Revenue covers up a lot of sins. Even more revenue covers up a lot more sins. Now, I’m not saying you should put up with a lot of sins, errors and omissions within your business. I’m making the point that increasing revenues certainly helps make them less obvious and hurtful.
The last couple of years has been a very telling time for most businesses in the US. The economic situation has generally affected every business, not just isolated ones and selected niches.
So, you need to get more revenue. And, you need to get it as fast as you can.
What you really need is to get yourself in front of more “hot prospects” under “favorable circumstances”.
Why?
When you have hot prospects under favorable circumstances, your probability of converting them to a customer goes up exponentially.
First, let’s examine what a hot prospect really is.
A prospective customer should be considered a prospect when they have three clearly identified attributes.
- A vital need
- Authority to buy
- Enough money
A prospect enters the arena of being “hot” when they have one additional attribute— urgency.
The next critical element is to create circumstances which are the most favorable to you. Let me illustrate.
One of the least favorable circumstances you can have is to make a cold call on a prospect. It really doesn’t matter if they have the attributes we’ve identified above. If you need to get to them via a cold call, your probabilities of conversion go way down because the circumstances of your “introduction” are so poor.
Creating Raving Fans
At the other end of the spectrum, if a raving fan of you and your company introduces you to her prospect and physically takes you on a face-to-face meeting, you have the most favorable circumstances.
Fundamental lesson to be learned here is that you need to reconstruct your sales process to maximize referrals to highly qualified prospects.
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