With 2016 well in the review mirror, it’s time to set your focus firmly on conquering 2017. And what a better way to start the year than with a sales pipeline that is stuffed full of opportunities for your sales team to work on and win. Whether your pipeline is full or not, you should add more, and I’m going to share a tip with you to bolster your pipeline with no investment and very little time required!
The secret is in an area few sales people dare to tread… Lost opportunities. We fear to tread there because it reminds us of our failures and what could have been, so we prefer to pretend it never happened – move on and never look back! But for those of you who can change your perspective and look back with an objective view, there could well be gold hiding there.
Why is this a good place to look for leads, you may ask? They are already warm to your business! Think about it. Your lost opportunities were lost for any number of reasons – some in your control and some out of your control. But at the point that they were lost, the prospective client would have had some exposure to your services. How far along they were in the sales process determines how familiar they are with your services.
Anything could have happened since you lost an opportunity; they may not be happy with the chosen supplier, their needs might have changed, or the person who didn’t like you has moved on… Anything. All you need to do is ensure that enough time has passed since you lost the opportunity – usually that is between 2 to 4 months longer than your average sales cycle. Here’s the other thing; since you lost the opportunity, they have most likely forgotten about you, even if their needs have changed. So they aren’t going to call you, you need to pick up the phone and start the conversation.
What if you don’t track your opportunities that far back? Well, that is a pity and this tip won’t work for you in 2017. But don’t just leave it there. Start tracking your lost opportunities from today and ensure you are set to capitalise in the future.
Hi, I’m Martin, founder of Rapid Sales Growth. Did you find this post useful? Would you like to discuss challenges facing your business when it comes to sales, and explore innovative techniques to overcome them? Or would you just like to hear more hints and tips? Whatever you need, reach out to me at any time for an obligation free chat. My number is +27 10 005 5321, and my email is Martin@RapidSalesGrowth.com. Or simply fill out the form below and I’ll get in touch with you. Chat soon, Martin.