(Related: 7 Ways to Stay on Your Prospect’s Radar)
Ever wake up in the morning, look in the mirror and say: “I have no business?”
Actually, you should look in the mirror and say: “The day is a blank canvas. How am I going to make the most of it?”
Yet the reason you have no business is simple: Your prospecting pipeline in empty. What now?
Step 1: The first step in determining why your prospecting strategy isn’t working is to ask yourself: “Do I even have a prospecting strategy?”
Many experienced people might say: “I grow my business through referrals.” Waiting for referrals isn’t a strategy. You need to ask for them.
Action Step: Take a blank piece of paper and write out your prospecting strategy.
Step 2: Examine your product. Years ago, a diner owner explained: “If you don’t have customers, the first thing you should do is taste your own food. If it doesn’t taste good, that’s a major reason why you don’t have customers.”
What do you sell? If it’s “Insurance. Whatever they want.” That’s very vague. Imagine someone saying: “I think I need insurance. I’ll call this guy and see what he has.”
Action Step: Identify the products your firm does very well, the products most of your current customers bought. That’s your strong suit.
Step 3: Study your book of clients. How did you get your best clients? What prospecting strategy did you use? Many agents and advisors might say: “That approach. I haven’t done that in years.” FYI: This isn’t my idea. An excellent team of trainers/coaches came up with this decades ago.
Action Step: List your best clients. How did you get them?
Step 4: Years ago, that same team of trainers/coaches talked about getting from point A to point B. One is the initial contact with a prospect, the second is a new client. What steps must happen in the meantime?
Action Step: Do you have a step by step process to turn a prospect into a client? Are all your current prospects somewhere on that path or have they pulled off the road and are taking a nap?