The 5-5-20 Formula Explained

So, we talk a lot in The Silver Sales Bullet about our 5-5-20 formula, and how crucial the first 30 seconds is…

 So, let’s go through the 5-5-20 formula.

In engaging on the phone, with somebody that you’ve never spoken to before, the first 30 seconds are pivotal. Critical. Crucial.

We are all inundated with calls from people trying to sell us stuff – payment protection insurance back in the day, and the vast majority of those people should enrol onto The Silver Sales Bullet…

They are useless and irritating.

This 5-5-20 formula to me is very simple.

The 5-5-20 refers to seconds.

5 seconds to apologise.

5 seconds to introduce.

20 seconds to explain.

Let me walk you through it…

In the first 5 seconds, I apologise.

e.g., “I’m terribly sorry to trouble you, please forgive me”.

The next 5 seconds you introduce yourself.

e.g., ‘my name is Ian George’.

And a lot of people don’t even do that do they – they don’t even tell you their name.

People just ring up and say, ‘Ian, how are you?’

I don’t know who they are, I don’t know why they’re calling. Why would I be interested in someone who, as far as I’m concerned, doesn’t know me, being interested in my well-being. 

They probably won’t give their full name, and I often find they use acronyms for companies.

e.g., “hello this is Steve from CPDB”. 

It drives me nuts, when you speak to someone, have the courtesy to apologise.

I would often say, if someone answers the phone, for example a Gentleman named David, “David, good afternoon, could I firstly please apologise most sincerely for troubling you, my name is Ian George”.

Now the purpose of the enquiry is perhaps the most critical element and you need to say something that is going to secure their attention.

Now that may be “I’m ringing on behalf of an entity that has an expression of investment interest” or “I’m ringing on behalf of a client who is interested in your product range”.

You’ve got to give them a reason to listen to what you’re saying.

And when you hear them pause, it means you’ve got their attention, and I often say something like “have you’ve got a spare 98 seconds?” 

And the standard response is “yeah, just about that”. 

But then you’ve got them.

Now, then what you say is clearly critical.

But please make sure you apologise, introduce yourself and be very succinct with the purpose of the enquiry.

So in summary, the first 30 seconds are crucial, you have 5 seconds to apologise, 5 seconds to introduce yourself and 20 seconds to say something that is compelling.