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Fill
The Pipeline…24/7/365
(Business Leader Magazine – January 2002)
The
selling profession has a long-standing mantra,
“fill the pipeline.” This reflects the
reality of the length and nuances of the sales
cycle. The length of the sales cycle is always
longer than the salesperson or entrepreneur
expects or wants it to be for reasons such as:
delayed buying decisions, not having discussions
with the actual decision-maker, an “unsold”
buyer, or a myriad of other reasons.
Who
hasn’t been sure that a deal was to close very
soon only to find out that the deal is not going
through at after all?
A deal is only done when the
product/service has been transferred to the
client, invoiced, and the payment is securely in
your bank
account.
Hence, ensuring that a large number of qualified
prospects are in your pipeline, at various
stages of the sales cycle, at all times.
Whether
you want to think of it as a numbers game or
not…it is.
Business-to-business statistics indicate
that 1 in 16 qualified prospects will result in
obtaining a customer. In a slowed economy, this
ratio is probably wider.
Filling
your pipeline with qualified prospects is
essential to success.
Another
nuance of the selling process is the fact that,
increasingly, decision-makers are far less
likely to respond to your voice mail message or
grant an appointment to someone with whom they
are unfamiliar.
Even those who do know you may not
respond to your voice mail message. Always
attempt to reach the decision-maker “live”
at least twice before leaving a voice mail
message. When you must leave a message, be sure
it is compelling enough to get a returned call.
So,
what is a salesperson or entrepreneur to do? The
single most important activity is constantly
building your network of business contacts.
While this is most often a slower process than
you would like, it is the most effective. In the
past it was whom you
knew that worked. In today’s business
world, it’s also who knows
of you.
Your
communication strategy needs to combine
traditional marketing tactics with innovative
ideas utilizing appropriate technology to create
a positive identity of you, your product/service
and company. This strategy must target a list of
qualified prospects in your “pipeline.”
Okay,
how do you fill your pipeline?
First,
you dispel the notion that everyone in your
pipeline must be a prospect. They may not be;
however, whom they know may be valuable to you.
Second,
recognize the most effective marketing is to
have someone else recommend you. Your current
clients are willing to help you obtain new
clients once you demonstrate your competency and
earn their trust, but only if you ask. Make it a
point to ask your current clients, “How are we
doing for you?” or “What can we do to better
serve your needs?” Once you have confirmed
that they are more than satisfied with your
service or product, you are in a position to ask
them for a referral. Build up a bank of clients
that you can give as references to your
prospects.
As if there weren’t already enough
reasons to take care of and retain your current
clients.
They are your best source of obtaining
new clients…when they are a “raving fan “
of yours.
Third,
maintain of list of 25 people who can positively
influence your success. This list should contain
actual prospects as well as others who can,
through their contacts, open doors for you.
Acknowledge
that in the crowded, competitive marketplace of
today, it is virtually impossible for
entrepreneurs to “go it alone.”
Compatible alliances are becoming a must
for survival. Even the “big boys” are
merging or partnering for their survival. The
best alliance is when each party can maintain
their unique identity and be introduced as a
potential partner or subcontractor to the
client. To avoid a strained or failed alliance,
work out a mutually agreeable financial
arrangement. Providing the partner with a fixed
finder’s fee or percent of billing will avoid
the “never-works-out” idea of just sharing
leads.
Finally,
each week set quantifiable goals to contact a
certain number of current clients, dormant
clients, prospects, and possible alliances.
Typically, contact does not refer to mass
mailings. Whatever method of contact you plan to
use, be sure you have allowed for timely
follow-up. For example, if you write a one-page
letter briefly describing why you think you can
fill a prospect’s need and you commit to a
follow-up phone call within a week, be sure you
make that follow-up contact.
As
they say in the real estate business the three
most important factors are location, location,
location. In marketing and selling it’s
follow-up, follow-up, follow-up. Your marketing
and selling strategy is only effective when you
include a dedication to follow-up.
Start
your New Year with a resolution to proactively
build a vast network of business contacts. This
single activity will significantly raise you to
a higher level of success.
May
you achieve the success you earn!
“Coach
Bud” Coggins provides 40 years experience to
help his clients attain the two goals of
marketing…to retain and obtain customers. He
is Head Eagle of “Where Eagles Flock,” an
organization for entrepreneurs only. He can be
reached at headeagle@whereeaglesflock.com
or (919) 848-9299.
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Fill
The Pipeline…24/7/365
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