Of what has been done, the greater will
Be his power of knowing what to do.
Land of Opportunity—New Business Leads!
Approximately 80% of all new business leaders are currently known to you. The question becomes, how do you tap into that hidden new business market? The most efficient way is to utilize various networking techniques.
In this blog, we will examine two creative techniques cracking the hidden new business market code: the informational interview and the broadcast letter technique.
Informational Meetings—Hidden Strengths
First, let's talk about what some people call the informational interview. Personally, I prefer the term informational meeting, but the two terms mean the same thing. I simply find the latter name lower key and more representative of what is actually trying to be accomplished. In my opinion, informational interview sounds a little more structured and even stressful than the type of meeting you want to take place.
An informational meeting is just like it sounds: one you arrange in order to collect information about an organization, product category, industry, or company.
As previously discussed, as part of the personal networking portion of your new business campaign, you should be contacting 25 to 30 people daily. If you're doing that, realistically speaking, you will only be able to make 50 to 100 follow-up calls a week. Plan for more calls than you think you will make, and you may just find yourself achieving a greater number of follow-ups than you thought you were capable of. Set the goal high and you'll soar higher than you initially believed! Remember the key is the sooner you get through your "no's" the sooner you will uncover your "yeses."
Relative to your target companies, you should be working on networking with your 25 to 50 (35) "A" companies on a daily basis. You should also plan to have 50 to 75 companies on your "B" companies list and 75 to 125 on you "C" list.
Because most new business development executives will not use these techniques, this will give you an edge in uncovering the hidden new business leads others are virtually ignoring. Leverage your target company lists to unearth the hidden business no one is going after!
At this point, you're probably asking, "If they need a new business and are looking for a new leads, why are most people not trying this strategy?" The answer is that the techniques I'm suggesting here are designed for the truly motivated and committed executives who want to win the business! They involve hard work and consistent effort on your part, something not everyone wants to put into their new business development campaign.
That said, conducting a new business campaign in the hidden business leads market can, at times, prove more challenging. One of the reasons it is more difficult is that you find yourself more on the front line, where the likelihood of being rejected is much higher. Prior to this economy, the typical rejection rate was 20-30% of every 100 letters sent out. In this current market, that number is more likely to be 40%-60%. Now compare that to the typical success record, which can run about 2-4% depending on your situation, and the fear associated with the hidden new business market is warranted.
But don't forget that the faster you get through the "no's" the faster you get to the homerun "yes." The name of the game is persistence. At times, staying in the new business development game may require a higher level of persistence than you're used to. Over time, the lack of seeing results may begin to wear on you. Don't let them beat you! The results you're seeking are just around the corner, so hang in there.
As you continue to push forward, here are some points to ponder:
The next mile is the only one a person really has to make.
The rewards for those who persevere far exceed
The pain that must precede the victory.
In next week’s blog, I will share with you the next steps you will take to tap into these treasures of hidden potential business.
If you would need professional help in the area of determining whether or not your team is working together as best as they can helping your achieve more sales. Are they helping your organizational sales and revenue goals, or slowing the progress down? Please call us at 847-304-4500 to discuss your options on understanding your team more fully in terms of their ability to support and achieve your business sales goals you are looking for this year.
Have a great week and productive week, managing the changes and challenges that are currently going on in your company.
I wish you a wonderfully successful and productive week ahead.
Eleanor Anne Sweet
Hidden Sales and Revenue Expert tm
TURBOCHARGED Sales, Division of The Remington Group, LLC
Your Business Success Consultant
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