As a business-owner or sales professional, how do you prospect for new business? Most people I talk to in my sales training courses tell me they attend networking events, use social media, deliver free talks, ask for referrals and yes, do the dreaded cold-calling.
So, here’s my next question to you; which activity actually generates the most new business?
If you’re like most people, you’re not sure, because you haven’t measured how you achieved your success. Sure, you likely have a general idea, but can you actually pinpoint how many hours spent on one particular activity and the actual, measurable results?
In my past, I spent numerous years in the Information Technology sector. One of our favourite quotations was “if you can’t measure it, you can’t manage it”. I like to take that message one step further and add “you can’t manage anything that you can’t control” (David Sandler).
To put it simply, you have to be able to control it, before you can manage it. Then, and only then, can you measure it.
To illustrate this, I will share with you a story about a client in my sales training program named John. John is a sales professional who was looking to do what every sales person wants to do … close more sales and make more money!
John has a monthly goal of $25,000 new business. His average sale is $5,000 and he typically closes 5 out of every 15 appointments.
John already has some metrics in place from his prospecting activities:
• Every networking event attended books 1 appointment
• Every 20 cold dials books 1 appointment
• Every informational talk books 2 appointments
• Every 3 referral asks to current clients books 1 appointment
• Every 30 social media messages sent results in 1 appointment
Armed with this basic data, John was able to determine how much of each prospecting activity he needed to do, in order to achieve his monthly goal of $25,000 new business.
John knew the behaviours he needed to engage in, the frequency at which he needed to do them and by consistently following his plan, he achieved his new business goal.
Can you do the same? Yes! You need to start with the same basic data that John had accumulated. If you don’t have it readily available, there’s no time like the present to start measuring.
Today’s the perfect day to take control of your prospecting behaviours, measure your sales activities and plan for your success.