Keeping the Funnel Full and Prospecting Awareness

Hopefully everyone had a fantastic holiday weekend and enjoyed the beautiful weather! We’re back this week to continue our series on why salespeople fail at prospecting.  This week we will discuss the importance of keeping the funnel of prospects full and buzzing with activity and how the lack of prospecting awareness can have you looking in the wrong direction for business.  Just as a note I will be on a vacation next week and we will not have a sales tip or blog, don’t fret though, I will return and be back to normal the week of June 11.  Take care!

-Mike

Reasons why salespeople fail at prospecting

Failure to keep the funnel full

Many sales professionals will tell you that the biggest challenge they are faced with is creating and sustaining the right kind of activity and behavior to consistently keep their prospecting funnel full.  The only two elements that you can manage in your respective selling processes are the day-to-day activity and the behavior.  If you build the right strategic activity plan, the positive results will take care of themselves.  Always remember good behavior gets good results, bad behavior gets bad results.  One of the best ways to continuously generate business is to consistently keep the funnel full!           

     

                                                                                                          

 

Lack of prospecting awareness

Prospecting is the life-blood of professional selling.  Developing a prospecting awareness is all about keeping your antenna up, being focused, tuned in, and recognizing when a prospecting opportunity presents itself.  Asking the right questions will uncover the potential for additional business with existing clients.  Ask yourself, what does a good prospect look like? What are their characteristics or type of business? Keep these in mind throughout the entire prospecting scenario. Make sure as well with prospecting that you are talking to the decision makers and those in charge of making the big decisions.

• Preplanning
• Concept/Script
• 15 second value positioning statement
• Specific goals and objectives
• Tracking system
• Keep thinking outside the box
• Debrief your calls

Don’t be hesitant to tell people what you are looking for; they can’t help you until they understand your needs.  When prospecting one must remember to keep the hunter/farmer mentality; this means that when looking for new prospects one is “on the hunt” for new business, however one must also keep the farmer mentality by nurturing and caring for business relationships that have already been created.  Through this two step process you will be able to balance your new prospects while not neglecting your previous. 

Remember: We won’t have a blog or sales tip next week but on the week of June 11 we will give answers to insufficient tracking system and poor prospecting attitudes.

Failure at Prospecting Part 2 – Fear of Rejection and Procrastination

Welcome to part two of series on why sales people fail at prospecting.  Just to rehash, last week we discussed the importance of setting forth with a well-thought out and organized methodology and how to battle some of the aspects of call reluctance.  This week we will be covering the fear of rejection and procrastination as two more ways in which salespeople fail at prospecting.

Fear of Rejection

Within the sales profession there is a mindset that is required to know that your product or service that you represent may not be a good fit for all potential clients.  Often times, this realization results in a fear of rejection which can be crippling toward your business.  In order to combat this fear, a sales person must do their due diligence in researching potential prospects by building a portfolio of possible client candidates.  The lack of confidence, and therefore the fear of rejection, stems from not being prepared.  When you have created your game plan, and have a portfolio of potentials then is the time to pick up the phone and start calling.  You have to create your own opportunities by doing your homework and knowing what to say so that you don’t end up wasting either of your time.  Not every phone call, email, or business meeting will result in further business but I guarantee that if you do your due diligence and homework beforehand you will end up with a lot more business than if you decide to just “wing it.”  As I’ve discussed before, a no is not always a bad thing (see HERE), and that rejection is an emotional state of mind that really doesn’t exist.

Procrastination

            The dictionary simply refers to procrastination as a “delay” in doing something.  The explanation is simple; the reality is vivid for many sales professionals.  How often have you heard:

·         Been meaning to get to that….

·         It was right on top of my list of things to do….

·         Been meaning to get back with you on that….

·         Been putting out fires, I promise to get back with you next week…

All of these are excuses made by people procrastinating. Now I’m not saying that procrastination will never by eliminated, but it certainly can be minimized by prioritizing your ‘to do list.’  It’s amazing what a little strategic planning and some clear deadline can do to keep us on track.  You know what you should be doing so get out there and do it!  As Benjamin Franklin wisely said, “You may delay, but time will not.”

            Next week we will continue on our series of why people fail at prospecting by discussing the failure to keep the funnel full and how the lack of prospecting awareness are two more crucial obstacles to overcome in being a successful sales person.

Reasons Why Salespeople Fail At Prospecting: Part 1

Over the next four weeks the blog will be discussing why people fail at prospecting. Each blog will cover two aspects, totaling eight reasons for failure. Some of the reasons salespeople fail include: lack of a methodology for prospecting, call reluctance, fear of rejection, procrastination, failure to keep the pipeline full, lack of prospecting awareness, poor prospecting attitude, and an insufficient tracking system.

            This week we will cover the lack of a methodology for prospecting and call reluctance. Since we have already discussed call reluctance in some detail in previous blogs, we will provide links to this topic so you can delve deeper into the subject matter. Relating to lack of a methodology, we will discuss game plan formulation, value positioning statements and telephone effectiveness.

            One of the main reasons people fail at prospecting is because they don’t have a thorough and specific approach in which to effectively develop a game plan. The game plan should include identifying potential marketing niches, understanding market trends and how they affect your business, maintaining client retention, growth strategies and generating the right activity and behavior for your sales people; all while keeping a progressive attitude. After forming your game plan, you have initiated your journey to success by forming your methodology for prospecting. For more information regarding a game plan, check out our previous blog here.

            Once the game plan has been completed, your next business tactic should be to develop a value positioning statement. This statement should be a general statement about what your business does and answer the question, “what’s in it for them.” My value positioning statement is, “I am in the business of building and implementing sales and growth strategies for emerging businesses.” Within this statement I have pointed out what I do and who I do it for. This provides the client with information about my business as well as how I can bring value to their company. Your value positioning statement should be short and sweet but have a clear message of your significance to their operations. Remember your value positioning statement should and will change as time progresses so that it accurately describes what your company wishes to accomplish.

            Once you have your game plan and value positioning statement, now you are ready to contact potential clients. This step requires some forethought in creating what many people often times forget, a good telephone script. This is one of the most important tactics in your arsenal, in that it gives you a clear direction in which to steer the conversation while allowing the client to speak on their own behalf while creating a dialogue, in order to see if your services are a potential fit. In your call script you should ask open-ended questions and inform the caller that it is okay to say no if our services are not a match. These same processes of creating dialogue can be applied to digital conversations as well. We have previously written blogs regarding being okay with a no and the process of exploring new leads. You can read more on the subject here.

            The next issue of why people fail at prospecting deals with call reluctance. We have covered this topic in a four part series and to read about the psychological aspects as well as a case study of one of my past clients you can click on these links to read more. (1) (2) (3)

            To sum up today’s post we have discussed how and why creating a game plan, formulating a value positioning statement, and having a telephone script can provide you with a strategy for your prospecting methodology. As we’ve previously covered, call reluctance is an issue that continues to emerge when discussing complications with sales people and can be overcome through creative thought, dedication and a continuing positive attitude. Next week we will continue this series by discussing fear of rejection and procrastination.

Embracing Change- A Case Study on Business Growth

In continuing from last week’s blog on personal change and the progress it can bring to your business, this week we will be giving you a case study about one of my clients who was resistant to changing the way her business was run.  Let me first reemphasize that people like the results of what change brings but still continue to be resistant to the act of changing.  Our case study will focus on one of my past clients, Rebecca, and her small family owned upholstery business. Like many small business owners, she was progressive in many ways, but was prone to relying on past business strategies and was resistant to new technologies and changes in the industry. Through the ages, the business had spurts of growth but in the modern marketplace had fallen behind in market share due to the company’s resistance to adjust to the times. Their company resisted until change was inevitable, thus putting them behind the curve in the modern business world.

She finally got concerned with the company’s lack of change when many of her long term customers started doing business with her competitors.  This was the wake up call that spurred her realization to know that her business behavior needed to be modified.   She came to me knowing she needed to change her business strategies but not knowing which directions to take.  She shared with me that their business was not the first to embrace change, until the majority of her competitors had done so.   Their mantra had been, “It’s always worked in the past why do we need to change now?”    In the past this may have been reasonable thinking, but in today’s market the spoils go to the risk takers and those setting the pace in new endeavors.  This was an entirely new way of thinking for her company.

When I came into the equation, one of the first things that we did was look for internal problems as well as unidentified issues and addressed the concerns that surfaced.   Once we were able to spot the problems (the company’s resistance to change) we were then able to set goals and objectives to facilitate the company to begin their transformation.  Many believe that this is an industry that rarely progresses but when we broke it down and discussed the changes that were evident in the marketplace we were able to plan the direction in which the company needed to head.  This included buying new equipment, updating inventory lists, making connections with new vendors and suppliers and making the transfer into digital invoices and receipt records.  This seemed overwhelming at first but through hard work, positive reinforcement and the realization that bringing these changes was not as hard as it initially seemed we were able to slowly advance in bringing the needed amendments.  The results were noticed nearly instantaneously as efficiency was increased; they were able to offer more competitive pricing and through the use of small marketing tactics were able to regain lost customers.  Many clients and customers were impressed with the rapidity in which these changes were able to occur and word quickly spread that Rebecca’s company was back to being one of the leaders in the industry. 

Rebecca and her company were one of the most resistant to alter their ways, but when they were able to finally embrace change and set obtainable goals and objectives ended up being a fantastic success story.  As John F. Kennedy famously quoted, “Change is the law of life. And those who look only to the past or present are certain to miss the future.” 

Embrace the Change – A key to personal and professional growth

Over the past four weeks we introduced you to Tom and his struggles and strides that he made in addressing call reluctance.  We discussed the causes and came up with answers that started his process of transition.  This afforded Tom an objective look at himself as well as allowing himself to identify his self-induced fears that can surface when you are stretched beyond your comfort zone.  Negative thoughts affect our confidence.  It’s impossible to think negative thoughts and feel good at the same time.  As I told one of my interns the other day, people are about as happy as they make up their minds to be.  We all have good and bad moments, days, months, and sometimes years to move on with the understanding that we can control where we are going by how we display our behavior, activity, accountability, and attitudes based on the real business world that we live in. 

In this week’s blog we will be talking about change.  People of all walks of life are resistant to change, they are comfortable with the status quo.  The problem with this mindset however, is that the world is not in a state of homeostasis.  We are in a time of drastic changes; technologically, economically, and socially.  Sticking with the status quo will not get you the results that you wish to see in your business life.  Although people are afraid of change they are welcoming to the successes and differences that change can bring.  In beginning to change however, one has to get out of their comfort zone and do things that they have never done before.

Let me assure you that I’ve been where you are at in many cases and you can’t write about these issues if you have never had to experience and deal with them.  Each and every day people need to decide to come out of their comfort zone and promote self growth in order to become excellent prospectors, or as I like to refer to them, effective explorers.  Everything we do in life has a starting point, the beginning, the development phase, which I refer to as R&D, and finally to the success or failure mode.  Your success or failure will be directly determined by your personal effort to change and step outside your comfort zone.  These changes will only take root however, after a series of positive reinforcements.  Change is not easy, but it is still necessary.  As Thomas Friedman wrote, “the average is kaput,” this means that the status quo is no longer going to cut it, and that your success is now dependent upon the changes that you are willing to make. 

Next week we will continue discussing personal change and how it can benefit not only your personal growth but your business growth as well.  I’ll introduce you to one of my past clients, Rebecca, and we will discuss some of the changes she made in her life so that she could grow personally and professionally.