Episode 156, Do this every day to protect your business and income!

Simplify Your Sales and Business meetings. Lisa Thal is an Author, Speaker, and Business Coach. She has over 35 years of marketing, sales, and leadership experience. She wrote the book "Three Word Meetings."  Lisa coaches leaders on simplifying sales and business meetings with fun and interesting 3-word  topics to get your sales team motivated and inspired.

 

Episode 156, Do this every day to protect your business and income, Prospect!

 

If you want to build your client list and create more income for yourself, you need to master doing this, Prospect with Intention!

 

Hello, Three Word Podcasters!  I am Lisa Thal, and I share my thoughts on three-word topics to help engage and inspire you and those you lead. Three words you can use as a topic in your next sales meeting.

 

In last week's episode 155, I shared the formula for Productivity if you are in sales. The most effective and quickest way to shorten the sales cycle and build instant trust with that prospect. The best source, of course, is a referral from your best customers.

 

Why is prospecting vital to you? Because it protects your income and allows you to control your destiny. You could be one phone call away from a client canceling or choosing another vendor.

 

What Is Prospecting?

Sales prospecting is taking action and intention to look for potential buyers, customers, or clients to convert into new business. Your goal is to provide a solution to the most significant business problem they are facing today. You do this, and you will earn their business. 

 

Sounds simple and not easy!

 

While the concept is simple, an effective prospecting strategy is challenging to execute. Research shows that 50% of sales time is wasted on unproductive prospecting. We are focused on accounts that are not a fit for our product or service. They don't have the budget to invest in executing the solution you are providing. Think about it—how much more selling could you do if you weren't wasting so much time on these clients.

 

Today that changes as we focus on seven ways to improve your new business prospecting.

 

Who are your best clients?

The most critical step in prospecting is understanding your best client, their interests, pain points, and what motivates them to buy. Your sales efforts will fall short if you don't know whom you can help. Start by reviewing your best customers and determine what they have in common, the Size of the companies, and the problems they may be facing that you have solved. When prospecting, we may be wasting valuable time calling on clients that we can't help or that don't have the budget to invest in our products to be successful.

 

Consider the different types of clients who have the most success with your product. 

 

Who are they? 

Why do they buy? 

How have you helped them?

 

The more specific you get, the more granular you can get with your sales prospect list. If you don't know the answers to the questions above, interview your best clients and ask them the questions above.

 

Would you answer your call?

Master making calls. The question is would you make an appointment with yourself? Have you proven that making time on their calendar is worth it? 78% of decision-makers have taken an appointment from a cold call. It starts with a conversation from you and a valid business reason why they should meet with you.

 

Do your research.

To have confidence in calling, you have to identify the why. 

Is there something you read about their company that you can help solve?

Is there an industry trend that will impact them?  

What are some of their potential pain points?

How can you solve their specific issues? Are they working with any of your competitors? The more information you have, the more confident you will feel and the better you can speak to their specific wants and needs.

 

Be Proactive and Consistent

It's easy to put sales prospecting at the bottom of your list, but creating sales must consistently be a daily activity. 

 

Consider setting daily prospecting goals. 

How many cold calls should you make a day? 

How many emails should you send? 

In most cases, you have to find and develop your leads. By establishing a method and process, prospecting quickly becomes a habit and can help you avoid any revenue shortfalls.

 

Nurture Relationships

Even after perfecting your sales pitch and contacting all the right people, you could still have the client say no. Some of the businesses we are targeting may be happy with their current vendor. It's essential to stay close by connecting and sending them relevant information to help their business. Develop a prospecting strategy to nurture these prospects until they become ready to buy.

 

The key to building a lasting relationship with a prospect is to understand why they said 'no' in the first place. Many times, 'no' really means 'not yet. Learn from each call and ask the prospect for help in understanding their hesitation or why your product isn't necessarily a good fit. 

(Learn more) Overcoming Sales Objections: The 5-Point Guide.

 

Sale is a Journey

I often hear timing is everything. Your best customer today started with a phone call or in-person meeting. Let's face it; it is challenging to close a client on the first call. It's a process of building trust and earning a conversation to have the opportunity to help solve their business problems. Your ability to stay relevant and bring solutions to the clients is vital. 

 

One Size does not fit all.

Get creative and try different sales prospecting techniques. What works to find and convert one prospect might not work the next time you try it. Try other methods, track your results, and improve your strategy. Just keep moving forward. Each new prospect is motivated by various things. Our job is to discover what that is and give it to them.

 

The real-estate industry focus on Location, Location, Location. If we want to stay in business and grow our income, we must embrace these words: Prospect, Prospect, Prospect every day!

 

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Learn more about Simplifying Your sales meetings using 3-word topics at http://www.threewordmeetings.com.