Yes, the economy is lagging and budgets are cut. Yes, we have competition. Yes, clients are postponing buying decisions.
So what?
If you focus on building relationships and implement the sales strategies I reveal here, you'll be able to close more deals and get more sales now. People will buy from you even in a lagging economy -- no matter what your price point.
3 Ways to Get In, Get Started, and Close More Deals
Sales Closing Tip 1: Recommend New Approaches
Good salespeople have always talked about creating value. Now we need to put ourselves in our clients' shoes and be creative. We must get in and get started. Think smart, not big. It's always smarter to have a smaller piece of something, than a big piece of nothing. Begin with a smaller project, a reduced order, or a regional, rather than global, implementation. Get in, and get to know the client. Let them get to know you. Get to know their business.
Sales Closing Tip 2: Create Metrics
Sit on the same side of the table as your client. Work together to determine the best way to get started. Always, always, create metrics with your client. How do you, together, define success? Get agreement that once this project is successful--according to the metrics you've agreed upon--that the client will work with you to identify other sales opportunities within their organization. A successful project breeds a successful relationship, which leads to successful referrals. This means more sales leads and more money for you!
Sales Closing Tip 3: Negotiate or Walk
Yes, the client will want to negotiate on price. That's their job--to build business while watching the bottom line. How many times have you submitted a sales proposal to a client, and had them say, right off the bat, "Great! Where do I sign?" It doesn't happen. We always want to get the best deal, so why wouldn't our clients?
If you must adjust your price, then adjust the scale of your project or the deliverables as well. Always get something in return and write it into your agreement. Maybe the client agrees to write a testimonial or promises to refer you to another business unit in their organization, or to someone they know at a different company. Maybe you barter some of your services. Bartering is an age-old way of doing business, and it makes sense in many cases if you want what they have and they need what you have. Perhaps the client has software that your company needs, or a consulting methodology that could propel your business. You get the picture. Work it out.
If you can't work things out, be willing to walk away. It's a tough decision, but it may be your best strategic sales decision. You'll be off to the next client who values what you offer and is willing to pay for it.
If you follow my advice in this article and in my book, No More Cold Calling™, you will build lifetime customer relationships with clients who want to buy from you over and over again even in a lagging economy. You will get more referrals. And, you will close more sales.
So, what are you waiting for? Get in and get started now!
America's leading authority on referral selling and founder of No More Cold Calling®, Joanne Black helps salespeople, sales teams, and business owners get more referrals and attract business fast without increasing the cost of sales. Discover how to turn prospects into clients more than 50 percent of the time even in a lagging economy with her No More Cold Calling sales programs at http://www.nomorecoldcalling.com.
We've been told that getting more sales is all about your "activity," but is it?
Our job as salespeople is to move as many qualified prospects through the sales funnel as quickly as possible—leading to more sales, better clients, and more income.
The traditional sales funnel to attract new business has maintained the same structure for years. There's a wide opening at the top and a skinny tube at the bottom. The traditional prospecting method crams as many prospects into the top of the funnel as possible, hoping that new clients will magically pop out of the other end. The only thing that mattered was sheer activity.
Today, I'm going to debunk the myth that sheer activity is the ONLY thing that matters along with two other myths that are holding you back from getting more clients now.
3 Sales Lead Generation Myths That Will Hold You Back From Closing More Sales
Myth #1 Sheer Activity is the Only Thing That Matters in Sales
Wrong! Of course, activity is still important, but what really matters is that you feed the right people into the funnel in the first place and nurture those prospects who have been referred to you. Then hasten their passage through the sales funnel. This will decrease the amount of time it takes to you close your sale.
Picture the funnel from the traditional "olden" days. If you just stuff as much as you can into the top of the funnel, it's more likely that weeds, rocks, sand, and other debris will clog the opening and prevent the steady entry and flow of good business. Try pouring water in a funnel that is filled with debris. The water backs up and nothing moves through. Not a pleasing picture, and not functional business model. It's certainly not one that fosters an environment for attracting new business.
Myth #2 Sales 2.0 Leads are Qualified
There's so much that's wrong about the traditional sales funnel, and it's gotten worse in the Sales 2.0 world. It's not a referral-marketing funnel. In the past, we were schooled to throw as many prospects in the funnel as we could find. For example, we were taught to get so-called leads from mailings, trade shows, advertising, networking, newsletters, and speaking. Now in the 2.0 world, we are taught to get so-called leads from blogging, videos, eBooks, free reports, press releases, eZines, affiliate traffic, RSS feeds, and email lists. We can now choose to waste our time by following up on these so-called leads.
I call the leads above "So-called leads" because these aren't really leads.
They're inquiries, possibly names—or people just interested in free stuff. Everyone likes free stuff. If we take the time to weed through all this trash, we might actually find a prospect. These people are just prospects. They're not business referrals. And, they're still not leads.
Myth #3 It's Important to Sort "Leads"
We have to change how we talk about leads. Inquiries are not leads. People wanting free stuff are not leads. Neither are those "coveted" lists or files of names. Calling these "leads" borders on insulting.
Leads are people who:
- Are truly interested in talking directly to you about your products and services to see how you can help them
- Match the profile of your ideal client
- Have a budget
- Have a need that you can fulfill
- Are open to pursuing how you can help them attract new business.
Now that's a qualified business referral.
The best leads are those you have received through a referral. When you receive a qualified referral, you are pre-sold. You have credibility and trust. Your sales time shortens. And, you ace out the competition. When you've been referred, you get a new client more than 50 percent of the time. Get more referrals and get these results.
So stop calling everyone and everything a lead. It's is a waste of your valuable sales time. I'm not just splitting hairs over terminology. It is downright misrepresentation when companies position themselves as lead-generation experts. It sounds so good (so easy), so we jump. And that's when we get our sales funnel clogged with trash instead of getting more referrals
In this lagging and volatile economy, it's easy to be lured by business which clogs our sales funnel. We can't afford to attract the wrong kind of clients to our business. It's like dumping trash in our sales funnel. A full funnel is only valuable if it's filled with the kind of clients that are right for you – clients that are qualified and referred.
Think about it: What's in your sales funnel?
America's leading authority on referral selling and founder of No More Cold Calling, Joanne Black helps salespeople, sales teams, and business owners get more referrals and attract more business fast without increasing costs. Now, discover how to turn prospects into clients more than 50 percent of the time even during a down economy at http://www.nomorecoldcalling.com
It's hard enough to get more prospects and new clients during a booming economy when people have money to spend. When the global economy takes a nosedive and freefalls fast, it's 100 times harder to get prospect to talk to us.
So, how can you get more referrals and more NEW clients in a lagging economy?
It's straightforward: The answer to getting more referrals and more new clients during any economic situation is to ask.
How many of your clients have you asked for referrals? When I ask this question to salespeople, the usual answer is "not many" or "hardly any."
For example, I was working with the president of a consulting firm. I asked him how many clients he had—counting all the people he worked with, not just the number of companies. He told me 295. Then I asked him: with how many of the 295 did he have excellent relationships.
His answer: 60.
I then asked him how many of the 60 he had asked for referrals.
Silence.
Sixty of his best, most valued clients were just sitting there. These clients were an underleveraged source of referrals that could be bringing in more clients.
If you're not inviting your current clients to be part of your sales team, you're leaving money on the table – every single day. If you ask them, they'll be happy to refer you. But, you have to ask.
If you're a good salesperson, you probably have at least 100 people on your prime contact list. These are people you could phone, and they would return your call. If only 20 percent referred you, you'd have 20 new prospects to satisfy. Once you satisfy them and once you actively cultivated relationships with them, they can become part of your "sales team."
Can you see where this could lead, and how much business that could generate?
Real Proof Why You Should Ask Your Clients for More Referrals
In a survey of its best clients, a major brokerage firm asked: Would you be willing to refer your stockbroker?
The survey results: A whopping 84 percent of its best clients would be willing to refer their stockbroker. Eighty-four percent.
The firm asked brokers: What percent of the time are you asking your clients for referrals?
The answer: Only 15 percent.
Their clients were absolutely willing to refer them, but the brokers were not asking.
You can easily see how a fabulous opportunity was overlooked. Think about how much money the brokers were leaving on the table. Those referrals could easily have generated millions of dollars in revenue for the firm, if they'd been maximized.
The Hard Fact: Your Clients Will Help You Get More Prospects and New Clients – But You Need to Ask
The hard fact is most clients think of us only when they need us. It's up to you to get them thinking about you between orders. Your clients are not going to automatically refer you. You must constantly remind them that you exist, so when a referral opportunity arises, you're the one who gets it.
The clients you serve well - the ones who know you, like you, and trust you -truly want you to be successful. After all, they know what you do and they've received measurable business results from your solutions. Referring you will make them look good to their customers and business partners.
So are you now ready to get more referrals, prospects and clients right now?
Top 5 Tips to Help You Get More Referrals During a Global Economic Slowdown
1. Review your database and gather information about your current clients. Find out:
- What percent of your current clients were referred? - How profitable are your current clients? - Have they bought additional products from you? - How often have you contacted them? - How many have referred you to other clients?
2. Put a plan in place to check in with your clients and find out what they need.
3. Make a note about why they like working with you.
4. Ask for ways to improve.
5. Invite them to help you build your business through referrals and ask them to refer you.
Your current clients are going to be your best source of referrals. They're just waiting for you to ask.
It's time to ask. What are you waiting for?
America's leading authority on referral selling and founder of No More Cold Calling, Joanne Black, helps salespeople, sales teams, and business owners get more referrals and attract more business fast without increasing costs. Discover how to turn prospects into clients more than 50 percent of the time, even during a down economy, with her Recession-Proof Your Business Emergency Kit at: http://www.nomorecoldcalling.com/products.html
