Today, let’s talk about one of the biggest mistakes I see salespeople make.
So many times I’ve met with a salesperson and asked, “How are things going?” And they respond: “Great, but I’m so busy working with my current clients that I don’t have any time to pursue new ones. I don’t even have time to follow up with new relationships that are already in the sales process.”
My advice is, “Just keep doing what you’re doing now, and you’ll have lots of available time in three or four months.” Then I smile—and they get the point.
They know there is a consequence in the future for not pursuing new clients today. It’s called “the yo-yo effect.”
When salespeople realize they don’t have enough opportunities, they change their behavior pretty quickly and begin calling on new relationships to refill their pipeline. Then they work those opportunities to closure only to wake up one day with no new opportunities. Then they repeat the cycle. The result is uneven revenue, emotional stress and spotty performance.
So, what are you to do when you are at 100% capacity with no time for working on new opportunities with new clients? The real answer is you must figure it out—if you want to grow.
Fortunately, there are proven ways to do this.
First, look at what you are doing. Are there things you can delegate to others or delay doing or just not do at all? Sometimes we create activity with an existing client to avoid the discomfort of doing what we really don’t want to do—working on new relationships. Bottom line: You must create some margin in your schedule for pursuing and nurturing new relationships.
Second, get uncomfortable. Studies show it takes five times more work to sell to a new client than to sell something else to an existing client. So, the easier thing to do is to service (or cross sell) an existing client. But the real magic to growing a book of business is a continuous influx of new clients year after year. Of course, that requires doing something you don’t want to do and maybe even getting a little uncomfortable.
Third, be proactive. Ask your current clients for referrals. I’ve heard that referrals account for 65% of sales, on average. A client suggested a good book on referrals called Generating Business Referrals Without Asking: A Simple Five Step Plan to a Referral Explosion by Stacey Brown Randall. It’s easy to read and has specific steps for the process.
Finally, work smarter, not harder. Use a CRM, and do some drip marketing when you don’t have time to follow up with people. Have a blog that goes out with regular frequency throughout the year offering things your current clients and new relationships need to know. Be the sales consultant who offers value-added content.
Schedule two “hours of power” on your calendar each week, and devote that time to new-relationship building. This often is enough for many people to keep an ongoing flow of new opportunities in the pipeline.
Increase your presence on LinkedIn, Twitter and Instagram. You (or someone else) can schedule posts in advance. In today’s world, some part of your day or week should be devoted to your digital presence.
Success in sales is about having weekly routines of the right behaviors and habits. Remember this: “Successful salespeople do what unsuccessful salespeople won’t do.” Do that, and you’ll do what you do better.
We’d love to hear from you and get your thoughts and ideas and suggestions about this subject.