Use These Data Backed Tips To Close More Deals
Recently, InsideSales.com released a research paper titled: Time-Based Closing Strategies: The High Cost of Procrastination. In it, they used data from over 9.8 million sales opportunities to narrow down how closely your closing success is tied to a specific date.
Because when you think about it, timing is everything. Reach out to a contact to wish them a happy birthday, and they’ll be far more receptive to you. Reach out to that same client after they’ve started chatting with another lender and they might not be too pleased to hear from you.
Here are a few tips from the report that could help you narrow down your perfect closing date.
1) Don’t Reach Out on Fridays
If it’s Friday and you’re already thinking about the weekend, your client is too. Unless you’re working in a time sensitive situation, it’s better to wait until Monday or Tuesday to make that call.
According to the report, more than 760,000 deals were lost on Fridays. A much higher number than the rest of the week. The day of the week with the highest success rate? Tuesday. How do you feel about about putting off that call now?
Not everything comes down to a day though. Make sure you’re putting in the effort to raise your credibility as well. Practice active listening. Ask questions. And see how your client is feeling.
2) The Weekend is for Relaxing
Clients typically don’t want to take business related calls while they’ve got their feet up on one of their precious days of, so even if you book a meeting, they might not be completely engaged.
According to InsiderSales, the success rate of making a deal with a client over the weekend is 36.22%, while the average for the whole weekday (including Friday) is 62.59%. So you’re about 73% more likely to lock your clients’ rate during the week.
This doesn’t mean you’ll never work on the weekend again. Any high-producing Mortgage Advisor knows that isn’t going to be realistic. But if you are going to work over the weekend, use that time to tinker with your CRM and queue up trigger emails you want set up throughout the week.
3) Avoid Rushing Your Clients as Month End Approaches
Many in the Mortgage Industry feel the looming pressure of needing to close by month end. This same pressure is felt across the sales industry with three times as many deals being closed on the last day of the month compared to every other day.
On the flip side, 51.11% more clients are driven away on the last day as well. If you’re feeling the pressure, your prospective clients are feeling it too. No one likes being forced to work on a timeline that isn’t their own.
Consider using the last day of the month to focus on deals already in process and use the start of the next month to reach out to those new prospects.