Prospect Follow-Up: The Need for Speed

Does it take long for your dog to chow down a treat when you offer it? Dogs know what the immediate benefits are, so they grab what they can get. Well, it's the same in business. When a prospect contacts your company or organization, dangling a carrot with business or money, how fast do you or your staff respond?

My husband is in the promotional-products business, a highly competitive end of marketing. When prospects ask him for a quote, whether it's for 500 units or 150,000, he gets it to them within 24 hours, more often within a couple of hours or less if he's in the office. His prospects and customers are always amazed at his quick response. Their experiences haven't been as positive with other suppliers. and they're usually thrilled at this level of customer service.

I, too, have had similar experiences. I recently sent an email to a colleague asking whether his company was interested in taking on a prospect who called me first. The project was related to work I had done previously but not frequently, and I felt it would be in the client's best interest to use a company that specialized in her project area.

I didn't receive a reply to my email, so when I saw this colleague at a meeting the next day I asked whether he had seen my email. No, he said, but if I send him the details again, he'd be in touch. Well, that day came and went, as did the following two business days.

Perhaps, some companies are just so busy handling the work they already have on their plates that they don't care about the prospects that get away. They're overwhelmed. But, what happens when business slows or the market changes? What then? Those original prospects have likely found other suppliers who have provided better response and service. (Talk about shooting yourself in the foot.)

It may seem obvious, but responding to prospects in a timely manner is paramount to customer acquisition and retention. Whether companies manage B2C or B2B relationships, the first businesses to reply to customer or client inquiries have a better chance at scoring than those who ignore them or respond too late.

People are often in a rush to get their needs fulfilled. Especially in the B2B market, decision-makers want things done yesterday. So, getting a foot in the door fast can lead to increased business.

As many studies have shown, it isn't always about price. Which of the following do you think has better value?

The supplier whose products or services are less expensive, but you have to chase him to get anywhere...
Or the supplier whose products or services cost a bit more but he's reliable and gets what you need, responding quickly.

It's almost a rhetorical question. As Ed Hellenbeck wrote in his MarketingProfs article of last summer:

The most prevalent misunderstanding of the customer value concept is that value means low price.... Value is a subjective idea, depending on the consumer, and that the functionality or utility of a product is just one component of its perceived customer value...Value is the benefits you receive from a product for the price you pay for it.

Prospect (or customer) follow-up is often a make-or-break-it component of any company's or organization's brand. So, it's important to communicate effectively with inbound inquiries.

Establish protocols and standards

This is especially important for small-to-midsize businesses and nonprofits that may not have defined customer service standards. Begin to identify the protocols by answering these questions:

What is the first customer touch point? Are those individuals trained in handling all types of inbound callers?
How is the prospect relayed to the right staff person? Do you have a failsafe system in place so prospects aren't dropped?
What timeframe is acceptable for a response?
Who handles contacts when designated staff are on vacation, out sick or otherwise not in the office?

Communicate with honesty

In the retail shopping world, if a product doesn't come in the customer's color choice, a good salesperson will ask whether s/he would like to see it in another color. There's always a chance that the customer will admire the product and accept it in a different color.

So when you receive a voicemail from a prospect asking about a particular service, but you haven't offered it in several years, do you return the call regardless or do you delete the message? If you ignore the caller, you may be missing an opportunity to interest him/her in another service that you do offer. But, how will you know unless you have a dialog to ask about the prospect's problem?

If your company isn't the right fit for a prospect, be honest. Then offer a couple of names of other suppliers that can help. People remember when you're kind and helpful, and that may mean a positive word-of-mouth referral to someone else.

Be quick, be nimble

Suppose you receive an email from a prospect asking about a particular product but you're not sure whether it's still in stock. You have two choices:

Wait until you hear back from the warehouse to confirm the item is in stock before responding to the prospect.
Email the prospect immediately thanking her for the inquiry and indicating how much you'd enjoy serving her needs. Then tell her that you're not sure the item is in stock, but you're waiting to hear back from the warehouse and will contact her as soon as you find out. Provide a time/day for your response so her expectations aren't incongruent with reality.

In the second scenario, you've established your company as customer-focused. You've quickly responded to say you're following up, which sends the most important message—you want the prospect's business.

This simple example translates to services or nonprofit organizations just as easily. The prospect could be a donor asking a question, or someone wanting information about your services. Be quick, be nimble, and respond, thanking prospects for the opportunity to serve them.

As the TV insurance spot says, "Life comes at you fast." Many people are impatient, under pressure, or overwhelmed. Simplify their lives and win their loyalty. Respond to their inquiries quickly and honestly, establishing a winning service protocol for success.

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ABOUT THE AUTHOR

Elaine Fogel is president and CMO of Solutions Marketing & Consulting LLC, and a marketing and branding thought leader, speaker, writer, and MarketingProfs contributor. She is the author of the Beyond Your Logo: 7 Brand Ideas That Matter Most for Small Business Success.

LinkedIn: Elaine Fogel

Twitter: @Elaine_Fogel