FOMO or Fear of Missing out is not a new sales strategy, but I often come across "old tricks can become new tricks" situations.
This week's article is about how you can use FOMO to find opportunities and accelerate pipeline. On the phone, via email and on social media.
FOMO in Sales
In the past, it was common place if you sold a system to company, you would ring up their competitors and pass on the good news. If you won a deal in a Telco company, that gave you a great reason to call the other Telcos.
For example, while working for a small accounting software company, I sold the software to a UK Hospital. After that win, myself (in my territory) and all the other sales people in theirs. We called up all the hospitals to pass on the good news that a hospital in their locality, had a new accounting system and maybe they should take a look too. This immediately got meetings, even if just for curiosity.
(Yes, I know curiosity isn't a good reason to have a meeting, but stick with me on this.)
This was the start of this software house, over a number years, becoming the number one accounting software provider to the UK National Health Service (NHS).
NB: I digress but having worked for a competitor, I've often smiled at how difficult they found replacing those systems I sold over 15 years ago. :)
FOMO for the SDR
With that context in mind, in my last big company role, I had a number of telesales (in the US I think you call them SDRs) people who reported to me.
Now most of the team were good at what they did but one person "killed it". She was getting a lead* a day, all of which were driven from cold calls or cold emails.
*A lead being a meeting with a person that had "need" and "authority".
How to Get Complaints from Sales People They Have Too Many Leads
After, 2 months of this, with salespeople complaining they had too many leads. Yes, we got complaints they didn't have time for the meetings! We threw accounts at her which other SDRs said were impossible to crack. And she got meetings. The harder the account to crack, it seemed the easier it was for her to get a meeting. With that in mind, I'm about to tell you her secret.
With this success I got the SDR to give a webinar to the internal teams and explain her secret, which was, you guessed it, FOMO.
What is FoMo?
So what is FOMO? - Put simply it is the fear of missing out. This SDR used FOMO but with a twist.
Rather than than ringing up and dropping the request for a meeting at the end of the conversation, she called and asked for the meeting at the start of the call.
Her advice was to tell the prospect why you are calling and what you’re hoping for, for example. ‘This is Tim from ABC company…..I'm working alongside a number of different councils at the moment and arranging a series of review meetings to address the issues & challenges around X, Y & Z…..
(I'm guessing you know you customer's pains to fill in X, Y and Z).
Now to the FOMO part .... That is great the anxiety with the prospect that an exciting or interesting event may be currently be happening elsewhere.
Her advice was "Always make the prospect feel like they are missing out. For example, “We are currently meeting with other Universities” or “We have a number of review meetings with a number of councils in your area”
The concept is the same, ask for the meeting in the first email.
Tell them you are working with other INSERT INDUSTRY in the area and you’ve got a number of review meetings (ALWAYS SAY A DATE) w/c 25th January
You are ‘in the area already’ so if they had a spare hour that week you’d be happy to meet and discuss…etc.
Remember! - You are not desperate to meet them…you are doing them a favour by offering your services to them
This is KEY…you are in demand in the local area!!! Why wouldn’t they agree to a meeting
Finally, we are all Busy People
When asking do they ‘have time for a call today’ SAY you ‘have some availability between 2-4pm’.
You are just a busy as they are!! Boost your credibility!