According to a new survey by Vodafone, today’s young entrepreneurs prefer using email instead of the phone to conduct the majority of their business.
It was found that when going after clients the rate of phone use drops by 30% for entrepreneurs in their 20’s compared to their counterparts in their 40’s.
The survey also discovered that, despite the rapid rise of social networking sites like Facebook and MySpace, most young entrepreneurs do not see these networks as being able to help them grow their businesses.
However, the survey also revealed that 47% of business owners in their 20’s preferred to network online even though the chances of them landing new business was minimal.
Face to face meetings have still be found to be the number one way to get new clients. An in person meeting was found to have a success ratio of 57% while those who tried getting business via email only found the success rate drop to 37%.
In addition, one in five young entrepreneurs said they would not do business with someone they had not met face to face while 60% said they would not do business with someone they had not spoken with at least on the phone.
Personally, I’ve had success selling face to face, on the phone, and by email. Because I run an online business, most of my clients are not in my city (or country!) so meeting in person is usually not done.
I’ve also found that once somebody starts spending a couple of hundred dollars a month with you they generally like to speak with you by phone prior to getting set up. If it’s a smaller deal then they are usually comfortable with email only.
What have your experiences been?
Evan Carmichael
My more meaningful professional relationships only use email for organising meetings – everything is done in person. People need to start picking up the phone, calling and meeting people in person. It’s all about face time.
Very interesting facts and I agree that every business person whether an entrepreneur, sales person, BD exec. would rather avoid using the phone completely. Seriously, who likes making calls? However, I enjoy seeing this fact because the more people shy away from the phones, the more opportunity I have to use my proven phone techniques to not only acquire new business, but to promote my companies with large media outlets by contacting the right people directly. (ie. NY Post, NY Times, TimeOut NY, CBS News, Fox5 News, etc) Meeting in person is always the best and being good on the phone will allow you to meet with the people who can actually help grow your business.
Was slightly familiar with the Vodafone research but found your blog entry to be “further proof” of the viability of Old School, in person conversations as well as those on the phone.
I would like to quote your blog in my new book for Fireside (Simon and Schuster), Face To Face.
Coming from a young entrepreneur, your insights have great value. Found the stat about not doing business with people they haven’t met to be interesting. The commercial about online scam artists underscores the point that if we SAW the person and heard their pitch, we’d never fall for their ruse.
THANKS for penning a valuable piece.
Susan RoAne author, How To Work a Room
I would have to agree that while social networking sites are incredibly popular they do nto prosent business opportunities for every business. Nevertheless opportunities are available for people able to capitalize on products that young people can afford.
I prefer email to phone as well, though I seem to be in the majority. The fact is I receive correspondance from dozens of people each day. Email allows me to prioritize my replies in the way that makes sense for me. Phone calls don’t allow that: a loud bell rings and I must immediately stop what I’m doing and address a person’s concern, even if it is actually far less important that what I was working on. Phone calls are an intrusion. Don’t phone me.
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