Here’s something to think about.
1% Success 99% Failure
I worked for an insurance company and tried to sell their products.
Insurance companies are also known as Financial Institutions.
The people who work for insurance companies love to talk about money.
One of the things that they shared is a statistc about how much money people have when they get older.
They have been studying people for decades and the results are ALWAYS the same.
When you study the results of 100 people, when they reach age 65, here are the results.
54 of 100 don’t have money for expenses.
36 of 100 don’t reach age 65.
5 of 100 are working past retirement.
4 of 100 have some savings.
1 of 100 people are wealthy.
The numbers that you’ve just seen is a statistic in the United States, the country almost every Filipino wants to live in.
Where do you want to be financially when you get older?
According to different organizations who study the history of businesses, 96 of 100 business die off before they celebrate their 10’th aniversary.
20 out of 100 businesses die in the first year of operations.
30 more businesses fail in the second year.
50 more businesses die by the fifth year.
Out of 100, only 4 businesses make it past 10 years.
In sales, they taught us a concept called the sales funnel.
I’m going to explain the sales funnel.
To make one sale:
162 phone conversations are needed to schedule a meeting.
54 people need to say yes to meeting up with you.
27 people will actually met up with you.
9 of the people you meet will say yes they will buy.
3 of the people who promised will buy and sign the sales document.
1 person bought and paid.
You have one sale!
To make one sale, but we’re counting the rejections.
162 unanswered calls.
108 phone rejections.
27 canceled appointments.
18 people rejected you during or after the meeting.
6 people told you they’d buy but didn’t sign any document or paperwork.
2 out of the three transactions didn’t push through.
This is how we were taught in sales.
When I worked for tech support and we were expected to have sales, we were only required to sell to 1-2% of our calls.
That means I am going to get rejected 98 to 99% of the time.
And I should be fine with that.
When I look for work, I always meet 16 prospective employers.
When I sell my services online, it takes me 20 poposals to get a five interviews that may land me a client.
Sometimes I have to send 40 proposals and get my interview at proposal number 36 and 38.
E COMMERCE STATISTIC
When selling online.
Only one out of 1,200 people who see our ads buy our lessons.
Only one out of 15 people message our ads.
LAW OF THE SEED
The law of the seed.
It takes 20 interviews to get a job.
It takes 50 meetings to make a sale.
95% of people who buy books don’t finish the book.
Less than 5% of people actually finish the books that they buy.
OUR TRAINING BATCH 2020
I found an unusual statistic in our program.
Out of 100 students:
90 people do not complete the activities needed to pass week one.
70 people do not send us any replies.
30 people send us one activity.
10 people complete week one.
5 people reach week two.
OUR TRAINING BATCH 2021
We made changes to the writing requirements.
80 people do not complete the activities needed to pass week one.
65 people do not send us any replies.
35 people send us one activity.
18 people complete week one.
7 people reach week two.
YOUR CALL CENTER TRAINING BATCH
Here’s what happens when you get hired in a call center.
You’ll have 30 people in your training batch on your start date.
You’ll have 25 people in your training batch at the end of your initial training.
You’ll have 20 people in your training batch at the end of your product training.
You’ll have less than 15 people in your training batch at the end of your first week on the production floor.
You’ll have less than 10 people in your training batch at the end of your first month on the production floor.
Less that five people will get regularized.
There will only be two or three of you in your training batch after a year.
What does it take to become part of the successful 1%?
1% of people are abnormal.
They work hard.
They don’t quit.
They make intelligent decisions.
They are disciplined.
They are consistent.