What happens after 7 years of marriage?
It didn’t happen to me of course but they say that after you have been married for 7 years you get the ‘Seven-year itch’. You apparently get bored with what you have and start looking around for something else. You get an itch that has to be scratched.
What has this got to do with selling I hear you ask. Well… actually quite a lot.
There is an itch cycle for most products and services. There is a period between the purchase of a product and the time the customers wants to replace that product or upgrade. This is called the ‘itch period’.
The itch period is different in every industry.
In domestic property, the itch period is between six and a half and seven years. On average, approximately seven years after you purchase your property you feel the need to buy again. The family has grown up perhaps and you would like a smaller home. Or you have had three children and your home is not big enough. Whatever the reason the average period between sales of domestic property is about seven years. If you are in property and you know this then the logical approach is to use that information.
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You should keep accurate records of the property you sell and in that record make a judgement as to when the owners are likely to want to buy again. That is the “Itch period”. For younger couples starting out the itch, period is shorter than for older people with a family. Six months before the itch period takes effect you should make contact with the owner of the property. Perhaps you could send them a letter to remind them of who you are and if they need any further assistance with the property market please do not hesitate to give you a call.
What is the itch period in your business? Three years? Six months? If you don’t know you should make every effort to find out and just before your customers get the itch, make contact with them, remind them who you are and how good your service was last time they did business with you. The itch period may not just be for the replacement of the product that you sold them. It may be the period of time between servicing when they might need an upgrade or even for something as simple as stationary or another consumable.
When your customers are “itching” it is your job to help them scratch.