Dig the well before you are thirsty. Chinese Proverb
This quote came across my desk on Thursday. I had just returned to my office from prospecting practice at The Hub (see below, News and Events, May 30), so it was very appropriate.
On the large white board we had created an imaginary time line for gaining new customers. (I’m convinced this is the most common mistake of entrepreneurs and salespeople alike – to focus on the customers in front of them and forget to discover the customers they will need next week, next month, next year.) While it varies depending on your product or service, here’s what can – and does – happen to many entrepreneurs and salespeople:
May 1 – you recognize that you haven’t done the necessary prospecting/follow up for strong revenue in June
May 2 – you choose 20 leads (hopefully they are from your very well-defined target market!) and you start making phone calls
May 3 – by the end of the day you’ve only reached 1 of 20, and they have allocated their budget for this year. They do ask you to follow up in November for 2014
May 6 to 10 – between meetings and work on existing client projects, you find a few hours to prospect and you reach 5 people. Two are interested and agree to a meeting, but both are traveling and the meetings are scheduled for early June. Two request more details by email and say they’ll discuss possibilities with members of their team. One says you have called at exactly the right time and would you be able to meet next week?
May 13 to 17 – even though it is difficult to find the time to make calls, you do connect with 7 more prospects. 3 of them give you a direct no, not applicable to them at this time, but agree you can follow up in a year. 2 ask for details by email to share with others. 2 say they are interested in meeting but call them at the end of May to set up a time. The meeting with the prospect you spoke with last week goes very well and you have set a date of June 7 to begin working together
May 20 to 24 – you do manage to connect with the last 7 prospects of the 20 you chose to reach this month. 1 of them is retiring and not sure who will be responsible when they leave so call back in 5 months, 2 of them have committed to working with other suppliers, 2 of them are interested but not until September, 2 of them set up meetings with you in June
May 27 to 31 – you follow up on the on the 4 prospects that requested detailed email and reach 1 of them, who agrees to meet with you at the end of June. You also follow up on the 2 that asked you to call at the end of May to set up a meeting, you reach voicemail and leave messages
So here are the results of prospecting in May for June revenue:
2 currently working with other suppliers
3 “no thank you” but follow up in a year
1 follow up in November
4 meetings in early June
1 meeting the end of June
3 detailed emails requiring follow up
2 follow up to organize a meeting
1 follow up for new contact in October
2 follow up in September
1 hired you to begin in early June
So, your “well” isn’t completely dry. You have one new customer for June, 4 meetings organized, 3 emails to follow up on and 2 prospects that said they want to organize a meeting soon. That’s good but … if you’d been prospecting consistently …
Call it what you wish – your funnel, your well, or your martini glass (martini glass? – see my July 2012 post http://www.thephonelady.ca/keep-your-martini-glass-full/) – as a salesperson and entrepreneur your primary job is letting your potential customers know you exist and how you can help them.
You can prospect by phone, or by networking, or through social media, or regular mail, or a combination of all these things. It doesn’t matter as long as you prospect before “you are thirsty”.
THE PHONE LADY NEWS & EVENTS
Many thanks to Chelsea Hill and the Centre for Women in Business for this wonderful profile in the April issue of BizBeat: http://www.centreforwomeninbusiness.ca/en/home/aboutus/bizbeat/feature.aspx
May 5 – Halifax – Launch for Anthology Untying the Apron Strings
At The Music Room, 6181 Lady Hammond Road http://www.themusicroom.ca 2 to 4 pm
This anthology of poetry and prose created by Lorri Neilsen Glenn ca.linkedin.com/pub/lorri-neilsen-glenn/27/a27/795 remembers our mothers of the ’50s and I am honoured that Lorri has included my essay Eulogy for Eunice.
You can find out more about the Halifax launch here https://www.facebook.com/events/117017758496274/?notif_t=plan_user_invited and about the anthology here http://www.guernicaeditions.com/title.php?id=9781550717297
May 30 – Halifax – Grow Your Business
10 am until noon
This monthly prospecting practice, in conjunction with The Hub Halifax – 1673 Barrington Street, brings together like-minded entrepreneurs who want to perfect their telephone skills. To register click here http://www.thephonelady.ca/rsvp/ Call me at 902-404-3290 or email me for more details.
June 5 – Halifax – Phone Fear to Phone Fabulous – Centre for Entrepreneurship Education and Development (CEED)
Whether it’s leveraging supplies, coordinating marketing initiatives or following up on a sales lead, the telephone is often the fastest, cheapest and most effective tool at hand to get the job done. Why is it then that it is also one of the most avoided tools in business? Not feeling confident in your ability to effectively communicate by phone can very quickly create a negative impact on your business’ bottom line. Avoid this impact and overcome your phone fear by empowering yourself with the knowledge that you need to turn your telephone into one of your company’s key competitive advantages. Learn more details and register here: http://www.ceed.ca/index.php?id=4&m=6&y=2013
June 7 – Halifax – Powerful Conversations – Editors Association of Canada
Discover your unique “phone personality” and learn how to be a more effective communicator on the telephone. This workshop will sharpen your existing skills and teach you new ways to use the phone to build relationships and get things done. More details available here: http://www.editors.ca/content/pre-conference-workshops
October 2 – Halifax – Exceed Your Quota: Get More Appointments – Close More Sales!
Peter Skakum of Tangent Strategies joins me for this powerful workshop at Ashburn Golf Club. We’ll show you how to confirm more meetings and leave those meetings with new customers and new orders. Download the course description, learn more details and register here: http://www.thephonelady.ca/registration/