z/(c^(s))
Now let's suppose :
z = 1
c = 1/40
s = 3
Then
n = 1/((1/40)^(3))
n = 64000
That's a lot of people that you need to attract to the start of the funnel.
If you don't have that much money to spend on marketing, you can only do two things :
- improve the convert rate
- reduce the number of steps
Improve the Conversion by Taking Control of the Conversation
Be the one asking questions. You want to be relevant ? You need to know a few things before you start throwing features and their benefits at your prospect.
Who is your prospect ? Is your prospect really one of your targets ?
Has your prospect really ever heard of you ?
What's his opinion about you ?
How does this opinion compares to the competition ?
What would be the best time and place for your prospect to buy one of your products ?
Do not let the prospect ask the question, you must stay in control and make sure that this crucial first step of the funnel can reduce the number of future steps and the likelihood of rejection in the future steps.
Who is your prospect ? Is your prospect really one of your targets ?
Has your prospect really ever heard of you ?
What's his opinion about you ?
How does this opinion compares to the competition ?
What would be the best time and place for your prospect to buy one of your products ?
Do not let the prospect ask the question, you must stay in control and make sure that this crucial first step of the funnel can reduce the number of future steps and the likelihood of rejection in the future steps.
Improve the conversion rate by having more qualified prospects
You can increase the qualification of your prospect by having the satisfied customers recommend your solution to other qualified prospects.
You can increase the number of qualified prospects by making your solution more shareable.
Rate the shareability of your solutions
- Are people getting value from more people joining in the solution?
- Are people proud to share the problem your solution solves?
- Are the people who need the solution expected to have the problem?
