I’ve been doing some INCREDIBLE research lately as I begin to enlighten people on the future of sales using Social Media…I’d love to hear which stats YOU find most interesting or which ones you think could help your business the most, now that you know and understand them. I’m going to give you my take on why each stat is important!
1. Research shows that 35-50% of sales go to the vendor that responds first. [Source: InsideSales.com]
: When a customer is looking to buy, they often time look for multiple options. This is “shopping” but we don’t often thing of it this way because it’s online. Today, more than ever, it’s CRUCIAL that you actively engage your customers WHERE THEY ARE and that is often through apps they use most (Facebook Messenger being the leading tool with over 70Billion messages sent per month, which is 3x that of SMS). So don’t let your Facebook inbox be a place where messages go to die, implement a strategy to ensure that you ALWAYS keep up with your customers messages. Responding first could put you in that 35-50% of businesses who get the sale!
2. If you follow up with web leads within 5 minutes, you’re 9 times more likely to convert them. [Source: InsideSales.com]
: Faster Internet speeds, better high speed data transfer to phones, more mobile hot spots, faster devices and computers… all this just leads to our consumers knowing they can get what they want FAST. You need to be on board with that and use this thought process in your marketing funnel. In my opinion, a lead isn’t just someone who opts into your list. While that is the traditional “lead”, I also believe a “lead” could be someone reading your content or beginning down your sales funnel. What we should take away from this stat is the the more/ better/ faster you follow up with a prospect the better off you are. As soon as you’re able to follow up with someone… you instantly increase your likelihood of making a sale, 9fold!
Touch points are pretty crucial to generating a lead and a sale so you LIKELY wanna do everything you can in order to generate more communication between yourself and your prospects right? That was the idea going into creating ChatMatic. So now you’re actually able to take a commenter from a Facebook post and reach out to them privately… it’s a pretty unique feature but is only ONE of the many we offer. If you wanna see ChatMatic in action – come join us!
3. Nurtured leads produce, on average, a 20% increase in sales opportunities versus non-nurtured leads. [Source: DemandGen Report]
: Touch points! Reach out and touch your leads but DON’T just sell them. Nurture them into becoming a buyer. Show them what they wanted in the first place. I love nurturing leads/ prospect and think it’s something we’ve forgotten about in sales due to the VOLUME we can manage these days. If you are sending an email to 100,000 people, you tend to forget about the nurturing processing because your’e reaching so many people you likely generate sales without it. Whatever brought your lead to you in the first place was likely a pain point that you hinted at solving… so use that in your nurturing series and give them content.
4. At any given time, only 3% of your market is actively buying. 56% are not ready, 40% are poised to begin. [Source: Vorsight]
: Talk about small margins huh? The great this is – this place into our favor if we use content and nurturing to drive people back to your buying funnel. You really should take two strategies here. #1- You obviously want to go after that 3% of your market that is primed to buy, we OBVIOUSLY don’t want to overlook them because they are the meat to our potatoes. #2 – Come up with a strategy that cultivates that 40% that is poised to start buying. Help them realize they are there and also make sure you are in their face during the transition between thinking and doing. By following up, sharing content, and continuing to educate your prospect on the NEED for your product… you come to mind when it’s time for them to pull out their wallet.
5. Companies that automate lead management see a 10% or greater increase in revenue in 6-9 months. [Source: Gartner Research]
: Don’t do the work yourself. Use tools that help you along the way. Whether it’s email marketing, a system like ChatMatic which allows you and enables you to automate your Facebook communication with potential prospects… or it’s text messaging systems or automated follow ups… you NEED to have a plan in place to make sure you are automating so you don’t spread yourself too thin but still take advantage of increased sales.
6. 70% of people make purchasing decisions to solve problems. 30% make decisions to gain something. [Source: Impact Communications]
: I love this one. People buy to solve problems, way more than they do to gain something. So when you are selling your product you should appeal to the NEED and not the WANT. You’ll likely spend more if you NEED it right? I mean if you really need something you’ll spend the extra money than if you just wanted it. It’s a fact that a lot of people forget about because of brands like Apple. Apple is a GREAT example of having a loyal customer base (myself included) who will overspend to get a WANT and not a need. This should be thought of as an anomaly and not the norm. Market your product as a solution to a problem and, as shown in this Impact Communications study, you’ll sell to a much higher 70%!
7. An average buyer gets 100+ emails a day, opens just 23%, and clicks on just 2% of them. [Source: Tellwise]
: OK – fair warning. I created a software called ChatMatic that allows you to send Facebook messenger communication to your buyers in a similar fashion to how you might otherwise send email. So, needless to say, I think this stat speaks VOLUMES about the world we live in today. Your average buyer is getting over 100 emails and is only engaging with 23 of them! Let’s assume 5-10 of those emails are work or family related so you don’t even get to consider that as part of your share… so you get 13 emails… or at BEST 10% of your buyers inbox. Now out of that 10% you’re competing with the rest of the 90% that are trying to reach that customer. It’s just too much and too complicated which is why email open and click through rates have plummeted in the last 5-8 years. I’ve seen it in my personal business as well as noticed quite a few larger brands seeing the affect and pivoting.
One of the primary reasons I started building ChatMatic was because I think we live in a world that is shifting away from email as a primary mode for communication. The reason email was effective for the last 20+ years is because it was primarily used as a communication channel. When it first came out it was all the rage because your alternative was to either pick up the phone (and that is basically non existent now) or send an actual letter in the mail (isn’t it amazing that people don’t send REAL mail anymore and that it’s starting to become an effective advertising channel again because people have moved on from it so it’s not infiltrated?). But now that so many people are sending emails it’s starting to become WHITE NOISE – hence – people are now no longer sending their friends and family emails… They communicate through Messenger, SMS, and other chat based Apps. With our customers attention shifting to these “chat based apps” it’s time WE focus our attention there as well. Figuring out how to EFFECTIVELY market to someone in a communicative manner is where the future of sales is – and I believe ChatMatic helps you automate and control that while growing your business in a 2017+ friendly way.
8. 40% of emails are opened on mobile first – where the average mobile screen can only fit 4-7 words max. [Source: ContactMonkey]
: Yikes! This stat is SUPPOSED to tell you that your first 4-7 words should be IMPORTANT, but that’s now where I’m going to go with it. I think it’s crazy that 40% of emails are initially opened on mobile devices because that number will only increase… making mobile an important part of your game! By now, if you aren’t mobile optimized you are literally throwing money away, but you likely know that. Yes it’s important to make sure your first sentence is catchy, so make sure you do that, but don’t forget about the fact that your ENTIRE pitch has to match the mobile experience.
9. Customers are 4x more likely to buy when referred by a friend. [Source: Neilsen]
: That’s pretty incredible if you think about it. Someone who is referred by a friend is 4x more likely to buy from you. So the question you should ask next is… How do I get someone to recommend my product to their friends? Well it’s actually pretty simple… ASK THEM TO.
I think, due to our new digital world, we often times focus on the RIGHT NOW which usually refers to the sale. But let’s talk about the right before and the immediately after for a second. Both immediately before and immediately after are great times to ask people to share for you. If you ask before you could use it as an incentive to get a discount or to get access to something. If you use it after – it’s like as a thank you for a great deal.
Facebook makes it REALLY easy to get your customers to “recommend” your business by simply letting your engage with customers and then that message gets shared on their newsfeed. Regardless of whether it’s an ACTUAL share, it’s still them recommending you by simply taking some action.
10. Social media has a 100% higher lead-to-close rate than outbound marketing. [Source: Hubspot]
: This one seems too simple to me. Is it just me or is social media not THE most important traffic generation strategy on the planet right now? Are you kidding me here… 100% higher lead-to-close rate than outbound marketing. That means that sending an email, direct mail, television commercials, and even ADS are significantly less effective than a good social media strategy.
Personally – this was another reason I built ChatMatic. It allows you to interact with your users/ customers/ prospects and actually build a relationship. That ONE private message could be the difference maker for your prospect which makes them choose your company over someone else. It’s absolutely CRUCIAL that you use everything available to you in order to increase sales as things continue to get more and more competitive.
Hopefully you liked my little summary of these ridiculously powerful stats. If you did – I’d love a SHARE myself! Let’s spread the love.
Whatever you do – don’t forget about these stats. Use them, Save them, and think about them when you are setting up funnels and campaigns. It’s pretty obvious that you want to be social, have follow up automation in place, and meet your customers where they are and don’t make them come to you…