“A man's mind once stretched by a new idea, never regains its original dimension.” Oliver Wendall Holmes |
Buy the Book
Learn more about Jay Young's latest book Are You Ineffective? and all his other many publications here.
 |
 |
| Convert Your Pipeline |
 |
 |
 |
Share this post
February 23 2011 Topic: Sales Management Reference: James, Geoffrey.” Four Strategies To Turn Prospects into Opportunities.” http://www.bnet.com/blog/salesmachine/four-strategies-to-turn-prospects-into-opportunities. Now that the economy is turning around and the ability to expand your customer base is possible, it is critical to jumpstart your prospecting process. Whatever method you choose can be effective if it leads to the conversion of prospects into customers. Your conversion rate can be improved if you set up and follow a tracking process, follow up with potential customers, and use a variety of outreach methods to converse with potential clients. That is why it is important to connect your business development operation, with newsletters, speeches, social media, and events.It is particularly important to increase your outreach rate to high potential customers. This can be done through focus, special scripts, or other programmatic elements that are designed to leverage the 80/20 rule to get the best financial results (i.e. 80% of your business will come from 20% of your clients). The trick to finding the right 20% and the right customer profile. The referenced commentator takes a similar approach for building your sales pipeline. In the article he specifically addresses: (1) improving your prospecting list (referrals from existing customers); (2) improving your selling attitude (be focused and excited to close); (3) improving your phone skills (constantly check and reassess what works); and (4) increasing your ability to close (make a more effective presentation; overcome sales resistance). The commentator notes that these things have to be done in parallel in order to sell less and close more. I agree with this assessment and find that a breakdown in any of the noted areas can hold you back. I am good on the phone, but do not particularly like to call. As a result, I find it more effective to set a timeframe and a number of specific calls in order to improve my selling attitude. Either way, prospecting and closing prospects is a critical part of your business. If you are not paying close attention to this area you are surely leaving money on the table. |